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## HP 17Bii, 17Bii+, and 19Bii Calculators - Amortizing a Single Payment

Description
Amortization is the process of paying off a debt in equal payments. Calculating the amortization determines the amount of the payment that applies to the interest and the amount that goes to principal. Payments near the beginning of the debt contribute more to interest and less to principle. As the debt is paid, the principle decreases, and the interest charges decrease, allowing more of the payment to apply to the principle.
Instructions
Assuming you have just calculated a payment or entered the TVM variables, follow these steps to calculate the amortization:
1. Press the soft menu {OTHER} key, then press the soft menu {AMRT} key.
2. Enter the number that precedes the single amortization period to be calculated.
3. Press the soft menu {#P} key.
4. The answers displayed are the amortization from the first period through the number that was entered in Step 2.
5. Enter the number 1 and press the soft menu {#P} key.
The numbers displayed are the amortization from the single period selected.
Example
Find the amortization of the 65th payment on the following mortgage:
PV = 100,000
N = 360 periods
I%YR = 10
FV= 0
Solve for the PMT = -877.57
1. Enter the TVM variables as usual.
2. Press the soft menu {OTHER} key, then press the soft menu {AMRT} key.
3. Enter 64, then press the soft menu {#P} key.
4. The display will then read "#P = 64 PMTS: 1-64". This is the amortization of payments 1 through 64.
5. Enter 1, then press the soft menu {#P} key.
6. The display will read "#P = 1 PMTS 65-65". This is the amortization of the single 65<superscript>th</superscript> payment.
7. Press soft menu {INT} key. This will display the amount applied to the interest. The display will read “Interest = –802.33”.
8. Press the soft menu {PRIN} key. This will display the amount applied to the principal. The display will read “Principal = –75.24”.
9. Press the soft menu {BAL} key. This will display the balance remaining at the end of the 65th period. Display will read “96,204.36”.
10. To enter another amortization, do the following:
1. If continuing through the next amortization, press the soft menu {NEXT} key. It will display the next period amortized. (in this case, period 66)
2. To change the number of periods to amortize, press the new number, then press the soft menu {#P} key. (Entering 34, then pressing the soft menu {#P} key displays the amount of the amortization from periods 67-100.)
3. To generate another new amortization with the same TVM problem, press the SHIFT key, then the CLEAR DATA key. Repeat steps above as needed with the new amortization period.

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