Advanced Lease Payments

[Eddie W. Shore]

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

Code:

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.