Using Finance Functions on the TI-83 Plus
The TI-83 Plus calculator, while not a dedicated financial calculator, offers built-in finance functions that are incredibly useful for performing common financial calculations like loan amortization, present value, future value, and interest rate determination. These functions are accessed through the “FINANCE” menu (2nd + x-1). Understanding how to use these functions can greatly simplify your financial analysis.
The core function within the FINANCE menu is the “TVM Solver” (Time Value of Money Solver). This solver allows you to input known values and then solve for the unknown. The variables used are:
- N: Number of compounding periods (e.g., number of months for a loan).
- I%: Annual interest rate (entered as a percentage, not a decimal).
- PV: Present Value (the initial value of the investment or loan; usually positive for investments received and negative for loans taken out).
- PMT: Payment amount per period (entered as negative if it’s an outflow, like a loan payment).
- FV: Future Value (the value of the investment or loan at the end of the period).
- P/Y: Payments per year.
- C/Y: Compounding periods per year. Typically, P/Y and C/Y are the same.
- PMT: END BEGIN Indicates whether payments are made at the end or beginning of the period. This is crucial for annuities.
To use the TVM Solver:
- Press 2nd + x-1 to access the FINANCE menu.
- Select “TVM Solver” (usually option 1).
- Enter the known values for each variable. Use the arrow keys to navigate between fields.
- Position the cursor on the variable you want to solve for.
- Press ALPHA + ENTER (SOLVE). The calculator will compute and display the answer.
Example: Suppose you want to calculate the monthly payment for a $200,000 mortgage at 4% annual interest rate for 30 years. You would enter:
- N: 360 (30 years * 12 months/year)
- I%: 4
- PV: 200000
- FV: 0
- P/Y: 12
- C/Y: 12
- PMT: END (assuming payments are made at the end of the month)
Then, position the cursor on “PMT” and press ALPHA + ENTER. The calculator will display the monthly payment, which will be a negative number indicating an outflow.
Beyond the TVM Solver, the FINANCE menu offers other useful functions, including:
- npv( Calculates the Net Present Value of a series of cash flows.
- irr( Calculates the Internal Rate of Return of a series of cash flows.
- pmt( Calculates the payment amount for a loan based on constant payments and a constant interest rate. (Alternative way to find Payment)
- fv( Calculates the future value of an investment based on periodic, constant payments and a constant interest rate. (Alternative way to find Future Value)
- pv( Calculates the present value of an investment or annuity. (Alternative way to find Present Value)
These functions are accessed by pressing 2nd + x-1, scrolling through the menu, and entering the appropriate arguments. Refer to your TI-83 Plus manual for specific syntax.
By mastering the FINANCE functions on the TI-83 Plus, you can efficiently analyze financial scenarios and make informed decisions about loans, investments, and other financial matters.
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