Calculated Industries 43285 - Non-Monthly Loan & Payments Per Year

Non-Monthly Loans & Payments Per Year
Most residential real estate loans are paid off monthly. However, if
you have a non-monthly loan, you must change your number of
payments per year using a two-key sequence: [Set] [÷]. For exam-
ple, here’s how to set your calculator to four payments per year.
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Enter # of payments/year 4 [Set] [÷] 4.00
To recall the currently stored number of payments:
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Recall # of payments/year [Rcl] [÷] 4.00
IMPORTANT: To return the payments per year to the default value of
12, you must do the following steps (or perform an All-Clear [Set] [x]).
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Enter # of payments/year 12 [Set] [÷] 12.00
Finding a Quarterly Payment
Find the quarterly payment on a 10-year loan of $15,000 with
an annual interest rate of 12%.
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Set to 4 payments/year 4 [Set] [÷] 4.00
Enter loan amount 15,000 [L/A] 15,000.00
Enter term in years 10 [Term] 10.00
Enter annual interest 12 [Int] 12.00
Find quarterly payment [Pmt] “run” 648.94
Reset to 12 payments/year 12 [Set] [÷] “run” 12.00
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