(71B) Amortization of a Loan

12142019, 02:46 PM
Post: #1




(71B) Amortization of a Loan
Blog Link: http://edspi31415.blogspot.com/2019/12/h...loan.html
Introduction The program AMORT calculates: * The monthly payment of a loan. * An amortization table where the year's interest and principal is calculated. * The amount of the final payment based on the balance. Assumptions: * Payments are made at the end of the month. * The payment and the amount of interest calculated at each month are rounded to the nearest two decimal places. Not every one in finance follows this practice, so you mileage may very. HP 71B Program: AMORT Code:
Notes: * There is no rounding command in the HP 71B's programming language. Lines 140 and 220 has a formula for rounding results to two decimal places: IP(100*n+.5)/100 * STD is floating point display mode (standard) * CHR$(28) prints the capital Sigma character, "Σ" Examples Example 1: Loan: $35,000.00 Rate: 5.8% Term: 5 years Payment: $673.40 Year 1: Interest: $1,866.54, Principal: $6,214.26, Balance: $28,785.74 Year 2: Interest: $1,496.37, Principal: $6,584.43, Balance: $22,201.31 Year 3: Interest: $1,104.14, Principal: $6,976.66, Balance: $15,224.65 Year 4: Interest: $688.59, Principal: $7,392.21, Balance: $7,832.44 Year 5: Interest: $248.25, Principal: $7,832.55, Balance: $0.11 Final Payment: $673.29 Example 2: Loan: $76,000.00 Rate: 4% Term: 6 years Payment: $1,189.03 Year 1: Interest: $2,831.83, Principal: $11,436.53, Balance: $64,563.47 Year 2: Interest: $2,365.89, Principal: $11,902.47, Balance: $52,661.00 Year 3: Interest: $1,880.98, Principal: $12,387.38, Balance: $40,273.62 Year 4: Interest: $1,376.30, Principal: $12,892.06, Balance: $27,381.56 Year 5: Interest: $851.04, Principal: $13,417.32, Balance: $13,964.24 Year 6: Interest: $304.41, Principal: $13,963.95, Balance: $0.29 Final Payment: $1,189.32 

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