Calculated Industries 3442 - Manual (Page 49)

44 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P X2
Amortization List for Individual Year(s) —
Using Month Offset
The first payment of a loan begins in May. Using the same loan
amounts as the previous example, how much total interest and total
principal will you pay on a 30-year, $90,000 loan at 8% interest dur-
ing the first year?
Note: The mortgage interest tax deduction is based on the default tax bracket of 21%,
unless you have changed it via
s p . The calculator will automatically advance to
the next year upon subsequent presses of a .
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Set Month Offset to May 5 s ) 5.00
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” 1-8
Find total interest in Yr. 1 a 4,788.58
Find total principal in Yr. 1 a 494.53
Find prin./interest in Yr. 1 a 5,283.10*
Find remaining balance a 89,505.47
Find remaining term a 29.33
Find mortgage interest
tax deduction in Yr. 1 a 1,005.60
Display next year (Yr. 2) a “run” 9-20
(etc.—sequence repeats for each payment)
Return Mo. Offset to 1** 1 s ) 1.00
*Payments are rounded to the nearest whole cent; therefore, the penny difference.
**Remember to reset Month Offset to 1. Check this setting by pressing ® ) .