Calculated Industries 3420 User Guide - Manual (Page 36)

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Amortization and Remaining Balance
The amortization function is quick and simple. It allows you to find
total Interest, Principal, and Remaining Balance for an entire mortgage,
for an individual payment or individual year, or any range of payments
or range of years, for fully or partially amortized mortgages.
Notes on Amortization
1. When you enter a range of payments using the Colon : key,
you can find all three possible outputs — Interest, Principal and
Remaining Balance — without having to re-enter the range each
time. Simply keep pressing the
a key to find the values.
2. You can also find Remaining Balance using the s a key by
specifying a year or range of years, period or range of periods.
For example, to find the remaining balance after the 10th year,
press
1 0 s a ; to find the remaining balance after the
10th period, press 1 0 π s a .
3. Entered ranges are inclusive, so that a range of 1 to 5 would
include both year 1 and year 5.
4. Entering a numerical value or performing a math operation on
the keyboard will alter the values (including the default settings)
for range of payments calculations. It is therefore best to specify
a range of payments or individual payment before you calculate
any of the above.
5. In some cases, it is the practice to include a final, regular P&I
payment with the “balloon payment.” This calculator will not
include that in the internal calculation of remaining balance; it
will only display the actual principal balance remaining.
6. If the first payment of a mortgage begins in a month other than
January, you can set that month by using the Month Offset func-
tion. The default for this setting is 1 (for January). To change the
start month, press the month number, then the
s and )
keys. This allows you to calculate the correct number of periods
in the amortization range. For example, if the first payment of a
mortgage begins in April, the value stored in the month offset
would be 4 (
4 s ) ). If requesting amortization values for
year one ( 1 a ), the amortization of periods 1-9 would be dis-
played. Year two ( 2 s ) would display values for periods 10-
21. Turning your calculator off and back on returns the Month
Offset to 1 (January).
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