Calculated Industries 3442 - Manual (Page 50)

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Amortization List for Individual Payment(s)
For a $175,000 loan at 6.85% interest for 30 years, find out how
much interest and how much principal you’ll pay in the first and sec-
ond payments.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter loan amount 1 7 5 ) l 175,000.00
Enter interest 6 • 8 5 ˆ 6.85
Enter term 3 0 T 30.00
Find monthly payment p “run” 1,146.70*
Enter Pmt #1 1 π a “run” 1-1
Find interest in Pmt #1 a 998.96
Find principal in Pmt #1 a 147.75
Find prin./int. in Pmt #1 a 1,146.70
Find rem. bal. in Pmt #1 a 174,852.25
Find rem. term in Pmt #1 a 29.92
Find mortgage interest
deduction in Pmt #1 a 209.78
Display Pmt #2 a “run” 2-2
(etc.—sequence repeats for each payment)
— DO NOT CLEAR CALCULATOR —
For the same loan, find the amount of principal and interest paid in
the 36th payment. Also, find the total payment, remaining balance
and remaining term.
STEPS KEYSTROKES DISPLAY
Enter Pmt #36 3 6 π a “run” 36-36
Find interest in Pmt #36 a 966.39
Find principal in Pmt #36 a 180.32
Find prin./int. Pmt #36 a 1,146.70*
Find remaining balance a 169,113.79
Find remaining term a 27.00
Find mortgage interest
deduction in Pmt #36 a 202.94
*Payments are rounded to the nearest whole cent; therefore, the penny difference.