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HP 12CHewlett Packard 12C#ABA Business Calculator
HP12C Business Calculator HP12CC

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Brand: Hewlett Packard
Part Number: 12C#ABA
UPC: 088698000120


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Comments to date: 6. Page 1 of 1. Average Rating:
paporter 8:28pm on Wednesday, October 20th, 2010 
Buy the HP12C if you are an MBA student or in the finance industry. It will really help if you can figure out how to use it. Buy the HP12C if you are an MBA student or in the finance industry. It will really help if you can figure out how to use it.
dude 8:57pm on Thursday, September 2nd, 2010 
I love my HP-12c. I think it is the best financial calculator around. Once you master RPN (reverse Polish notation) you will never go back. The model is probably the most popular model and is one of the two allowed calcualter in the CFA (Chartered Financial Analyst) exam. I think it is the top one. I thought it doesnot have many functions because there are not many keys. but I am wrong.
jugdish 11:21pm on Friday, July 30th, 2010 
My prev review stated there is no leather pouch like original - actually, there is a pouch. It is a leather fold-over with elastic sides. Replacement for my 12C which was 23 yrs old! - the LED display slowly eroded in the last few years. A superb instrument.
slowmail 2:35am on Wednesday, July 14th, 2010 
HP12C This is an excellent product together with the instruction manual. However. Classic but odd to use Good financial calculator and an acknowledged classic, but weirdly un-intuitive to use.
kkempter 1:07am on Monday, July 5th, 2010 
Buy the HP12C if you are an MBA student or in the finance industry. It will really help if you can figure out how to use it. Buy the HP12C if you are an MBA student or in the finance industry. It will really help if you can figure out how to use it.
strider44 12:56pm on Tuesday, June 22nd, 2010 
I use the HP 12C that I bought in 1982 every business day. It is simply the best financial calculator ever created - a must have for an accountant. I have just started to use this calculator in my coursework towards the CFP Exam. So far I have enjoyed using the calculator. This is the single best product that I use as a CPA.

Comments posted on www.ps2netdrivers.net are solely the views and opinions of the people posting them and do not necessarily reflect the views or opinions of us.

 

Documents

doc0

Page: 33 of 209 Dimension: 14.8 cm x 21 cm

Keystrokes 7 450$ f +

7.00 450.00 5.25 455.25
Stores the annual interest rate. Stores the principal. Accrued interest, 360-day basis. Total amount: principal plus accrued interest.
Example 2: Your friend agrees to the 7% interest on the loan from the preceding example, but asks that you compute it on a 365-day basis rather than a 360-day basis. What is the amount of accrued interest he will owe you in 60 days, and what is the total amount owed? Keystrokes 60n 7 450$ Display

60.00 7.00 450.00

If you have not altered the numbers in the n, i, and PV registers since the preceding example, you may skip these keystrokes. Accrued interest, 365-day basis. Total amount: principal plus accrued interest.

5.18 455.18

Financial Calculations and the Cash Flow Diagram
The concepts and examples presented in this section are representative of a wide range of financial calculations. If your specific problem does not appear to be illustrated in the pages that follow, dont assume that the calculator is not capable of solving it. Every financial calculation involves certain basic elements; but the terminology used to refer to these elements typically differs among the various segments of the business and financial communities. All you need to do is identify the basic elements in your problem, and then structure the problem so that it will be readily apparent what quantities you need to tell the calculator and what quantity you want to solve for. An invaluable aid for using your calculator in a financial calculation is the cash flow diagram. This is simply a pictorial representation of the timing and direction of financial transactions, labeled in terms that correspond to keys on the calculator. The diagram begins with a horizontal line, called a time line. It represents the duration of a financial problem, and is divided into compounding periods. For example, a financial problem that transpires over 6 months with monthly compounding would be diagrammed like this:
Page: 34 of 209 Dimension: 14.8 cm x 21 cm
The exchange of money in a problem is depicted by vertical arrows. Money you receive is represented by an arrow pointing up from the point in the time line when the transaction occurs; money you pay out is represented by an arrow pointing down.

328.00 181.89

Stores total number of payments.* Calculates FV which equals the overpayment if 328 full payments were made. Recalls payment amount. Final, fractional payment.

325.00 143.11

Alternatively, you could make the fractional payment together with the 327th payment. (Doing so will result in a somewhat smaller total of all payments, since you will not have to pay interest during the 328th payment period.) You can calculate this final, larger, 327th payment (essentially a balloon payment) as follows: Keystrokes 327n M :P + Display
327.00 141.87 325.00 466.87
Stores number of full payments. Calculates FV which is the balance remaining after 327 full payments. Recalls payment amount. Final, balloon payment.
Instead of having a fractional (or balloon) payment at the end of the loan, you might wish to make 327 or 328 equal payments. Refer to Calculating the Payment Amount on page 46 for a complete description of this procedure.
* You could skip this step, since 328 is already stored in the n register. If you do so, however,
you will need to press M twice in the next step (for the reason discussed in the first footnote on page 32; you would not have to press M twice if you had not pressed 12z after w in the example above.) We choose to show this and the following example in a parallel format so that the procedure is easy to remember: the number you key is the number of the final payment either the fractional payment or the balloon payment whose amount is to be calculated.
Page: 41 of 209 Dimension: 14.8 cm x 21 cm
Example 2: Youre opening a savings account today (the middle of the month) with a $775 deposit. The account pays 61/4% interest compounded semimonthly. If you make semimonthly deposits of $50 beginning next month, how long will it take for your account to reach $4000?
Keystrokes fCLEARG 6.25\24z 775$ 50P 4000M g n 2z
0.26 775.00 50.00 4,000.00 4,000.00 58.00 29.00
Calculates and stores i. Stores PV (with minus sign for cash paid out). Stores PMT (with minus sign for cash paid out). Stores FV. Sets the payment mode to End. Number of semimonthly deposits. Number of months.
As in Example 1, it is likely that only 57 full deposits will be required, the next and final deposit being less than $50. You can calculate this final, fractional, 58th deposit as in Example 1, except that for this example you must subtract the original FV. (In Example 1, the original FV was zero.) The procedure is as follows:

6,570.72 Portion of second years payments

applied to interest.

309.48 12.00 24.00
Portion of second years payments applied to principal. Number of payments just amortized. Total number of payments amortized.
49,419.21 Balance remaining after 2 years.
Pressing :$ or :n displays the number in the PV or n register. When you did so after each of the last two calculations, you may have noticed that PV and n had been changed from their original values. The calculator does this so that you can easily check the remaining balance and the total number of payments amortized. But because of this, if you want to generate a new amortization schedule from the beginning, you must reset PV to its original value and reset n to 0. For example, suppose you now wanted to generate an amortization schedule for each of the first two months: Keystrokes 50000$ 0n Display
50,000.00 Resets PV to original value. 0.00

Resets n to zero.

