Vous êtes sur la page 1sur 2

# TEXAS INSTRUMENTS USING AMORT SPREADSHEET EXAMPLE 1 – COMPUTING DATES 3.4 – Compute i, knowing that s15 i = 21,742183.

Number of days between 15th January 2016 and 8th September 2016? Procedure Keys Screen
BA-II / BA II PLUS / BA II PLUS PROFESSIONAL Amort spreadsheet’s calculations are based on the values introduced on TVM
(Assumptions: European format; ACT)
This Quick Guide’s main purpose is to illustrate some common financial spreadsheet. Set ordinary annuity (if necessary) 2nd [BGN] 2nd [SET]until END shows
Procedure Keys Screen
computations. If you think I failed this goal, please let me know and, of 1. Enter in Amort spreadsheet 2nd [Amort] Back to normal mode 2nd [QUIT] 0,00
course, feel free to suggest other approaches. Enter on DATE spreadsheet 2nd [Date] DT1=dd-mm-yyyy Input1 payment/year, 1 compounding/year 2nd [P/Y] 1 ENTER P/Y=1,00
2. Input P1 and P2 P1 ENTER  P2 ENTER
Note: some procedures may vary from model to model. Enter starting date 15.0116 ENTER DT1=15-01-2016 Back to normal mode 2nd [QUIT] 0,00
TI BA-II relies on “spreadsheets”. 3. View BAL, PRN and INT Press  again and again and again Enter finishing date ↓ 08.0916 ENTER DT2=08-09-2016 Input number of payments 15 N N=15,00
Some spreadsheets: Some common operations Set basis (if necessary) ↓ ↓ 2nd [SET] ACT Input “-1” as payment 1 +/- PMT PMT= -1,00
- Time value of money (TVM) Correcting mistakes Compute number of days ↑ CPT DBD= 237,00* Input “0” as present value 0 PV PV=0,00
- Amortization (Amort) Delete last entered digit → EXAMPLE 2 – COMPOUND INTEREST, SINGLE CASH-FLOW
- Cash Flow (CF) Input future value 21,742183FV FV=21,74(a)
Delete a value CE/C Compound interest; PV = 6 000 euros; N = 5 years; FV = 8 029,35 euros.
- Bond Compute interest rate CPT I/Y I/Y=5,10(b)
Get out from a spreadsheet and go back to normal mode 2nd [QUIT] Annual interest rate, I/Y?
- Date (a) See note (a) of previous example
Clear TVM spreadsheet 2nd [QUIT] 2nd [CLR TVM] Procedure Keys Screen
TVM and AMORT spreadsheets (b) With 6 decimals we have 5,100304.
Clear another spreadsheet inside that spreadsheet: 2nd [CLR Work] Clear TVM spreadsheet (a) 2nd [CLR TVM] 0,00 3.5 – Compute ä36 0,01.
Key(s) Label Meaning
Clear all 10 memories at once 2nd [MEM] 2nd [CLR Work] Back to normal mode 2nd [QUIT] 0,00 Procedure Keys Screen
N N Number of periods or payments
Clear one memory 0 STO n (n means the number of the Input1 payment per year and 1
I/Y I/Y Interest rate per period Set annuity due (if necessary) 2nd [BGN] 2nd [SET]until BGN shows
memory to be deleted – 0, 1…9) compounding per year 2nd [P/Y] 1 ENTER P/Y=1,00 Back to normal mode 2nd [QUIT] 0,00
PV PV Present Value
Fixing the number of decimals Back to normal mode 2nd [QUIT] 0,00 Input1 payment/year, 1 compounding/year 2nd [P/Y] 1 ENTER P/Y=1,00
PMT PMT Payment We can choose how many decimals to view (between 0 and 9). This doesn’t affect Input number of periods 5N N=5,00 Back to normal mode 2nd [QUIT] 0,00
FV FV Future Value internal calculations. To define number of decimals: Input present value 6000 +/- PV PV= -6000,00
2nd [Format] until DEC=n appears on the screen (n: number of Input number of payments 36 N N=36,00
2nd [P/Y] P/Y Number of payments per period of the Input future value 8029,35 FV FV= 8029,35
decimals in use at this moment) Input interest rate 1 I/Y I/Y=1,00
interesr rate Compute interest rate CPT I/Y I/Y=6,00*
n [ENTER] (n: desired number of decimals from now on. Integer Input “-1” as payment 1 +/- PMT PMT= -1,00
2nd [P/Y]  C/Y Number of compoundings per period of the (a) Recommended procedure. Not mentioned on following exemples, for space
interesr rate bewteen 0 and 9. “9” means floating point) Input “0” as future value 0 FV FV=0,00
reasons.
