Calculated Industries 3400 - Manual (Page 9)

P OCKET R EFERENCE G UIDE - 7
Interest – Only Payment (Calculation)
Find the interest-only payment on a loan of
$15,000 at 9% interest.
KEYSTROKE DISPLAY
o o 0.00
1 5 0 0 0
l
15,000.00
9 ˆ 9.00
s p 112.50
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?
KEYSTROKE DISPLAY
o o 0.00
7 ˆ 7.00
1 0 0 0 s p 1000.00
l
171,428.57
Quarterly Payment
Find the quarterly payment on a 10-year loan
of $15,000 at 10% annual interest rate.
KEYSTROKE DISPLAY
o o 0.00
4 s ÷ 4.00
1 0 T 10.00
1 5 0 0 0 l
15,000.00
1 0 ˆ 10.00
p 597.54
1 2 s ÷ (return to 12 pmts/yr) 12.00