Calculated Industries 3400 - Manual (Page 8)

P OCKET R EFERENCE G UIDE - 6
What is the periodic term, or number of
months?
KEYSTROKE DISPLAY
T 386.76
Interest Rate
Find the interest rate on a mortgage where
the loan amount is $155,000, term is 30
years and the monthly payment is $1,100.
KEYSTROKE DISPLAY
o o 0.00
1 5 5 0 0 0
l
155,000.00
3 0 T 30.00
1 1 0 0 p 1,100.00
ˆ 7.65
What is the periodic interest?
KEYSTROKE DISPLAY
ˆ 0.64
Loan Amount
How much can you borrow if the interest rate
is 7.75% on a 30-year mortgage and you
can afford to pay $1,200 each month?
KEYSTROKE DISPLAY
o o 0.00
7 • 7 5 ˆ 7.75
3 0 T 30.00
1 2 0 0 p 1,200.00
l
167,501.32
(Cont’d)