Calculated Industries 3420 User Guide - Manual (Page 39)

38 — Q UALIFIER P LUS ® III X
Amortization List for Individual Year(s) — Using Month Offset
The first payment of a mortgage begins in May. How much total
interest and principal will you pay on a 25-year, $90,000 mortgage at
8% interest during the first year? The second year? Third year, etc.?
(First find monthly payment to “set-up” this mortgage.)
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Set Month Offset to May 5 s ) 5.00
Enter Mortgage Amount 9 0 ) l 90,000.00
Enter Interest 8 ˆ 8.00
Enter Term 2 5 T 25.00
Find monthly P&I Payment p “run” 686.89
Enter Year 1 1 a “run” 1-8
Find total Interest in Year 1 a 4,703.92
Find total Principal in Year 1 a 791.22
Find Prin./Interest in Year 1 a 5,495.14
Find Remaining Balance a 89,208.78
Find Remaining Term a 24.33
Display next year (Year 2) a “run” 9-20
(etc. — sequence repeats for each year)
Return Mo. Offset to 1* 1 s ) 1.00
*Note: Remember to reset Month Offset to 1. Check this setting by pressing ® ) .
3420UG-E-A 7/2/04 9:06 AM Page 38