Loan Payment Calculation with TI84

This video tutorial demonstrates how to use the TI84 graphing calculator to calculate loan payments and interest for different types of loans, including a 30-year mortgage, a 15-year mortgage, and a 5-year car loan. It explains the process of using the finance menu and PMV solver on the calculator to quickly determine monthly payments and total interest paid over the loan period. The video highlights the benefits of shorter loan terms in reducing interest costs.

What is the primary purpose of using the TI84 graphing calculator in this lesson?

• To draw graphs

• To solve algebraic equations

• To determine loan payments

• To play games

What is the total number of payments for a 30-year mortgage with monthly payments?

• 180

• 240

• 360

• 420

How much is the monthly payment for a 30-year mortgage of $150,000 at 5% interest?

• $1000.00

• $805.23

• $900.00

• $750.00

What is the total interest paid over 30 years for a $150,000 loan at 5% interest?

• $139,882.80

• $200,000.00

• $100,000.00

• $150,000.00

What should be the future value of the loan when it is fully paid off?

• $100,000

• $50,000

• $0.00

• $150,000

How does the monthly payment change when switching from a 30-year to a 15-year mortgage?

• It becomes zero

• It increases

• It stays the same

• It decreases

What is the total interest paid over 15 years for a $150,000 loan at 5% interest?

• $63,514.20

• $100,000.00

• $80,000.00

• $150,000.00

What is the monthly payment for a 5-year car loan of $20,000 at 5.5% interest?

• $450.00

• $350.00

• $382.02

• $400.00

How much total interest is paid over a 5-year period for a $20,000 car loan at 5.5% interest?

• $3,500.00

• $2,500.00

• $3,000.00

• $2,921.20

What is the benefit of using the TI84 calculator for loan calculations?

• It is more complicated

• It is faster and more accurate

• It is more expensive

• It is less reliable