Loading ...
Loading ...
Loading ...
POCKET REFERENCE GUIDE — 24
Amortization —
Using “Next” Feature
• Loan: $300,000
• Term: 30 years
• Interest: 7.5%
• Start Month: January
• Tax Bracket: 28% (Default)
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter loan 3 0 0 ) l
300,000.00
Enter interest 7 • 5 ˆ 7.50
Enter term 3 0 T 30.00
Find payment p 2,097.64
Find # payments
a 1-360
Find total
interest a 455,151.67
Find total
principal a 300,000.00
Find total
payments
a 755,151.67
Find all values for the first year:
Enter Year 1 1 a 1-12
Find total
interest a 22,406.22
Find total
principal a 2,765.50
(Cont’d)
3405PRG-E-B 1/9/04 8:45 AM Page 24
Loading ...
Loading ...
Loading ...