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HP Forum Archive 21

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Simple financial problem with a HP-12c Platinum
Message #1 Posted by Lapin on 2 Nov 2012, 3:45 p.m.

Hi,

First of all sorry if you see any grammatical mistakes, English is not my mother tongue.

So, in my job I must frequently calculate loans, with the customers. I can't have a PC with Excel at my clients's office, so I bought a HP-12c Platinum. But I can't do the calculation I want.

For example, a lease for 84 months with 8% interest per year, for a total funding of 15,000 I would know how much the customer pays per month, and know what will be the balance at 63 months, and add 10% early termination fee. And if possible I would also like to have a view of the amortization schedule to know from when it makes sense to buy.

What I do : 84 [n] 8 [i] 15'000 [CHS] [PV]

But when I hit [PMT] for see how my customer pay per month, I have this result : 1'112,84 instead of 232.24

Where did I make mistake ?

Thanks you.

      
Re: Simple financial problem with a HP-12c Platinum
Message #2 Posted by Olivier De Smet on 2 Nov 2012, 4:44 p.m.,
in response to message #1 by Lapin

You forgot to type 0 [FV] and you have to use 8 g[i] to set the interest rate per month as you set 84 periods (in month).

With that you get 233.79

Edited: 2 Nov 2012, 4:45 p.m.

      
Re: Simple financial problem with a HP-12c Platinum
Message #3 Posted by Jeff Kearns on 2 Nov 2012, 6:20 p.m.,
in response to message #1 by Lapin

First of, congratulations on your decision to use a HP 12C.

Your mistake is simply failure to respect units. You have entered periods in months but interest in %/year. Either divide the annual interest by 12 and press 'i' or enter the annual interest rate as-is and press [g]i.

I suggest you refer to the manual - if you require it in your language please let me by PM know and I will send it to you.

Jeff

            
Re: Simple financial problem with a HP-12c Platinum
Message #4 Posted by Lapin on 11 Nov 2012, 9:33 a.m.,
in response to message #3 by Jeff Kearns

It works, thanks !


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