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). The example is calculated with RPN set as the operating mode.

Table 4-1 Canadian 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.

O300

N6Y35

0000 V

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 in its default settings, P/YR and C/YR are both set to 12 payments/ compounding periods per year.

36 Canadian Mortgages: TVM Canada

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HP 20b Consultant Financial, 30b Professional manual O300 N6Y35 0000, Canadian Mortgage Example
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30b Professional, 20b Consultant Financial specifications

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