Let’s walk step-by-step on how to solve for each financial variable. If you do not get the correct answers to these, go back and check your work by using the {RCL} (Recall) key, for instance, hit {RCL}{N} to find out what you have in your calculator for {N}, and so on. If the number is not correct, just simply re-input the number that is incorrect and go on from there. We will start with solving for {PMT}, as that is the easiest.

Important Note: It is very beneficial to use a piece of scratch paper when figuring out financial calculations. You will want to write at the top of the paper the 5 variables: N, I, PV, PMT and FV, as listed below. Then, write in each column the numbers that will be entered into each variable. Once that is done, go ahead and do the problem itself. Click here to read more about TMV key.

Now lets try solving for I.

{N}	{I}	{PV}	{PMT}	{FV}
240	?	$175,000	$-1,349.59	0

The only number that changes here is PV. So, change PV to $175,000 and solve for I, the answer you should get is 6.93%.

If you did not get the above answer, click on this link to learn how to set the number of period(s) in a year.