HP 12C#ABA hp 12c_solutions handbook_English_E.pdf - Page 5
Sometimes the wrap around mortgage will have a longer payback period, than the original mortgage - irr
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CLEAR 20 8 6.75 200132.06 0 10 300000 0 0.56 200,132.06 -2,031.55 0.83 -300,000.00 3,585.23 1,553.69 Monthly interest rate (into i). Loan amount (into PV). Monthly payment on existing mortgage (calculated). Monthly interest on wrap-around. Amount of wrap-around (into PV). Monthly payment on wrap-around (calculated). Net monthly payment received (into PMT). -99,867.94 Net cash advanced (into PV). 200132.06 12 15.85 Nominal yield (IRR) to lender (calculated). Sometimes the wrap around mortgage will have a longer payback period than the original mortgage, or a balloon payment may exist. where: n1 = number of years remaining in original mortgage PMT1 = yearly payment of original mortgage PV1 = remaining balance of original mortgage n2 = number of years in wrap-around mortgage PMT2 = yearly payment of wrap-around mortgage PV2 = total amount of wrap-around mortgage BAL = balloon payment 4