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HP 10b Calculator - Determining Loans with Extra Annual Payments

Calculator symbol key
The procedures in this document use the following text to represent symbol keys:
Key
Description
Text Representation
colored key; shift key
SHIFT
Description
A loan may offer the option to make extra annual payments. These keystrokes help determine how an extra payment made at the end of the year (in addition to the regular monthly payment) affects the term of the loan:
  1. Set 12 payments per year and END mode (Press SHIFT, then BEG/END if BEGIN annunciator is displayed).
  2. Store the loan amount in PV, the annual interest rate in I/YR, the original term in N, and zero in FV.
  3. Press PMT to calculate the monthly payment; press SHIFT, STO, then 0.
  4. Key in the amount of the extra annual payment; press FV.
  5. Store 12 in N, 0 in PV, and press PMT.
  6. Press [+] RCL, 0 [=], then PMT.
  7. Key in the loan amount and press PV. Store 0 in FV.
  8. Press N to calculate the approximate loan term.
Example of calculating how long it will take to pay off a mortgage
A bank will loan $100,000 for 30 years at 10 percent. If an additional payment of $1,500 is made at the end of each year, how long would it take to pay off the mortgage?
Set to END mode. Press SHIFT, then BEG/END if BEGIN annunciator is displayed.
Keys
Display
Description
Press 12, SHIFT, then P/YR
12.00
Sets payments per year
Press 100000 then PV
100,000.00
Stores original loan amount
Press 10, then I/YR
10.00
Press 360, then N
360.00
Press 0, then FV
0.00
Press PMT, SHIFT, STO, then 0
-877.57
Press 1500, then FV
1,500.00
Extra annual payment
Press 12, then N
12.00
Press 0, then PV
0.00
Press PMT
-119.37
Press [+], RCL, 0, [=], then PMT
-996.95
Equivalent monthly cash flow
Press 100000, then PV
100,000.00
Press 0, then FV
0.00
Press N
217.77
New term in months

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