HP 113394 User Guide - Page 65

Section 3: Basic Financial Functions 65 Example 1: A 36-month loan for $4,500 accrues interest at a 5% annual percentage rate (APR), with the payments made at the end of each month. If interest begins accruing on this loan on February 15, 2004 (so that the first period begins on March 1, 2004), calculate the monthly payment, with the odd days counted on the basis of a 30-day month and compound interest used for the odd period. Keystrokes (RPN mode) Display fCLEARG gÕ g ?Æ 2.152004\ 2.15 Clears financial registers. Sets date format to month-day-year. Sets payment mode to End. Turns on the C indicator in the display, so that compound interest will be used for the odd period. Keys in the date interest begins accruing and separates it from the next date entered. 3.012004 gÒ ~ 30z 36+n 5gC 4500$ P 3.012004 15.00 16.00 0.53 36.53 0.42 4,500.00 -135.17 Keys in the date of the beginning of the first period. Actual number of odd days. Number of odd days counted on the basis of a 30-day month. Divides by the length of a monthly period to get the fractional part of n. Adds the fractional part of n to the number of complete payment periods, then stores the result in n. Calculates and stores i. Stores PV. Monthly payment. Keystrokes (ALG mode) ?Æ Display Turns on the C indicator in the display, so that compound interest will be used for the odd period. File name: hp 12c pt_user's guide_English_HDPMF123E27 Page: 65 of 275 Printed Date: 2005/8/1 Dimension: 14.8 cm x 21 cm