HP 12C Financial 0012C-90001, 12C Financial 12C#ABA, 12C Financial F2231AA#ABA 12z, full, 328n, 327n, equal, –325.00, –143.11, –141.87, –325.00, –466.87, Page: 41 of, Recalls payment amount, Recalls payment amount

	Section 3: Basic Financial Functions		41
Keystrokes	Display
12z	27.33	Twenty-seven years and four months.

Because the calculator rounds the calculated value of n up to the next higher integer, in the preceding example it is likely that — while 328 payments will be required to pay off the loan — only 327 full payments of $325 will be required, the next and final payment being less than $325. You can calculate the final, fractional, 328th payment as follows:

Keystrokes	Display
328n	328.00
M	181.89

Stores total number of payments.*Calculates FV — which equals the overpayment if 328 full payments were made.

:P	–325.00	Recalls payment amount.
+	–143.11	Final, fractional payment.

Alternatively, you could make the fractional payment together with the 327th payment. (Doing so will result in a somewhat smaller total of all payments, since you will not have to pay interest during the 328th payment period.) You can calculate this final, larger, 327th payment (essentially a balloon payment) as follows:

Keystrokes	Display
327n	327.00
M	–141.87

Stores number of full payments.Calculates FV — which is the balance remaining after 327 full payments.

:P	–325.00	Recalls payment amount.
+	–466.87	Final, balloon payment.

Instead of having a fractional (or balloon) payment at the end of the loan, you might wish to make 327 or 328 equal payments. Refer to “Calculating the Payment Amount” on page 46 for a complete description of this procedure.

*You could skip this step, since 328 is already stored in the n register. If you do so, however, you will need to press Mtwice in the next step (for the reason discussed in the first footnote on page 32; you would not have to press Mtwice if you had not pressed 12zafter win the example above.) We choose to show this and the following example in a parallel format so that the procedure is easy to remember: the number you key is the number of the final payment — either the fractional payment or the balloon payment — whose amount is to be calculated.

File name: hp 12c_user's guide_English_HDPMBF12E44	Page: 41 of 209
Printered Date: 2005/7/29	Dimension: 14.8 cm x 21 cm