HP 12C#ABA hp 12c_solutions handbook_English_E.pdf - Page 28
Interest Rebate - Rule of 78's
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-651.10 12.39 Total finance charge. APR. Interest Rebate - Rule of 78's This procedure finds the unearned interest rebate, as well as the remaining principal balance due for a prepaid consumer loan using the Rule of 78's. The known values are the current installment number, the total number of installments for which the loan was written, and the total finance charge (amount of interest). The information is entered as follows: 1. Key in number of months in the loan and press 1. 2. Key in payment number when prepayment occurs and press 2 1 . 3. Key in total finance charge and press 1 1 2 to obtain the unearned interest (rebate). 4. Key in periodic payment amount and press 2 to obtain the amount of principal outstanding. Example 1: A 30 month $1000 loan having a finance charge of $180, is being repaid at $39.33 per month. What is the rebate and balance due after the 25th regular payment? Keystrokes Display 30 1 25 2 1 180 1 5.81 Rebate. 1 2 39.33 2 190.84 Outstanding principal. The following HP-12C program can be used to evaluate the previous example. KEYSTROKES DISPLAY CLEAR 0027