Calculator Solution

LoanEx4a.gif (2176 bytes)

Periodic Payment, M

50000 .035 1 1.035 14

Interest, I

4578.54 14 50000

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:

50000.03511.03514

4578.541450000