HP 12c Platinum Reference Guide

131
Canadian Mortgages
In Canada, interest is compounded semi-annually with payments made monthly. This
results in a different monthly mortgage factor than is used in the United States and
preprogrammed into the HP 12C Platinum. This difference can be easily handled by the
addition of a few keystrokes. For any problem requiring an input for
¼, the Canadian
mortgage factor is calculated first and then this value is entered in for
¼ in the
calculation to give the answer for Canada.
The keystrokes to calculate the monthly Canadian mortgage factor are:
RPN Mode:
1.
Press
fCLEARGgÂ.
2.
Key in 6 and press
n.
3.
Key in 200 and press
\$.
4.
Key in the annual interest rate as a percentage and press
+ÞM.
5.
Press
¼.
ALG Mode:
1.
Press
fCLEARGgÂ.
2.
Key in 2 and press
n.
3.
Key in the annual interest rate as a percentage and press
z2¼.
4.
Key in 1 and press
$M.
5.
Press 12
n¼.
The Canadian mortgage factor is now stored in
¼ for future use. The examples below
show how this factor is used for
¼ in Canadian mortgage problems. Example 3 shows
how to reverse this procedure and obtain the annual Canadian interest rate from the
monthly Canadian mortgage factor.
Periodic Payment Amount
Example 1: What is the monthly payment required to fully amortize a 30-year, $30,000
Canadian mortgage if the interest rate is 9%?
12c platinum / 12C
RPN Keystrokes
12c platinum
ALG Keystrokes
Display Comments
fCLEARG fCLEARG
g gÂ
6n200\$ 2n9z2¼
9+ÞM¼ 1$M12n¼
0.74
Canadian mortgage factor.
30gA 30gA
360.00
Total monthly periods in
mortgage life.
30000$0M 30000$0M
P P
-237.85
Monthly payment.

HP 12c Platinum Specifications

General

Digits	10 digits
Battery type	CR2032
Type	Financial
Form factor	Pocket

Weight and Dimensions

Weight	110 g
Dimensions (WxDxH)	79 x 129 x 15 mm