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Finance

Find how many payments are needed

Work out how long it takes to pay off a loan, or reach a savings goal.

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Given the loan, the rate and the payment you can afford, the calculator tells you how many payments it will take. Here we pay 1,199.10 a month on a 200,000 loan at 6% a year.

Classic Financial II

Start on the main screen: Press 2ND then CPT (QUIT) to leave a worksheet and return to the plain calculator. ON/OFF also drops back to the standard screen and clears an error.

  1. Set 12 payments a year and enter the 6% rate.

    2NDP/YI/Y12ENTER2NDQUITCPT6I/Y

  2. Loan in PV, the payment as a negative PMT, and 0 for FV.

    200000PV1199.1+/-PMT0FV

  3. Compute N.

    CPTN

You should see360 payments, which is 30 years of monthly payments.

Classic Financial II key reference · Classic Financial II manual

RPN Financial 12

Start on the main screen: There is no menu to leave: the display always shows the X register. Press f then R/S (P/R) to leave program mode, and clear a pending prefix by pressing ON.

  1. Enter the monthly rate with g, i.

    6g12÷i

  2. Loan in PV, the payment as a negative PMT, and 0 for FV.

    200000PV1199.1CHSPMT0FV

  3. Ask for n.

    n

You should see360.00

This model rounds n up to a whole number of payments, so a part-payment at the end counts as one more.

RPN Financial 12 key reference · RPN Financial 12 manual

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