Amortization List For Individual Year(S) - Using Month Offset - Calculated Industries 3415 User Manual

Amortization List for Individual Year(s) — Using Month Offset
The first payment of a loan begins in May. How much total interest
and principal will you pay on a 30-year, $90,000 loan at 8% interest
during the first year? The second year? Third year, etc.? (First find
monthly payment to "set-up" this loan.)
Note: The mortgage interest tax deduction is based on the default tax bracket of 28%
unless you have changed it via s + . Calculator will automatically advance to the
next year upon subsequent presses of a .
STEPS
Clear calculator
Set Month Offset to May
Enter loan amount
Enter interest
Enter term
Find monthly P&I payment p
Enter Year 1
Find total interest in Year 1 a
Find total principal in Year 1 a
Find principal/interest in
Year 1
Find remaining balance
Find remaining term
Find mortgage interest
tax deduction in Year 1
Display next year (Year 2) a
(etc.—sequence repeats for each year)
Return Month Offset to 1** 1 s )
*Note: Payments are rounded to the nearest whole cent; therefore, the penny difference.
**Note: Remember to reset Month Offset to 1. Check this setting by pressing ® ) .
44 — Q
UALIFIER
KEYSTROKES
o o
5 s )
9 0 ) l
8 ˆ
3 0 T
1 a
a
a
a
a
P ® III
LUS X
DISPLAY
0.00
5.00
90,000.00
8.00
30.00
"run" 660.39
"run" 1-8
4,788.58
494.53
5,283.10*
89,505.47
29.33
1,340.80
"run" 9-20
1.00