Calculated Industries 3126 - Manual (Page 53)

Bi-Weekly Loans
The built-in Bi-weekly loan function
(
[Set] [Term]) converts established, fully
amortized monthly loans into bi-week-
lies (one-half the monthly payment is
made every two weeks). With the addi-
tion of two half-payments a year, 26 bi-
weekly payments amount to 13 monthly
payments. This means large interest sav-
ings and a reduction in pay off time.
Bi-Weekly Term Reduction & Payment
Find the initial monthly payment on a
30 year, $76,500 mortgage at a 10.25%
annual interest rate. Next, convert it to
a bi-weekly and calculate the number
of years it will take to pay off. Also
find the total interest savings and the
bi-weekly payment amount.
Steps/Keystrokes Display
1. Clear calculator:
[On/C] [On/C] 0.00
2. Enter loan amount, term in years and
interest rate:
76,500 [L/A]
76,500.00
30 [Term] 30.00
10.25 [Int] 10.25
3. Find monthly payment:
[Pmt] “run” 685.52
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User’s Guide — 53