HP 12c Platinum Reference Manual page 37

c. Key in the number of years since the last adjustment. If this is the first mortgage
adjustment, then key in the number of years since the origination of the mortgage.
Press gA.
d. Key in the monthly payment over this period and press ÞP.
e. Press M to find the remaining balance, then press fCLEARGÞ$.
3. Key in the adjusted annual interest rate (as a percentage) and press gC.
To calculate the new monthly payment:
a. Key in the remaining life of the mortgage (years) and press gA.
b. RPN: Press P to find the new monthly payment.
b. ALG: Press PP to find the new monthly payment.
To calculate the revised remaining term of the mortgage:
a. Key in the present monthly payment and press P.
b. RPN: Press n12z to find the remaining term of the mortgage in years.
b. ALG: Press nz12³ to find the remaining term of the mortgage in years.
Example: A homeowner purchased his house 3 years ago with a $50,000 variable rate
mortgage. With a 30 year term, his current monthly payment is $495.15. When the
interest rate is adjusted from 11.5% to 11.75%, what will the monthly payment be? If the
monthly payment remained unchanged, find the revised remaining term on the mortgage.
12c platinum / 12C
RPN Keystrokes
gÂ
fCLEARG
50000$
11.5gC
3gA
495.15ÞP
M
fCLEARG
Þ$
11.75gC
30\3-
gA
P
495.15ÞP
n12z
12c platinum
ALG Keystrokes
gÂ
fCLEARG
50000$
11.5gC
3gA
495.15ÞP
M
fCLEARG
Þ$
11.75gC
30-3³
gA
PP
495.15ÞP
nz12³
Display
Original amount of loan.
50,000.00
Original monthly interest rate.
0.96
Period.
36.00
Previous monthly payment.
-495.15
-49,316.74
Remaining balance.
49,316.74
Adjusted monthly interest.
0.98
Remaining life of mortgage.
27.00
324.00
New monthly payment.
-504.35
Previous monthly payment.
-495.15
New remaining term (years).
31.67
Lending
Comments
37