Calculated Industries QUALIFIER PLUS IIx Betriebsanweisung PDF herunterladen (Seite 66)

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Bi-Weekly Loans

Your calculator includes a built-in Bi-Weekly loan function (s T),

which allows you to convert established, fully amortized monthly loans

into Bi-Weeklies (in which one-half the monthly payment is made

every two weeks). Because you make two extra half-payments per

year (since 26 Bi-Weekly payments is like making 13 payments/year),

these kinds of loans can amount to large interest savings and a sub-

stantial reduction in the time it takes to pay them off.

You begin these problems by setting up the initial monthly loan and

then pressing s T. A second press of T shows the total

interest savings over the entire loan, a third press calculates the

total interest paid, a fourth press shows the total principal paid, and

a fifth press shows the total payments. A press of p will calculate

the Bi-weekly Payment.

Bi-Weekly Term Reduction and Payment

Find the monthly payment on a 30-year, $212,500 loan at 7.85%

annual interest. Then convert it to a Bi-Weekly and find out how

many years it will take to pay off this loan, the total interest savings,

total payments and the Bi-Weekly payment.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter Loan Amount 2 1 2 5 0 0 l 212,500.00

Enter Term in years 3 0 T 30.00

Enter annual Interest 7 • 8 5 ˆ 7.85

Find monthly P&I Payment p “run” 1,537.09

Find Bi-Weekly Term s T “run” 22.97

Find total Interest savings T 94,305.23

Find total Interest paid T 246,545.97

Find total Principal T 212,500.00

Find total Payments T 459,045.97

Find Bi-Weekly Payment p 768.54

Clear calculator o o 0.00

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Calculated Industries QUALIFIER PLUS IIx Betriebsanweisung Seite 66