Calculated-industries 3416 User Guide Manual de usuario descargar pdf (Pagina 28)

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Finding the Monthly Mortgage (P&I) Payment

Find the monthly P&I (principal and interest) payment on a 30-year,

fixed-rate mortgage of $265,000 at 6.75% annual interest.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter loan amount 2 6 5 ) l* 265,000.00

Enter term 3 0 T 30.00

Enter interest 6 • 7 5 ˆ 6.75

Find monthly P&I payment p “run” 1,718.78

*Note: Use the

)

key to save keystrokes.

What is the new payment, if the interest rate is lowered to 6.5%?

STEPS KEYSTROKES DISPLAY

Enter new interest rate 6 • 5 ˆ 6.50

Find monthly P&I payment p “run” 1,674.98

Interest-Only Payment (Calculation)

Find the interest-only payment on a loan of $15,000 at 9% interest.

STEPS KEYSTROKES DISPLAY

Clear o o 0.00

Enter Loan

1 5 ) l 15,000.00

Enter Interest

9 ˆ 7.00

Find payment

s p* 112.50

*The fourth press of the

key also calculates the interest-only payment if you have

a Term entered, but you may use the above keystrokes as a shortcut.

Interest-Only Payment (Entry)

How much can you borrow if the interest rate is 7% on a 30-year

interest-only mortgage and you can afford to pay $1,000 each month?

STEPS KEYSTROKES DISPLAY

Clear o o 0.00

Enter Interest

7 ˆ 7.00

Enter Payment

1 ) s p 1000.00

Find Loan

l 171,428.57

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Calculated-industries 3416 User Guide Manual de usuario Pagina 28

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