Page: 55 of 209 Dimension: 14.8 cm x 21 cm
Keystrokes 1f! ~ 1f! ~ :n
552.08 21.27 551.85 21.50 2.00
Portion of first payment applied to interest. Portion of first payment applied to principal. Portion of second payment applied to interest. Portion of second payment applied to principal. Total number of payments amortized.
If you want to generate an amortization schedule but do not already know the monthly payment: 1. Calculate PMT as described on page 46. 2. Press 0n to reset n to zero. 3. Proceed with the amortization procedure listed on page 54 beginning with step 6. Example: Suppose you obtained a 30-year mortgage instead of a 25-year mortgage for the same principal ($50,000) and at the same interest rate (131/4%) as in the preceding example. Calculate the monthly payment, then calculate the amounts applied to interest and to the principal from the first months payment. Since the interest rate is not being changed, do not press fCLEARG; to calculate PMT, just enter the new value for n, reset PV, then press P. Keystrokes 30gA 50000$ P 0n 1f! ~ :$ Display

Depreciation Calculations
The hp 12c enables you to calculate depreciation and the remaining depreciable value (book value minus salvage value) using the straight-line, sum-of-the-years-digits, and declining-balance methods. To do so with any of these methods: 1. Enter the original cost of the asset, using $. 2. Enter the salvage value of the asset, using M. If the salvage value is zero, press 0M. 3. Enter the expected useful life of the asset (in years), using n. 4. If the declining-balance method is being used, enter the declining-balance 1 factor (as a percentage), using. For example, 1 /4 times the straight-line rate 125 percent declining-balance would be entered as 125. 5. Key in the number of the year for which depreciation is to be calculated. 6. Press: fV for depreciation using the straight-line method. f for depreciation using the sum-of-the-years digits method. f# for depreciation using the declining-balance method. V, , and # each place the amount of depreciation in the display. To display the remaining depreciable value (the book value less the salvage value) after the depreciation has been calculated, press ~.
Page: 68 of 209 Dimension: 14.8 cm x 21 cm
Example: A metalworking machine, purchased for $10,000, is depreciated over 5 years. Its salvage value is estimated at $500. Find the depreciation and remaining depreciable value for the first 3 years of the machines life using the declining-balance method at double the straight-line rate (200 percent declining-balance). Keystrokes 10000$ 500M 5n 200 1f# ~ 2f# ~ 3f# ~ Display
10,000.00 500.00 5.00 200.00 4,000.00 5,500.00 2,400.00 3,100.00 1,440.00 1,660.00
Enters original cost. Enters salvage value. Enters expected useful life. Enters declining-balance factor. Depreciation in first year. Remaining depreciable value after first year. Depreciation in second year. Remaining depreciable value after second year. Depreciation in third year. Remaining depreciable value after third year.
To calculate depreciation and the remaining depreciable value when the acquisition date of the asset does not coincide with the beginning of the fiscal accounting year, refer to the procedures in Section 13. That section also includes a procedure for depreciation calculations when changing from the declining-balance method to the straight-line method, and a procedure for calculating excess depreciation.
Page: 69 of 209 Dimension: 14.8 cm x 21 cm

Section 5

Additional Operating Features

Continuous Memory

The calculators Continuous Memory contains the data storage registers, the financial registers, the stack and LAST X registers, program memory, and status information such as display format, date format, and payment mode. All information in Continuous Memory is preserved even while the calculator is turned off. Furthermore, information in Continuous Memory is preserved for a short time when the batteries are removed, so that you can change the batteries without losing your data and programs. Continuous Memory may be reset if the calculator is dropped or otherwise traumatized, or if power is interrupted. You can also manually reset Continuous Memory as follows: 1. Turn the calculator off. 2. Hold down the - key, and press ;. When Continuous Memory is reset: All registers are cleared. Program memory consists of eight program lines, each containing the instruction g(00. Display format is set to the standard format with two decimal places. Date format is set to month-day-year. Payment mode is set to End. Whenever Continuous Memory has been reset, the display will show Pr Error. Pressing any key will clear this message from the display.
Page: 70 of 209 Dimension: 14.8 cm x 21 cm
Section 5: Additional Operating Features

The Display

Status Indicators
Six indicators that appear along the bottom of the display signify the status of the calculator for certain operations. These status indicators are described elsewhere in this handbook where the relevant operation is discussed.

Number Display Formats

When the calculator is first turned on after coming from the factory or after Continuous Memory has been reset, answers are displayed with two decimal places. Keystrokes 19.8745632\ 5Display

19.87 14.87

Although you see only two decimal places, all calculations in your hp 12c are performed with full 10-digit numbers.
When only two decimal places are displayed, numbers are rounded to two decimal places: if the third digit is 5 through 9, the second digit is increased by one; if the third digit is 0 through 4, the second digit is not affected. Rounding occurs regardless of how many decimal places are displayed. Several options are provided for controlling how numbers appear in the display. But regardless of which display format or how many displayed decimal places you specify, the number inside the calculator which appears altered in the display is not altered unless you use the B, !, V, , or # functions. Standard Display Format. The number 14.87 now in your calculator is currently being displayed in the standard display format with two decimal places shown. To display a different number of decimal places, press f followed by a digit key (0 through 9) specifying the number of decimal places. In the following examples, notice how the displayed form of the number inside the calculator 14.87456320 is rounded to the specified number of digits.

200. 200.00 50.00

Keys in cost of item. Separates cost of item from percentage to be keyed in next. Amount of discount.
Page: 88 of 209 Dimension: 14.8 cm x 21 cm
Section 8: Programming Basics

Keystrokes 5 +

150.00 5. 155.00
Price less discount. Handling charge. Net cost (price less discount plus handling charge).
Next, set the calculator to Program mode and erase any program(s) already stored: Keystrokes fs fCLEAR Display
Sets calculator to Program mode. Clears program(s).
Finally, press the keys that we used above to solve the problem manually. Do not key in 200; this number will vary each time the program is used. Dont be concerned right now about what appears in the display as you press the keys; well discuss that later in this section. Keystrokes \ b 5 + Display

01020304050607-

Running a Program
To run (sometimes called execute) a program: 1. Press fs to set the calculator back to Run mode. If the calculator is already in Run mode (that is, the PRGM status indicator in the display is not lit), skip this step. 2. Key any required data into the calculator, just as if you were calculating manually. When a program is run, it uses the data already keyed into the display and the registers inside the calculator. 3. Press t to begin program execution.
Page: 89 of 209 Dimension: 14.8 cm x 21 cm
Example: Run the program created above to calculate the net cost of a typewriter listing for $625 and an executive chair listing for $159. Keystrokes fs 625 t 159 t Display
155.00 625. 473.75 159. 124.25
Sets calculator to Run mode. Display shows number previously calculated. Keys in price of typewriter. Net cost of typewriter. Keys in list price of chair. Net cost of chair.
Thats all there is to creating and running simple programs! But if you want to use programs frequently, youll want to know more about programming such as how to check what keystrokes are stored in program memory, how many keystrokes can be stored in program memory, how to correct or otherwise modify programs, how to skip keystrokes when running a program, and so on. Before you can understand these aspects of programming, we need to briefly discuss how keystrokes are treated by the calculator when they are stored in Program mode and when they are executed in Run mode.

Program Memory

Keystrokes entered into the calculator in Program mode are stored in program memory. Each digit, decimal point, or function key is called an instruction and is stored in one line of program memory usually referred to simply as a program line. Keystroke sequences beginning with the f, g, ?, :, and i prefix keys are considered to comprise a complete instruction and are stored in only one program line. When a program is run, each instruction in program memory is executed that is, the keystroke in that program line is performed, just as if you were pressing the key manually beginning with the current line in program memory and proceeding sequentially with the higher-numbered program lines. Whenever the calculator is in Program mode (that is, whenever the PRGM status indicator in the display is lit), the display shows information about the program line to which the calculator is currently set. At the left of the display is the number of the program line within program memory. The remaining digits in the display comprise a code that indicates what instruction has been stored in that program line. No code is shown for program line 00, since no regular instruction is stored there.

