HP 12C#ABA hp 12c_solutions handbook_English_E.pdf - Page 138
Number of Periodic Payments to Fully Amortize a Mortgage, Effective Interest Rate (Yield), Balance
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Number of Periodic Payments to Fully Amortize a Mortgage Example 2: An investor can afford to pay $440 per month on a $56,000 Canadian Mortgage. If the annual interest rate is 9 1/4 %, how long will it take to completely amortize this mortgage? Keystrokes Display CLEAR 6 200 9.25 440 56000 0 0.76 Canadian mortgage factor. -440.00 437.00 Monthly payment. Total number of monthly payments. Effective Interest Rate (Yield) Example 3: A Canadian mortgage has monthly payments of $612.77 with a maturity of 25 years. The principal amount is $75,500. What is the annual interest rate? Keystrokes Display CLEAR 25 612.77 75500 6 0 200 0.72 Canadian mortgage factor. 8.75 Annual interest rate. Balance Remaining at End of Specified Period Example 4: A Canadian mortgage has monthly payments of $612.77 at 8.75% interest. The principal amount is $75,500. What will be the outstanding balance remaining at the end of 10 years? Keystrokes Display 137