Calculated Industries 3401 - Manual (Page 12)

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- 10
Total Interest, Principal and Remaining
Balance - for Range of Years
How much Total Interest and Principal will
you pay in years 1-5 on a 30-year, $100,000
loan at 7% interest? What is the Remaining
Balance after payments 1-36?
KEYSTROKE DISPLAY
o o 0.00
1 0 0 0 0 0 l 100,000.00
7 ˆ
7.00
3 0 T 30.00
p 665.30
5 a (Range of Payments) 1-60
a (Total Interest) 34,049.74
a (Total Principal) 5,868.41
a (Total Payments) 39,918.15
a (Remaining Balance) 94,131.59
Note: Any number entered into a that is higher than
the term will be considered periodic rather than annual.
Balloon Payment/Remaining Balance
Find Remaining Balance after ten years on
a 30-year, $300,000 loan at 7.5% interest.
KEYSTROKES DISPLAY
o o
0.00
3 0 0 0 0 0 l
300,000.00
7 • 5 ˆ 7.50
3 0 T 30.00
p
2,097.64
1 0 ∫ 260,384.96