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03-24-2017 04:34 PM
"running" stays on my screen and the calculation isn't going away.
I'm taking a Foundations of Real Estate Mathematics course and just familiarizing myself with the financial calculator, running through some of the exercises provided by my course.
Here's the problem:
"A $60,000 mortgage loan, written at j12 = 12% has a three year term and monthly payments based on a 20 year amortization period. Payments were rounded up to the next higher cent. What is the outstanding balance of the mortgage at the end of its term? i.e., what is the outstanding balance just after the 36th payment (OSB36) has been made?"
The solution they provide is as follows:
The payment is -660.651680142
Actual payments are rounded up to the nearest cent: -660.66
The next part of the solution is provided as follows:
660.66 +/- PMT
36 INPUT AMORT
= = =
According to my manual, the outstanding balance after the 36th monthly payment should be $57,386.96. However my calculator doesn't go past "running" after I hit the AMORT key.
I am using the red shift key for financial functions at the appropriate points.
Solved! Go to Solution.
03-28-2017 06:03 AM - edited 03-28-2017 10:42 AM
I followed your steps exactly on my 10BII+ and got the answer without any problems (although it showed 57,386.95). It did not hang at "running".
All I can think of is to try new batteries as marginally low batteries can cause funny behaviour.
EDIT: there is also a reset hole in the battery compartment, prod it gently with a bent open paper clip.
03-31-2017 02:42 PM
I have something new to add. I just tried the above problem with a decimal place fixed at 2 places and it worked.
However, my course manual is clear I should use a floating decimal place for the course work.
I have tried some similar problems to the one I laid out above and continued to run up against the "running" issue.
Does this suggest any other solutions?
03-31-2017 04:37 PM
I just got off the phone with HP support. The problem has to do with a setting and legal requirements for decimal places in financial calculations in Canada. I didn't quite follow the reason for the problem, but the fix was a simple one:
That last button is the button above the "8" key.
Once I ran through that sequence my calculator delivered the answer I needed.