Calculated Industries 3405 - Specialized Loan Comparisons

POCKET REFERENCE GUIDE — 33
Bi-Weekly Loans
• Loan: $212,500
• Term: 30
• Interest: 7.85%
Find the Bi-Weekly term, savings, interest
savings, total cost, and Bi-Weekly payment:
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter loan 2 1 2 5 0 0 l
212,500.00
Enter term 3 0 T 30.00
Enter interest 7 • 8 5 ˆ 7.85
Find P&I
payment p 1,537.09
Find Bi-Weekly
term s T 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 principal plus
interest T 459,045.97
Bi-Weekly
payment p 768.54
Clear o o 0.00
3405PRG-E-B 1/9/04 8:45 AM Page 33