Math Is Fun Forum

natashabaker

Member

Registered: 2007-05-25

Posts: 10

TVM solver on graphics calculator

does anyone know how to use the TVM solver on a graphics calculator
because i need to work out this question using it
thank you
The Smith's bought a new car priced at $34,800 and paid a deposit of $5000 cash. They borrowed the balance of the purchase price at simple interest. They then agreed to repay the loan, plus interest, in equal monthly payments of $900 over four years.

A. Calculate.
i. the total amount of interest to be repaid over the term of this loan.

ii. The annual simple interest rate charged on this loan correct to two decimal places.

iii.The effective rate of interest that they are paying on this contract, correct to one decimal place.

B. The value of this car was depreciated using a reducing balance method at a rate of 15% per year.
i. Calculate to the nearest dollar, the depreciated value of the car after three years

ii. Calculate to two decimal places, the annual percentage rate of depreciation that would reduce the value of the car from $34800 to $20000 in three years.

Last edited by natashabaker (2007-09-18 17:21:37)