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HP12c Credit Card Payment Calculation
01-24-2018, 08:38 PM
Post: #1
HP12c Credit Card Payment Calculation
I've been trying to see if there is a way to input your PMT value, as a percentage of your PV, when calculating for n?

The question I've come across is:

Assume you had a $2,000 balance on your credit card. No further charges are placed on the card, the minimum payment due every month is 2.7%, and the annual interest rate is 18%. How long would it take to pay off the $2,000 balance if you paid the minimum each month?

The input for PMT is what is throwing me off, because I can't just plug in 2.7% of 2000 (54) as the PMT value because that will be wrong once the 1st payment goes through.

I've looked through the manual and online and couldn't find anything, and was just wondering if this wasn't something the HP12c is capable of.

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HP12c Credit Card Payment Calculation - vrenaut74 - 01-24-2018 08:38 PM

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