Calculated-industries 3420 User Guide Instrukcja Użytkownika Pobierz pdf (Strona 28)

SER

’

UIDE

— 27

Paying Off a Mortgage Early (Making Larger Payments)

How long does it take to pay off a 25-year fixed-rate mortgage of

$150,000 at 7.25% interest if you add an extra $200 to the mortgage

payment each month?

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter Mortgage Amount 1 5 0 ) l 150,000.00

Enter Interest 7 • 2 5 ˆ 7.25

Enter Term 2 5 T 25.00

Find P&I monthly Payment p 1,073.88

Add add’tl Payment amount + 2 0 0 = 1,273.88

Store as Payment p 1,273.88

Find reduced Term T “run” 16.95

Finding the Interest Rate

Find the interest rate if the mortgage amount is $98,500, term is 25

years and payment is $765 a month.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter Mortgage Amount 9 8 5 0 0 l 98,500.00

Enter Term 2 5 T 25.00

Enter monthly P&I Payment 7 6 5 p 765.00

Find annual Interest ˆ* “run” 8.21

Find periodic Interest ˆ 0.68

*Note: If desired, press

s 9

, and press

, and repeat to toggle between

Canadian Mortgage Interest and U.S. Interest modes. Display will read “CDN” when

calculating Canadian interest, and “USA” for U.S. rates.

Finding the Interest-Only Payment

Find the interest-only payment on a 5-year loan of $15,000 at 9%

interest.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter Loan Amount 1 5 ) l 15,000.00

Enter Term 5 T 5.00

Enter Interest 9 ˆ 9.00

Find monthly Interest-only

Payment p p p p* “run” 110.45

*The fourth press of the

key calculates the interest-only Payment.

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