HP 20B manual O300N 6Y350 00V, Canadian Mortgage Example

Time Value of Money

Canadian Mortgage Example

Calculate the monthly payment for a 25-year (N=300) Canadian mortgage valued at 350,000.00, if the nominal interest rate is 6.0%, compounded twice yearly (C/YR=2) with 12 payments per year (P/YR).

Table 3-7Canadian Mortgage Example

Keys Display Description

:u

Opens the Mode menu, starting with the current FIX value (number of digits to the right of the decimal point).

>I

Scrolls to TVM mode and sets mode to TVM Canada.

O

Returns to default calculator screen.

:[12

I<2

I

Opens P/YR menu. Inputs 12 for P/YR and 2 for C/YR.

O300N

6Y350

00V

Exits menu and inputs values for N, I/YR, and PV.

M

Calculates the monthly payment as required by the example.

To reset the menu, press :x. With TVM displayed, press I. At the TVM Reset prompt, press Ito reset, or Oto cancel. To exit the menu, press Oonce again. With the menu set to its default settings, P/YR and C/YR are both set to 12 payments/compounding periods per year.

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