2nd [BGN] END Ordinary annuity 2nd [QUIT] to go back to normal mode .. Compute present value CPT PV PV=30,41*(a)
EXAMPLE 3 – COMPUTING a n i , s n i , ä n i e s n i (any variable, (a) With 6 decimals we have 30,408580.
2nd [BGN] BGN Annuity due Date format the other two being known; replaces financial tables) ..
2nd [SET] TI BA-II allows to choose date format (American or European). 3.6 – Compute s 60 0,02.
3.1 – Compute a 36 0,01
American format (US): mm-dd-yyyy; European format (EUR): dd-mm-yyyy Procedure Keys Screen
2nd [Amort] P1 First period or payment of the interval Procedure Keys Screen
To set date format: Set annuity due (if necessary) 2nd [BGN] 2nd [SET]until BGN shows
Then, in sequence… Set ordinary annuity (if necessary) 2nd [BGN] 2nd [SET]until END shows
2nd [Format] ↓ ↓ Back to normal mode 2nd [QUIT] 0,00
 P2 Last period or payment of the interval Back to normal mode 2nd [QUIT] 0,00
2nd [Set] to select Input1 payment/year, 1 compounding/year 2nd [P/Y] 1 ENTER P/Y=1,00
 BAL Balance after P2 Input1 payment/year, 1 compounding/year 2nd [P/Y] 1 ENTER P/Y=1,00
2nd [QUIT] to go back to normal mode Back to normal mode 2nd [QUIT] 0,00
Back to normal mode 2nd [QUIT] 0,00
 PRN Principal between P1 e P2, both inclusive Input number of payments 60 N N=60,00
Computing dates Input number of payments 36 N N=36,00
 INT Interest between P1 e P2, both inclusive TI BA-II allows basis ACT/365 (ACT) and 30/360 (360). Calculations involving Input interest rate 2 I/Y I/Y=2,00
Input interest rate 1 I/Y I/Y=1,00
dates are affected by the selected basis. Input “-1” as payment 1 +/- PMT PMT= -1,00
Input “-1” as payment 1 +/- PMT PMT= -1,00
SOME NOTES ABOUT USING THE CALCULATOR Choosing basis Input “0” as future value 0 FV FV=0,00
Input “0” as future value 0 FV FV=0,00
- It’s a good practice to clear every value of the spreadsheet when we start 2nd [Date] ↑ until 360 or ACT appears Compute future value CPT FV FV=116,33*(a)
a new computation. For instance, to clear variables of TVM spreadsheet Compute present value CPT PV PV=30,11*
2nd [Set] switches between 360 and ACT (a) With 6 decimals we have 116,332570.
we must do 2nd [CLR TVM]. Note: this doesn’t change the values stored In this case we would prefer to see more decimals (for instance, 6).
