Calculated Industries 3126 - Manual (Page 37)

APR Solution
You are taking out a real estate loan of
$50,000 for 25 years at a quoted rate of
9% interest. The loan cost is quoted as
1.5 points and $250 in fees. Find the APR
and total finance charges when these
costs are included?
Steps/Keystrokes Display
1. Clear calculator:
[On/C] [On/C] 0.00
2. Enter loan amount, interest and term,
then find monthly payment:
50,000 [L/A]
50,000.00
9 [Int] CdA 9.00
25 [Term] 25.00
[Pmt] “run” 413.99
3. Recall loan amount and find point cost:
[Rcl] [L/A] 50,000.00
[x] 1.5 [%] [=] 750.00
4. Add fees & find total:
[+] 250 [=] 1,000.00
5. Find APR and total finance charges:
[Set] [Int] “run” CdA 9.26
[Int] 75,196.61
User’s Guide — 37