HP 10bII+ User Manual page 153

Table 13-13 Calculating the monthly payment amount
Keys
:É
Ì
Automobile Loan
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:
• A 3-year loan with an annual interest rate of 3.5%.
• 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
Calculate the first option:
Table 13-14 Calculating the annual interest rate of 3.5%
Keys
JG\Í
DSÙ
JGV::Ï
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D7VÒ
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PvÙ4
Calculate the second option:
Table 13-15 Calculating the annual interest rate of 9.5%
Keys
JJV::Ï
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if BEGIN annunciator is displayed.
Display Description
0.00 Enters amount left to pay
after 36 payments.
- 1 57.03 Calculates the payment
amount.
Display Description
12.00 Sets payments per year.
36.00 Stores known values.
12,500.00 Stores loan amount.
0.00
3.50 Stores first interest rate.
-366.28 Calculates payment.
- 1 3,185.94 Calculates total interest and
principal.
Display Description
1 1,500.00 Stores loan amount with rebate.
Additional Examples 145