U
SER’S GUIDE — 37
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 annual Interest rate 7 • 5 ˆ 7.50
Enter Term in years 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
Balloon Payment/Remaining Balance Needed to Pay Off a Loan
You’re looking at a new home with the following financing available:
Loan amount $225,000 at 6.75% amortized over 30 years but due
and payable after 10 years. What is the balloon payment (remaining
balance) after 10 years?
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Loan Amount 2 2 5 ) l 225,000.00
Enter annual Interest rate 6 • 7 5 ˆ 6.75
Enter Term in years 3 0 T 30.00
Find monthly P&I Payment p “run” 1,459.35
Find balloon/remaining
balance after 10 years 1 0 s a “run” 191,927.25
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