Calculated Industries QUALIFIER PLUS IIx Guía de usuario descargar pdf (Pagina 30)

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Finding a Quarterly Payment

Find the quarterly payment on a 10-year loan of $15,000 with an

annual interest rate of 12%.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Set to 4 Payments/year 4 s ÷ 4.00

Enter Loan Amount 1 5 ) l 15,000.00

Enter Term in years 1 0 T 10.00

Enter annual Interest 1 2 ˆ 12.00

Find quarterly P&I Payment p “run” 644.36

Reset to 12 Payments/year 1 2 s ÷ “run” 12.00

Bi-Weekly Loans

Your calculator includes a built-in Bi-Weekly loan function (s T),

which allows you to convert established, fully amortized monthly

loans into Bi-Weeklies (in which one-half the monthly payment is

made every two weeks). Because you make two extra half-payments

per year (since 26 Bi-Weekly payments is like making 13 payments/

year), these kinds of loans can amount to large interest savings and

a substantial reduction in the time it takes to pay them off.

You begin these problems by setting up the initial monthly loan and

then pressing s T. A second press of T shows the total

interest savings over the entire loan, a third press calculates the

total interest paid, a fourth press shows the total principal paid, and

a fifth press shows the total payments. A press of p will calculate

the Bi-Weekly payment.

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Calculated Industries QUALIFIER PLUS IIx Guía de usuario Pagina 30