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U
SER’S GUIDE — 39
Amortization List for Individual Year(s) — Using Month Offset
The first payment of a loan begins in May. How much total interest
and principal will you pay on a 30-year, $90,000 loan at 8% interest
during the first year? The second year? Third year, etc.? (First find
the monthly P&I payment to “set-up” this loan.)
Note: The mortgage interest tax deduction is based on the default tax bracket of 28%
unless you have changed it via s +. Calculator will automatically advance to the
next year upon subsequent presses of a.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Set Month Offset to May 5 s ) 5.00
Enter Loan Amount 9 0 ) l 90,000.00
Enter annual Interest rate 8 ˆ 8.00
Enter Term in years 3 0 T 30.00
Find monthly P&I Payment p “run” 660.39
Enter Year 1 1 a “run” 1-8
Find total interest in Year 1 a 4,788.58
Find total principal in Year 1 a 494.53
Find principal/interest in
Year 1 a 5,283.10*
Find remaining balance
(at the end of Year 1) a 89,505.47
Find remaining term a 29.33
Find mortgage interest
tax deduction in Year 1 a 1,340.80
Display next year (Year 2) a “run” 9-20
(etc. — sequence repeats for each year)
Return Month Offset to 1** 1 s ) 1.00
*Note: Payments are rounded to the nearest whole cent; therefore, the penny difference.
**Note: Remember to reset Month Offset to 1. Check this setting by pressing ® ).
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