Adding Instructions by Replacement
1. Press fs to set the calculator to Program mode. 2. Press gi. followed by two digits that specify the last program line to be executed before the added instruction(s). This sets the calculator to the proper program line for adding the new instruction(s) in the next step. 3. Key in the new instruction or instructions. 4. Key in the original instruction or instructions, beginning with the first instruction to be executed after the added instruction(s), and continuing through the last instruction you keyed into program memory.
Note: If program memory includes branches to program lines following that
at which the first new instruction is being added, remember to change the line number(s) specified in the i instruction(s) as described above under Changing the Instruction in a Program Line to the actual new line number(s).
Page: 115 of 209 Dimension: 14.8 cm x 21 cm
116 Section 10: Program Editing
Example: Assuming you have added a - instruction at the end of program memory as in the preceding example, suppose you now wanted to insert an t instruction before the - instruction so that the program will display the amount of the tax before displaying the net income after tax. Since there is only one instruction (-) following the point at which the new instruction is being added, it is simplest to add the t instruction by replacement, as follows: Keystrokes fs gi.08 Display

000825

Sets calculator to Program mode. Sets calculator to last program line to be executed, which contains the b instruction. Keys in new instruction. Keys in original instruction, which was replaced by new instruction added. Sets calculator back to Run mode. Twenty percent tax on $15,000 income. Net income after tax.

fs 15000t t

12,000.00 3,000.00 12,000.00
Adding Instructions by Branching
1. Press fs to set the calculator to Program mode. 2. Press gi. followed by two digits that specify the program line immediately preceding the point at which the new instruction(s) are being added usually, the last program line to be executed before the added instruction(s). This sets the calculator to the proper program line for inserting a i instruction in the next step. This i instruction will replace whatever instruction was already stored there, but that instruction will be keyed back into program memory, to be executed just after the new instructions, in step 7. 3. Press gi followed by two digits that specify the second line after the last line you keyed into program memory. (Branching to the second line rather than to the first is necessary because the first line following the last program in program memory must contain a i00 instruction. The i00 instruction ensures that program execution will branch to line 00 and halt after the program is run.) For example, if the last line you keyed into program memory was line 10, you would press gi12 at this step, preserving the gi00 in line 11. 4. Press gi. followed by two digits that specify the last line you keyed into program memory.

Page: 124 of 209 Dimension: 14.8 cm x 21 cm
Section 12: Real Estate and Lending
Example 1: A borrower is charged 2 points for the issuance of his mortgage. If the mortgage amount is $60,000 for 30 years and the interest rate is 111/2% per year, with monthly payments, what true annual percentage rate is the borrower paying? (One point is equal to 1% of the mortgage amount.) Keystrokes g fCLEARG 30gA 11.5gC 60000$ P :$2b-$ 12 Display
360.00 0.96 60,000.00 594.17 58,800.00 0.98 11.76
Months (into n) Percent monthly interest rate (into i). Loan amount (into PV). Monthly payment (calculated). Actual amount received by borrower (into PV). Percent monthly interest rate (calculated). Annual percentage rate.
Example 2: Using the same information as given in example 1, calculate the APR if the mortgage fee is $150 instead of a percentage. Keystrokes g fCLEARG 30gA 11.5gC 60000$ P :$150-$ 12 Display
360.00 0.96 60,000.00 594.17 59,850.00 0.96 11.53
Months (into n) Percent monthly interest rate (into i). Loan amount (into PV). Monthly payment (calculated). Effective mortgage amount (into PV). Monthly interest rate (calculated). Annual percentage rate.
Page: 125 of 209 Dimension: 14.8 cm x 21 cm
126 Section 12: Real Estate and Lending
Example 3: Again using the information given in example 1, what is the APR if the mortgage fee is stated as 2 points plus $150? Keystrokes g fCLEARG 30gA 11.5gC 60000$ P :$2b150-$ 12 Display
360.00 0.96 60,000.00 594.17 58,800.00 58,650.00 0.98 11.80
Price of a Mortgage Traded at a Discount or Premium
Mortgages may be bought and/or sold at prices lower (discounted) or higher (at a premium) than the remaining balance of the loan at the time of purchase. Given the amount of the mortgage, the periodic payment, the timing and amount of the balloon or prepayment, and the desired yield rate, the price of the mortgage may be found. It should be noted that the balloon payment amount (if it exists) occurs coincident with, and does not include, the last periodic payment amount. Information is entered as follows: 1. Press g and fCLEARG. 2. Key in the total number of periods until the balloon payment or prepayment occurs; press n. (If there is no balloon payment, key in total number of payments and press n.) 3. Key in the desired periodic interest rate (yield) and press. 4. Key in the periodic payment amount; press P.* 5. Key in the balloon payment amount and press M.* (If there is no balloon payment, go to step 6.) 6. Press $ to obtain the purchase price of the mortgage.

KEYSTROKES

fs fCLEAR M M :7 b :n ?0 :$ fCLEARG

DISPLAY

DISPLAY 3334353637383940-4
15 d 15 :n 7 z 25 :11 :.b 13 :P 34 :4
* The Net Cash Proceeds upon Resale (NCPR = sales price commission mortgage balance),
is the pre-tax proceeds. The program assumes that the buyer reinvests in like property and is not subject to capital gains tax.
FV is repeated in the program twice to ensure that it is computed and not stored.
Page: 130 of 209 Dimension: 14.8 cm x 21 cm
:1 $ :3 gC :2 gA P d d 0 n :2 f! d d d :$ +

DISPLAY 43 45

KEYSTROKES :3 :+ 14 P 33 :gA 0 ::+ $ :gC 33 t 33 :gC 13 M 40 fs 16 44454647484950515253545556575859-

DISPLAY 12 15

60-45 61626364-
Page: 131 of 209 Dimension: 14.8 cm x 21 cm
132 Section 12: Real Estate and Lending

REGISTERS

n: Period FV: Used R3: i(Mtg) R7: % Comm. R.1: Unused. i: Apprec. R0: Period R4: Taxes/Mo R8: Rent PV: Price R1: Dwn Pmt R5: Improve. R9: Savings i PMT: Used R2: Life R6: Closing C. R.0: Bracket
1. Key in the program. 2. Key in the estimated down payment then press ?1. 3. Key in the life of the mortgage then press ?2. 4. Key in the annual mortgage interest rate then press ?3. 5. Key in the estimated monthly taxes then press ?4. 6. Key in the total amount estimated for monthly repairs, improvements, incremental insurance, utility costs, and other expenses, then press ?5. 7. Key in the closing costs then press ?6. 8. Key in the selling cost as a percentage of the selling price. This should include sales commission, escrow fees, etc. then press ?7. 9. Key in the monthly rent for the alternative housing then press ?8. 10. Key in the savings or alternative investment annual interest rate as a percentage then press ?9. 11. Key in the combined State and Federal marginal tax rate* as a percentage then press ?.0. 12. Press fCLEARG then key in the number of years involved in the investment; press n. 13. Key in the estimated rate of yearly appreciation as a percentage then press. 14. Key in the price of the house under consideration then press $. 15. Press t to compute the net proceeds from the sale of the house. (A negative value indicates money lost.)

0.00 500.00 500.00 5.00 600.00 12.00 750.00 6.00 1.13 12,831.75
Initialize. First cash flow. Second thru sixth cash flows. Next twelve cash flows. Last six cash flows. Monthly interest rate. Amount to invest to achieve a 13.5% yield.
Page: 135 of 209 Dimension: 14.8 cm x 21 cm

Section 13

Investment Analysis
Partial-Year Depreciation
For both income tax purposes and financial analyses, it is valuable to calculate depreciation based on a calendar or fiscal accounting year. When the acquisition date of an asset does not coincide with the start of the year which is the rule rather than the exception the amounts of depreciation in the first and last years are computed as fractions of a full years depreciation.
Straight-Line Depreciation
The following hp 12c program calculates the straight-line depreciation for the year desired with the acquisition date occurring at any time during the year. KEYSTROKES fs fCLEAR z ?1 ~ ??fV :1 DISPLAY KEYSTROKES DISPLAY

2122232445 43

1 :gm 10 gi:gu 2 :fV 30 t 1 ?=?=gi:2 136
25-43, 33 26272829303132-44 33-42

34-43, 33 3545

Page: 136 of 209 Dimension: 14.8 cm x 21 cm
Section 13: Investment Analysis
KEYSTROKES ?3 :$ ~ $ :n :1

14151617181920-

3 gu 13 :$ 34 :M :3

3637383940-

11 gifs

41-43, 33

n: Life FV: Salvage R3: 1 Yr. Dep.
i: Unused R0: Used R4R.4: Unused
PV: Dep. Value R1: #Mos./12

PMT: Unused R2: Counter

1. Key in the program. 2. Press fCLEARG. 3. Key in the book value then press $. 4. Key in the salvage value then press M. 5. Key in the life in years (an integer) then press n. 6. Key in the year desired then press \. 7. Key in the number of months in the first year and press t.* The display will show the amount of depreciation for the desired year. If desired, press ~ to see the remaining depreciable value then press :$:3=~-:M- to find the total depreciation from the first year through the current year. 8. Press t for the amount of depreciation and remaining depreciable value for the next year. Repeat this step for the following years. 9. For a new case, press gi00 and return to step 2.
* The display will pause showing the year number before showing the amount of depreciation

for that year.

