Automobile Loan - HP 10BII Owner's Manual

Automobile Loan
Stores term of loan.
Enters amount left to
pay after 36 payments.
Calculates payment
amount.
Example. You are buying a new $14,000.00 sedan. Your down payment
is $1,500 and you are going to finance the remaining $12,500. The car
dealer is offering two choices for financing:
= А 3-year loan with an annual interest rate of 3.5%.
m A 3-year loan with an annual interest rate of 9.5% and a $1,000.00
rebate.
With which choice do you pay less for the car?
Set to End mode. Press QE if BEGIN annunciator is displayed.
Calculate the first option:
Keys: Display:
COO
12.00
@Oo
36.00
@@®@(@@9
12,500.00
(OG)
0.00
OTOT]
3.50
104 8: Additional Examples
Description:
Sets payments per year.
Stores known values.
Stores first interest
rate.
Calculates payment.
Calculates total interest
and principal.