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eurekamike250
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Solved!

accrual method on financial calculator

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HP 10b11

I am trying to determine what accrual method is set on my calculator.  I'm trying to confirm an APR on a loan payment, and it is not calculating correctly.

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Jan_D
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Maybe you can give a concrete example with numbers and amounts of money, and what is wrong in the result?

 

 

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eurekamike250
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amount financed $33,096.96  60 months and payment is $602.09  .  On my calculator, APR calculates to 3.622.  On the loan documents, it comes to 3.500. That is the correct amount. 

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David_M
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Those results would indicate that your calculator is set to BEGIN mode as opposed to END, which is customary for mortgage computations.  See this article for an explanation of how to identify and change that setting on your 10bII.

Tim_Wessman
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And payments per  year? And interest? An compunding periods per year?

 

Most likely your interest value does not match the interest compounding. That is near 100% of "wrong calculations" when it comes to finance questions. 🙂

TW

Although I work for the HP calculator group as a head developer of the HP Prime, the views and opinions I post here are my own.
eurekamike250
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Thanks!   Changing that setting worked. 

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