Instruction Manual

USER’S GUIDE - 8
Interest–Only Payment (Entry)
How much can you borrow if the interest rate
is 7% on a 30-year interest–only mortgage
and you can afford to pay $1,000 each
month?
KEYSTROKE DISPLAY
o o 0.00
7 ˆ 7.00
1 0 0 0 j 1000.00
l 171,428.57
Quarterly Payment
Find the quarterly payment on a 10-year loan
of $15,000 at 10% annual interest rate.
KEYSTROKE DISPLAY
o o 0.00
4 s ÷ 4.00
1 0 T 10.00
1 5 0 0 0 l 15,000.00
1 0 ˆ 10.00
p 597.54
1 2 s ÷
(return to 12 pmts/yr) 12.00
Amortization-Total Interest and Principal
Paid
How much Interest, Principal and Total
Payments will you pay on a 30-year,
$180,000 loan at 7% interest?