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52 Section 3: Basic Financial Functions
File name: hp 12c_user's guide_English_HDPMBF12E44 Page: 52 of 209
Printered Date: 2005/7/29 Dimension: 14.8 cm x 21 cm
Example 1:
A 36-month loan for $4,500 accrues interest at a 15% annual
percentage rate (APR), with the payments made at the end of each month. If
interest begins accruing on this loan on February 15, 2004 (so that the first period
begins on March 1, 2004), calculate the monthly payment, with the odd days
counted on the basis of a 30-day month and compound interest used for the odd
period.
Keystrokes Display
fCLEARG Clears financial registers.
gÕ
Sets date format to month-day-year.
gÂ
Sets payment mode to End.
?Æ
Turns on the
C
indicator in the display,
so that compound interest will be used
for the odd period.
2.152004\
2.15
Keys in the date interest begins
accruing and separates it from the
next date entered.
3.012004
3.012004
Keys in the date of the beginning of
the first period.
gÒ
15.00
Actual number of odd days.
~
16.00
Number of odd days counted on the
basis of a 30-day month.
30z
0.53
Divides by the length of a monthly
period to get the fractional part of n.
36+n
36.53
Adds the fractional part of n to the
number of complete payment periods,
then stores the result in n.
15gC
1.25
Calculates and stores i.
4500$
4,500.00
Stores PV.
P
–157.03
Monthly payment.