HP -22S Owner's Manual page 111

Equal payments
p p p
P F
p
~a{
2
3 4 5
h
A J\
J ..
Equal periods
B
Figure 7-2. Loan From a Lender's Point of View
Example: A Car Loan.
Part 1:
You are financing the purchase of a
car with a 3-year loan at 10.5% annual interest, compounded
monthly. The purchase price of the car is $7,250. Your down payment
is $1,500. What are your monthly payments? (Assume payments start
one month after purchase-in other words, at the
end
of the first
period.)
B
=
7.250 - 1.500
p=?
Keys:
.1
OISP
I
{FX}
2
10.5 [B1211NPurl
Display:
I
?value.
1=13.88
F?value
Description:
Sets display to two
decimal places.
Selects P, prompts for
I.
Calculates and stores I,
prompts for F.
7: The Equation Library 111