Page: 137 of 209 Dimension: 14.8 cm x 21 cm

Sum-of-the-Years-Digits Depreciation
The following hp 12c program calculates the sum-of-the-years-digits depreciation for the year desired with the acquisition date occurring at any time during the year.

fs fCLEAR z ?1 ~

DISPLAY 31

00010203040544

1 :gm 10 gi:gu

25-43, 43

Page: 141 of 209 Dimension: 14.8 cm x 21 cm
142 Section 13: Investment Analysis

??f :1 ?3 :$ ~ $ :n :1

DISPLAY 44 44
KEYSTROKES 2 :f 30 t 1 ?=?=gi:gu 13 :$ 34 :M :gifs 28293031-

DISPLAY 30

32-44 33-44

34-43, 45

1. Key in the program. 2. Press fCLEARG. 3. Key in the book value then press $. 4. Key in the salvage value then press M. 5. Key in the life in years (an integer) then press n. 6. Key in the year desired then press \.
Page: 142 of 209 Dimension: 14.8 cm x 21 cm
7. Key in the number of months in first year* then press t. The display will show the amount of depreciation for the desired year. If desired, press ~ to see the remaining depreciable value, then press :$:3= ~-:M- to find the total depreciation through the current year. 8. Press t for the amount of depreciation then, if desired, press ~ for the remaining depreciable value for the next year. Repeat this step for the following years. 9. For a new case press gi00 and return to step 2. Example: A commercial movie camera is purchased for $12,000. If maintained properly, the camera has a useful life expectancy of 25 years with $500 salvage value. Using the sum-of-the-years-digits method, what is the amount of depreciation and the remaining depreciable value for the 4th and 5th years? Assume the first depreciation year is 11 months long. Keystrokes fCLEARG 12000$ 500M 25n 4\ 11t ~ t ~ Display
12,000.00 500.00 25.00 4.00 4.00 781.41 8,238.71 5.00 746.02 7,492.69
Book value. Salvage value. Life. Year desired. Fourth year: depreciation, remaining depreciable value. Fifth year: depreciation, remaining depreciable value.
Page: 143 of 209 Dimension: 14.8 cm x 21 cm
144 Section 13: Investment Analysis
Full- and Partial-Year Depreciation with Crossover
When calculating declining-balance depreciation it is often advantageous for tax purposes to switch from declining balance to straight-line depreciation at some point. This hp 12c program calculates the optimum crossover point and automatically switches to straight-line depreciation at the appropriate time. The crossover point is the end of the year in which the declining-balance depreciation last exceeds or equals the amount of straight-line depreciation. The straight-line depreciation is determined by dividing the remaining depreciable value by the remaining useful life. Given the desired year and the number of months in the first year, this program calculates the depreciation for the desired year, the remaining depreciable value, and the total depreciation through the current year.

Page: 184 of 209 Dimension: 14.8 cm x 21 cm

Appendix D

Formulas Used

Percentage

%= Base(y ) Rate(x ) 100 NewAmount( x ) Base(y ) % = 100 Base(y ) Amount( x ) %T = 100 Total(y )

Interest

n i PV FV PMT S I INTG (n) FRAC (n) = number of compounding periods. = periodic interest rate, expressed as a decimal. = present value. = future value or balance. = periodic payment. = payment mode factor (0 or 1) indicating treatment of PMT. 0 corresponds to End, 1 to Begin. = interest amount. = integer portion of n. = fractional portion of n.

Simple Interest

I 360 = I 365

n PV i 360 n = PV i 365

Page: 185 of 209 Dimension: 14.8 cm x 21 cm
186 Appendix D: Formulas Used

Compound Interest

Without an odd period:
1 (1 + i ) n n 0 = PV + (1 + iS ) PMT + FV (1 + i ) i
With simple interest used for an odd period:
1 (1 + i ) INTG(n ) 0 = PV [1 + iFRAC(n)] + (1 + iS )PMT + i

FV (1 + i ) INTG(n)

With compound interest used for an odd period:
1 (1 + i ) INTG(n) 0 = PV (1 + i )FRAC(n) + (1 + iS )PMT + i
n INTj PRNj PVj j INT1 PRN1 PV1 INTj PRNj PVj
= number of payment periods to be amortized. = amount of PMT applied to interest in period j. = amount of PMT applied to principal in period j. = present value (balance) of loan after payment in period j. = period number. = {0 if n = 0 and payment mode is set to Begin. |PV0 i|RND (sign of PMT) = PMT INT1 = PV0 + PRN1 = |PVj 1 i|RND (sign of PMT) for j > 1. = PMT INTj = PVj 1 + PRNj
INT = INTj = INT1 + INT2 +. + INTn
PRN = PRN j = PRN1 + PRN2 +. + PRNn

PVn = PV0 + PRN

Page: 186 of 209 Dimension: 14.8 cm x 21 cm
Appendix D: Formulas Used
Discounted Cash Flow Analysis

Net Present Value

NPV CFj = net present value of a discounted cash flow. = cash flow at period j.

NPV = CF0 +

CF1 (1 + i )

CF2 (1 + i )

CFn (1 + i )n

Internal Rate of Return

n CFj IRR
= number of cash flows = cash flow at period j. = Internal Rate of Return
nq (1 + IRR ) q < j + CF0
1 (1 + IRR ) nj 0 = CFj IRR j =1

Calendar

Actual Day Basis
DYS = f(DT2) f(DT1) where f(DT) = 365 (yyyy) + 31 (mm 1) + dd + INTG (z/4) x and for mm 2 x=0 z = (yyyy) 1 for mm > 2 x = INTG (0.4mm + 2.3) z = (yyyy) INTG = Integer portion. Note: Additional tests are performed in order to ensure that the century (but not millennium) years are not considered leap years.

30/360 Day Basis

DAYS = f(DT2) f(DT1) f(DT) = 360 (yyyy) + 30mm + z for f(DT1) if dd1 = 31 then z = 30 if ddthen z = dd1 for f(DT2) if dd2 = 31 and dd1 = 30 or 31 then z = 30 if dd2 = 31 and dd1 < 30 then z = dd2 if dd2 < 31 then z = dd2
Page: 187 of 209 Dimension: 14.8 cm x 21 cm
188 Appendix D: Formulas Used

