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U
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— 45
Amortization List for Individual Payment(s)
For a $175,000 loan at 6.85% interest for 30 years, find out how
much interest and how much principal you’ll pay in the first and sec-
ond payments.
Note: Use the
s b
keys to label the payments.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter loan amount 1 7 5 ) l 175,000.00
Enter interest 6 • 8 5 ˆ 6.85
Enter term 3 0 T 30.00
Find monthly payment p “run” 1,146.70*
Enter Payment #1 1 s b a “run” 1-1
Find interest in Payment #1 a 998.96
Find principal in Payment #1
a 147.75
Find principal/interest in
Payment #1 a 1,146.70
Find remaining balance in
Payment #1 a 174,852.25
Find remaining term in
Payment #1 a 29.92
Find mortgage interest
deduction in Payment #1 a 279.71
Display Payment #2 a “run” 2-2
(etc.—sequence repeats for each payment)
— DO NOT CLEAR CALCULATOR —
For the same loan, find the amount of principal and interest paid in
the 36th payment. Also, find the total payment, remaining balance
and remaining term.
STEPS KEYSTROKES DISPLAY
Enter Payment #36 3 6 s b a “run” 36-36
Find interest in Payment #36
a 966.39
Find principal in
Payment #36 a 180.32
Find principal/interest
Payment #36 a 1,146.70*
Find remaining balance a 169,113.79
Find remaining term a 27.00
*Note: Payments are rounded to the nearest whole cent; therefore, the penny difference.
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