HP 0012C-90001 User Manual page 41

Keystrokes Keystrokes Keystrokes Keystrokes
12z
Because the calculator rounds the calculated value of
integer, in the preceding example it is likely that — while 328 payments will be
required to pay off the loan — only 327
the next and final payment being less than $325. You can calculate the final,
fractional, 328th payment as follows:
Keystrokes Keystrokes Keystrokes Keystrokes
328w
M
:P
+
Alternatively, you could make the fractional payment together with the 327th
payment. (Doing so will result in a somewhat smaller total of all payments, since
you will not have to pay interest during the 328th payment period.) You can
calculate this final, larger, 327th payment (essentially a balloon payment) as
follows:
Keystrokes Keystrokes Keystrokes Keystrokes
327w
M
:P
+
Instead of having a fractional (or balloon) payment at the end of the loan, you
might wish to make 327 or 328
Payment Amount" on page 46 for a complete description of this procedure.
*
You could skip this step, since 328 is already stored in the
you will need to press M
on page 32; you would not have to press M twice if you had not pressed 12z after w in
the example above.) We choose to show this and the following example in a parallel format
so that the procedure is easy to remember: the number you key is the number of the final
payment — either the fractional payment or the balloon payment — whose amount is to be
calculated.
Section 3: Basic Fin Section 3:
Section 3: Section 3:
Display Display Display Display
27.33
Twenty-seven years and four months.
full
Display Display Display Display
328.00
Stores total number of payments.
181.89
Calculates
overpayment if 328 full payments
were made.
–325.00
Recalls payment amount.
–143.11
Final, fractional payment.
Display Display Display Display
327.00
Stores number of
–141.87
Calculates
remaining after 327 full payments.
–325.00 Recalls payment amount.
–466.87 Final, balloon payment.
equal
payments. Refer to "Calculating the
twice
in the next step (for the reason discussed in the first footnote
Basic Financial Functions ancial Functions
Basic Fin Basic Fin ancial Functions ancial Functions
n
up to the next higher
payments of $325 will be required,
FV
— which equals the
full payments.
FV
— which is the balance
n
register. If you do so, however,
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41 41
*