

interest rate.

46

 

 

 

 

Stores days until first

 



 

 

 

 

 

 

 

payment.

0

 

 

 

No balloon payment.

 

 



 

 

Calculates payment.

 



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:

 

 

 

 

 

 

 

 

 

 

 

 

Creates menu.

 

 

 

 

 

 

 

 

 

 

 

 

10000

 



Stores known values.

 

 

 

24

 



 

400& 

3000 &

 

 

 

 

 

8

 



 

 

 

 

 

 



 

 

 

 

 

Calculates periodic

 

 

 



 

 

 

 

 

 

(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 .

14:Additional Examples 197

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