HP 12c financial calculator 사용자 설명서

 

File name: hp 12c_user's guide_English_HDPMBF12E44 

Page: 135 of 209   

Printered Date: 2005/7/29   

Dimension: 14.8 cm x 21 cm 

 

Leases often call for periodic contractual adjustments of rental payments. For 
example, a 2-year lease calls for monthly payments (at the beginning of the month) 
of $500 per month for the first 6 months, $600 per month for the next 12 months, 
and $750 per month for the last 6 months. This situation illustrates what is called a 
“step-up” lease. A “step-down” lease is similar, except that rental payments are 
decreased periodically according to the lease contract. Lease payments are made 
at the beginning of the period. 

In the example cited, the rental payment stream for months 7 through 24 are 
“deferred annuities,” as they start at some time in the future. The cash flow 
diagram from the investor’s viewpoint looks like this: 

 

To find today’s present value of the cash flows assuming a desired yield, the NPV 
technique may be used. (Refer to pages 58 thru 62.) 

Example 2: A 2-year lease calls for monthly payments (at the beginning of the 
month) of $500 per month for the first 6 months, $600 per month for the next 12 
months, and $750 per month for the last 6 months. If you wish to earn 13.5% 
annually on these cash flows, how much should you invest (what is the present 
value of the lease)? 

fCLEARH   

Initialize. 

500gJ 

First cash flow. 

gK 
5ga 

Second thru sixth cash flows. 

600gK 
12ga 

Next twelve cash flows. 

750gK 
6ga 

Last six cash flows. 

13.5gC 

Monthly interest rate. 

fl 

12,831.75  Amount to invest to achieve a 

13.5% yield.