HP 15c - Manual (Page 33)

Section 1: Using _ Effectively 33
Keystrokes Display
´CLEARQ Clears financial variables
360
A 360.00 Enters n = 360.
14 v12÷B 1.17 Enters i = 14/12.
50000 ”C -50,000.00 Enters PV = −50,000.
Á¦ 592.44 Calculates PMT.
Now calculate the remaining balance at month 24.
Keystrokes Display
24
A 24.00 Enters n = 24.
E¦ 49,749.56 Calculates FV at month 24.
Store this remaining balance, then calculate the remaining balance at month 12 and the
principal reduction between payments 12 and 24.
Keystrokes Display
OV 49,749.56
12
A 12.00 Enters n = 12.
E¦ 49,883.48 Calculates FV at month 12.
lV 49,749.56 Recalls FV at month 24.
- 133.92 Calculates principal reduction.
The accrued interest is the value of 12 payments less the principal reduction.
Keystrokes Display
l4 592.44 Recalls PMT.
12 * 7,109.23 Calculates value of payments.
®- 6,975.31 Calculates accrued interest.
Example: A leasing firm is considering the purchase of a minicomputer for $63,000 and
wants to achieve a 13% annual yield by leasing the computer for a 5-year period. At the end
of the lease the firm expects to sell the computer for at least $10,000. What monthly payment
should the firm charge in order to achieve a 13% yield? (Because the lease payments are due
at the beginning of each month, be sure to set flag 0 to specify beginning-of-period
payments.)