, 37 , 92 Backstep, 92 Balloon payments, 40, 41 Battery, 193 Battery power, low, 12, 16, 193 Battery, installing, 19394 BEGIN status indicator, 37 Bonds, 6668, 16367, 188, 202 Bonds, 30/360 day basis, 16365 Bonds, annual coupon, 166 Bonds, corporate, 67
Page: 208 of 209 Dimension: 14.8 cm x 21 cm
Compound interest, 3953, 186 Compound interest calculation, 11 Compounding periods, 34, 39 Conditional branching, 1078 Conditional test instructions, 107 Constants, arithmetic calculations with, 177 Constants, arithmetic calculations with, 75 Continuous compounding, 162, 191 Continuous effective rate, 162 Continuous memory, 70 Continuous memory, resetting of, 33, 37, 70, 72, 93, 94
Display format, mantissa, 73 Display format, standard, 71 Display formats, number, 71 Display, scientific notation, 72 Displaying numbers, 32 Displays, special, 73
, 18 Editing a program, 113 Effective interest rate, converting, 161 Entry errors, 75 Error conditions, 74 Error, Pr, 74 Errors, 74 Errors, in digit entry, 75 Excess depreciation, 148 Exponent, 18, 85 Exponential, 83
, 2931 , 68, 172 , 51, 172 D.MY status indicator, 30 Data storage registers, 2325 Date format, 29, 70 Dates, days between, 31 Dates, future or past, 30 Days, between dates, 31 Decimal places, rounding, 71 Decimal point, changing, 17 Declining-balance depreciation, 139 Deferred annuities, 13435 Depreciation, 68, 13648, 18990 Depreciation, declining-balance, 139 Depreciation, excess, 148 Depreciation, partial year, 13648 Depreciation, sum-of-the-years-digits, 141 Depreciation, with crossover, 14448 Digit entry, recovering from errors in, 75 Digit entry, termination of, 19, 171 Discounted cashflow analysis, 57 Display, 71
Factorial, 83 Financial registers, 32 Financial registers, clearing, 33 Fractional, 84 Future value, 36 Future value, calculating, 48 FV, 36
, 12 , 172 , 12 Indicators, status, 71 Instructions in program lines, 91 Interest rate, annual, 43 Interest rate, periodic, 43
Page: 209 of 209 Dimension: 14.8 cm x 21 cm

210 Subject Index

doc1

4gA 6gC 500P g $

48.00 0.50 500.00 500.00 -21,396.61
Example 2: We now need to determine how to accumulate the required deposit by the time your daughter enters college 14 years from now. Lets say that she has a paid-up $5,000 insurance policy that pays 5.35%, compounded annually. How much would it be worth by the time she enters college? In this example, we need to calculate FV, the future value. Keystrokes Display -21,396.61 Clears previous financial data fCLEARG inside the calculator. 14n 5.35 5000$

14.00 5.35 -5,000.00

Stores the number of compounding periods. Stores the periodic interest rate. Stores the present value of the policy.

* Dont

be concerned now about the minus sign in the display. That and other details will be

explained in Section 3.

Page: 13 of 275 Dimension: 14.8 cm x 21 cm

Keystrokes M

Display

10,371.79

Value of policy in 14 years.
Example 3: The preceding example showed that the insurance policy will provide about half the required amount. An additional amount must be set aside to provide the balance (21,396.61 10,371.79 = 11,024.82). Suppose you make monthly payments, beginning at the end of next month, into an account that pays 6% annually, compounded monthly. What payment amount would be required in order to accumulate $11,024.82 in the 14 years remaining? Keystrokes fCLEARG 14gA 6gC 11024.82M g P Display
10,371.79 168.00 0.50 11,024.82 11,024.82 42.03
Clears previous financial data inside the calculator. Calculates and stores the number of compounding periods. Calculates and stores the periodic interest rate. Stores the future value required. Sets payment mode to End. Monthly payment required.
Example 4: Suppose you cannot find a bank that currently offers an account with 6% annual interest compounded monthly, but you can afford to make $45 monthly payments. What is the minimum interest rate that will enable you to accumulate the required amount? In this problem, we do not need to clear the previous financial data inside the calculator, since most of it is unchanged from the preceding example. Keystrokes 45P :gC Display

45.00 0.43 5.13

Stores payment amount. Periodic interest rate. Annual interest rate.
This is only a small sampling of the many financial calculations that can now be done easily with your hp 12c platinum. To begin learning about this powerful financial tool, just turn the page.

Simple Arithmetic Calculations in ALG Mode
In ALG mode, any simple arithmetic calculation involves two numbers and an operation addition, subtraction, multiplication, or division. To do such a calculation on your hp 12c platinum, you tell the calculator the first number, then the operation to be performed, and then tell the calculator the second number. The answer is calculated when the equals key (}) is pressed. For example, to calculate 21.1 + 23.8, do the following: Keystrokes (ALG mode) OO 21.1+ 23.8 } Display

0.00 21.10 23.8 44.90

Clears any pending operations. Keys in the first number and prepares to add the second. Keys the second number. } completes the calculation.
Once a calculation has been completed: pressing another digit key starts a new calculation, or pressing an operator key continues the calculation. Keystrokes (ALG mode) OO 77.3590.89} 65gr12} z3.5} Display
0.00 77.35 13.54 96.75 27.64
Clears any pending operations. } completes the calculation. New calculation:

Calculates 96.75 3.5

You can also do long calculations without pressing } after each intermediate calculation: just press it at the end. The operators perform from left to right, in the order you enter them. Note that if you have just pressed }, there is no need to press OO before starting a new calculation the } key will have completed any pending operations.
Page: 22 of 275 Dimension: 14.8 cm x 21 cm
Chain Calculations in RPN Mode
Whenever the answer has just been calculated and is therefore in the display, you can perform another operation with this number by simply keying in the second number and then pressing the operation key: you need not press \ to separate the second number from the first. This is because when a number is keyed in after a function key (such as +,-,, z, etc.) is pressed, the result of that prior calculation is stored inside the calculator just as when the \ key is pressed. The only time you must press the \ key to separate two numbers is when you are keying them both in, one immediately following the other. The hp 12c platinum is designed so that each time you press a function key in RPN mode, the calculator performs the operation then not later so that you see the results of all intermediate calculations, as well as the bottom line. Example: Suppose youve written three checks without updating your checkbook, and youve just deposited your paycheck for $1,053 into your checking account. If your latest balance was $58.33 and the checks were written for $22.95, $13.70, and $10.14, what is the new balance? Solution: When written down on paper, this problem would read 58.33 22.95 13.70 10.14 + 1053 Keystrokes (RPN mode) 58.33 \ 22.95 Display

Storing and Recalling Numbers
To store the number from the display into a data storage register: 1. Press ? (store). 2. Key in the register number: 0 through 9 for registers R0 through R9, or.0 through.9 for registers R.0 through R.9. Similarly, to recall a number from a storage register into the display, press : (recall), then key in the register number. This copies the number from the storage register into the display; the number remains unaltered in the storage register. Furthermore, when this is done, the number previously in the display is automatically held inside the calculator for a subsequent calculation, just as the number in the display is held when you key in another number.
Page: 27 of 275 Dimension: 14.8 cm x 21 cm
Example: Before you leave to call on a customer interested in your personal computer, you store the cost of the computer ($1,250) and also the cost of a printer ($500) in data storage registers. Later, the customer decides to buy six computers and one printer. You recall the cost of the computer, multiply by the quantity ordered, and then recall and add the cost of the printer to get the total invoice. Keystrokes 1250?0 500?2 ; Later that same day Keystrokes (RPN mode) ; ::2 + Display Display

1,250.00 500.00

Stores the cost of the computer in R0. Stores the cost of the printer in R2. Turns the calculator off.
500.00 1,250.00 7,500.00 500.00 8,000.00
Turns the calculator back on. Recalls the cost of the computer to the display. Multiplies the quantity ordered to get the cost of the computers. Recalls the cost of the printer to the display. Total invoice.
Keystrokes (ALG mode) ; :+:2
500.00 1,250.00 6. 500.00 8,000.00
Turns the calculator back on. Recalls the cost of the computer to the display. Multiplies by the quantity ordered to get the cost of the computers. Recalls the cost of the printer to the display. Total invoice.
Page: 28 of 275 Dimension: 14.8 cm x 21 cm
Clearing Storage Registers
To clear a single storage register that is, to replace the number in it with zero merely store zero into it. You need not clear a storage register before storing data into it; the storing operation automatically clears the register before the data is stored. To clear all storage registers at once including the financial registers, the stack registers, and the LAST X register press fCLEARH.* This also clears the display. All storage registers are also cleared when Continuous Memory is reset (as described on page 86).

