Odd-Period Calculations; Advance Payments; Modified Internal Rate Of Return - HP 17bll+ User Manual

Odd-Period Calculations


+
PV
1


− + ×
i
(1
Where: PV = loan amount
DAYS = actual number of days until the first payment
PMT = periodic payment amount
N = total number of payments
FV = balloon payment amount

Advance Payments

PMT
where: PMT = payment amount
PV = loan amount
FV = balloon payment amount
i = periodic interest rate (as a decimal)
N = total number of payments
#ADV = number of payments made in advance

Modified Internal Rate of Return

where: n = total number of compounding periods
NFV = net future value of positive cash flows
P
NPV = net present value of negative cash flows
N

DAYS
× =
i


30

1
× ×
S PMT
)


i = periodic interest rate as a decimal
S = 1 if DAYS < 30
S = 0 if DAYS ≥ 30
−
PV
=

− +
i
1 (1


=
MIRR
100

−
− + N
i
(1 )
−

i

−
− + N
FV i
(1 )
− −
N ADV
( # )
)
+
#
i
 
n
1
 
NFV
 
−
P
  1
−
NPV
 
 
 
N
B: More About Calculations 253
−
+ N
FV i
(1 )

ADV

