Saturday, March 17, 2018

HP Prime: Advanced Payments for a Lease


HP Prime:  Advanced Payments for a Lease

Introduction

The program ADVPMT calculates the monthly payment of lease several payments are paid simultaneously at the beginning of the lease.

Firmware 13441 is used.   This program uses the TmvPV function from the Finance App.  The “Finance.” suffix will allow the program to be used regardless of which app HP Prime is set to.

HP Prime Program ADVMPT

EXPORT ADVPMT(N,I,P,S,A)
BEGIN
// advance monthly payments
// 2018-03-15 EWS
// HP 17BII+
LOCAL X;
X:=(−P-S*
Finance.TvmPV(N,I,0,−1,12))/
(Finance.TvmPV(N-A,I,−1,0,12)+A);
RETURN ROUND(X,2);
END;

Example

Find the monthly payment of a 48 payment, 4.6% lease where 3 payments are required in advance.  The amount financed is $10,000 with an expected salvage value of $2,000. 

Input:  ADVPMT(48,4.6,10000,2000,3)

Result:  -263.54

Each payment will be $263.54, with the first payment being three times that amount, or $790.62.

Source: 
Hewlett Packard.  HP 17bII+ Financial Calculator User’s Guide  Edition 3, 2007  San Diego.

Eddie

This blog is property of Edward Shore, 2018.

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