Percent of Total in ALG Mode
In ALG mode, to calculate what percentage one number is of another: 1. Calculate the total amount by adding the individual amounts, just as in a chain arithmetic calculation. 2. Key in the number whose percentage equivalent you wish to find. 3. Press Z. Example: Last month, your company posted sales of $3.92 million in the U.S., $2.36 million in Europe, and $1.67 million in the rest of the world. What percentage of the total sales occurred in Europe? Keystrokes (ALG mode) 3.92+ 2.36+ 1.67} 2.36 Z Display
Keys in the first number and separates it from the second. Adds the second number. Adds the third number to get the total. Keys in 2.36 to find what % it is of the number in the display. Europe had nearly 30% of the total sales.
Page: 36 of 275 Dimension: 14.8 cm x 21 cm
To find what percentage a number is of a total, when you already know the total number: 1. Key in the total number. 2. Press } to separate the other number from the total number. 3. Key in the number whose percentage equivalent you wish to find. 4. Press Z. For example, if you already knew in the preceding example that the total sales were $7.95 million and you wanted to find what percentage of that total occurred in Europe: Keystrokes (ALG mode) 7.95} 2.36 Z Display
Keys in the total amount and separates it from the next number. Keys in 2.36 to find what percentage it is of the number in the display. Europe had nearly 30% of the total sales.

Calendar Functions

The calendar functions provided by the hp 12c platinum gD and g can handle dates from October 15, 1582 through November 25, 4046. These calendar functions work the same in both RPN and ALG modes.

Date Format

For each of the calendar functions and also for bond calculations (fE and fS) the calculator uses one of two date formats. The date format is used to interpret dates when they are keyed into the calculator as well as for displaying dates. Month-Day-Year. To set the date format to month-day-year, press g. To key in a date with this format in effect: 1. Key in the one or two digits of the month. 2. Press the decimal point key (.). 3. Key in the two digits of the day. 4. Key in the four digits of the year. Dates are displayed in the same format.
Page: 37 of 275 Dimension: 14.8 cm x 21 cm
For example, to key in April 7, 2004: Keystrokes 4.072004 Display

4.072004

Day-Month-Year. To set the date format to day-month-year, press g. To key in a date with this format in effect: 1. Key in the one or two digits of the day. 2. Press the decimal point key (.). 3. Key in the two digits of the month. 4. Key in the four digits of the year. For example, to key in 7 April, 2004: Keystrokes 7.042004 Display

325.00 143.11

Keystrokes (ALG mode) 328n M
Stores total number of payments.* Calculates FV which equals the overpayment if 328 full payments were made.
* You could skip this step, since 328 is already stored in the n register. If you do so, however,
you will need to press M twice in the next step (for the reason discussed in the first footnote on page 41; you would not have to press M twice if you had not pressed 12z in RPN mode or z12} in ALG mode after w in the example above.) We choose to show this and the following example in a parallel format so that the procedure is easy to remember: the number you key is the number of the final payment either the fractional payment or the balloon payment whose amount is to be calculated.
Page: 51 of 275 Dimension: 14.8 cm x 21 cm
Keystrokes (ALG mode) +:P }
Recalls payment amount. Final, fractional payment.
Alternatively, you could make the fractional payment together with the 327th payment. (Doing so will result in a somewhat smaller total of all payments, since you will not have to pay interest during the 328th payment period.) You can calculate this final, larger, 327th payment (essentially a balloon payment) as follows: Keystrokes (RPN mode) 327n M Display

327.00 141.87

Stores number of full payments. Calculates FV which is the balance remaining after 327 full payments. Recalls payment amount. Final, balloon payment.

325.00 466.87

Keystrokes (ALG mode) 327n M
Instead of having a fractional (or balloon) payment at the end of the loan, you might wish to make 327 or 328 equal payments. Refer to Calculating the Payment Amount on page 58 for a complete description of this procedure.
Page: 52 of 275 Dimension: 14.8 cm x 21 cm
Example 2: Youre opening a savings account today (the middle of the month) with a $775 deposit. The account pays 6.25% interest compounded semimonthly. If you make semimonthly deposits of $50 beginning next month, how long will it take for your account to reach $4,000?
Keystrokes (RPN mode) fCLEARG 6.25\24z 775$ 50P 4000M g n 2z Keystrokes (ALG mode) fCLEARG 6.25z24 775$ 50P 4000M
0.26 775.00 50.00 4,000.00 4,000.00 58.00 29.00
Calculates and stores i. Stores PV (with minus sign for cash paid out). Stores PMT (with minus sign for cash paid out). Stores FV. Sets the payment mode to End. Number of semimonthly deposits. Number of months.
0.26 775.00 50.00 4,000.00
Calculates and stores i. Stores PV (with minus sign for cash paid out). Stores PMT (with minus sign for cash paid out). Stores FV.
Page: 53 of 275 Dimension: 14.8 cm x 21 cm

200. 200.00 50.00 150.00 5. 155.00
Keys in cost of item. Separates cost of item from percentage to be keyed in next. Amount of discount. Price less discount. Handling charge. Net cost (price less discount plus handling charge).
Keystrokes (ALG mode) 200 25b + 5 }
Next, set the calculator to Program mode and erase any program(s) already stored: Keystrokes fs fCLEAR Display Sets calculator to Program mode.

Clears program(s).

Finally, press the keys that we used above to solve the problem manually. Do not key in 200; this number will vary each time the program is used. Dont be concerned right now about what appears in the display as you press the keys; well discuss that later in this section.
Page: 105 of 275 Dimension: 14.8 cm x 21 cm
106 Section 8: Programming Basics
Keystrokes (RPN mode) \ b 5 +
001, 002, 003, 004, 005, 006, 007,
Keystrokes (ALG mode) b + 5 }

Running a Program

To run (sometimes called execute) a program: 1. Press fs to set the calculator back to Run mode. If the calculator is already in Run mode (that is, the PRGM status indicator in the display is not lit), skip this step. 2. Key any required data into the calculator, just as if you were calculating manually. When a program is run, it uses the data already keyed into the display and the registers inside the calculator. 3. Press t to begin program execution.
Page: 106 of 275 Dimension: 14.8 cm x 21 cm
Example: Run the program created above to calculate the net cost of a typewriter listing for $625 and an executive chair listing for $159. Keystrokes (RPN mode) fs f] 625 t 159 t Display
155.00 155.00 625. 473.75 159. 124.25
Sets calculator to Run mode. Display shows number previously calculated. Sets RPN mode. Keys in price of typewriter. Net cost of typewriter. Keys in list price of chair. Net cost of chair.
Keystrokes (ALG mode) fs f[ 625 t 159 t
Sets calculator to Run mode. Display shows number previously calculated. Sets ALG mode. Keys in price of typewriter. Net cost of typewriter. Keys in list price of chair. Net cost of chair.
Thats all there is to creating and running simple programs! But if you want to use programs frequently, youll want to know more about programming such as how to check what keystrokes are stored in program memory, how many keystrokes can be stored in program memory, how to correct or otherwise modify programs, how to skip keystrokes when running a program, and so on. Before you can understand these aspects of programming, we need to briefly discuss how keystrokes are treated by the calculator when they are stored in Program mode and when they are executed in Run mode.

