Calculated Industries 3420 User Guide - Manual (Page 41)

40 — Q UALIFIER P LUS ® III X
Amortization List for a Range of Payments or Years
For a $225,000, 25-year mortgage at 7.4% interest, find out how
much interest and principal you'll pay in payments 1-9, and then for
years 1-10.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Mortgage Amount 2 2 5 ) l 225,000.00
Enter Interest 7 • 4 ˆ 7.40
Enter Term 2 5 T 25.00
Find monthly Payment p “run” 1,631.89
Enter Payments #1-9 1 : 9 π a “run” 1-9
Find Interest a 12,240.39
Find Principal a 2,446.63
Find Principal and Interest a 14,687.01
Find Remaining Balance a 222,553.37
Find Remaining Term a 24.25
Enter Years #1-10 1 : 1 0 a “run” 1-120
Find Interest a 149,169.59
Find Principal a 46,657.27
Total Principal and Interest a 195,826.85
Find Remaining Balance a 178,342.73
Find Remaining Term a 15.00
Balloon Payment / Remaining Balance Needed to Pay Off
a Mortgage
You’re looking at a new home with the following financing available:
loan amount $225,000 at 6.75% amortized over 25 years but due
and payable after 10 years. What is the balloon payment (remaining
balance) after 10 years?
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Mortgage Amount 2 2 5 ) l 225,000.00
Enter Interest 6 • 7 5 ˆ 6.75
Enter Term 2 5 T 30.00
Find monthly P&I Payment p “run” 1,541.36
Find Balloon/Remaining
Balance after 10 years 1 0 s a “run” 175,202.35
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