Manual

U SER ’ S G UIDE — 25
Finding the Interest-Only Payment
Find the interest-only payment on a 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 interest 9 ˆ 9.00
Find interest-only payment s π* 112.50
*The fourth press of the p key also calculates the interest-only payment if you have
a Term entered, but you may use the above keystrokes as a shortcut.
Finding the Term of a Loan
How long does it take to pay off a loan of $15,000 at 10% interest if
you make payments of $200 each month?
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter loan amount 1 5 ) l 15,000.00
Enter interest 1 0 ˆ 10.00
Enter monthly payment 2 0 0 p 200.00
Find term in years T “run” 9.85
Find periodic term T 118.19
Paying Off a Loan Early (Making Larger Payments)
How long does it take to pay off a 30-year, fixed-rate loan 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 loan amount 1 5 0 ) l 150,000.00
Enter interest 7 • 2 5 ˆ 7.25
Enter term 3 0 T 30.00
Find monthly payment p 1,023.26
Add add’tl payment amount + 2 0 0 = 1,223.26
Enter into Payment key and
calculate new payment p 1,223.26
Find reduced loan term T “run” 18.68