u

 

 

 

;68#&$."

interest rate.

46

 

 

A1@F8+'&(("

Stores days until first

 

¬

 

 

 

 

 

 

 

 

 

payment.

0

 

 

GO8(&(("

No balloon payment.

 

X

 

 

50:8/#.-&(%"

Calculates payment.

W

 

Example: Loan with an Odd First Period Plus Balloon. A $10,000 loan has 24 monthly payments of $400, plus a balloon payment of $3,000 at the end of the 24th month. If the payments begin in 8 days, what annual interest rate is being charged?

Select equation ODD.

Keys:

Display:

Description:

 

 

 

 

 

 

 

 

 

E

 

 

 

"

Creates menu.

 

 

 

 

 

 

 

 

 

 

 

 

10000

V

 

5O8#(K(((&(("

Stores known values.

 

 

 

24

T

 

<8$+&(("

 

400& W 50:8/+((&(("

3000 &

 

 

 

 

 

X

8

 

¬

GO8/%K(((&(("

 

 

 

 

 

 

A1@F8*&(("

 

 

 

;68#&'+"

Calculates periodic

 

u

 

 

 

 

 

 

 

(monthly) interest rate.

v*12 =

#,&'-"

Annual interest rate.

Canadian Mortgages

In Canadian mortgages, the compounding and payment periods are not the same. Interest is compounded semi-annually while payments are made monthly. To use the TVM menu in the HP 17bII+, you need to calculate a Canadian mortgage factor to store as I%YR.

1.Set End mode and store 12 Y.

14:Additional Examples 197

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

Print data : 2003/7/11