(11C) Loan Repayments

[Albert Chan]

(11-13-2018 01:37 PM)Gamo Wrote:  This Example is from HP-38C Owner's Handbook.

Bill Buckskin wished to invest in a $22,000 log carbin to keep the rain off.
A local merchant has offered to loan Bill the $22,000 at 10.5% interest.
Making $200 monthly payments, how long will it take Bill to repay his mortgage?

10.5 [A] 22000 [R/S] 200 [R/S] --> 376.89

You might want to rearrange the order, to get more information from same calculation.

22000 [Enter] 200 / --> 110.00, number of payments if no interest
10.5 [R/S]               --> 376.89, effect of 10.5% interest. 277 payments (23 years) just for interest !