Calculated Industries 3401 - Manual (Page 8)

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- 6
Monthly Payment
Find the Monthly Payment on a 30-year loan
of $220,000 at 7.5% annual interest rate.
KEYSTROKE DISPLAY
o o 0.00
2 2 0 0 0 0 l 220,000.00
7 • 5 ˆ 7.50
3 0 T
30.00
p
1,538.27
Term
How long does it take to pay off a loan of
$275,000 at 6.5% interest if you make
payments of $1,700 each month?
KEYSTROKE DISPLAY
o o 0.00
2 7 5 0 0 0 l 275,000.00
6 • 5 ˆ
6.50
1 7 0 0 p
1,700.00
T 32.23
What is the Periodic term, or number of months?
KEYSTROKE DISPLAY
T 386.76
Interest Rate
Find the interest rate on a mortgage where
the loan amount is $155,000, term is 30
years and the Monthly Payment is $1,100.
LOAN EXAMPLES