HP HP12C hp 12c_user's guide_English_E_HDPMBF12E44.pdf - Page 52
Actual number of odd days.
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52 Section 3: Basic Financial Functions Example 1: A 36-month loan for $4,500 accrues interest at a 15% annual percentage rate (APR), with the payments made at the end of each month. If interest begins accruing on this loan on February 15, 2004 (so that the first period begins on March 1, 2004), calculate the monthly payment, with the odd days counted on the basis of a 30-day month and compound interest used for the odd period. Keystrokes Display fCLEARG gÕ g ?Æ 2.152004\ 3.012004 gÒ ~ 30z 36+n 15gC 4500$ P 2.15 3.012004 15.00 16.00 0.53 36.53 1.25 4,500.00 -157.03 Clears financial registers. Sets date format to month-day-year. Sets payment mode to End. Turns on the C indicator in the display, so that compound interest will be used for the odd period. Keys in the date interest begins accruing and separates it from the next date entered. Keys in the date of the beginning of the first period. Actual number of odd days. Number of odd days counted on the basis of a 30-day month. Divides by the length of a monthly period to get the fractional part of n. Adds the fractional part of n to the number of complete payment periods, then stores the result in n. Calculates and stores i. Stores PV. Monthly payment. File name: hp 12c_user's guide_English_HDPMBF12E44 Printered Date: 2005/7/29 Page: 52 of 209 Dimension: 14.8 cm x 21 cm