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04-10-2012 06:06 PM
I realize that you can see the interest on a monthly basis shown in both 360 and 365, but can you directly calculate a mortgage payment (that is principal & interest payment) on a loan using a 365 days of interest per year, vs. the default in the HP-12C which calculates it as 360 days of interest (because of the fact of dividing the interest by 12 using the g key)?
I have always been stymied on how you can calculate that directly? I just take the difference between the interest on 360 vs. 365 and add it to the payment, but that is not entirely accurate I don't think.
So basically what I am asking is there a setting or key strokes that can change the default P&I calculation from a 360days/yr interest calc to one using 365days/yr interest?
No one seems to know and it is not in any manual or publication that HP has on the 12-C that I can find?