HP 12C Platinum User Manual page 160

160 Section 12: Real Estate and Lending
Example 2: Using the same information as given in example 1, calculate the
APR if the mortgage fee is $750 instead of a percentage.
Keystrokes Keystrokes
(RPN mode) (ALG mode)
f] f[
g gÂ
fCLEARG fCLEARG
30gA 30gA
5.5gC 5.5gC
160000$ 160000$
P P
:$750-
:$-750
$
$
¼ ¼
12§
§12³
Example 3: Again using the information given in example 1, what is the APR if
the mortgage fee is stated as 2 points plus $750 ?
Keystrokes Keystrokes
(RPN mode) (ALG mode)
f] f[
g gÂ
fCLEARG fCLEARG
30gA 30gA
5.5gC 5.5gC
160000$ 160000$
P P
:$2b- :$-2b
750-$
-750$
Display
Months (into n)
360.00
Percent monthly interest
0.46
rate (into i).
Loan amount (into PV).
160,000.00
Monthly payment
–908.46
(calculated).
Effective mortgage
amount (into PV).
159,250.00
Monthly interest rate
0.46
(calculated).
Annual percentage rate.
5.54
Display
Months (into n)
360.00
Percent monthly interest
0.46
rate (into i).
Loan amount (into PV).
160,000.00
Monthly payment
–908.46
(calculated).
Effective mortgage
amount (into PV).
156,050.00