Inputting dates:
on P/Y e C/Y. 2nd [Date] 3.2 – Compute s 60 0,02 EXAMPLE 4 – CONSTANT ANNUITIES
- The first five keys on the third row of the calculator represent the main dd.mmyy (if European format) ENTER Procedure Keys Screen 4.1 Compute future value and present value of 22 quarterly ordinary payments
variables of TVM: N, I/Y, PV, PMT e FV. Set ordinary annuity (if necessary) 2nd [BGN] 2nd [SET]until END shows of 500 euros each, assuming that the interest rate is 7,5%
- PV, PMT e FV represent money: amounts must be introduced as positive Thousands and decimals separator formats Back to normal mode 2nd [QUIT] 0,00 a) Annual nominal, quarterly compounded
numbers if they are inflows and as negative numbers if they are outflows. TI BA-II allows to choose the format of thousands and decimals separators Input1 payment/year, 1 compounding/year 2nd [P/Y] 1 ENTER P/Y=1,00 b) Annual nominal, semi-annually compounded
Negative numbers are inputted pressing +/- after the amount has been (American/English or Other European). Back to normal mode 2nd [QUIT] 0,00 c) Annual nominal, monthly compounded
introduced. Amounts on PV, PMT and FV can not have all the same . American/English format: 1,000.00 (comma for thousands and dot for decimals) d) Annual effective
Input number of payments 60 N N=60,00
nature (sign) on the same problem. . Other European format: 1.000,00 (dot for thousands and comma for decimals)
Formatting Input interest rate 2 I/Y I/Y=2,00 a) Interest rate: 7,5%, annual nominal, quarterly compounded
- A special reference to the interest rate: usually, the interest rate to input
on I/Y is the annual nominal interest rate, as percent, i.e., to input the 2nd [Format] ↓ ↓ ↓ Input “-1” as payment 1 +/- PMT PMT= -1,00 Procedure Keys Screen
interest rate of 10% we really input “10” on I/Y. However, it is not 2nd [Set] to select Input “0” as present value 0 PV PV=0,00 Set ordinary annuity (if necessary) 2nd [BGN] 2nd [SET]until END shows
mandatory that the interest rate is annual nominal. It can be any other, 2nd [QUIT] to go back to normal mode Compute future value CPT FV FV=114,05* Input 4 payments/year, 4 compoundings/year2nd [P/Y] 4 ENTER P/Y=4,00
effective and/or for other period than the year. We must not read “I/Y” as In this case we would prefer to see more decimals (for instance, 6). Back to normal mode 2nd [QUIT] 0,00
“interest rate per year”, “P/Y” as “payments per year” and “C/Y” as Computation modes
3.3 – Compute i, knowing that a10 i = 8,347212. Input number of payments 22 N N=22,00
“compoundings per year”. Instead, we must read “I/Y” as “interest rate per TI BA-II allows to choose the computation mode: in chain (Chn) or algebraic
Procedure Keys Screen Input “0” as present value 0 PV PV=0,00
… (period, whatever)”, “P/Y” as “payments per …(same period as interest (AOS).
. Chain (Chn): 3+2x53 = 15 625 Computations in sequence Set ordinary annuity (if necessary) 2nd [BGN] 2nd [SET]until END shows Input interest rate 7,5 I/Y I/Y=7,50
rate)” and “C/Y” as “compoundings per …(same period as interest rate)”.
. Algebraic (AOS): 3+2x53 = 253 Computations according to algebraic rules Back to normal mode 2nd [QUIT] 0,00 Input payment 500 +/- PMT PMT= -500,00
- The calculator assumes for C/Y the same value introduced on P/Y.
However, it can be changed afterwards. (power, multiply and divide, sum and subtract) Input1 payment/year, 1 compounding/year 2nd [P/Y] 1 ENTER P/Y=1,00
Compute future value CPT FV FV=13.462,16*
Formatting Back to normal mode 2nd [QUIT] 0,00
To compute present value: input “0” as FV and ask for PV,like this:
MEMORIES (0 a 9) 2nd [Format] ↓ ↓ ↓ ↓ Input number of payments 10 N N=10,00 Input “0” as future value 0 FV FV=0,00
To store a value on memory 0: value STO 0 2nd [Set] to select Input “-1” as payment 1 +/- PMT PMT= -1,00 Compute present value CPT PV PV=8.945,96*
To restore the value on memory 0: RCL 0 2nd [QUIT] to go back to normal mode Input “0” as future value 0 FV FV=0,00 b) Interest rate: 7,5%, annual nominal, semi-annually compounded
USING TVM SPREADSHET Cash-flows: assumptions Input present value 8,347212 PV PV=8,35(a) Only changes relative to previous example:
1. Clear the spreadsheet 2nd [CLR TVM] Ordinary annuity (END) Compute interest rate CPT I/Y I/Y=3,43(b) Procedure Keys Screen
2. Input number of payments per period of 2nd [P/Y] P ENTER (a) The calculator only displays 2 decimals (assuming that we set it that way);
+PV -FV
Input 4 payments per year 2nd [P/Y] 4 ENTER P/Y=4,00
the interest rate, P however, internally the calculator keeps every digit.
