HP (Hewlett-Packard) Calculator HP 12C Financial Calculator User Manual

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Section 3: Basic Financial Functions 51
File name: hp 12c pt_user's guide_English_HDPMF123E27 Page: 51 of 275
Printed Date: 2005/8/1 Dimension: 14.8 cm x 21 cm
Keystrokes
(RPN mode)
Display
n
328.00
Number of payments required.
12
z
27.33
Twenty-seven years and four months.
In ALG mode, perform the RPN steps but replace the last step with the step below.
Keystrokes
(ALG mode)
Display
z
12
}
27.33
Twenty-seven years and four months.
Because the calculator rounds the calculated value of n up to the next higher
integer, in the preceding example it is likely that — while 328 payments will be
required to pay off the loan — only 327 full payments of $325 will be required,
the next and final payment being less than $325. You can calculate the final,
fractional, 328th payment as follows:
Keystrokes
(RPN mode)
Display
328
n
328.00
Stores total number of payments.
*
M
181.89
Calculates FV — which equals the
overpayment if 328 full payments
were made.
:P
–325.00
Recalls payment amount.
+
–143.11
Final, fractional payment.
Keystrokes
(ALG mode)
Display
328
n
328.00
Stores total number of payments.*
M
181.89
Calculates FV — which equals the
overpayment if 328 full payments
were made.
*
You could skip this step, since 328 is already stored in the n register. If you do so, however,
you will need to press M twice in the next step (for the reason discussed in the first footnote
on page 41; you would not have to press M twice if you had not pressed 12z in RPN
mode or z12} in ALG mode after w in the example above.) We choose to show this
and the following example in a parallel format so that the procedure is easy to remember: the
number you key is the number of the final payment — either the fractional payment or the
balloon payment — whose amount is to be calculated.

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