2.Store 0 , 6 , and 200 .

3.Add 200 to the annual interest rate, make the number negative, and store it in .

4.Press to calculate the Canadian mortgage factor.

5.Continue the problem by supplying the other mortgage values and solving for the unknown item. Do not change I%YR from step 4.

Example: Canadian Mortgage. What is the monthly payment required to fully amortize a 30-year, $30,000 Canadian mortgage if the interest rate is 12%?

 

Keys:

Display:

Description:

 

 

 

 

 

 

Displays TVM menu; sets

 

 

 

 

 

 

 

12 payments per year

 

@c

 

e

   

with End mode.

0

 

 

 

 

 

 

 



 

6

 

 

 

 

 

 

 



 

 

 

 

 

 

200

 



 

v+12 =&

 



 

 

 

 



Calculates I%YR for

 

 

 

 

 

 

 

 

Canadian mortgage

 

 

 

 

 

 

 

 

factor.

 

 

 

 

 

 

30 @

 



Stores other values.

 

 

 

 

30000



 

 

 

 

 

0

 

 



 

 

 

 

Monthly payment.

 

 



A Solver Equation for Canadian Mortgages:

 



198 14: Additional Examples

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