HP 12C#ABA hp 12c_solutions handbook_English_E.pdf - Page 137
Canadian Mortgages, Periodic Payment Amount
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Canadian Mortgages In Canada, interest is compounded semi-annually with payments made monthly. This results in a different monthly mortgage factor than is used in the United States and preprogrammed into the HP-12C. This difference can be easily handled by the addition of a few keystrokes. For any problem requiring an input for , the Canadian mortgage factor is calculated first and then this value is entered in for in the calculation to give the answer for Canada. The keystrokes to calculate the Canadian Mortgage factor are: 1. Press CLEAR . 2. Key in 6 and press . 3. Key in 200 and press . 4. Key in the annual interest rate as a percentage and press . 5. Press . The Canadian mortgage factor is now stored in examples below show how this factor is used for mortgage problems. for future use. The in Canadian Periodic Payment Amount Example 1: What is the monthly payment required to fully amortize a 30year, $30,000 Canadian mortgage if the interest rate is 9%? Keystrokes Display CLEAR 6 200 9 30 30000 0 0.74 Canadian mortgage factor 360.00 -237.85 Total monthly periods in mortgage life Monthly payment 136