hp-support-head-portlet

Actions
Loading...

Welcome to HP Customer Support

hp-contact-secondary-navigation-portlet

Actions
Loading...

hp-share-print-widget-portlet

Actions
Loading...
  • Information
    Fraudulent Callers - protect yourself and report it​

    Learn what to do if you are contacted by fraudulent callers posing as HP representatives. This could be a scam; do not provide any personal information.

    View article

hp-concentra-wrapper-portlet

Actions
Loading...

HP 10bii Calculator - Lease Calculations

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
Amortization basics
Amortization is the process of dividing a payment into the amount that applies to interest and the amount that applies to principal. Payments near the beginning of a loan contribute more interest, and less principal, than payments near the end of a loan.
The SHIFT, AMORT keys on the HP10bii allows for the calculation of:
  • The amount applied to interest in a range of payments.
  • The amount applied to principal in a range of payments.
  • The loan balance after a specified number of payments are made.
The SHIFT, AMORT function assumes a payment was just calculated or the appropriate amortization values have been stored in I/YR, PV, FV, PMT, and P/YR.
Keys
Description
I/YR
Annual nominal interest rate
PV
Starting Balance
FV
Ending balance
PMT
Payment amount (rounded to the display format)
SHIFT, then P/YR
Number of payments per year
The numbers displayed for interest, principal, and balance are rounded to the current display setting.
To amortize
To amortize a single payment, enter the period number, and press SHIFT, then AMORT. The HP 10bii displays the annunciator PER followed by the starting and ending payments that will be amortized.
Press [=] to see interest (INT). Press [=] again to see the principal (PRIN) and again to see the balance (BAL). Continue pressing [=] to cycle through interest, principal, and balance.
Press SHIFT, then AMORT again to move to the next set of periods. This auto-increment feature saves the keystrokes of entering the new starting and ending periods.
If store, recall, or any other calculations are performed during amortization, pressing [=] will no longer cycle through interest, principal, and balance. To resume amortization with the same set of periods, press RCL, SHIFT, then AMORT.
Example of amortizing a range of payments
Calculate the first two years of the annual amortization schedule for a 30 year, $180,000 mortgage, at 7.75 percent annual interest with monthly payments.
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 payment per year
Press 30, SHIFT, then xP/YR
360.00
Stores total number of payments
Press 7, [.], 75, then I/YR
7.75
Stores interest rate per year
Press 180000, then PV
180,000.00
Stores present value
Press 0, then FV
0.00
Stores future value
Press PMT
-1,289.54
Calculates monthly payment
If the mortgage payment is already known, it can be entered and stored just like the other four values. Next, amortize for the first year.
Keys
Display
Description
Press 1, INPUT, then 12
12_
Enters starting and ending periods
Press SHIFT, then AMORT
1-12
Displays the PER annunciator and range
Press [=]
-1,579.82
Displays the PRIN annunciator and the principal paid in the first year
Press [=]
-13, 894.66
Displays the INT annunciator and the interest paid in the first year
Press [=]
178,420.18
Displays the BAL annunciator and the loan balance after one year
The amount paid toward interest and principal (13,894.67 + 1,579.84 =15,474.51) equals the total of twelve monthly payments (12 x 1,289.54 =15,474.51). The remaining balance equals the initial mortgage, less the amount applied toward principal (180,000 - 1,579.84 = 178,420.160.
Example of amortizing a single payment
Amortize the 1st, 25th, and 54th payments of a five year car lease. The lease amount is $14,250 and the interest rate is 11.5 percent. Payments are monthly and begin immediately.
Set to BEGINmode. Press SHIFT, then BEG/END if BEGIN annunciator is not displayed.
Keys
Display
Description
Press 12, SHIFT, then P/YR
12.00
Sets payment per year
Press 5, SHIFT, then xP/YR
60.00
Stores number of payments
Press 11, [.], 5, then I/YR
11.50
Stores interest per year
Press 14250, then PV
14,250.00
Stores present value
Press 0, then FV
0.00
Stores future value
Press PMT
-310.42
Calculates monthly payment
Amortize the 1st, 25, and 54th payments.
Keys
Display
Description
Press 1, then INPUT
1.00
Enter first payment
Press SHIFT, then AMORT
1- 1
Displays PER and the amortized payment period
Press [=]
-310.42
Displays PRIN and the first principal payment
Press [=]
0.00
Displays INT and the interest
Press [=]
13,939.58
Displays BAL and the loan balance after one payment
Press 25, then INPUT
25.00
Enters payment to amortization
Press SHIFT, then AMORT
25- 25
Displays PER and the amortized payment period
Press [=]
-220.21
Displays PRIN and the principal paid on the 25th payment
Press [=]
-90.21
Displays INT and the interest paid on the 25th payment
Press [=]
9,193.28
Displays BAL and the balance after the 25th payment
Press 54, then INPUT
54.004
Enters payment to amortize
Press SHIFT, then AMORT
54- 54
Displays PER and the amortized payment period
Press [=]
-290.37
Displays PRIN and the principal paid on the 54th payment
Press [=]
-20.05
Displays INT and the interest paid on the 54th payment
Press [=]
1,801.57
Displays BAL and the balance after the 54th payment

hp-feedback-input-portlet

Actions
Loading...

hp-online-communities-portlet

Actions
Loading...

Ask the community!


Support Forum

Support Forum

Join the conversation! Find Solutions, ask questions, and share advice with other HP product owners. Visit now


hp-feedback-banner-portlet

Actions
Loading...

hp-country-locator-portlet

Actions
Loading...
Country: Flag United States

hp-detect-load-my-device-portlet

Actions
Loading...