26 — Q
UALIFIER
P
LUS
®
III
X
Finding the Monthly Mortgage (P&I) Payment
Find the monthly P&I (principal and interest) payment on a 30-year,
fixed-rate mortgage of $265,000 at 6.75% annual interest.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter loan amount 2 6 5 ) l* 265,000.00
Enter term 3 0 T 30.00
Enter interest 6 • 7 5 ˆ 6.75
Find monthly P&I payment p “run” 1,718.78
*Note: Use the
)
key to save keystrokes.
What is the new payment, if the interest rate is lowered to 6.5%?
STEPS KEYSTROKES DISPLAY
Enter new interest rate 6 • 5 ˆ 6.50
Find monthly P&I payment p “run” 1,674.98
Finding the Interest Rate
Find the interest rate on a mortgage where the loan amount is
$98,500, the term is 30 years, and the payment is $1,150 a month.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter loan amount 9 8 5 0 0 l 98,500.00
Enter term 3 0 T 30.00
Enter monthly payment 1 1 5 0 p 1,150.00
Find annual interest ˆ “run” 13.78
Find periodic interest ˆ 1.15
Finding the Term of a Loan
How long does it take to pay off a loan of $15,000 at 10% interest if
you make payments of $200 each month?
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter loan amount 1 5 ) l 15,000.00
Enter interest 1 0 ˆ 10.00
Enter monthly payment 2 0 0 p 200.00
Find term in years T “run” 9.85
Find periodic term T 118.19
To Next Page
Loading...
Need help?
General
