HP 113394 User Guide - Page 59
Example 1, Keystrokes, Display, Example 2
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Section 3: Basic Financial Functions 59 5. Press g× or g to set the payment mode. 6. Press P to calculate the payment amount. Example 1: Calculate the payment amount on a 29-year, $243,400 mortgage at 5.25% annual interest, compounded monthly. Keystrokes Display fCLEARG 29gA 5.25gC 243400$ g P 348.00 Calculates and stores n. 0.44 Calculates and stores i. 243,400.00 Stores PV. 243,400.00 Sets payment mode to End. -1,363.29 Monthly payment (with minus sign for cash paid out). Example 2: Looking forward to retirement, you wish to accumulate $60,000 after 15 years by making deposits in an account that pays 9.75% interest compounded semiannually. You open the account with a deposit of $3,200 and intend to make semiannual deposits, beginning six months later, from your profit-sharing bonus paychecks. Calculate how much these deposits should be. File name: hp 12c pt_user's guide_English_HDPMF123E27 Page: 59 of 275 Printed Date: 2005/8/1 Dimension: 14.8 cm x 21 cm