Canadian mortgages, Keys, Дяди – HP 10B User Manual
Page 108: Display, Description, Example, Display: 2.00
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Canadian Mortgages
In Canadian mortgages, the compounding and payment periods are not
the same. Interest is compounded semi-annually wliile payments arc
made monthly. To use the TVM application in the HP*10B, you need to
calculate a
Canadian mortgage factor
(which is an adjusted interest rate)
to store in
I/YR.
For additional information on interest rate conversions, see the section
“Interest Rate Conversions” in chapter 5.
Example.
What is the monthly payment required to fully amortize a
30-year, $30,000 Canadian mortgage if the annual interest rate is 12%?
Keys:
[ДЯДИ
12
2ШШШ
12liP7YRl
[ДЯДИ
30000 fPVl
OiFV]
30 lIxP/YRI
ОШ
Display:
2.00
12.36
12.00
11.71
360.00
-301.92
Description:
Stores known nominni
percentage and number
of compounding periods.
Calculates annual
elTcctivc rate.
Sets payments per year.
Calculates
Canadian
mortgage factor
(adjusted
interest rate).
Stores other known
values for mortgage.
Calculates monthly
payment for Canadian
mortgage.
8: Additional Examples 105