Canadian Mortgage Example - HP 30b - Business Professional Calculator User Manual

Canadian Mortgage Example

Calculate the monthly payment for a 25-year (N=300) Canadian mortgage valued at
350,000.00, if the nominal interest rate is 6.0%, compounded twice yearly (C/YR=2) with 12
payments per year (P/YR). The example is calculated with RPN set as the operating mode.
Table 4-1 Canadian Mortgage Example
Keys
:u
>I
O
:[12
I<2
I
O300
N6Y35
0000
V
M
To reset the menu, press
I
prompt, press
again. With the menu in its default settings, P/YR and C/YR are both set to 12 payments/
compounding periods per year.
36 Canadian Mortgages: TVM Canada
Display
:x
. With TVM displayed, press
O
to reset, or to cancel. To exit the menu, press
Description
Opens the Mode menu, starting with the
current FIX value (number of digits to the
right of the decimal point).
Scrolls to TVM mode and sets mode to
TVM Canada.
Returns to default calculator screen.
Opens P/YR menu. Inputs 12 for P/YR
and 2 for C/YR.
Exits menu and inputs values for N, I/YR,
and PV.
Calculates the monthly payment as
required by the example.
I
. At the TVM Reset
O
once