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Generally a project will involve financing that has a payment due monthly or annually. This section shows how to calculate a payment using the HP $10$B finance functions.

Consider a small buy$-$to$-$let in London, UK that was bought for $220,000$ and you will use $70$ percent debt on the investment. Given that the debt cost is $6\mathrm{.}5$ percent, what will be your monthly payment? Assume that this is a fixed rate mortgage for the five years.

PV $=$ PMT x $($APVF$)$

Where: PV is the current or present value

PMT is the monthly payment

APVF is the annuity present value factor and is calculated per $1$ dollar $($or $,$ etc.$)$

Calculator steps using Finance function keys:

First, in order to clear all information from the calculator to enter new data press

$[2$ND$]($RESET$)[$ENTER$]$

This will clear all TVM entries and reset all values to zero. This step will also set the P$/$Y and C$/$Y back to one.

To set compound per year to $12$ press $[2$ND$]($P$/$Y$)12[$Enter$][2$ND$]($QUIT$)$

a$.$ Clear and set compound to $12($as above$)$

b$.$ Enter $60(60$ months$=5$ years$)$ Press $[$N$]$

c$.$ Enter $220,000$ X $\mathrm{.}7=$ Press $[$PV$]$

d$.$ Enter $6\mathrm{.}5$ Press $[$I$/$Y$]$

e$.$ Press $[$CPT$]$ then $[$PMT$]$ Display will read $3,013\mathrm{.}19$

What is the payment on a $60$ per cent loan on a London office building valued at $30,000,000$ if the rate is $6\mathrm{.}25$ over $25$ years with monthly payments