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Justin38
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Wrong HP 10bII+ calculations

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HP 10BII+
macOS 10.15 Catalina

I'm doing a simple mortgage calculation, have tried it with P/YR set to 1 and 12, neither get the right answer;  $200,000 at 8.25% over 25 year amortization 

P/YR = 12

PV = $200,000

N = 25 x 12 = 300

I/YR = 8.25%

FV = 0

The payment read-out I'm getting is $1576.90, although correct answer is $1558.46????  HELP?

2 REPLIES 2
David_M
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Take a look at the 10bII+ Owner's Manual, Chapter 13 "Additional Examples" in the "Loans and Mortgages" section where you see "Canadian Mortgages".  You need to calculate the effective interest rate appropriately for Canadian mortgages since the compounding periods for them don't match the payment periods.

 

Follow the steps in that section to compute the effective interest rate, and I believe you'll see the answer you are expecting.

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TheBestofWorld
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Hi!, @Justin38 :

You can see, in pages 137 and later of … HP 10bII+ Financial Calculator - User Manual

From … http://h10032.www1.hp.com/ctg/Manual/c02989763

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Have a nice day !.
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