Calculated Industries 3423 - Manual (Page 38)

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Amortization List for Individual Year(s) — Using “Next” Feature
How much total interest and principal will you pay on a 25-year,
$90,000 mortgage at 8% interest during the first year? The second
year? Third year, etc.? First, find monthly payment to “set-up” this
mortgage. The calculator will automatically advance to the next year
upon subsequent presses of
a .
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Mortgage Amount 9 0 ) l 90,000.00
Enter Interest rate 8 ˆ 8.00
Enter annual Term in years 2 5 T 25.00
Find monthly P&I Payment p “run” 686.89
Enter Year 1 1 a “run” 1-12
Find total interest in Year 1 a 7,040.09
Find total principal in Year 1 a 1,202.62
Find P&I in Year 1 a 8,242.71
Find remaining balance a 88,797.38
Find remaining term a 24.00
Display next year (Year 2) a “run” 13-24
Find total interest in Year 2 a 6,941.95
Find total principal in Year 2 a 1,300.75
Find P&I in Year 2 a 8,242.71
Find remaining balance a 87,496.63
Find remaining term a 23.00
Display next year (Year 3) a “run” 25-36
(etc. — sequence repeats for each year)