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HP 17bII, 17bII+, and 19bII Calculators - Odd-Period Calculations

Introduction
The TVM menu deals with financial transactions where each payment period is the same length. However, sometimes the first payment period is not the same length as the remaining periods. The date the interest begins accruing to the date of the first payment, when not equal to the regular payment period, is sometimes referred to as an odd first period.
Entering and using the odd equation
The following procedure calculates N, I%, PV, PMT, of FV for transactions involving an odd first period. Simple interest accrues during the odd period and is added to the loan at the beginning of the first full period. The equation is valid for 0 to 59 days, and monthly payments with a 30-day month is assumed.
  1. Enter the ODD equation into the solver:
    ODD:PV x (I% / 100 x FP(DAYS/30)+1=
    -IF(DAYS<30:(1+I% / 100) x PMT: PMT) x USPV (I% : N) – FV x SPPV (I%:N)
  2. Display the ODD equation’s menu
  3. Store or calculate the following variables. Remember to use the cash-flow sign convention (money paid out is negative, money received is positive).
  4. Loan amount in PV
    Periodic Interest rate as a percent in I%
    Actual number of days until the first payment is made in DAYS
    Periodic payment amount in PMT
    Total number of payments in N
    Balloon payment amount in FV
Example of odd period calculation
A 36-month loan for $4,500 has an interest rate of 15 percent. If the first payment is made in 46 days, what is the monthly payment?
Display the odd equation’s menu, then follow these steps:
Keys
Display
Description
36 {N}
N=36.00
Stores known values.
4500 {PV}
PV=4,500.00
15/12 {I%}
I% = 1.25
46 {DAYS}
DAYS = 46.00
0 {FV}
FV = 0.00
{PMT}
PMT = -157.03
Calculates monthly payment amount.
Example of odd period calculation with balloon
A $10,000 loan has 24 monthly payments of $400, plus a balloon payment of $3,000 at the end of month 24. If the payments begin in eight days, what is the interest rate being charged?
Display the odd equation’s menu, then follow these steps:
Keys
Display
Description
10000 {PV}
PV=10,000.00
Stores known values
24 {N}
N=24.00
400[+/-] {PMT}
PMT=-400.00
3000[+/-] {FV}
FV=-3,000.00
8 {DAYS}
DAYS=8.00
{I%}
I%=1.64
Calculates monthly interest rate.

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