3. Input number of compoundigs per period  C ENTER -PMT -PMT -PMT -PMT -PMT Input 2 compoundings per year ↓ 2 ENTER C/Y=2,00
+-------+-------+-------+--- ....... ---+--------+ (b) With 6 decimals we have 3,427185. As we inputted P/Y=1 and C/Y=1,
of the interest rate, C Back to normal mode 2nd [QUIT] 0,00
0 1 2 3 n-1 n interest rate refers to the same period as N, i.e., if N means monthly payments,
4. Select ordinary annuity or annuity due 2nd [BGN] 2nd [SET] (switches then the interest rate is for the month; if N means semi-annual payments, then Input “0” as present value 0 PV PV=0,00
between END and BGN) Annuity due (BGN - BEGIN) the interest rate is also semi-annual (for the semester). Assuming that in this Compute future value CPT FV FV=13.436,54*
5. Back to “normal mode” 2nd [QUIT] example the period was the quarter, then if we input P/Y=4 and C/Y=4, the To compute present value: input “0” as FV and ask for PV,like this:
+PV -FV interest rate would be I/Y=13,708741, meaning annual nominal (note that Input “0” as future value 0 FV FV=0,00
6. Input the values of the known variables value key corresponding to that -PMT -PMT -PMT -PMT -PMT
+-------+-------+--------+--- ........ ---+-------+ 3,427185x4=13,708741). If we input P/Y=4 e C/Y=1, the interest rate would Compute present value CPT PV PV=8.962,28*
variable (for all known variables)
0 1 2 3 n-1 n be annual effective inherent to annual nominal of 13,708742% compounded Back to normal mode 2nd [QUIT] 0,00
7. Compute the unknown CPT key corresponding to the every quarter (14,4297175). Finally, if the known variable was the interest rate
unknown variable (“ + ” and “ - “ signs merely illustrative) and the unknown was the number of payments, the rational would be similar.
c) Interest rate: 7,5%, annual nominal, monthly compounded b) , c) e d) b) Only change relative to previous situation: it’s an annuity due, now. Thus,
Changes relative to question a): Procedure Keys Screen
TEXAS INSTRUMENTS
Input 12 compoundings per year 2nd [P/Y] ↓ 12 ENTER C/Y=12,00 Select Amort spreadsheet 2nd [Amort] P1=(previous value) Procedure Keys Screen TI BA-II / BA-II Plus / BA-II Plus Professional
Back to normal mode 2nd [QUIT] 0,00 Clear spreadsheet; set initial payment as “1”2nd [CLR Work] P1=1,00 Set annuity due 2nd [BGN] 2nd [SET] until BGN shows
Input “0” as present value 0 PV PV=0,00 Back to normal mode 2nd [QUIT] 0,00
Compute future value CPT FV FV=13.479,62*
Set final payment as “12”
Get BAL, PRN and INT
 12 [ENTER]

P2=12,00
BAL=49.235,09* Compute interest rate CPT I/Y I/Y=6,99*
Quick Guide
To compute present value: input “0” as FV and ask for PV,like this: Meaning: balance after payment number  PRN= -764,91* NOTE: this interest rate is annual nominal monthly compounded, because we Solving some usual financial problems
Input “0” as future value 0 FV FV=0,00 12 (BAL), debt amortized in payments 1 to  INT= -3.475,77* inputted P/Y=12 and C/Y=12). If we did P/Y=12 and C/Y=1, the returned
Compute present value CPT PV PV=8.934,88* 12 (PRN) and interest paid in payments 1 to 12 (INT) . interest rate would be annual effective (it would be I/Y=7,21). Doesn’t replace the manual, but can be useful…hopefully.

d) Interest rate: 7,5%, annual effective II) We just saw that BAL(12) = 49 235,09. So, this is present value for a “new” loan c) This is a non-typical situation, i.e., i tis not exactly an ordinary annuity

release 16.05.13
Changes relative to question a): payable with 288 (300-12) ordinary and constant monthly payments, at the interest (END mode on the calculator) nor an annuity due (BGN mode). It’s not END
Input 1 compounding per year 2nd [P/Y] ↓ 1 ENTER C/Y=1,00 rate of 6% annual nominal. Thus, because final payment (FV) doesn’t occur at the same moment of the last
Procedure Keys Screen payment (PMT); it’s not BGN mode because the first payment (PMT) doesn’t
Back to normal mode 2nd [QUIT] 0,00

## Brief Notes on Time Value of Money

occur at the same moment of PV.

www.time-value-of-money.com
Input “0” as present value 0 PV PV=0,00 Input present value 49235,09 PV PV=49.235,09
Input interest rate 6 I/Y I/Y=6,00 Anyway, we can solve this problem using the calculator. How?
