Now, without clearing the calculator, add the pre-paid interest
to the loan’s points and fees if they are equal to 1.5% and
$500, respectively. Then find the Annual Percentage Rate
(APR), based on these closing costs.
Steps Keystrokes Display
Store the pre-paid interest
in memory [M+] 259.72
Find Loan Costs:
Recall loan amount [Rcl] [L/A] 100,000.00
Find point cost [x] 1.5 [%] [=] 1,500.00
Add fees [+] 500 [=] 2,000.00
Add prepaid interest
stored in memory [+] [Rcl] [M+] [=] 2,259.72
Find APR for this loan [Set] [Int] “run” 8.75
33 – User’s Guide
To Next Page
Loading...
