HP HP12C hp 12c_user's guide_English_E_HDPMBF12E44.pdf - Page 41

Section 3: Basic Financial Functions 41 Keystrokes 12z Display 27.33 Twenty-seven years and four months. Because the calculator rounds the calculated value of n up to the next higher integer, in the preceding example it is likely that - while 328 payments will be required to pay off the loan - only 327 full payments of $325 will be required, the next and final payment being less than $325. You can calculate the final, fractional, 328th payment as follows: Keystrokes Display 328n M :P + 328.00 181.89 -325.00 -143.11 Stores total number of payments.* Calculates FV - which equals the overpayment if 328 full payments were made. Recalls payment amount. Final, fractional payment. Alternatively, you could make the fractional payment together with the 327th payment. (Doing so will result in a somewhat smaller total of all payments, since you will not have to pay interest during the 328th payment period.) You can calculate this final, larger, 327th payment (essentially a balloon payment) as follows: Keystrokes 327n M :P + Display 327.00 -141.87 -325.00 -466.87 Stores number of full payments. Calculates FV - which is the balance remaining after 327 full payments. Recalls payment amount. Final, balloon payment. Instead of having a fractional (or balloon) payment at the end of the loan, you might wish to make 327 or 328 equal payments. Refer to "Calculating the Payment Amount" on page 46 for a complete description of this procedure. * You could skip this step, since 328 is already stored in the n register. If you do so, however, you will need to press M twice in the next step (for the reason discussed in the first footnote on page 32; you would not have to press M twice if you had not pressed 12z after w in the example above.) We choose to show this and the following example in a parallel format so that the procedure is easy to remember: the number you key is the number of the final payment - either the fractional payment or the balloon payment - whose amount is to be calculated. File name: hp 12c_user's guide_English_HDPMBF12E44 Printered Date: 2005/7/29 Page: 41 of 209 Dimension: 14.8 cm x 21 cm