Calculated-industries 3430 User Guide Manual de usuario descargar pdf (Pagina 40)

SER’S GUIDE — 39

Amortization List for Individual Year(s) — Using Month Offset

The first payment of a loan begins in May. How much total interest

and principal will you pay on a 30-year, $90,000 loan at 8% interest

during the first year? The second year? Third year, etc.? (First find

the monthly P&I payment to “set-up” this loan.)

Note: The mortgage interest tax deduction is based on the default tax bracket of 28%

unless you have changed it via s +. Calculator will automatically advance to the

next year upon subsequent presses of a.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Set Month Offset to May 5 s ) 5.00

Enter Loan Amount 9 0 ) l 90,000.00

Enter annual Interest rate 8 ˆ 8.00

Enter Term in years 3 0 T 30.00

Find monthly P&I Payment p “run” 660.39

Enter Year 1 1 a “run” 1-8

Find total interest in Year 1 a 4,788.58

Find total principal in Year 1 a 494.53

Find principal/interest in

Year 1 a 5,283.10*

Find remaining balance

(at the end of Year 1) a 89,505.47

Find remaining term a 29.33

Find mortgage interest

tax deduction in Year 1 a 1,340.80

Display next year (Year 2) a “run” 9-20

(etc. — sequence repeats for each year)

Return Month Offset to 1** 1 s ) 1.00

*Note: Payments are rounded to the nearest whole cent; therefore, the penny difference.

**Note: Remember to reset Month Offset to 1. Check this setting by pressing ® ).

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Calculated-industries 3430 User Guide Manual de usuario Pagina 40