HP 12C 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}
File name: hp 12c pt_user's guide_English_HDPMF123E27
Printed Date: 2005/8/1
Section 3: Basic Financial Functions
Display
48.00
Calculates and stores n.
0.49
Calculates and stores i.
–450.00
Stores PMT (with minus sign for cash
paid out).
–450.00
Sets payment mode to End.
19,198.60
Maximum amount of loan.
20,698.60
Maximum purchase price.
Display
20,698.60
Maximum purchase price.
Page: 57 of 275
Dimension: 14.8 cm x 21 cm
57