Calculated Industries 3401 User Manual
Page 12
U
SER
’
S
G
UIDE
- 10
Total Interest, Principal and Remaining
Balance - for Range of Years
How much Total Interest and Principal will
you pay in years 1-5 on a 30-year, $100,000
loan at 7% interest? What is the Remaining
Balance after payments 1-36?
KEYSTROKE
DISPLAY
o o
0.00
1 0 0 0 0 0 l
100,000.00
7 ˆ
7.00
3 0 T
30.00
p
665.30
5 a
(Range of Payments)
1-60
a
(Total Interest)
34,049.74
a
(Total Principal)
5,868.41
a
(Total Payments)
39,918.15
a
(Remaining Balance)
94,131.59
Note: Any number entered into
a
that is higher than
the term will be considered periodic rather than annual.
Balloon Payment/Remaining Balance
Find Remaining Balance after ten years on
a 30-year, $300,000 loan at 7.5% interest.
KEYSTROKES
DISPLAY
o o
0.00
3 0 0 0 0 0 l
300,000.00
7 • 5 ˆ
7.50
3 0 T
30.00
p
2,097.64
1 0 ∫
260,384.96