Accuracy of HP Financial Calculators - Canadian mortgage
|
04-07-2014, 02:12 AM
(This post was last modified: 04-07-2014 08:50 PM by solwarda.)
Post: #9
|
|||
|
|||
RE: Accuracy of HP Financial Calculators - Canadian mortgage
The nominal monthly rate for Canadian mortgages can be calculated as follows:
3%/200 + 1 =1.015^(1/6)=1.0024845167 2464872638 - 1. The Formula for the monthly payment is: $450,000 x .0024845167 2464872638 x (1.0024845167 2464872638)^300/((1.0024845167 2464872638^300) - 1)= $2129.6047434136 4549091198. As can be seen from these extended precision calculations, it all depends on how many decimal places is the calculation carried out internally inside each calculator. |
|||
« Next Oldest | Next Newest »
|
User(s) browsing this thread: 3 Guest(s)