Education Technology

# Knowledge Base

## Solution 22331: Calculating Canadian Mortgages on the BA II Plus™ and BA II Plus™ Professional.

### How do I calculate a Canadian mortgage using the BA II Plus or BA II Plus Professional?

Mortgages are compounded twice a year (Semi-Annually) and the payments are made twice a month (Bi-Weekly) throughout the year. The example below will demonstrate how to calculate a Canadian mortgage payment on the BA II Plus or BA II Plus Professional.

Example: A home buyer borrows $100,000 for 30 years at an annual interest rate of 10% compounded semiannually. How much are the monthly payments? Follow the steps below to calculate a Canadian mortgage: • Press [2ND] [FV] to clear any previous entries • Press [2ND] [I/Y], input 26 and press [ENTER] for P/Y • Scroll down then input 2 and press [ENTER] for C/Y. • Press [2nd][QUIT] • Input 30, press [2nd] [xP/Y] and then [N]. • Input 10 and press [I/Y]. • Input 100,000 and press [PV]. • Press [CPT] [PMT]. The payment will be -$397.28

Please see the BA II Plus and BA II Plus Professional guidebooks for additional information.