HP 12c User Manual page 53

Example 2: A 42-month car loan for $3,950 began accruing interest on July 19,
2004, so that the first period began on August 1, 2004. Payments of $120 are
made at the end of each month. Calculate the annual percentage rate (APR), using
the actual number of odd days and simple interest for the odd period.
Keystrokes
fCLEARG
?Æ
7.192004\
8.012004
gÒ
30z
42+n
3950$
120ÞP
¼
12§
File name: hp 12c_user's guide_English_HDPMBF12E44
Printered Date: 2005/7/29
Section 3: Basic Financial Functions
Display
Clears financial registers.
Turns off the C indicator in the display,
so that simple interest will be used for
the odd period.
7.19
Keys in the date interest begins
accruing and separates it from the
next date entered.
8.012004
Keys in the date of the beginning of
the first period.
13.00
Actual number of odd days.
0.43
Divides by the length of a monthly
period to get the fractional part of n.
42.43
Adds the fractional part of n to the
number of complete payment periods,
then stores the result in n.
3,950.00
Stores PV.
–120.00
Stores PMT (with minus sign for cash
paid out).
1.16
Periodic (monthly) interest rate.
13.95
Annual percentage rate (APR).
Page: 53 of 209
Dimension: 14.8 cm x 21 cm
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