Apr Converted To Add-On Interest Rate - HP 12c Solutions Handbook

Example 1: Calculate the APR and monthly payment of a 12% $1000
add-on loan which has a life of 18 months.
Keystrokes
CLEAR
18
1000
12

APR Converted to Add-On Interest Rate.

Given the number of months and annual percentage rate, this procedure
calculates the corresponding add-on interest rate.
1. Press
2. Enter the following information:
a. Key in number of months of loan and press
b. Key in APR and press
c. Key in 100 and press
3. Press
rate.
Example 1: What is the equivalent add-on rate for an 18 month loan with
an APR of 14%.
Keystrokes
CLEAR
18 14
100
12
Display
1,180.00
12
-65.56
21.64
and press
7.63
Amount of loan.
Monthly payment.
Annual Percentage Rate.
CLEAR
.
.
Display
Add-On Interest Rate.
22
.
.
12 to obtain the add-on