HP 12C#ABA hp 12c_solutions handbook_English_E.pdf - Page 152
Lending, th total payment
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Lending Loans with a constant amount paid towards Principal • BALk = remaining balance after time period k. • CPMT = Constant payment to principal. • BALk = PV - (k x CPMT) • Kth payment to interest = i (BALk) = (PMTi)k • Kth total payment = CPMT + (PMTi)k Add-On Interest Rate to APR • r = add-on rate as a decimal. • n = number of monthly payments. • APR = 1200i, where i is the solution in the following equation: --------n 1 1-----+-----i--)------n- 1 + --n----r i 12 Add-On to APR with Credit Life • CL = credit life as decimal. • AMT = loan amount. • FC = finance charge. 1 + 1--n--2-- r 1-1--n--2-- CL-1--n--2-- 2CL × r • G---- = PMT n • G C-----L-----×-----n--= amount of credit life 12 151
151
Lending
Loans with a constant amount paid towards Principal
•
BAL
k
= remaining balance after time period k.
•
CPMT
= Constant payment to principal.
•
BAL
k
= PV - (
k
x
CPMT
)
•
K
th payment to interest =
i
(
BAL
k
) = (
PMT
i
)
k
•
K
th total payment =
CPMT
+ (
PMT
i
)
k
Add-On Interest Rate to APR
•
r
= add-on rate as a decimal.
•
n
= number of monthly payments.
•
APR
= 1200
i
, where
i
is the solution in the following equation:
Add-On to APR with Credit Life
•
CL
= credit life as decimal.
•
AMT
= loan amount.
•
FC
= finance charge.
•
•
n
1
n
12
------r
+
------------------
1
1
i
+
(
)
n
–
–
i
------------------------------
=
1
n
12
------
r
+
1
n
12
------
–
CL
n
12
------
2
–
CL
r
×
--------------------------------------------------------------
G
n
----
PMT
=
G
CL
n
×
×
12
----------------------------=
amount of credit life