Calculated Industries 3442 - Manual (Page 48)

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Amortization List for Individual Year(s) —
Using “Next” Feature
How much total interest and total principal will you pay on a 30-year,
$90,000 loan at 8% interest during the first year? The second year?
Third year, etc.? First, find monthly payment to “set-up” this loan.
The calculator will automatically advance to the next year upon sub-
sequent presses of
a .
Note: The mortgage interest tax deduction is based on the default tax bracket of 21%
unless you have changed it via
s p .
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter loan amount 9 0 ) l 90,000.00
Enter interest 8 ˆ 8.00
Enter term 3 0 T 30.00
Find monthly payment p “run” 660.39
Enter Yr. 1 1 a “run” 1-12
Find total interest in Yr. 1 a 7,172.83
Find total principal in Yr. 1 a 751.83
Find prin./interest in Yr. 1 a 7,924.66
Find remaining balance a 89,248.17
Find remaining term a 29.00
Find mortgage interest
tax deduction in Yr. 1 a 1,506.29
Display next year (Yr. 2) a “run” 13-24
Find total interest in Yr. 2 a 7,110.43
Find total principal in Yr. 2 a 814.23
Find prin./interest in Yr. 2 a 7,924.66
Find remaining balance a 88,433.94
Find remaining term a 28.00
Find mortgage interest
tax deduction in Yr. 2 a 1,493.19
Display next year (Yr. 3) a “run” 25-36
(etc.—sequence repeats for each year)