Calculated-industries 3416 User Guide Bedienungsanleitung PDF herunterladen (Seite 30)

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Paying Off a Mortgage Early (Making Larger Payments)

How long does it take to pay off a 30-year, fixed-rate mortgage of

$150,000 at 8.5% interest if you add an extra $200 to the mortgage

payment each month?

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter loan amount 1 5 0 ) l 150,000.00

Enter interest 8 • 5 ˆ 8.50

Enter term 3 0 T 30.00

Find monthly P&I payment p 1,153.37

Add additional payment

amount + 2 0 0 = 1,353.37

Enter as new

payment amount p 1,353.37

Find reduced loan term T “run” 18.15

Simple Interest vs. Compound Interest

If you borrow $5,000 at 6% simple interest, how much will you owe

at the end of 5 years?

*This is a simple math problem and does not require the use of TVM keys.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Multiply loan amount

by interest 5 ) x 6 % = 300.00

Multiply by term x 5 = 1,500.00

Add original loan amount + 5 ) = 6,500.00

If the loan is compounded monthly, what will you owe?

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter loan amount 5 ) l 5,000.00

Enter term 5 T 5.00

Enter interest 6 ˆ 6.00

Find future value s l “run” 6,744.25

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Calculated-industries 3416 User Guide Bedienungsanleitung Seite 30