Calculated Industries 3442 - Manual (Page 46)

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Amortization and Remaining Balance
The amortization function is quick and simple. It allows you to find
total interest, principal and remaining balance for an entire loan, for
an individual payment or individual year, or any range of payments
or range of years, for fully or partially amortized loans.
Notes on Amortization
1. When you enter a range of payments using the Colon : key,
you can find all three possible outputs — Interest, Principal and
Remaining Balance — without having to re-enter the range each
time. Simply keep pressing the
a key to find the values.
2. You can also find Remaining Balance using the s a key by
specifying a year or range of years, period or range of periods.
For example, to find the remaining balance after the 10th year,
press
1 0 s a ; to find the remaining balance after the
10th period, press 1 0 π s a .
3. Entered ranges are inclusive, so that a range of 1 to 5 would
include both year 1 and year 5.
4. Entering a numerical value or performing a math operation on
the keyboard will alter the values (including the default settings)
for range of payments calculations. It is, therefore, best to speci-
fy a range of payments or individual payment before you calcu-
late any of the above.
5. In some cases, it is the practice to include a final, regular P&I
payment with the “balloon payment.” This calculator will not
include that in the internal calculation of remaining balance; it
will only display the actual principal balance remaining.
6. If the first payment of a loan begins in a month other than
January, you can set that month by using the Month Offset func-
tion. The default for this setting is 1 (for January). To change the
start month, press the number of the month, then the
s and
) keys. This allows you to calculate the correct number of
periods in the amortization range. For example, if the first pay-
ment of a loan begins in April, the value stored in the month off-
set would be 4 (press
4 s ) ). If requesting amortization
values for year 1 (press 1 a ), the amortization of periods 1-9
would be displayed. Year 2 (press 2 a ) would display values
for periods 10-21. Turning your calculator off and back on
returns the Month Offset to 1 (January).
Note: If you have changed your Month Offset, be sure to return it to 1 (i.e., 1
s ) ) before proceeding to the next problem.
(Cont’d)