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POCKET REFERENCE GUIDE — 15
Interest Rate
Find the interest rate on a mortgage if the
loan amount is $98,500, term is 30 years
and payment is $1,150 a month:
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter loan 9 8 5 0 0 l
98,500.00
Enter term 3 0 T 30.00
Enter payment
1 1 5 0 p 1,150.00
Find annual
interest ˆ 13.78
Find periodic
interest ˆ 1.15
Loan Amount
Approximately how much can you borrow
if the interest rate is 6.5% on a 30-year
loan and you can afford $1,500 in month-
ly payments? What if the interest rate is
lowered to 6%?
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter interest 6 • 5 ˆ 6.50
Enter term 3 0 T 30.00
Enter payment
1 5 0 0 p 1,500.00
Find loan l 237,316.23
Enter new interest
rate 6 ˆ 6.00
Find new loan
amount l 250,187.42
3405PRG-E-B 1/9/04 8:45 AM Page 15
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