HP 12c Platinum - Number of Periodic Payments to Fully Amortize a Mortgage; Effective Interest Rate (Yield); Balance Remaining at End of Specified Period

132 Canadian Mortgages
Number of Periodic Payments to Fully
Amortize a Mortgage
Example 2: An investor can afford to pay $440 per month on a $56,000 Canadian
mortgage. If the annual interest rate is 9 ¼ %, how long will it take to completely
amortize this mortgage?
12c platinum / 12C
RPN Keystrokes
12c platinum
ALG Keystrokes
Display Comments
fCLEARG fCLEARG
g gÂ
6n200\$ 2n9.25z2¼
9.25+ÞM¼ 1$M12n¼
0.76
Canadian mortgage factor.
440ÞP 440ÞP
-440.00
Monthly payment.
56000$0Mn 56000$0Mn
437.00
Total number of monthly
payments.
Effective Interest Rate (Yield)
Example 3: A Canadian mortgage has monthly payments of $612.77 with a maturity of
25 years. The principal amount is $75,500. What is the annual interest rate?
12c platinum / 12C
RPN Keystrokes
12c platinum
ALG Keystrokes
Display Comments
fCLEARG fCLEARG
g gÂ
25gA 25gA
612.77ÞP 612.77ÞP
75500$¼ 75500$¼
0.72
Canadian mortgage factor.
6n0P 0P
200Þ$ 12nM
M:$+
2n¼§2³
8.75
Annual interest rate.
Balance Remaining at End of Specified
Period
Example 4: A Canadian mortgage has monthly payments of $612.77 at 8.75% interest.
The principal amount is $75,500. What will be the outstanding balance remaining at the
end of 10 years?