14

Additional Examples

Loans

Simple Annual Interest

See appendix F for RPN keystrokes for this example.

Example: Simple Interest at an Annual Rate. Your good friend needs a loan to start her latest enterprise and has requested that you lend her $450 for 60 days. You lend her the money at 7% simple annual interest, to be calculated on a 365-day basis. How much interest will she owe you in 60 days, and what is the total amount owed?

60 days

The interest is: (7% of $450)

365 days

vKeys:

Display:

Description:

450 *7 %

+.(&(( B(&(-"

Annual interest.

*60 /365

"

Actual interest for 60

+

.&#*)"

days.

450 =

+..&#*"

Add principal to get total

 

 

debt

A Solver Equation for Simple Annual Interest:

AHJ:89E1<)9E1<B;6D#((BA1@FD%'."

DEBT = the total owed at the end of the loan period.

LOAN = the original amount (principal) lent.

I% = the annual interest rate as a percent.

DAYS = the number of days in the loan.

190 14: Additional Examples

File name : 17BII-Plus-Manual-E-PRINT-030709

Print data : 2003/7/11