Page: 129 of 275 Dimension: 14.8 cm x 21 cm
130 Section 9: Branching and Looping
These rules can be summarized as DO if TRUE.
The program line immediately following that containing the conditional test instruction can contain any instruction; however, the most commonly used instruction there is i. If a i instruction follows a conditional test instruction, program execution branches elsewhere in program memory if the condition is true and continues with the next line in program memory if the condition is false.
Example: The following program calculates income tax at a rate of 20% on incomes of $20,000 or less and 25% on incomes of more than $20,000. To conserve program lines, the program assumes that the test value 20,000 has been stored in register R0 and the tax rates 20 and 25 have been stored in registers R1 and R2, respectively.
Note: If a program requires that certain numbers be in the X- and
Y-registers when instructions such as go are executed, it is extremely helpful when writing the program to show the quantities in each register after each instruction is executed, as in the following diagram (which shows an RPN mode program, although it works in a similar way in ALG mode.).
Page: 130 of 275 Dimension: 14.8 cm x 21 cm
RPN program notes: Well key the income into the display before running the program so that it will be in the X-register when the :0 instruction in program line 001 is executed. This instruction will place the test value 20,000 in the X-register and (as explained in Appendix A) move the income into the Y-register. The ~ instruction in program line 002 will exchange the numbers in the X- and Y-registers (as also explained in Appendix A): that is, it will place the income back into the X-register and place the test value into the Y-register. This is necessary because when either the :2 instruction in line 005 or the :1 instruction in line 007 is executed, the number in the X-register is moved into the Y-register; if the ~ instruction were not included, the test value 20,000, rather than the income, would be in the Y-register when the b instruction in line 008 is executed. Keystrokes (RPN mode) f] fs Display

007,43, 33,002

Sets calculator to Program mode. (Display shows program line at which execution was halted at end of preceding example.) Clears program memory.

fCLEAR :0 ~

000, 001, 002, 34

Storing Another Program

To store a program after another program is already stored in program memory: 1. Press fs to set the calculator to Program mode. Do not clear program memory. 2. Press gi. followed by three digits that specify the number of the last line you keyed into program memory.
Note: If this is the second program to be stored in program memory, you
will need to ensure that a i000 instruction separates it from the first program by doing step 3. If there are already two or more programs stored in program memory, skip step 3 and proceed with step 4. 3. Press gi000. This automatically converts a data storage register into seven additional lines of program memory (if there was not already a i000 instruction remaining at the end of program memory), and it ensures that program execution will branch to line 000 after the first program is run. 4. Key the program into program memory. If you are storing a program that you originally had written to be stored at the beginning of program memory and the program contains a i instruction, be sure to change the line number specified in the instruction so that the program will branch to the actual new line number.
Note: The next two steps are included so that program execution will halt
after this program is run and will return to the beginning of the program if it is run again. If the program ends with a loop, you should skip steps 5 and 6 since the instructions in those steps would serve no purpose and never be executed. 5. Press t. This halts program execution at the end of the program. 6. Press gi followed by three digit keys that specify the first line number of your new program. This transfers program execution to the beginning of the new program when the program is run again.
Page: 149 of 275 Dimension: 14.8 cm x 21 cm
150 Section 11: Multiple Programs
Example 1: Assuming that program memory still contains the last program from the preceding section (which consisted of 17 program lines in RPN mode and 23 program lines in ALG mode), store after that program the office-supplies program from Section 8 (page 104). Since this is the second program to be stored in program memory, well ensure that a i000 instruction separates it from the first program by doing step 3 in the procedure above. Furthermore, since this program does not end with a loop, well do steps 5 and 6 too. Keystrokes (RPN mode) fs gi.017 gi000 \ b 5 + t gi019 fs Display Sets calculator to Program mode.

Page: 209 of 275 Dimension: 14.8 cm x 21 cm

210 Section 14: Leasing

n 1 P $ :4 + :5 ~ z fs
DISPLAY 018, 019, 020, 021, 022, 023, 024, 025, 026, 027, 34 10
:4 n 1 P $ + :4 :5 z ~ fs
DISPLAY 018, 019, 020, 021, 022, 023, 024, 025, 026, 027, 028, 029, 030, 34 36
n: Used. FV: Residual R3: Residual i: Interest R0: # Pmts (n) R4: # Adv. Pmt. PV: Used R1: Interest. R5: Used PMT: 1. R2: Loan. R6R.6: Unused
1. Key in the program. 2. Key in the total number of payments then press ?0. 3. Key in or calculate the periodic interest rate then press ?1. 4. Key in the loan amount then press ?2. 5. Key in the residual value then press ?3. 6. Key in the total number of payments made in advance then press ?4. Then press t to obtain the payment amount received by the lessor.
Page: 210 of 275 Dimension: 14.8 cm x 21 cm
7. For a new case, return to step 2. The values changed from the previous case are the only values which need to be re-entered. Example 1: A copier worth $22,000 is to be leased for 48 months. The lessee has agreed to make 4 payments in advance, with a purchase option at the end of 48 months enabling him to buy the copier for 30% of the purchase price. What monthly payment is necessary to yield the lessor 15% annually:
Keystrokes (RPN mode) f] 48?0 15\ 12z?1 22000?2 30b?3 4?4t
Keystrokes (ALG mode) f[ 48?0 15z 12?1 22000?2
48.00 15.00 1.25 22,000.00 487.29

Duration of lease.

Monthly interest rate.
30b?3 6,600.00 4?4t Monthly payment received by lessor.
Example 2: Using the information from example 1, what would the monthly payments be if the lessor desired a yield of 18% annually? Keystrokes (RPN mode) Keystrokes (ALG mode) Display

487.29

18\12z ?1t 18z12 ?1t
From previous example. Monthly interest rate. Monthly payment received by lessor.

1.50 520.81

Page: 211 of 275 Dimension: 14.8 cm x 21 cm

212 Section 14: Leasing

Solving for yield is essentially the same as solving for Internal Rate of Return (IRR). The keystrokes are as follows: 1. Press fCLEARH. 2. Key in the amount of the first cash flow then press gJ. This initial amount is the difference between the initial loan amount and any payments received at closing time. Observe the sign convention: positive for cash received and negative for cash paid out. 3. Key in the amount of the first cash flow then press gK. Then key in the number of times that cash flow occurs then press ga. 4. Key in 0gK then the number of advance payments minus one. Then press ga. 5. Key in the residual then press gK. Then press fL to solve for periodic yield. Example: Equipment worth $5,000 is leased for 36 months at $145 per month. The lessee has agreed to pay the first and last months payments in advance. At the end of the lease, the equipment may be purchased for $1,500. What is the annual yield to the lessor if the equipment is purchased?

:1 :6 + $ 2 fs
DISPLAY 039, 040, 041, 042, 043, 044, 045, 046, 2 20

} g(000 :1 :6 $ 2 } fs

DISPLAY 039, 36
040,43, 33, 000 041, 042, 043, 044, 045, 046, 047, 048, 049, 36
n: days/180 FV: Red+Cpn./2 R3: Dset R7R.3: Unused 1. Key in the program. 2. If the C status indicator is not displayed, press ?. 3. Key in the annual coupon interest rate as a percentage then press ?2. 4. Key in the settlement date (MM.DDYYYY)* then press ?3. 5. Key in the maturity date (MM.DDYYYY)* then press ?4. 6. Key in the redemption value as a percentage of par then press ?5. i: Yield/2 R0: Yield R4: Dmat PV: Price R1: Price. R5: Redemption PMT: Coupon/2. R2: Coupon R6: Accrued Int.
* For information about date format see pages 37 to 38.
Page: 219 of 275 Dimension: 14.8 cm x 21 cm

220 Section 16: Bonds

7. If price is desired: a. Key in the desired yield to maturity as a percentage then press ?0. b. Press t to calculate price as a percentage of par value. c. RPN: Press ~ to display accrued interest due the seller. Press + to calculate the total price paid. c. ALG: Press +~ to display accrued interest due the seller and then press } to calculate the total price paid. For a new case return to step 3. Note that only those values which have been changed need to be reentered and stored. 8. If yield is desired: a. Press 0?0. b. Key in the price as a percentage of par value and press ?1. c. Press t to compute annual yield to maturity. For a new case return to step 3. Note that only those values which have been changed need to be reentered and stored. Example 1: What price should you pay on August 28, 2004 for a 5.5% bond (computed with a 30/360 basis) that matures on June 1, 2008, if you want a yield of 4.75%? What price should you pay for a yield of 4.5%? This problem assumes a redemption value of 100. Keystrokes (RPN mode) f] ? Keystrokes (ALG mode) f[ ? Set compound interest mode if the C indicator is not on. Display
5.5?2 8.282004?3 6.012008?4 100?5 4.75?0 t ~ 4.5?0

