If you buy a house costing $120,000 and pay for it over 30 years, what is your monthly payment, if your loan's interest rate is 7% per year, compounded monthly and the first payment is due next month?
Click on the arrows to vote for the correct answer
A. B. C. D. E.C
On the BAII Plus, press 360 N, 7 divide 12 = I/Y, 120000 PV, 0 FV, CPT PMT. On the HP12C, press 360 n, 7 ENTER 12 divide i, 120000 PV, 0 FV, PMT. Note that the answer will be displayed as a negative number. Make sure the BAII Plus has the value of P/Y set to 1.