HP 10B - Manual (Page 58)

Part
3. If interest is 10.5%, what is the maximum you can spend on the
car to lower your car payment to $175.00?
10.5 flTYRl
175 m Slil
01500 0
10.50 Stores original interest
rate.
-175.00 Stores desired payment.
5.384.21 Calculates amount of
money to finance.
6,884.21 Adds the down payment
to the amount financed
for total price of the car.
Example: A Home Mortgage.
You decide tha( the maximum
monthly mortgage payment you can afford is $630.00. You can make a
$12,000 down payment, and annual interest rates arc currently 11.5%. If
you obtain a 30 year mortgage, what is the maximum purchase price you
can afford?
A P V - ?
I/YR - 11.5%
N - 30x 12
P/YR = 12
y y I Y
• #
356 357 358 359 360
y y y y y y
PMT - - 630.00
End Mode
Set tu End mode. Press |
Keys:
12lfP7YRl
Display:
12.00
if BEGIN annunciator is displayed.
Description:
Sets periods per year.
5: Time Value of Money Calculations 55