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Garye1
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Calculating irregular loan repayments

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HP12C

Hi does any know how to calculate irregular loan payments on a HP12C eg if a client had a loan of $100,000 over 5 years. But he wanted to make lump sum payments of $10,000 in say months 5  & 10. How could I calculate the remaining repayments?

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cyrille
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Hello,

 

IRR calculations might be used for this, but it will take some trial and errors to find the right number of repayement as well as the last sum.

Else, you can do it in multiple steps.

1: calculate PMT for your entire period.

2: calculate FV at 5 months, remove 10k, plug this back in PV

3: calculate FV 5 month later, remove 10k, plug this back in PV

4: calculate N for the rest to know how much longer you will need to pay.

 

Cyrille

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BartdB
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Hi,

 

There are some examples of irregular loan repayments in the HP-12C Solutions Handbook (pages 39-41).

Link: http://h10032.www1.hp.com/ctg/Manual/c00367122.pdf

 

-Bart
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NorthanGool
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To be honest I prefer taking small loans at low interest rate in order to not to calculate the repayments
To be honest, once I took a loan to buy a new car (old one was completely broken, I left it in the junkyard), using a loan from one credit company. Before that I tried to get it from the bank, but banks didn't give loan to me, because I have bad credit history. Then one of my friends told me about Credit-10 about which you can find more on the site https://credit-10.com/za/wonga-loans/. I contacted them and they gave me a loan with a 2 % rate. That was really good, because the earlier one of the banks tried to give me loan with a 10 % rate. So I saved a lot of money. And yes, almost all interaction took place over the Internet. If you find something like that, it can help you.

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