Calculated Industries 3405 - Amortization for Individual Year(S)- Month Offset, Tax Bracket Change

POCKET REFERENCE GUIDE — 26
Amortization for Individual Year(s) —
Month Offset, Tax Bracket Change
• Loan: $300,000
• Term: 30 years
• Interest: 7.5%
• Start Month: March
• Income Tax Bracket: 30%
Amortize & find mortgage interest deduc-
tion for Year 1, if loan starts in March:
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Set Month Start to
March 3 s ) 3.00
Enter tax
bracket 3 0 s + 30.00
Enter loan 3 0 0 ) l
300,000.00
Enter interest 7 • 5 ˆ 7.50
Enter term 3 0 T 30.00
Find P&I
payment p 2,097.64
Find Year 1 1 a 1-10
Find Year 1
interest a 18,686.33
Find principal a 2,290.11
Find total
payments a 20,976.44
(Cont’d)
3405PRG-E-B 1/9/04 8:45 AM Page 26