Calculator Solution

LoanEx1.gif (2143 bytes)

Periodic Payment, M

1000 .0075 1 1.0075 12

Interest, I

87.45 12 1000

Note: These solutions are shown for a TI-83 Plus calculator. On some other calculators (including the Windows scientific calculator), you'll need the following keystrokes:

1000.007511.007512

87.45121000