Hp 20B User Manual download pdf (Page 38)

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 3-7 Canadian Mortgage Example

Keys Display Description

Opens the Mode menu, starting with the current

FIX

value

(number of digits to the right of the decimal point).

Scrolls to TVM mode and sets mode to

TVM Canada

Returns to default calculator screen.

:[12

I<2

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.

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 I to

reset, or O to cancel. To exit the menu, press O once again. With the menu set to its default settings, P/YR and C/YR

are both set to 12 payments/compounding periods per year.

1 2 ... 33 34 35 36 37 38 39 40 41 42 43 ... 74 75

No comments

Hp 20B User Manual Page 38