John buys a house that costs $275,000 and agrees to pay for it with a 15 year mortgage at 6% per year, compounded monthly. What is John's monthly payment on the loan?
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A. B. C. D. E.Explanation
On the BAII Plus, press 180 N, 6 divide 12 = I/Y, 275000 PV, 0 FV, CPT PMT. On the HP12C, press 180 n, 6 ENTER 12 divide i, 275000 PV, 0 FV, PMT. Make sure the BAII Plus has the P/Y value set to 1.