Calculated Industries 3416 User Guide - Manual (Page 28)

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Finding the Monthly Mortgage (P&I) Payment
Find the monthly P&I (principal and interest) payment on a 30-year,
fixed-rate mortgage of $265,000 at 6.75% annual interest.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter loan amount 2 6 5 ) l * 265,000.00
Enter term 3 0 T 30.00
Enter interest 6 • 7 5 ˆ 6.75
Find monthly P&I payment p “run” 1,718.78
*Note: Use the ) key to save keystrokes.
What is the new payment, if the interest rate is lowered to 6.5%?
STEPS KEYSTROKES DISPLAY
Enter new interest rate 6 • 5 ˆ 6.50
Find monthly P&I payment p “run” 1,674.98
Interest-Only Payment (Calculation)
Find the interest-only payment on a loan of $15,000 at 9% interest.
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter Loan 1 5 ) l 15,000.00
Enter Interest 9 ˆ 7.00
Find payment s p * 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.
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