Finding a 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 $181.01 each month?
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Enter loan amount 15,000 [L/A] 15,000.00
Enter interest 10 [Int] 10.00
Enter monthly payment 181.01 [Pmt] 181.01
Find term in years [Term] “run” 11.78
Find periodic term [Term] 141.35
Finding the Interest Rate of a Loan
Find the interest rate on a mortgage where the loan amount is
$98,500, term is 30 years and payment is $1,150 a month.
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Enter loan amount 98,500 [L/A] 98,500.00
Enter term 30 [Term] 30.00
Enter monthly payment 1,150 [Pmt] 1,150.00
Find annual interest [Int] “run” 13.78
Find periodic interest [Int] 1.15
Finding a Loan Amount
How much could you borrow if the interest rate was 9.75% on
a 30-year term and you could pay $950 each month?
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Enter interest 9.75 [Int] 9.75
Enter term 30 [Term] 30.00
Enter monthly payment 950 [Pmt] 950.00
Find loan amount [L/A] “run” 110,573.84
15 – User’s Guide
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