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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.