I'm trying to find the annual payment for a $300 million loan compounded annually at 10% over 30 years. When I use the Excel payment function I get $31,823,774.48, but when I use my BA II Plus (set with C/Y to 1 and P/Y to 1) with N=30, I/Y=10, and PV=300,000,000 it gives me $31,826,138.14. I can't understand why there is a ~$2,400 difference. I know it's not end of year/beginning of year discrepancy, because that difference would be a lot more. If anyone can help me figure this out I'd appreciate it very much - there will be times in finance class when I can't use Excel!!
2007-01-18 02:35:57 · 3 answers · asked by Denials 2 in Business & Finance ➔ Other - Business & Finance
I just did it on my TI BA II Plus and got $31,823,774.48 so you are somehow using the calculator wrong.
2007-01-18 02:53:49 · answer #1 · answered by Barkley Hound 7 · 0⤊ 0⤋
I tried this on both my BAII Plus and Excel and got the first answer both times. I know this sounds silly, but I have noticed that if the batteries in my BAII Plus are fading I sometimes get answers that are slightly off! Also, make sure all of your previous data is cleared out of your calculator.
2007-01-18 02:47:36 · answer #2 · answered by mortgagelns 3 · 0⤊ 0⤋
I got 31,823.77448 on the BA II Plus with 1 and 1 for c/y and p/y. Did you try 2nd clr work and 2nd clr TVM and try again?
2007-01-18 02:46:19 · answer #3 · answered by M O 6 · 0⤊ 0⤋