Calculated Industries 3420 User Guide - Manual (Page 31)

30 — Q UALIFIER P LUS ® III X
Bi-Weekly Term Reduction and Payment
Find the monthly payment on a 25-year, $198,500 loan at 7.85%
annual interest. Then convert it to a Bi-Weekly and find out how
many years it will take to pay off this loan, the total interest savings,
total payments and the Bi-Weekly payment.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Loan Amount 1 9 8 5 0 0 l 198,500.00
Enter Term in years 2 5 T 25.00
Enter annual Interest 7 • 8 5 ˆ 7.85
Find monthly P&I Payment p “run” 1,496.02
Find Bi-Weekly Term s T “run” 20.14
Find total Interest savings T 57,191.24
Find total Interest paid T 193,115.09
Find total principal T 198,500.00
Find total Payments T 391,615.09
Find Bi-Weekly Payment p 748.01
Clear calculator o o 0.00
Sales Price / Down Payment
One of the unique features of this calculator is its ability to work with
not only Mortgage Amount, but with Sales Price and Down Payment.
You can enter two values to find the third (e.g., enter Price and
Down Payment to find Mortgage Amount). You may also enter the
down payment in both percent or dollar format. For example, to
enter 20%, enter 20 and press the
d key (you do not have to
label it as a percent). Or enter $20,000 (e.g., 2 0 ) d ).
Note: A number under 100 entered as the Down Payment is assumed to be a per-
centage.
Note: When using P , d , and l keys, it's recommended that you always enter
the two known values (Price and Down Payment), then solve for the third (Mortgage
l ), before calculating financial values.
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