Question

Suppose that the following group of values has been entered into the TVM Solver of a graphing calculator: N=300; I%=8.7; PV=115000; PMT=–941.56172; FV=0; P/Y=12; C/Y=12; PMT:END. Which of the following uses of the "bal(" function will give the balance on the loan in question after 13 years?

A. bal(13)


B. bal(144)


C. bal(156)


D. bal(12)

Answer 1

bal (156) is the right APEX answer. hope this helps!!

Answer 2

C. bal(156)

Explanation:

In 13 years, there are ...

13 × 12 = 156 . . . months.

So, the balance after the 156th payment is desired. The bal(156) function of a TI-84 graphing calculator will give that value.