Case-in-point: For example, if you want to purchase a $20,000 car and had $5,000 down payment, you would be looking to finance $15,000. Suppose you found a financing company who is willing to finance a three-year car loan for 10%, what would your monthly payments be? Using a HP12C financial calculator, you would enter the following: 15000 PV, 3 g n, 10 g i, PMT = -484.0078. In other words, your monthly payments would be $484.01. can someone here show me how to use BAII plus to get the same result $484.01??
2nd CLR TVM -15000 PV 36 n 10/12 i/y CPT PMT 484.01 It is always better to use n = # of months (periods) and i/y = Periodic interest rate rather than having to work and enter different numbers and clear them out. (you have the option of x P/Y == which is the number of periods per year - usually 1 by default. Changing that and then forgetting to change it back could cause various other TVM problems to go wrong. So it is better to do it the way I have done above. even on the HP12C 15000 PV 36 n 10/12 i PMT gives you the same as above.
got it…Thanks a lot… for the interest rate I didn’t realize i have to divided by 12…that s why it came out to be a different answer…