HP 12c Solutions Handbook page 27

n: N
PV: Used
FV: 0
R : AIR
1
R : Loan
3
R : Used
5
1. Key in the program.
2. Press
3. Key in the number of monthly payments in the loan and press
4. Key in the annual add-on interest rate as a percentage and press
5. Key in the credit life as a percentage and press
6. Key in the loan amount and press
7. Press
8. Press
9. Press
10. Press
11. For a new loan return to step 3.
Example 1: You wish to quote a loan on a $3100 balance, payable over
36 months at an add-on rate of 6.75%. Credit life (CL) is 1%. What are the
monthly payment amount, credit life amount, total finance charge, and
APR?
Keystrokes
CLEAR
36 0
6.75 1
1 2
3100 3
REGISTERS
CLEAR .
to find the monthly payment amount.
to obtain the amount of credit life.
to calculate the total finance charge.
to calculate the annual percentage rate.
Display
36.00
6.75
1.00
3100.00
-107.42
116.02
i: i
PMT: PMT
R : N
0
R : CL (%)
2
R : N/1200
4
R -R : Unused
6 9
3.
Months.
Add-on interest rate.
Credit life (%).
Loan.
Monthly payment.
Credit life.
26
0.
1.
2.