Question

Which of these groups of values plugged into the TVM Solver of a graphing

calculator will return the amount of a 15-year loan with an APR of 15.6%,
compounded monthly, that is paid off with monthly payments of $230?
O
O
A. N=15; 1%=1.3; PV = ; PMT=-230; FV=0; P/Y=12; C/Y=12; PMT:END
B. N=180; 1%=1.3; PV = ; PMT=-230; FV=0; P/Y=12; C/Y=12;
PMT:END
O
C. N=180; 1%=15.6; PV =; PMT=-230; FV=0; P/Y=12; C/Y=12;
PMT:END
O
D. N=15; 1%=15.6; PV = ; PMT=-230; FV=0; P/Y=12, C/Y=12;
PMT:END

Answer 1

C. N=180; 1%=15.6; PV =; PMT=-230; FV=0; P/Y=12; C/Y=12; PMT:END

Explanation:

My TVM solver requires the actual number of payments, even though it is told there are 12 per year. This eliminates choices A and D. It makes use of the annual interest rate, eliminating choice B.

The list of input values of Choice C is appropriate.

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The loan is for $15,962.15.