Calculated Industries 3423 - Manual (Page 16)

P
OCKET
R
EFERENCE
G
UIDE
— 12
(Cont’d)
• Once an answer is calculated (for exam-
ple, a payment) you can change any
variable and recompute for a new
answer
without having to re-enter the
other data.
Monthly Mortgage Payment
Find the monthly payment on a 25-year
mortgage of $165,000 at 7.75% annual
interest.
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter Mortgage 1 6 5 ) l
165,000.00
Enter Term 2 5 T 25.00
Enter Interest 7 • 7 5 ˆ 7.75*
Find Payment p 1,233.08
*Note: When entering or calculating interest in
Canadian Mode, the letters “CDN” will appear in
the upper left side of the calculator display.
Term of a Mortgage
How long does it take to pay off a mort-
gage of $15,000 at 10% interest if you
make payments of $200 each month?
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter Mortgage 1 5 ) l 15,000.00
Enter Interest 1 0 ˆ 10.00
Enter Payment 2 0 0 p 200.00
Find Term/yrs T 9.71
Periodic Term T 116.54