Lending; Loans With A Constant Amount Paid Towards Principal; Add-On Interest Rate To Apr; Add-On To Apr With Credit Life - HP 12c Platinum Reference Manual
Hp 12c platinum: reference guide
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Also See for 12c Platinum:
- User manual (288 pages) ,
- Owner's handbook manual (213 pages) ,
- Solutions handbook (166 pages)
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156
Appendix B
Lending
Loans With a Constant Amount Paid Towards Principal
BAL
= remaining balance after time period k.
k
CPMT = Constant payment to principal.
BAL
= PV − (k x CPMT)
k
kth payment to interest = i (BAL
kth total payment = CPMT + (PMT
Add-On Interest Rate to APR
r = add-on rate as a decimal.
n = number of monthly payments.
APR = 1200i, where i is the solution in the following equation:
n
=
n
+
1
r
12
Add-On to APR with Credit Life
CL = credit life as decimal.
AMT = loan amount.
FC = finance charge.
n
−
×
1
12
G
=
PMT
n
×
×
G
CL
12
FC = (G − AMT − CL)
Rule of 78's Rebate
PV = finance charge.
I
= interest charged at month k.
k
n = number of months in loan.
(
−
2
n
=
I
(
k
n
(
)
−
n
−
+
1
1
i
i
n
+
1
r
12
2
n
−
×
CL
CL
12
n
=
amount
of
credit
)
+
k
1
PV
)
+
n
1
) = (PMT
)
k
i
k
)
i
k
×
=
AMT
G
×
r
life
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