Compute future value CPT FV FV=13.387,31* We can consider that PV = 20 000 (25 000 – 5 000) and N = 36 ordinary
To compute present value: input “0” as FV and ask for PV,like this: Input number of payments 288 N N=288,00
payments of 605,23 euros each. This forces us to consider that FV (final
Input“0” as future value 0 FV FV=0,00 Compute payment CPT PMT PMT= -322,97* payment) = 105,23 euros (positive!) so that the calculator assumes one cash-
Compute present value CPT PV PV=8.993,87* flow of -500 euros at moment 36 (negative, as it really happens). This way, we
III) We saw that BAL(12) = 49 235,09. So, this is present value for a “new” loan
payable with 288 (300-12) ordinary monthly payments of 320,07 each. Thus, consider END mode. Thus,
4.2 Ordinary annuity, 10 payments of 5 000 euros each. Future value: Procedure Keys Screen Procedure Keys Screen
65 903,97 euros. Annual interest rate?. Set ordinary annuity 2nd [BGN] 2nd [SET] until END shows
Procedure Keys Screen Input present value 49235,09 PV PV=49.235,09
Input payment 320,07 +/- PMT PMT= -320,07 Back to normal mode 2nd [QUIT] 0,00
Set ordinary annuity (if necessary) 2nd [BGN] 2nd [SET] until END shows Input number of payments 36 N N=36,00
Input 1 payment/year, 1 compounding/year 2nd [P/Y] 1 ENTER P/Y=1,00 Input number of payments 288 N N=288,00 Contacts:
Compute interest rate CPT I/Y I/Y=5,90* Input present value 20000 PV PV= 20.000
Back to normal mode 2nd [QUIT] 0,00 Input payment 605,23 +/- PMT PMT= -605,23 www.time-value-of-money.com
Input number of payments 10 N N=10,00 IV) We saw that BAL(12) = 49 235,09. So, this is present value for a “new” loan Input future value 105,23 FV FV=105,23 rogeriomatias@calculofinanceiro.com
Input “0” as present value 0 PV PV=0,00 payable with 244 ordinary and constant monthly payments at the interest rate of 7% Compute interest rate CPT I/Y I/Y=5,35*
Input payment 5000 +/- PMT PMT= -5.000,00 annual nominal. Thus, NOTE: this interest rate is annual nominal monthly compounded, because we

Supplement for
Input future value 65903,97 FV FV=65.903,97 Procedure Keys Screen inputted P/Y=12 and C/Y=12). If we inputted P/Y=12 and C/Y=1 the returned Advice:
Reading the document “Using a financial

Rogério Matias
Compute interest rate CPT I/Y I/Y=6,00* Input present value 49235,09 PV PV=49.235,09 interest rate would be annual effective (it would be I/Y=5,48).
Input interest rate 7 I/Y I/Y=7,00 calculator. A few generic topics” may be
4.3 Ordinary annuity, monthly interest rate is 1% and present value is 19 Input number of payments 244 N N=244,00 EXAMPLE 7 – NPV and IRR useful before using this Quick Guide.
700,81 euros. Compute number of payments of 600 euros each. Compute payment CPT PMT PMT= -378,85* Assume the following cash-flows (euros) in an investment: You can find it on
Procedure Keys Screen Moment Cash-Flow www.time-value-of-money.com
Set ordinary annuity (if necessary) 2nd [BGN] 2nd [SET] until END shows V) We must do this: 0 - 60 000
Procedure Keys Screen
(under Supplements)
Input 1 payment/year, 1 compounding/year 2nd [P/Y] 1 ENTER P/Y=1,00 1 - 10 000
Back to normal mode 2nd [QUIT] 0,00 Set annuity due (if necessary) 2nd [BGN] 2nd [SET] until BGN shows 2 30 000
.
