Number Of Periodic Payments To Fully Amortize A Mortgage; Effective Interest Rate (Yield); Balance Remaining At End Of Specified Period - HP 12c Solutions Handbook

Number of Periodic Payments to Fully
Amortize a Mortgage
Example 2: An investor can afford to pay $440 per month on a $56,000
Canadian Mortgage. If the annual interest rate is 9 1/4 %, how long will it
take to completely amortize this mortgage?
Keystrokes
CLEAR
6 200
9.25
440
56000 0

Effective Interest Rate (Yield)

Example 3: A Canadian mortgage has monthly payments of $612.77 with
a maturity of 25 years. The principal amount is $75,500. What is the
annual interest rate?
Keystrokes
CLEAR
25
612.77
75500
6 0
200

Balance Remaining at End of Specified Period

Example 4: A Canadian mortgage has monthly payments of $612.77 at
8.75% interest. The principal amount is $75,500. What will be the
outstanding balance remaining at the end of 10 years?
Keystrokes
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0.76 Canadian mortgage factor.
-440.00 Monthly payment.
437.00 Total number of monthly payments.
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0.72 Canadian mortgage factor.
8.75 Annual interest rate.
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