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Section 3: Basic Financial Functions 59
File name: hp 12c pt_user's guide_English_HDPMF123E27 Page: 59 of 275
Printed Date: 2005/8/1 Dimension: 14.8 cm x 21 cm
5. Press g× or g to set the payment mode.
6. Press P to calculate the payment amount.
Example 1:
Calculate the payment amount on a 29-year, $243,400 mortgage
at 5.25% annual interest, compounded monthly.
Keystrokes Display
f
CLEAR
G
29
gA
348.00
Calculates and stores n.
5.25
gC
0.44
Calculates and stores i.
243400
$
243,400.00
Stores PV.
gÂ
243,400.00
Sets payment mode to End.
P
–1,363.29
Monthly payment (with minus sign
for cash paid out).
Example 2:
Looking forward to retirement, you wish to accumulate $60,000
after 15 years by making deposits in an account that pays 9.75% interest
compounded semiannually. You open the account with a deposit of $3,200 and
intend to make semiannual deposits, beginning six months later, from your
profit-sharing bonus paychecks. Calculate how much these deposits should be.