Calculated Industries 3442 - Manual (Page 51)

46 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P X2
Amortization List for a Range of Payments or Years
For a $225,000, 30-year loan at 7.4% interest, find out how much
interest and principal you’ll pay in payments 1-9 and years 1-10.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter loan amount 2 2 5 ) l 225,000.00
Enter interest 7 • 4 ˆ 7.40
Enter term 3 0 T 30.00
Find monthly payment p “run” 1,557.85
Enter Pmts #1-9 1 : 9 π a “run” 1-9
Find interest a 12,449.13
Find principal a 1,571.56
Total principal and interest a 14,020.69
Find remaining balance a 223,428.44
Find remaining term a 29.25
Find mortgage interest
deduction for Pmts #1-9 a 2,614.32
Enter Years #1-10 1 : 1 0 a “run” 1-120
Find interest a 156,798.68
Find principal a 30,143.87
Total principal and interest a 186,942.55
Find remaining balance a 194,856.13
Find remaining term a 20.00
Find mortgage interest
deduction for Years #1-10 a 32,927.72
Balloon Payment/Remaining Balance Needed to
Pay Off a Loan
You’re looking at a new home with the following financing available:
Loan amount $125,000 at 8.75% amortized over 30 years but due
and payable after 10 years. What is the balloon payment (remaining
balance) after 10 years?
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter the loan amount 1 2 5 ) l 125,000.00
Enter interest 8 • 7 5 ˆ 8.75
Enter term 3 0 T 30.00
Find monthly payment p “run” 983.38
Find balloon/remaining
balance after 10 years 1 0 s a “run” 111,277.99