Calculator Solution

LoanEx2a.gif (2240 bytes)

Periodic Payment, M

100000 .007 1 1.007 300

Interest, I

798.5 300 100000

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:

100000.00711.007300

798.5300100000