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File name: hp 12c pt_user's guide_English_HDPMF123E27 Page: 202 of 275
Printed Date: 2005/8/1 Dimension: 14.8 cm x 21 cm
Section 14
Leasing
Advance Payments
Situations may exist where payments are made in advance (leasing is a good
example). These agreements call for extra payments to be made when the
transaction is closed.
This first procedure finds the periodic payment amount necessary to achieve a
desired yield when a number of payments are made in advance. And, given the
periodic payment, the second procedure calculates the periodic yield.
Solving for Payment
To calculate the payment, information is entered as follows:
1. Press g and fCLEARG.
RPN Mode:
2. Key in the total number of payments in the lease then press \.
3. Key in the total number of payments made in advance then press
?0-n.
4. Key in or calculate the periodic interest rate as a percentage then press
¼.
5. Press 1ÞP$:0+.
6. Key in the initial loan amount then press ~z, to obtain the periodic
payment to be received by the lessor.
ALG Mode:
2. Key in the total number of payments in the lease.
3. Key in the total number of payments made in advance then press
-?0n.
4. Key in or calculate the periodic interest rate as a percentage then press
¼.
5. Press 1ÞP$+:0³.
6. Key in the initial loan amount then press z~³, to obtain the
periodic payment to be received by the lessor.