HP 12C Platinum Owner's Handbook Manual page 120

Example 1: A borrower is charged 2 points for the issuance of his mortgage. If
the mortgage amount is $60,000 for 30 years and the interest rate is 11½% per
year, with monthly payments, what true annual percentage rate is the borrower
paying? (One point is equal to 1% of the mortgage amount.)
Keystrokes (RPN mode)
gÂ
fCLEARG
30gA
11.5gC
60000$
P
:$2b-$
¼
12§
Example 2: Using the same information as given in example 1, calculate the
APR if the mortgage fee is $150 instead of a percentage.
Keystrokes (RPN mode)
gÂ
fCLEARG
30gA
11.5gC
60000$
P
:$150-$
¼
12§
Section 12: Real Estate and Lending
Display
Months (into n)
360.00
Percent monthly interest rate (into
0.96
i).
60,000.00 Loan amount (into PV).
Monthly payment (calculated).
–594.17
58,800.00 Actual amount received by
borrower (into PV).
Percent monthly interest rate
0.98
(calculated).
Annual percentage rate.
11.76
Display
Months (into n)
360.00
Percent monthly interest rate (into
0.96
i).
60,000.00 Loan amount (into PV).
Monthly payment (calculated).
–594.17
59,850.00 Effective mortgage amount (into
PV).
Monthly interest rate (calculated).
0.96
Annual percentage rate.
11.53
123