The diagram shows why we said in section 1 that the \ key separates the second number entered from the first number entered. Note also that this positions the 5 in the Y-register above the 2 in the X-register just like they would be positioned if you wrote the calculation vertically on paper:
Page: 228 of 275 Dimension: 14.8 cm x 21 cm
Appendix A: RPN and the Stack
Now lets see what happens in the stack during a chain calculation in RPN mode:

(3 4) + (5 6) 7

See how the intermediate results are not only displayed when they are calculated, but also automatically stored and available in the stack at just the right time! Thats basically how the stack operates. In the rest of this appendix, well take a more detailed look at how numbers are entered into and rearranged within the stack, and the effect of the various hp 12c platinum functions on the numbers in the stack.
Getting Numbers Into the Stack: The
As discussed in earlier sections, if two numbers are being keyed in for a two-number function such as + you press \ between the numbers to separate them. The following diagram illustrates what happens in the stack when you enter the numbers 10 and 3 (to calculate, for example, 10 3). (Assume that the stack registers have been already loaded with the numbers shown as the result of previous calculations).
When a digit is keyed into the display, it is simultaneously entered into the X-register. As additional digit keys are pressed, the corresponding digits are appended (that is, added to the right of) those already in the displayed X-register until \ is pressed. As shown in the preceding diagram, pressing \ does the following: 1. It copies the number from the displayed X-register into the Y-register. This process is part of the stack lift. 2. It tells the calculator that the number in the displayed X-register is complete: that is, it terminates digit entry.
Page: 229 of 275 Dimension: 14.8 cm x 21 cm
230 Appendix A: RPN and the Stack

0.00 87.50 1,337.50

Clears any pending operations. Interest on the loan is $87.50. You owe this amount at the end of one year.
To find the percent difference between two numbers: 1. Key in the base number. 2. Press } to separate the other number from the base number. 3. Key in the other number. 4. Press. Example: Yesterday your stock fell from 35.5 to 31.25 per share. What is the percent change? Keystrokes (ALG mode) OO 35.5} 31.25 Display

0.00 35.50 31.25 -11.97

Clears any pending operations. Keys in the base number and separates it from the other number. Keys in the other number. Nearly a 12% decrease.
Page: 241 of 275 Dimension: 14.8 cm x 21 cm
242 Appendix B: Algebraic Mode (ALG)

Percent of Total

To calculate what percentage one number is of another: 1. Calculate the total amount by adding all individual amounts. 2. Key in the number whose percentage equivalent you wish to find. 3. Press Z. Example: Last month, your company posted sales of $3.92 million in the U.S., $2.36 million in Europe, and $1.67 million in the rest of the world. What percentage of the total sales occurred in Europe? Keystrokes Display (ALG mode) OO 3.92+ 2.36+ 1.67} 2.36 Z
0.00 3.92 6.28 7.95 2.36 29.69
Clears any pending operations. Keys in the first number. Adds the second number. Adds the third number to get the total. Keys in 2.36 to find out what percentage it is of the number in the display. Europe had nearly 30% of the total sales.

The Power Function

Pressing q calculates a power of a number, that is, yx. Like the arithmetic function +, q requires two numbers: 1. Key in the base number (which is designated by the y on the key). 2. Press q and key in the exponent (which is designated by the x on the key) 3. Press } to calculate the power. Dont forget to press OO if you are unsure if there are any pending operations.

21.4 21.4 (2)

Page: 242 of 275 Dimension: 14.8 cm x 21 cm

Appendix C

More About L
Given a sequence of positive and negative cash flows, we hope that there is enough information to determine whether an IRR answer exists, and what that answer is. For the vast majority of cases, your hp 12c platinum will find the unique IRR answer if it exists. But the IRR computation is so complex that if the cash flow sequence does not meet certain criteria, then sometimes the calculator is unable to determine whether or not an answer or answers exist. Lets look at all of the possible outcomes of IRR as calculated by your hp 12c platinum: Case 1: A positive answer. If a positive answer is displayed, it is the only such answer. One or more negative answers may also exist. Case 2: A negative answer. If a negative answer is displayed, there may be additional negative answers, and there may be a single positive answer. If additional answers (negative or positive) exist, they can be calculated using the procedure described below. Case 3: The calculator displays Error 3. This indicates that the computation is very complex, possibly involving multiple answers, and cannot be continued until you give the calculator an estimate of IRR. The procedure for doing so is described below. Case 4: The calculator displays Error 7. This indicates that there is no answer to the computation of IRR with the cash flow amounts you have entered. This situation is probably the result of a mistake in entering the magnitudes or signs of the cash flows or the number of times a cash flow amount occurs consecutively. Refer to Reviewing Cash Flow Entries (page 79) and Changing Cash Flow Entries (page 80) to check and correct the entries. Error 7 will result if there is not at least one positive cash flow and at least one negative cash flow. Although the calculator will eventually reach one of the above outcomes, it may take a long time to get there. You may wish to terminate the IRR iterative process, by pressing any key, to see what interest rate the calculator has computed at that point. If you stop the calculation, you may continue searching for IRR as described below.

R Q R~ Q~

Error 3: IRR

Refer to Appendix C.

Error 4: Memory
Attempting to enter more than 400 program lines. Attempting to i to a program line that does not exist. Attempting storage register arithmetic in R5 through R9 or R.0 through R.9. Too many open parentheses.
Page: 246 of 275 Dimension: 14.8 cm x 21 cm
Appendix D: Error Conditions
Error 5: Compound Interest
Operation n Condition i = 0 and PMT = 0 PMT is between FV d and PV d, inclusive,
i ( ) 100 where d = , where S=0 for END S (1 + i ) 100
mode and 1 for BEG mode. i 100 n=0 n 1010 or n < 0 i 100 Cash flows all have same sign. $ P i 100 n=0 i 100 i 100 x0 x is noninteger. i 100 n0 n > 1010 x0 x is noninteger PMT < 0 PMT < 0

M ! l V # E S

Page: 247 of 275 Dimension: 14.8 cm x 21 cm
248 Appendix D: Error Conditions
Error 6: Storage Registers
Operation ? : K a l L a Condition Storage register specified does not exist or has been converted to program lines. n specifies a storage register that does not exist or has been converted to program lines. n > 80 n<0 n is noninteger x > 99 x<0 x is noninteger Attempted to input Nj for CF0

Error 7: IRR

Page: 248 of 275 Dimension: 14.8 cm x 21 cm

Error 8: Calendar

Operation D D E S Condition Improper date format or illegal date. Attempting to add days beyond calculators date capacity. Improper date format or illegal date. More than 500 years between settlement (purchase) date and maturity (redemption) date. Maturity date earlier than settlement date. Maturity date has no corresponding coupon date (6 months earlier).*

Error 9: Service

Refer to Appendix F.

Pr Error

Continuous Memory has been reset. (Refer to Continuous Memory, page 86.) You have reset the calculator using the reset hole (see page 261).
* This is the case for the 31st of March, May, August, October, and December, plus August 29
(except in a leap year) and 30. For example, there is no September 31, so March 31 has no corresponding coupon date 6 months earlier. To correct this problem for all maturity dates except August 29 and 30, add one day to both the settlement date and the maturity date in your calculations. For instance, if a bond were purchased on June 1, 2004 (the settlement date) with a maturity date of December 31, 2005, you should change the dates to June 2, 2004 and January 1, 2006 for your calculations. For August 29 and 30, there is no calculator solution that gives the correct answer.

 

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