Calculated-industries 3416 User Guide Manuel d'utilisateur télécharger pdf (Page 29)

24 — M

ORTGAGE

UALIFIER

LUS

Finding the Interest Rate

Find the interest rate on a mortgage where the loan amount is

$98,500, the term is 30 years, and the payment is $1,150 a month.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter loan amount 9 8 5 0 0 l 98,500.00

Enter term 3 0 T 30.00

Enter monthly payment 1 1 5 0 p 1,150.00

Find annual interest ˆ “run” 13.78

Find periodic interest ˆ 1.15

Finding the 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 $200 each month?

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter loan amount 1 5 ) l 15,000.00

Enter interest 1 0 ˆ 10.00

Enter monthly payment 2 0 0 p 200.00

Find term in years T “run” 9.85

Find periodic term T 118.19

Finding the Loan Amount

Approximately how much could you borrow if the interest rate was

7.8% on a 30-year loan and you could afford $1,500 in monthly pay-

ments? What if the interest rate was lowered to 7.5%?

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter interest 7 • 8 ˆ 7.80

Enter term 3 0 T 30.00

Enter monthly payment 1 5 0 0 p 1,500.00

Find loan amount l “run” 208,370.81

Enter new interest rate 7 • 5 ˆ 7.50

Find new loan amount l “run” 214,526.44

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Calculated-industries 3416 User Guide Manuel d'utilisateur Page 29