Calculated Industries 3405 - Loan Payments, Terms, and Interest Rates

POCKET REFERENCE GUIDE — 14
Monthly Mortgage (P&I) Payment
Find the monthly (P&I) payment on a 30-
year, fixed-rate loan of $265,000 at 6.75%
annual interest:
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter loan 2 6 5 ) l
265,000.00
Enter term 3 0 T 30.00
Enter interest 6 • 7 5 ˆ 6.75
Find payment p 1,718.78
Term of a Loan
How long does it take to pay off a loan of
$15,000 at 10% interest if you make pay-
ments of $200 each month?
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter loan 1 5 ) l 15,000.00
Enter interest 1 0 ˆ 10.00
Enter payment 2 0 0 p 200.00
Find term/years T 9.85
Number of
months T 118.19
3405PRG-E-B 1/9/04 8:45 AM Page 14