Casio fx-CG50 field manual for IB Math
Using the finance (TVM) solver
Enter a loan or savings scenario into the finance / TVM solver with the correct cash-flow signs, then solve for any one unknown: payment, term, rate, or future value.
A car loan of $24,000 is repaid monthly over 5 years at 6.5% nominal annual interest, compounded monthly. Find the monthly payment.
From the MAIN MENU, open Financial. If you're already inside another app, press first to get back to MAIN MENU.
Press (COMPND) to open the Compound Interest solver. It lists the fields n, I%, PV, PMT, FV, P/Y, and C/Y.
Enter the loan values: n = 60 because there are 5×12 monthly payments, I% = 6.5, PV = 24000, FV = 0, P/Y = 12, and C/Y = 12. Press after each entry. Check Payment is set to End under (SET UP); beginning-of-period payments give a different answer.
Press (PMT) to solve for the payment. Signs follow the cash-flow convention: money you receive is positive and money you pay out is negative. You receive the $24,000 loan (PV positive) and repay it, so the Casio returns a negative PMT. To find a different unknown, leave that field blank instead and press its soft key (F1–F5): the same solver returns the term, rate, or future value.
PMT≈−469.59, so the monthly payment is $469.59.
Your turn
Work each one on your calculator, then check the answer.
- 1
A $12,000 loan is repaid with monthly payments of $250 at 8.4% nominal annual interest, compounded monthly. How many monthly payments does it take to clear the loan?
- 2
A $16,000 car loan is repaid with 60 monthly payments of $320, compounded monthly. What nominal annual interest rate is being charged?
- 3
You deposit $200 at the end of each month into an account paying 4.8% nominal annual interest, compounded monthly, for 6 years. How much is in the account at the end?