HP 12c Platinum Reference Manual page 35

n: Used i: i/12
FV: Used R
R : Used R
3
Program Instructions:
1. Key in the program.
2. Press fCLEARH.
3. Key in the term of the loan and press n.
4. Key in the annual interest rate and press ¼.
5. Key in the total loan amount and press $.
6. Key in the rate of graduation (as a percent) and press \(³).
7. Key in the number of years for which the loan graduates and press t. The
following information will be displayed for each year until a level payment is
reached.
a. The current year.
Then press t to continue.
b. The monthly payment for the current year.
Then press t to continue.
c. The remaining balance to be paid on the loan at the end of the current year.
Then press t to return to step a. unless the level payment is reached.
If the level payment has been reached, the program will stop, displaying
the monthly payment over the remaining term of the loan.
8. For a new case press g(000 and return to step 2.
Example: A young couple recently purchased a new house with a Graduated Payment
Mortgage. The loan is for $50,000 over a period of 30 years at an annual interest rate of
12.5%. The monthly payments will be graduating at an annual rate of 5% for the first 5
years and then will be level for the remaining 25 years. What are the monthly payment
amount for the first 6 years?
12c platinum / 12C
RPN Keystrokes
fCLEARH
30n
12.5¼
50000$
5\
5t
t
t
t
t
t
REGISTERS
: Used
0
: Level Pmt.
4
12c platinum
ALG Keystrokes
fCLEARH
30n
12.5¼
50000$
5³
5t
t
t
t
t
t
PV: Used
R : Used
1
R -R : Unused
5 9
Display
0.00
Term
30.00
Annual interest rate
12.50
Loan amount
50,000.00
Rate of graduation
5.00
Year 1
1.00
1st year monthly payment.
-448.88
Remaining balance after 1st
-50,914.67
year.
Year 2
2.00
2nd year monthly payment.
-471.33
Remaining balance after 2nd
-51,665.07
year.
Lending
PMT: Used
R : Used
2
Comments
35