Calculated Industries 3420 Pocket Reference Guide - Manual (Page 16)

P OCKET R EFERENCE G UIDE — 15
Term of a Mortgage
How long does it take to pay off a mort-
gage of $15,000 at 10% interest if you
make payments of $200 each month?
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter Mtg. 1 5 ) l 15,000.00
Enter Interest 1 0 ˆ 10.00
Enter Payment 2 0 0 p 200.00
Find Term/yrs T 9.71
Periodic Term T 116.54
Mortgage Amount
Approximately how much can you borrow
if the interest rate is 7.5% on a 25-year
mortgage and you can afford $1,500 in
monthly payments? What if the interest
rate is lowered to 7%?
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter Interest 7 • 5 ˆ 7.50
Enter Term 2 5 T 25.00
Enter Payment 1 5 0 0 p 1,500.00
Find Mortgage l 205,042.71
Enter new Interest
rate 7 ˆ 7.00
Find new Mortgage
Amount l 214,158.52
3420PRG-E-A 7/2/04 9:07 AM Page 15