HP financial calculator wrong ?

From: Rob (NOSPAM_at_NOWHERE.HELL)
Date: 11/04/04 

Date: Thu, 4 Nov 2004 11:42:12 +0100

Person gets 40000 euro
Pays back in 4 month
4700
7000
7000
23000

According to excel the answer should be 16.15% a year intrest.
HP however shows 15.96%

My calculation:

(4700*1+7000*2+7000*3+23000*4)/(4700+7000+7000+23000)=3.158273
That is the avarage payback time (41700 after 3.158273 month)
This should have no effect on the Intrest.

Intrest payed in this 3.1528273 month is 41700-40000=1700 euro.
That is 12/3.1528273*1700 euro = 6459.23 euro a year

So
Intrest per year = 6459.23/40000*100%=16.1481 %

My HP10IIB however calculates 15.98%
cash flow calculation

shift c all
12 p/yr
-40000 Cfj
4700 Cfj
7000Cfj
7000 Cfj
23000 Cfj
IRR/YR=15.96%

What is wrong here ?

Relevant Pages

  • Re: HP financial calculator wrong ?
    ... > According to excel the answer should be 16.15% a year intrest. ... > -40000 Cfj ... After 2 months you'll have to pay back *m, ...
    (sci.math)
  • Re: HP financial calculator wrong ?
    ... > According to excel the answer should be 16.15% a year intrest. ... > -40000 Cfj ... Meaning that when the bank gives an intrest higher than 15.96% then this ... higher then 15.96% this would be a bad investment. ...
    (sci.math)
  • Re: HP financial calculator wrong ?
    ... > According to excel the answer should be 16.15% a year intrest. ... > cash flow calculation ... > -40000 Cfj ...
    (sci.math)