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Time Value of Money
38
Canadian Mortgage Example
Calculate the monthly payment for a 25-year (N=300) Canadian mortgage valued at 350,000.00, if the nominal interest rate is
6.0%, compounded twice yearly (C/YR=2) with 12 payments per year (P/YR).
Table 3-7 Canadian Mortgage Example
Keys Display Description
:u
Opens the Mode menu, starting with the current
FIX
value
(number of digits to the right of the decimal point).
>I
Scrolls to TVM mode and sets mode to
TVM Canada
.
O
Returns to default calculator screen.
:[12
I<2
I
Opens P/YR menu. Inputs 12 for P/YR and 2 for C/YR.
O300N
6Y350
00V
Exits menu and inputs values for N, I/YR, and PV.
M
Calculates the monthly payment as required by the example.
To reset the menu, press :x. With
TVM
displayed, press I. At the
TVM Reset
prompt, press I to
reset, or O to cancel. To exit the menu, press O once again. With the menu set to its default settings, P/YR and C/YR
are both set to 12 payments/compounding periods per year.