HP 30b HP 20b Business Consultant and HP 30b Business Professional User's Guid - Page 44

Canadian Mortgage Example, N=300, C/YR=2, TVM Reset

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Canadian Mortgage Example Calculate the monthly payment for a 25-year (N=300) Canadian mortgage valued at 350,000.00, if the nominal interest rate is 6.0%, compounded twice yearly (C/YR=2) with 12 payments per year (P/YR). The example is calculated with RPN set as the operating mode. Table 4-1 Canadian Mortgage Example Keys :u Display Description Opens the Mode menu, starting with the current FIX value (number of digits to the right of the decimal point). >I Scrolls to TVM mode and sets mode to TVM Canada. O Returns to default calculator screen. :[12 I

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Canadian Mortgages: TVM Canada
36
Canadian Mortgage Example
Calculate the monthly payment for a 25-year (
N=300
) Canadian mortgage valued at
350,000.00, if the nominal interest rate is 6.0%, compounded twice yearly (
C/YR=2
) with 12
payments per year (P/YR). The example is calculated with
RPN
set as the operating mode.
To reset the menu, press
:x
. With
TVM
displayed, press
I
. At the
TVM Reset
prompt, press
I
to reset, or
O
to cancel. To exit the menu, press
O
once
again. With the menu in its default settings,
P/YR
and
C/YR
are both set to 12 payments/
compounding periods per year.
Table 4-1
Canadian Mortgage Example
Keys
Display
Description
:u
Opens the Mode menu, starting with the
current
FIX
value (number of digits to the
right of the decimal point).
>I
Scrolls to TVM mode and sets mode to
TVM Canada
.
O
Returns to default calculator screen.
:[12
I<2
I
Opens P/YR menu. Inputs 12 for P/YR
and
2
for
C/YR
.
O300
N6Y35
0000
V
Exits menu and inputs values for N, I/YR,
and
PV
.
M
Calculates the monthly payment as
required by the example.