Owner manual

POCKET REFERENCE GUIDE — 13
Mortgage Amount
Approximately how much can you borrow if
the interest rate is 7.5% on a 25-year mort-
gage and you can afford $1,500 in monthly
payments? What if the interest rate is low-
ered to 7%?
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter Interest 7 • 5 ˆ 7.50
Enter Term 2 5 T 25.00
Enter Payment 1 5 0 0 p 1,500.00
Find Mortgage l 205,042.71
Enter new Interest
rate 7 ˆ 7.00
Find new Mortgage
Amount l 214,158.52
Interest Rate
Find the interest rate on a mortgage if the
mortgage amount is $155,500, term is 25
years and payment is $1,150 per month.
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter Mortgage 1 5 5 5 0 0 l
155,500.00
Enter Term 2 5 T 25.00
Enter Payment 1 1 5 0 p 1,150.00
Find annual
Interest ˆ 7.63
Find periodic
Interest ˆ 0.64
– DO NOT CLEAR CALCULATOR –
(Cont’d)