08-07-2016, 07:54 PM
The program calculates the payment where you pay number of payments in advance.
Formula:
PMT = (-PV – FV*(SPPV(I%/12:N))) ÷ (UPSV(I%/12:N-ADV)+ADV)
Where:
SPPV: present value of $1, where FV is equal to 1
USPV: present value of $1, where PMT is equal to 1
Input:
Number of payments, [ STO ] [ 0 ]
Number of payments made in advance, [ STO ] [ 1 ]
Periodic Rate, [STO] [ 2 ]
Price of the Lease, [STO] [ 3 ]
Salvage Value, [ STO ] [ 4 ]
Calculate lease payment by pressing [R/S].
Example:
A machine with a cost of $40,000.00 is leased for 48 months. Two advanced payments are required. Interest rate is 10% (monthly periodic rate is 10%/12). The residual value is estimated to be $15,000.
Input:
48 [STO] [ 0 ] \\ term
2 [STO] [ 1 ] \\ 2 advanced payments
10 [ENTER] 12 [ ÷ ] [STO] [ 2 ] \\ interest rate
40000 [STO] [ 3 ] \\ cost
15000 [STO] [ 4 ] \\ salvage value
Result:
[R/S] -1249.30 (Each payment is $1,249.30. Two advanced payments are $2,498.60).
Source: HP 17bII+ Financial Calculator User’s Guide. Hewlett Packard. Edition 3: 2007
Formula:
PMT = (-PV – FV*(SPPV(I%/12:N))) ÷ (UPSV(I%/12:N-ADV)+ADV)
Where:
SPPV: present value of $1, where FV is equal to 1
USPV: present value of $1, where PMT is equal to 1
Input:
Number of payments, [ STO ] [ 0 ]
Number of payments made in advance, [ STO ] [ 1 ]
Periodic Rate, [STO] [ 2 ]
Price of the Lease, [STO] [ 3 ]
Salvage Value, [ STO ] [ 4 ]
Calculate lease payment by pressing [R/S].
Code:
STEP CODE KEY
01 42, 34 Clear FIN ([ f ] [x<>y])
02 1 1
03 16 CHS
04 15 FV
05 45, 2 RCL 2
06 12 i
07 45, 0 RCL 0
08 11 n
09 13 PV
10 45, 4 RCL 4
11 20 *
12 16 CHS
13 45, 3 RCL 3
14 30 -
15 45, 11 RCL n
16 45, 1 RCL 1
17 30 -
18 11 n
19 45, 15 RCL FV
20 14 PMT
21 0 0
22 15 FV
23 13 PV
24 45, 1 RCL 1
25 40 +
26 10 ÷
27 43, 33, 00 GTO 00
Example:
A machine with a cost of $40,000.00 is leased for 48 months. Two advanced payments are required. Interest rate is 10% (monthly periodic rate is 10%/12). The residual value is estimated to be $15,000.
Input:
48 [STO] [ 0 ] \\ term
2 [STO] [ 1 ] \\ 2 advanced payments
10 [ENTER] 12 [ ÷ ] [STO] [ 2 ] \\ interest rate
40000 [STO] [ 3 ] \\ cost
15000 [STO] [ 4 ] \\ salvage value
Result:
[R/S] -1249.30 (Each payment is $1,249.30. Two advanced payments are $2,498.60).
Source: HP 17bII+ Financial Calculator User’s Guide. Hewlett Packard. Edition 3: 2007