The AMORT key on the HP 10bII+ allows you to calculate.

•The amount applied to interest in a range of payments.

•The amount applied to principal in a range of payments.

•The loan balance after a specified number of payments are made.

The \Êfunction assumes you have just calculated a payment or you have stored the appropriate amortization values in I/YR, PV, FV, PMT, and P/YR.

Table 6-17

Keys for storing the amortization values

 

 

Keys

Description

Ò

Annual nominal interest rate.

 

 

 

Ï

Starting balance.

 

 

 

É

Ending balance.

 

 

 

Ì

Payment amount (rounded to the display format).

 

 

 

\Í

Number of payments per year.

 

The numbers displayed for interest, principal, and balance are rounded to the current display setting.

To Amortize

To amortize a single payment, enter the period number and press \Ê. The HP 10bII+

displays the annunciator PER followed by the starting and ending payments that will be amortized.

Press 4to see interest (INT). Press 4again to see the principal (PRIN) and again to see the balance (BAL). Continue pressing 4to cycle through the same values again.

To amortize a range of payments, enter starting period number Æending period number,

then press \Ê. The HP 10bII+ displays the annunciator PER followed by the starting

and ending payments that will be amortized. Then press 4repeatedly to cycle through interest, principal, and balance.

Press \Êagain to move to the next set of periods. This auto-increment feature saves you the keystrokes of entering the new starting and ending periods.

Time Value of Money Calculations 75