How do you amortize on HP 10bii?
In respect to this, how do I change the P yr on my HP 10bii?
Press [Gold shift] [C ALL] and then press 1 [Gold Shift] [P/YR]. Now the calculator is set to assume 1 period/year. To confirm this setting, press and hold [Gold Shift] [C ALL]. Unless needed for other work, we generally leave the calculator setting at 1 period per year.
Secondly, what is a simple interest rate? Simple interest is calculated by multiplying the daily interest rate by the principal, by the number of days that elapse between payments. Simple interest benefits consumers who pay their loans on time or early each month. Auto loans and short-term personal loans are usually simple interest loans.
In this manner, how do I use my HP 10bii financial calculator?
To do this on the HP 10BII, first clear all prior work, and then use the following steps:
- Input 10,000 and press the FV key.
- Input 10 and press the N key.
- Input 6.5% and press the I/YR key.
- Input 0 and press the PMT key.
- Press the PV key to solve for the present value.
What is a 30 year amortization?
Amortized loans are designed to completely pay off the loan balance over a set amount of time. Your last loan payment will pay off the final amount remaining on your debt. For example, after exactly 30 years (or 360 monthly payments) you'll pay off a 30-year mortgage.