HP 10bII - Page 70

Amortize the second year:
Ce 13-24
©
-1,706.69
©
-13,767.79
©
176,713.49
Displays PER and the
next range of periods.
Displays PRIN and the
principal paid in the
second year.
Displays INT and the
interest paid in the sec-
ond year.
Displays BAL and the
loan balance after 24
payments.
The amount paid toward interest and principal (13,767.79 + 1,706.69 =
15,474.51) equals the total of 12 monthly payments (12 X 1,289.54 =
15,474.51). The remaining balance equals the initial mortgage less the
amount applied toward principal (180,000 — 1,579.84 — 1,706.69 =
176,713.49). More money is applied to principal during the second rather
than the first year. The succeeding years continue in the same fashion.
Example: Amortizing a Single Payment. Amortize the 1", 25", and
54% payments of a five year car lease. The lease amount is $14,250 and
the interest rate is 11.5%. Payments are monthly and begin immediately.
Set to Begin mode. Press СЖ if annunciator is not displayed.
Keys: Display:
CD
Oe
12.00
Ges
60.00
Ф009
11.50
0002007
14,250.00
Qv) 0.00
—310.42
70 5:Time Value of Money Calculations.
Description:
Sets payments per year.
Stores number of
payments.
Stores interest per year.
Stores present value.
Stores the future value.
Calculates monthly
payment.