HP 10bII

Calculate the second option:
Keys:
Display:
Description:
000900?
11,500.00
Stores
loan
amount
with
rebate.
GG
9.50
Stores
second
interest
rate.
-368.38
Calculates
payment.
QOS
-13,261.64
Calculates
total
interest
and
principal.
The first option costs slightly less.
Canadian Mortgages
In
Canadian
mortgages,
the
compounding
and
payment
periods
are
not
the
same.
Interest
is
compounded
semi-annually
while
payments
are
made
monthly.
To
use
the
TVM
application
in
the
HP
10BII,
you
need
to
calculate
a Canadian
mortgage
factor
(which
is an adjusted
interest
rate)
to
store
in I/ YR.
For
additional
information
on
interest
rate
conversions,
sce
"Interest
Rate
Conversions"
on page
72.
Example.
What
is
the
monthly
payment
required
to
fully
amortize
a
30-
year,
$130,000
Canadian
mortgage
if
the
annual
interest
rate
is
12%?
Keys:
Display:
Description:
(1)
12.00
Stores
known
nominal
888°
E
Ы
percentage and number of
compounding periods.
SED
12.36
Calculates
annual
effective
rate.
(O
Amc]
12.00
Sets
payments
per
year.
сю
11.71
Calculates
Canadian
mortgage
Ийт (adjusted interest rate).
ФОО) 130,000 Stores other known values
OM@DOCH
36000
for
mortgage.
Фм)
1,308.30
Calculates
monthly
payment
for Canadian mortgage.
8: Additional Examples 105