HP 12C#ABA hp 12c_solutions handbook_English_E.pdf - Page 23
APR Converted to Add-On Interest Rate., a. Key in number of months of loan and press ., b. Key
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Example 1: Calculate the APR and monthly payment of a 12% $1000 add-on loan which has a life of 18 months. Keystrokes Display CLEAR 18 12 1000 12 1,180.00 -65.56 21.64 Amount of loan. Monthly payment. Annual Percentage Rate. APR Converted to Add-On Interest Rate. Given the number of months and annual percentage rate, this procedure calculates the corresponding add-on interest rate. 1. Press and press CLEAR . 2. Enter the following information: a. Key in number of months of loan and press . b. Key in APR and press . c. Key in 100 and press . 3. Press 12 to obtain the add-on rate. Example 1: What is the equivalent add-on rate for an 18 month loan with an APR of 14%. Keystrokes Display CLEAR 18 14 100 7.63 Add-On Interest Rate. 12 22
22
Example 1:
Calculate the APR and monthly payment of a 12% $1000
add-on loan which has a life of 18 months.
APR Converted to Add-On Interest Rate.
Given the number of months and annual percentage rate, this procedure
calculates the corresponding add-on interest rate.
1.
Press
and press
CLEAR
.
2.
Enter the following information:
a.
Key in number of months of loan and press
.
b.
Key in APR and press
.
c.
Key in 100 and press
.
3.
Press
12
to obtain the add-on
rate.
Example 1:
What is the equivalent add-on rate for an 18 month loan with
an APR of 14%.
Keystrokes
Display
CLEAR
18
12
1000
1,180.00
Amount of loan.
-65.56
Monthly payment.
12
21.64
Annual Percentage Rate.
Keystrokes
Display
CLEAR
18
14
100
12
7.63
Add-On Interest Rate.