HP 12C Platinum User Manual page 57

Example 1: You're financing a new car purchase with a loan from an institution
that requires 5.9% interest compounded monthly over the 4-year term of the loan.
If you can make payments of $450 at the end of each month and your down
payment will be $1,500, what is the maximum price you can pay for the car ?
(Assume the purchase date is one month prior to the date of the first payment.)
Keystrokes
(RPN mode)
fCLEARG
4gA
5.9gC
450ÞP
gÂ
$
1500+
In ALG mode, press the keys listed for RPN mode but replace the last step above
with the step below.
Keystrokes
(ALG mode)
+1500}
Section 3: Basic Financial Functions
Display
48.00 Calculates and stores n.
Calculates and stores i.
0.49
Stores PMT (with minus sign for cash
–450.00
paid out).
Sets payment mode to End.
–450.00
Maximum amount of loan.
19,198.60
Maximum purchase price.
20,698.60
Display
Maximum purchase price.
20,698.60
57