TI 84 Plus CE: Consolidated Debts
Disclaimer: This blog is for informational and academic purposes only. Financial decisions are your own.
Introduction
The program CONSOL consolidates a number of debts into a single loan, typically of a lower interest rate than the rate paid of the original debts. The loan can include additional cash and fees charged.
TI-84 Plus CE Program: CONSOL
Notes:
The percent sign is comprised of three symbols: a degree sign ( [ 2nd ], [ apps ] (angle), 1, °), the division slash, and a decimal point. The percent symbol will look something like this: ° / .
All fees are assumed to be financed. At the fees question, if you enter an amount less than 100, it will be treated as a percent of the desired cash out. If you enter an amount 100 or above, it will be treated as an amount. For no fees, enter 0.
Monthly payments at the end of the month are assumed.
The cash sign convention is used. If the interest difference is positive, you are saving interest costs. If the interest difference is negative, you have an additional interest cost.
The list of original debts are stored to list L₄.
The list of associated rates are stored to list L₅.
The list of associated number of payments renaming to list L₆.
The payment function, tvm_Pmt is from the Finance app ( [ apps ], 1. Finance…, 2: tvm_Pmt). Syntax: tvm_Pmt( number of payments, annual interest rate, present value, future value, payments per year, compound periods per year).
Code (520 bytes):
ClrHome
Disp “CONSOLIDATED ANALYSIS”
Input “LIST OF DEBTS? “, L₄
Input “LIST OF RATES (°/.)? “, L₅
Input “LIST OF PMTS REMAINING? “, L₆
If dim(L₄)≠dim(L₅) or dim(L₅)≠dim(L₆) or dim(L₄)≠dim(L₆)
Then
Disp “LISTS NOT EQUAL SIZE”
Stop
End
0 → J
For(I, 1, dim(L₄))
L₆(I) * tvm_Pmt(L₆(I), L₅(I), L₄(I), 0, 12, 12) + L₄(I) + J → J
End
sum(L₄) → D
Disp “CONSOLIDATED DEBT:”, D
Input “DESIRED AMOUNT? “, C
Disp “FEES AND COSTS”, “<100 (°/.), ≥100 (AMT)”
Prompt F
If F<100
Then
C*(1+F/100) → F
Else
C+F → F
End
Input “NEW RATE (°/.)? “, R
Input “NO. OF PMTS? “, N
tvm_Pmt(N,R,F,0,12,12) → p
N*P+F → K
Disp “CASH OUT: “, C-D
Disp “NEW PMT: “, P
Disp “INTEREST DIFF: “,”(>0 SAVINGS)”, K-J
Examples
Example 1: A Simple Consolidation
Consolidate two debts, take no cash out, no fees.
Original Debt |
Interest Rate |
Number of Payments Left |
48000 |
8% |
240 |
17500 |
19.99% |
24 |
|
|
|
Desired Amount: 65500. No fees. New rate: 6%. Term: 240 months
Result:
Cash Out: 0
New Pmt: -469.2623433 (469.26)
Interest Diff: 5109.118945 (save 5109.12)
Example 2: Consolidate Three Debts: 3% fees or a flat 600 fee.
Original Debt |
Interest Rate |
Number of Payments Left |
36500 |
12.99% |
180 |
6800 |
8% |
80 |
1800 |
20.99% |
12 |
Desired Amount: 52000. New Rate: 7.25%. Term: 240 months
Result with 3% fees:
Cash Out: 6900
New Pmt: -423.3253775 (-423.33)
Interest Diff: 752.12157 (752.12)
Result with 600 flat fee:
Cash Out: 6900
New Pmt: -415.7377681 (415.74)
Interest Diff: 1613.147839 (1613.15)
Example 3: Not every scenario will have interest savings.
Original Debt |
Interest Rate |
Number of Payments Left |
40000 |
13% |
90 |
4000 |
20.99% |
12 |
1800 |
9.95% |
12 |
Desired Amount: 50000. New Rate: 7%. Term: 180 months. Fees: 3%
Result with 3% fees:
Cash Out: 4200
New Pmt: -462.8965595 (462.90)
Interest Diff: -8434.001105 (-8434.00)
Download the file here: https://drive.google.com/file/d/171aj-kTKH0-YZCyeMDHZMxqpGERaaAhd/view?usp=sharing
Happy Holidays! Take care and be well,
Eddie
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