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1. Key in the program.
2. Press CLEAR .
3. Key in the annual interest rate and press .
4. Key in the term of the loan in years and press .
5. Key in the purchase price and press 1.
6. Key in the percent down and press 2.
7. Key in the tax rate in dollars per thousand and press 3.
8. To calculate the approximate monthly payment, press .
9. For a new case, store only the new variables by performing steps 3 thru 7
as needed. Press for the new approximate monthly payment.
Example: Solve the previous example using the HP-12C program..
What would the approximate payment be if the loan was at 10% interest?
10 -638.33 Approximate monthly payment.
What if the down payment is increased to 20%?
20 2 -582.45 Approximate monthly payment.
n: Term i: Interest
PV: Loan PMT: Loan PMT
FV: 0
R
0
: Unused
R
1
: Purch. Price R
2
: % Down
R
3
: Tax rate R
4
-R
.7
: Unused
Keystrokes Display
CLEAR
10.75
0.90 Monthly interest.
35
420.00 Months of loan.
65000 1
65,000.00 Purchase price.
10 2
10.00 Percent down.
25 3
25.00 Tax rate per thousand.
-672.16 Approximate monthly payment.