## The Loan Table ApletThis is one of those "must have" aplets for students who solve problems involving borrowing money and making regular repayments. Once you have it on your calculator all you have to do is store the amount
borrowed into The nice thing is that you don't need a cable for this one - it is quite easy to set up, although you'll have to be careful to enter the equations correctly. The example shown is $10000 at 5% pa with $600 repaid. Click on the link to the left for instructions on how to set it up, or go to the Misc Aplets page to download the aplet ready made. To set up the aplet just
All you need to do now is to enter the values for Note: These equations may seem a little complicated but the reason for this is to ensure that a) all amounts are give to 2 decimal placed, b) the amounts never go negative, and c) the final payment made on the loan is the smaller of the amount owing or the regular repayment. Otherwise your last payment would be more than you owe and you'd continue to pay long after the amount owed went negative! If you'd rather work with equations that are easier to understand then use the ones below. The ones above are MUCH better though!
eg. Find the amount owing at the end of the first year, the total time to repay the loan and the final repayment, if I borrow $10,000 at 18% pa with monthly repayments of $200 per month. As can be seen to the right, just use the To find the term of the loan, make a guess and enter that value into the Some experimenting will result in a screen like the one to the right. This gives the total time as 94 months (7 yrs 10 months) and the final repayment as $22.34. ## Note for 38G users: The 38G had a bug in the Sequence aplet that meant that formulae that relied on memory values (A, P and R) don't work properly. If you set up the aplet as above on a 38G then every time you change the values of P, R or A then you will have to highlight each of the U1(N), U2(N) and U3(N) equations and press EDIT then ENTER. This will force a re-evaluation using the new values. While this is not the end of the world, it does make the aplet less useful. |

Last modified:
15 Oct 2008Sitemap
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