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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.)
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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.
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RE: Accuracy of HP Financial Calculators - Canadian mortgage - solwarda - 04-07-2014 02:12 AM



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