Calculated Industries 3420 User Guide - Manual (Page 64)

U SER ’ S G UIDE — 63
Amortization List for Individual Year(s) — Using “Next” Feature
How much total interest and principal will you pay on a 30-year,
$90,000 loan at 8% interest during the first year? The second year?
Third year, etc.? First, find monthly payment to “set-up” this loan.
The calculator will automatically advance to the next year upon sub-
sequent presses of
a .
Note: The mortgage interest tax deduction is based on the default tax bracket of 28%
unless you have changed it via
s + .
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Loan Amount 9 0 ) l 90,000.00
Enter annual Interest rate 8 ˆ 8.00
Enter Term in years 3 0 T 30.00
Find monthly Payment p “run” 660.39
Enter Year 1 1 a “run” 1-12
Find total Interest in Year 1 a 7,172.83
Find total Principal in Year 1 a 751.83
Find Prin./Interest in Year 1 a 7,924.66
Find Remaining Balance a 89,248.17
Find Remaining Term a 29.00
Find Mortgage Interest
Tax deduction in Year 1 a 2,008.39
Display next year (Year 2) a “run” 13-24
Find total Interest in Year 2 a 7,110.43
Find total Principal in Year 2 a 814.23
Find Prin./Interest in Year 2 a 7,924.66
Find Remaining Balance a 88,433.94
Find Remaining Term a 28.00
Find Mortgage Interest
Tax deduction in Year 2 a 1,990.92
Display next year (Year 3) a “run” 25-36
(etc. — sequence repeats for each year)
3420UG-E-A 7/2/04 9:06 AM Page 63