Input interest rate CPT I/Y I/Y=1,00 (a) Back to normal mode 2nd [QUIT] 0,00 3 30 000
4 20 000
Input present value 19700,81 PV PV=19.700,81 Input present value 50000 PV PV=50.000,00
5 12 000
Input payment 600 +/- PMT PMT= -600,00 Input interest rate 7 I/Y I/Y=7,00 NOTE:
Input “0” as future value 0 FV FV=0,00 Input number of payments 300 N N=300,00 Compute
Compute number of payments CPT N N=40,00* Compute payment CPT PMT PMT= -351,34* a) NPV assuming 12% as the minimum required return to accept the This Quick Guide was prepared to be double-sided printed on a
(a) The period is “month”. So, we must consider P/Y=1 and C/Y=1 investment A4 sheet, so that it can be folded (see below) and inserted in the
(1 payment per month and 1 compounding per month) b) IRR BA-II cover:
EXAMPLE 6 –LEASING
Leasing, as follows: Procedure Keys Screen
EXAMPLE 5 – LOAN AMORTIZATION (French System) . Time: 3 anos Select “Cash-Flow” spreadsheet CF CF0=(previous value)
Loan, 50 000 euros, 25 years, constant and ordinary monthly payments, … TI-BAII
. Financed amount: 25 000 euros Clear spreadsheet 2nd [CLR Work] CF0=0,00 Quick Guide
interest rate 7% annual nominal monthly compounded. Compute:
. Final payment: 2% of financed amount Input cash-flow 0 60000 +/- ENTER CF0= -60.000,00
I – a) Payment
b) Balance after payment number 12 Input cash-flow 1  10000 +/- ENTER C01= -10.000,00
Compute interest rate (annual nominal and annual effective) on each of the following
c) Amortized debt after payment number 12 Input number of times that cash-flow 1
three scenarios:
d) Total interest paid on the first 12 payments occurs (in case it repeats in sequence)  F01=1,00
a) 36 ordinary monthly payments of 754,84 euros each
II – After payment number 12, interest rate changed to 6% (annual nominal b) 36 monthly due payments of 754,84 euros each Input cash-flows 2 and 3  30000 ENTER C02=30.000,00
monthly compounded). New payment? (here we say that this cash-flow occurs
c) Initial payment: 5 000 euros; 35 ordinary monthly payments of 605,23 euros … TI-BAII
III – Payment from number 13: 320,07 euros. New interest rate (annual twice in sequence, at moments 2 and 3)  2 ENTER F02=2,00
Quick Guide
each
nominal monthly compounded)?
Input cash-flow 4  20000 ENTER C03=20.000,00
IV – After payment number 12: amortization in only 244 aditional monthly
payments. Interest rate 7%, anual nominal monthly compounded. New a) Procedure Keys Screen  F03=1,00
payment? Set ordinary annuity (if necessary) 2nd [BGN] 2nd [SET] until END shows Input cash-flow 5  12000 ENTER C04=12.000,00
V – Initial conditions (Loan: 50 000 euros; number of payments: 300; interest Input 12 payments per year and  F04=1,00
rate: 7%), but annuity due. Payment? 12 compoundings per year 2nd [P/Y] 12 ENTER P/Y=12,00 Quit this spreadsheet 2nd [QUIT]
(this way, calculator will deliver tha anual nominal interest rate) Input required rate of return NPV I=0,00 … TI-BAII
Quick Guide
I) a) Back to normal mode 2nd [QUIT] 0,00 12 ENTER I=12,00
Procedure Keys Screen Input present value (financed amount) 25000 PV PV=25.000,00 Compute NPV  CPT NPV= -4.139,86*
Input 12 payments per year and Input number of payments 36 N N=36,00 Compute IRR IRR CPT IRR=9,65*
12 compoundings per year 2nd [P/Y] 12 ENTER P/Y=12,00 Input payment 754,84 +/- PMT PMT= -754,84
Set annuity due (if necessary) 2nd [BGN] 2nd [SET] until END shows Input final payment 500 +/- FV FV= -500,00 Note: TI BA-II Plus Professional computes also the Payback Period, both
Back to normal mode 2nd [QUIT] 0,00 Compute interest rate CPT I/Y I/Y=6,61* without or with discounted cash-flows (Payback, PB, and Discounted Payback,
Input present value (amount of the loan) 50000 PV PV=50.000,00 NOTE: this interest rate is annual nominal monthly compounded, because we DPB). This can be done on NPV, pressing  again and again. In this example, … TI-BAII
Quick Guide
Input interest rate 7 I/Y I/Y=7,00 inputted P/Y=12 and C/Y=12). If we inputted P/Y=12 and C/Y=1 the returned PB=3,5 (years) e DPB = Error 7 (which means that the investment is not
Input number of payments 300 N N=300,00 interest rate would be annual effective (it would be I/Y=6,81). recovered – as we saw, NPV is negative and IRR is lower than the required
Input future value 0 FV FV= 0,00 return rate).
Compute payment CPT PMT PMT= -353,39*