Calculated Industries 3423 - Manual (Page 18)

P
OCKET
R
EFERENCE
G
UIDE
— 14
(Cont’d)
Effective Interest Rate
What is the Effective Interest Rate?
STEPS KEYSTROKES DISPLAY
Find Effective
Rate (Eff%) s ˆ 7.51
Non-Monthly Mortgages and Payments
Per Year (Pmt/Yr)
Most mortgages are paid monthly. If paying
a non-monthly mortgage, however, the
number of payments per year must be
changed by entering the number of pay-
ments per year, then pressing
s ÷ , as
shown in the following exercise:
Enter number of payments per year:
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
4 s ÷ (Pmt/Yr) 4.00
To recall the currently stored number of
payments, press
® ÷ :
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
® ÷ (Pmt/Yr) 4.00
IMPORTANT: Return your calculator to 12
payments per year (default):
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
1 2 s ÷ (Pmt/Yr)
12.00