John takes out a loan for $10100 at 7% interest compounded monthly and is making payments of $110 a month. Calculate his remaining balance after 30 months.

John’s balance due after 30 months will be $

Time Value of Money Solver

N: = 1.6 30 – 24 = 6…. 1.6 for the year; I’m not sure??

Number of Compounding Periods

I:% = 7

Annual Interest Rate as a Percent

PV: = 10100

Present Value

PMT: = 

Payment

FV: = 

Future Value

P/Y: 12

Payments per Year

C/Y: 12

Compounding Periods per Year

PMT: = END

Payments are made at the end of the period

I’m using a TI-84 PLUS, I’m not sure how you factor in the $110 into this equation.