Calculated Industries 3416 Pocket Reference Guide - Manual (Page 11)

P
OCKET
R
EFERENCE
G
UIDE
— 7
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?
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter Interest 7 ˆ 7.00
Enter Payment 1 ) s p 1000.00
Find Loan l 171,428.57
Term of a Loan
How long does it take to pay off a loan of
$15,000 at 10% interest if you make pay-
ments of $200 each month?
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter loan 1 5 ) l 15,000.00
Enter interest 1 0 ˆ 10.00
Enter payment 2 0 0 p 200.00
Find term/years T 9.85
Number of
months T 118.19