Calculated Industries 3423 - Manual (Page 66)

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Finding Sales Price and Payment Based on Loan Amount and
Down Payment
Find a home’s sales price if you've been approved for a $200,000,
30-year, 7.5% mortgage and you plan to put 20% down. Also find
your monthly payment.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Loan Amount 2 0 0 ) l 200,000.00
Enter Term in years 3 0 T 30.00
Enter annual Interest rate 7 • 5 ˆ 7.50
Enter Down Payment % 2 0 d 20.00
Find sales Price P 250,000.00
Find monthly P&I Payment p “run” 1,398.43
Total Principal and Interest for a 30-Year Loan
How much total interest will you pay on a $300,000 loan at 7.5%
interest over 30 years? What is the total principal and interest paid?
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Loan Amount 3 0 0 ) l 300,000.00
Enter annual Interest rate 7 • 5 ˆ 7.50
Enter Term in years 3 0 T 30.00
Find monthly P&I Payment p “run” 2,097.64
Find total # of Payments a “run” 1-360
Find total Interest paid a 455,151.67
Find total Principal paid a 300,000.00
Find total Principal/Interest a 755,151.67