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P
OCKET REFERENCE GUIDE — 14
Amortization
Loan: $300,000
Term: 30 years
Interest: 7.5%
Find total interest and principal for the life
of the loan:
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter loan 3 0 0 ) l
300,000.00
Enter interest 7 • 5 ˆ 7.50
Enter term 3 0 T 30.00
Find P&I pmt p 2,097.64
Find # pmts a 1-360
Find total int. a 455,151.67
Find total prin. a 300,000.00
Find total pmts
a 755,151.67
Find all values for the first year:
Enter Year 1 1 a 1-12
Find total int. a 22,406.22
Find total prin. a 2,765.50
Find total pmts
a 25,171.72
Find balance a 297,234.50
Rem. term a 29.00
Tax deduct. a 6,273.74
Note: Based on default 28% tax bracket and
loan starting in January. To change these val-
ues, see Large User’s Guide.
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