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HP HP-12c Manual

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Section 3: Basic Financial Functions 53
must be divided by the number of days in a period. If interest is compounded
monthly, for this number you can use either 30, 365/12, or (if the odd period falls
entirely within a single month) the actual number of days in that month. Usually,
a monthly period is taken to be 30 days long.
At your option, the calculations of i, PV, PMT, and FV can be performed with
either simple interest or compound interest accruing during the odd period. If the
C status indicator in the display is not lit, simple interest is used. To specify
compound interest, turn the C indicator on by pressing ?Æ.
12
Pressing
?Æ again turns the C indicator off, and calculations will then be performed
using simple interest for the odd period.
Example 1: A 36-month loan for $4,500 accrues interest at a 15% annual
percentage rate (APR), with the payments made at the end of each month. If
interest begins accruing on this loan on February 15, 2003 (so that the first
period begins on March 1, 2003), calculate the monthly payment, with the odd
days counted on the basis of a 30-day month and compound interest used for the
odd period.
12.
?Æ is not programmable.
Keystrokes (RPN mode) Display
fCLEARG Clears financial registers.
gÕ Sets date format to month-day-year.
g Sets payment mode to End.
?Æ Turns on the C indicator in the
display, so that compound interest
will be used for the odd period.
2.152003\
2.15
Keys in the date interest begins
accruing and separates it from the
next date entered.
3.012003
3.012003
Keys in the date of the beginning of
the first period.
gÒ
14.00
Actual number of odd days.
~
16.00
Number of odd days counted on the
basis of a 30-day month.
30z
0.53
Divides by the length of a monthly
period to get the fractional part of n.
36+n
36.53
Adds the fractional part of n to the
number of complete payment
periods, then stores the result in n.
15gC
1.25
Calculates and stores i.
4500$
4,500.00
Stores PV.
P
–157.03
Monthly payment.
… 53 …


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