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190 14: Additional Examples
File name : 17BII-Plus-Manual-E-PRINT-030709 Print data : 2003/7/11
14
Additional Examples
Loans
Simple Annual Interest
See appendix F for RPN keystrokes for this example.
Example: Simple Interest at an Annual Rate. Your good friend needs a
loan to start her latest enterprise and has requested that you lend her
$450 for 60 days. You lend her the money at 7% simple annual interest,
to be calculated on a 365-day basis. How much interest will she owe
you in 60 days, and what is the total amount owed?
The interest is: (7% of $450) ×
60 days
365 days
Keys: Display: Description:
450
*
7
%
+.(&(( B(&(-" Annual interest.
*
60
/
365
+
"
.&#*)"
Actual interest for 60
days.
450
=
+..&#*" Add principal to get total
debt
A Solver Equation for Simple Annual Interest:
AHJ:89E1<)9E1<B;6D#((BA1@FD%'."
DEBT = the total owed at the end of the loan period.
LOAN = the original amount (principal) lent.
I% = the annual interest rate as a percent.
DAYS = the number of days in the loan.
v