HP 48gII hp 48gII_user's manual_English_E_HDPMSG48E67_V2.pdf - Page 211
Enter I%YR = 6.5, Enter PV = 2
UPC - 829160013183
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Definitions Often, to develop projects, it is necessary to borrow money from a financial institution or from public funds. The amount of money borrowed is referred to as the Present Value (PV). This money is to be repaid through n periods (typically multiples or sub-multiples of a month) subject to an annual interest rate of I%YR. The number of periods per year (P/YR) is an integer number of periods in which the year will be divided for the purpose of repaying the loan money. Typical values of P/YR are 12 (one payment per month), 24 (payment twice a month), or 52 (weekly payments). The payment(PMT) is the amount that the borrower must pay to the lender at the beginning or end of each of the n periods of the loan. The future value of the money (FV) is the value that the borrowed amount of money will be worth at the end of n periods. Typically payment occurs at the end of each period, so that the borrower starts paying at the end of the first period, and pays the same fixed amount at the end of the second, third, etc., up to the end of the n-th period. Example 1 - Calculating payment on a loan If $2 million are borrowed at an annual interest rate of 6.5% to be repaid in 60 monthly payments, what should be the monthly payment? For the debt to be totally repaid in 60 months, the future values of the loan should be zero. So, for the purpose of using the financial calculation feature of the calculator we will use the following values: n = 60, I%YR = 6.5, PV = 2000000, FV = 0, P/YR = 12. To enter the data and solve for the payment, PMT, use: „Ò Start the financial calculation input form 60 @@OK@@ Enter n = 60 6.5 @@OK@@ Enter I%YR = 6.5 % 2000000 @@OK@@ Enter PV = 2,000,000 US$ ˜ Skip PMT, since we will be solving for it 0 @@OK@@ Enter FV = 0, the option End is highlighted - š @@SOLVE! Highlight PMT and solve for it The solution screen will look like this: Page 6-10
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