HP 10bII+ User Manual page 85

The amount paid toward interest and principal (13,894.67 + 1,579.84 = 15,474.51) equals
the total of 12 monthly payments (12 × 1,289.54 = 15,474.51). The remaining balance equals
the initial mortgage, less the amount applied toward principal (180,000 - 1,579.84 =
178,420.16).
Amortize the second year:
Table 6-20 Calculating the remaining balance
Keys
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4
4
4
The amount paid toward interest and principal (13,767.79 + 1,706.69 = 15,474.51) equals the
total of 12 monthly payments (12 × 1,289.54 = 15,474.51). The remaining balance equals the
initial mortgage less the amount applied toward principal (180,000 - 1,579.84 - 1,706.69 =
176,713.49). More money is applied to principal during the second year rather than the first
year. The succeeding years continue in the same fashion.
Example: Amortizing a Single Payment
st th
Amortize the 1 , 25 , and 54
and the interest rate is 1 1.5%. Payments are monthly and begin immediately.
Set to Begin mode. Press
Table 6-21 Calculating the monthly payment
Keys
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JYGV:Ï
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Display
13 – 24
- 1 ,706.69
- 1 3,767.79
176,713.49
th
payments of a five year car lease. The lease amount is 14,250
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if BEGIN annunciator is not displayed.
Display
12.00
60.00
1 1.50
14,250.00
0.00
Description
Displays PER and the next range of
periods.
Displays PRIN and the principal
paid in the second year.
Displays INT and the interest paid
in the second year.
Displays BAL and the loan balance
after 24 payments.
Description
Sets payments per year.
Stores number of payments.
Stores interest per year.
Stores present value.
Stores future value.
Time Value of Money Calculations
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