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Finding the Monthly Mortgage (P&I) Payment
Find the monthly P&I (principal and interest) payment on a 30-year,
fixed-rate mortgage of $265,000 at 6.75% annual interest.
STEPS
Clear calculator
Enter loan amount
Enter term
Enter interest
Find monthly P&I payment p
*Note: Use the ) key to save keystrokes.
What is the new payment, if the interest rate is lowered to 6.5%?
STEPS
Enter new interest rate
Find monthly P&I payment p
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
Clear calculator
Enter loan amount
Enter term
Enter monthly payment
Find annual interest
Find periodic interest
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
Clear calculator
Enter loan amount
Enter interest
Enter monthly payment
Find term in years
Find periodic term
26 — Q
UALIFIER
KEYSTROKES
o o
2 6 5 ) l*
3 0 T
6 • 7 5 ˆ
KEYSTROKES
6 • 5 ˆ
KEYSTROKES
o o
9 8 5 0 0 l
3 0 T
1 1 5 0 p
ˆ
ˆ
KEYSTROKES
o o
1 5 ) l
1 0 ˆ
2 0 0 p
T
T
P
®
III
LUS
X
DISPLAY
0.00
265,000.00
30.00
6.75
"run" 1,718.78
DISPLAY
6.50
"run" 1,674.98
DISPLAY
0.00
98,500.00
30.00
1,150.00
"run" 13.78
1.15
DISPLAY
0.00
15,000.00
10.00
200.00
"run" 9.85
118.19
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