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

132 Canadian Mortgages
Number of Periodic Payments to Fully
Amortize a Mortgage
Example 2: An investor can afford to pay $440 per month on a $56,000 Canadian
mortgage. If the annual interest rate is 9 ¼ %, how long will it take to completely
amortize this mortgage?
12c platinum / 12C
RPN Keystrokes
fCLEARG
gÂ
6n200\$
9.25+ÞM¼ 1$M12n¼
440ÞP
56000$0Mn

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 $75,500. What is the annual interest rate?
12c platinum / 12C
RPN Keystrokes
fCLEARG
gÂ
25gA
612.77ÞP
75500$¼
6n0P
200Þ$
M:$+
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?
12c platinum
ALG Keystrokes
fCLEARG
gÂ
2n9.25z2¼
440ÞP
56000$0Mn 437.00
12c platinum
ALG Keystrokes
fCLEARG
gÂ
25gA
612.77ÞP
75500$¼
0P
12nM
2n¼§2³
Display
Canadian mortgage factor.
0.76
Monthly payment.
-440.00
Total number of monthly
payments.
Display
Canadian mortgage factor.
0.72
Annual interest rate.
8.75
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