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14: Additional Examples 197
File name : English-M02-1-040308(Print).doc Print data : 2004/3/9
interest rate.
46 Stores days until first
payment.
0 No balloon payment.
Calculates payment.
Example: Loan with an Odd First Period Plus Balloon. A $10,000
loan has 24 monthly payments of $400, plus a balloon payment of
$3,000 at the end of the 24th month. If the payments begin in 8 days,
what annual interest rate is being charged?
Select equation ODD.
Keys: Display: Description:
Creates menu.
10000
24
Stores known values.
400
&
3000
&
8
Calculates periodic
(monthly) interest rate.
*
12
=
Annual interest rate.
Canadian Mortgages
In Canadian mortgages, the compounding and payment periods are not
the same. Interest is compounded semi-annually while payments are
made monthly. To use the TVM menu in the hp 17bII+, you need to
calculate a
Canadian mortgage factor to store as I%YR.
1. Set End mode and store 12 .
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