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Section 3: Basic Financial Functions 65
File name: hp 12c pt_user's guide_English_HDPMF123E27 Page: 65 of 275
Printed Date: 2005/8/1 Dimension: 14.8 cm x 21 cm
Example 1:
A 36-month loan for $4,500 accrues interest at a 5% annual
percentage rate (APR), with the payments made at the end of each month. If
interest begins accruing on this loan on February 15, 2004 (so that the first period
begins on March 1, 2004), calculate the monthly payment, with the odd days
counted on the basis of a 30-day month and compound interest used for the odd
period.
Keystrokes
(RPN mode)
Display
f
CLEAR
G
Clears financial registers.
gÕ
Sets date format to month-day-year.
gÂ
Sets payment mode to End.
?Æ
Turns on the
C
indicator in the
display, so that compound interest
will be used for the odd period.
2.152004
\
2.15
Keys in the date interest begins
accruing and separates it from the
next date entered.
3.012004
3.012004
Keys in the date of the beginning of
the first period.
gÒ
15.00
Actual number of odd days.
~
16.00
Number of odd days counted on the
basis of a 30-day month.
30
z
0.53
Divides by the length of a monthly
period to get the fractional part of n.
36
+n
36.53
Adds the fractional part of n to the
number of complete payment
periods, then stores the result in n.
5
gC
0.42
Calculates and stores i.
4500
$
4,500.00
Stores PV.
P
–135.17
Monthly payment.
Keystrokes
(ALG mode)
Display
?Æ
Turns on the
C
indicator in the
display, so that compound interest
will be used for the odd period.