HP 113394 User Guide - Page 51

Section 3: Basic Financial Functions 51 Keystrokes (RPN mode) n 12z Display 328.00 27.33 Number of payments required. Twenty-seven years and four months. In ALG mode, perform the RPN steps but replace the last step with the step below. Keystrokes (ALG mode) Display z12} 27.33 Twenty-seven years and four months. Because the calculator rounds the calculated value of n up to the next higher integer, in the preceding example it is likely that - while 328 payments will be required to pay off the loan - only 327 full payments of $325 will be required, the next and final payment being less than $325. You can calculate the final, fractional, 328th payment as follows: Keystrokes (RPN mode) Display 328n M :P + 328.00 181.89 -325.00 -143.11 Stores total number of payments.* Calculates FV - which equals the overpayment if 328 full payments were made. Recalls payment amount. Final, fractional payment. Keystrokes (ALG mode) 328n M Display 328.00 181.89 Stores total number of payments.* Calculates FV - which equals the overpayment if 328 full payments were made. * You could skip this step, since 328 is already stored in the n register. If you do so, however, you will need to press M twice in the next step (for the reason discussed in the first footnote on page 41; you would not have to press M twice if you had not pressed 12z in RPN mode or z12} in ALG mode after w in the example above.) We choose to show this and the following example in a parallel format so that the procedure is easy to remember: the number you key is the number of the final payment - either the fractional payment or the balloon payment - whose amount is to be calculated. File name: hp 12c pt_user's guide_English_HDPMF123E27 Page: 51 of 275 Printed Date: 2005/8/1 Dimension: 14.8 cm x 21 cm