Calculated Industries 3420 User Guide - Manual (Page 40)

U SER ’ S G UIDE — 39
Amortization List for Individual Payment(s)
For a $175,000 mortgage at 6.85% interest for 25 years, find out
how much interest and how much principal you’ll pay in the first and
second payments.
Note: Use the π key to label the payments.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Mortgage Amount 1 7 5 ) l 175,000.00
Enter Interest 6 • 8 5 ˆ 6.85
Enter Term 2 5 T 25.00
Find monthly P&I Payment p “run” 1,209.56
Enter Payment #1 1 π a “run” 1-1
Find Interest in Pmt #1 a 984.99
Find Principal in Pmt #1 a 224.57
Find Prin./Int. in Pmt #1 a 1,209.56
Find Rem. Bal. in Pmt #1 a 174,775.43
Find Rem. Term in Pmt #1 a 24.92
Display Payment #2 a “run” 2-2
(etc. — sequence repeats for each payment)
— DO NOT CLEAR CALCULATOR —
For the same mortgage, find the amount of principal and interest
paid in the 36th payment. Also, find the total payment, remaining
balance and remaining term.
STEPS KEYSTROKES DISPLAY
Enter Payment #36 3 6 π a “run” 36-36
Find Interest in Pmt #36 a 936.25
Find Principal in Pmt #36 a 273.32
Find Prin./Int. Pmt #36 a 1,209.56*
Find Remaining Balance a 166,065.90
Find Remaining Term a 22.00
*Note: Payments are rounded to the nearest whole cent; therefore, the penny differ-
ence.
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