•FC = (G - AMT - CL)

Rule of 78's Rebate

•PV = finance charge.

•Ik = interest charged at month k.

•n = number of months in loan.

•

2(n – k + 1) lk= ------------------------------PV

n(n + 1)

•

(n – k)lk Rebate= --------------------

2

•BALk = (n - k) x PMT - Rebatek

Skipped Payments

•A = number of payments per year.

•B = number of years.

•C = annual percentage rate as decimal.

•D = periodic payment amount.

•E = loan amount.

•K = number of last payment before payments close the first time.

•L = number of skipped payment.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CA

 

 

 

C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEND = ------------------------------------------

 

 

 

E

 

 

 

⋅ --------------------------------------------------------------------------------------------------------

 

 

 

1 + ---A

 

– 1

---A

 

 

 

 

 

 

 

 

C

−

 

CA

 

 

 

 

CA

−

 

 

 

CA

−

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

1 –

1 +

 

 

1 +

–

1 +

1 +

−

 

 

 

 

 

 

---A

AB

 

 

---A

---A

K +

---A

L

– 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

K

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEND

DBEGIN = --------------

C 1 + ---

A

Savings

152

Page 153
Image 153
HP 12C manual Savings, Rule of 78s Rebate, Skipped Payments, 152