42 — Q
UALIFIER
P
LUS
®
III
X
(Cont’d)
6. If the first payment of a loan begins in a month other than Janu-
ary, you can use the Month Offset function. The default for this
setting is 1 (for January). To change the start month from
January, enter the month number (e.g., 2 for February), then the
s and ) keys. This allows you to calculate the correct
number of periods in the amortization range. As another exam-
ple, if the first payment of a loan begins in April, the value stored
in the month offset would be 4 (press 4 s )). If request-
ing amortization values for year 1 (press 1 a), the amortiza-
tion of periods 1-9 would be displayed. Year 2 (press 2 a)
would display values for periods 10-21. Turning your calculator
off and back on returns the Month Offset to 1 (January).
Note: If you have changed your Month Offset, be sure to return it to 1 (i.e.,
1 s )
) before proceeding to the next problem.
7. A useful new feature is that your calculator will also display an
estimated Mortgage Interest Tax Deduction at the end of the
amortization value list (after remaining balance is displayed), if a
tax bracket is also entered via s +
(Tax Brkt%)
.
Note: If a tax bracket % is not entered, the calculator will use the default of 28%,
displayed upon
® +
.
8. Your calculator automatically advances to the Next Amortization
Range or Period after the initial sequence is complete, upon
repeated presses of a.
This saves you from entering the next
range or period each time.
Total Principal and Interest for a 30-Year Loan
How much total interest will you pay on a $300,000 loan at 7.5%
interest over 30 years? What is the total principal and interest paid?
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter loan amount 3 0 0 ) l 300,000.00
Enter interest 7 • 5 ˆ 7.50
Enter term 3 0 T 30.00
Find monthly P&I payment p “run” 2,097.64
Find total # of payments a “run” 1-360
Find total interest paid a 455,151.67
Find total principal paid a 300,000.00
Find total principal/interest a 755,151.67
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