Question

Suppose that the following group of values has been entered into the TVM solver of a graphing calculator: N-300, 1%-87, PV-11 5000, 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(144)
B) bal(12)
C) bal(156)
D) bal (13)

Answer 1

Since payments are made monthly, the term bal(156) would give you the balance at 156 months or 13 years.