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I am trying to calculate the equated loan instalment for a loan with a grace period. This can be done easily using MS Excel however I need to do the calculation using my HP12CP.
Details of the loan:
Principal : 1 million
Int. Rate : 12% p.a
Tenor : 36 months
Grace period : 3 months
Payment frequency : monthly
Loan instalment calculated with Excel : 1st three months - zero; 4th to 36th month: 36,810/- per month
Go to Solution.
May be this helps, if you work it out in two steps:
n=3 grace period
fv= -1030301.00 (- because you have to pay it back)
ir/a = 12%
pv = 1030301.00
vf = 0.00
fmt = -36810.01 (- because you have to pay it )
I have no 12C, but if that kind of loan isn't built in, you can manage it this way.
Thank you. Appreciate your input!
Now I will use this way to calculate different scenarios like a grace period in the middle of the tenor, end of tenor etc.
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