Balloon Payment/Remaining Balance Needed To Pay Off A Loan; Bi-Weekly Loans - Calculated Industries 3415 User Manual

Balloon Payment/Remaining Balance Needed to Pay Off a Loan

You're looking at a new home with the following financing available:
Loan amount $225,000 at 6.75% amortized over 30 years but due
and payable after 10 years. What is the balloon payment (remaining
balance) after 10 years?
STEPS
Clear calculator
Enter the loan amount
Enter interest
Enter term
Find monthly payment
Find balloon/remaining balance
after 10 years

Bi-Weekly Loans

Your calculator includes a Bi-Weekly loan function (s T) that
allows you to convert established, fully amortized monthly loans into
Bi-Weeklies (in which one-half the monthly payment is made every
two weeks). Because you make two extra half-payments per year
(i.e., 26 Bi-Weekly payments is like making 13 payments/year),
these kinds of loans can amount to large interest savings and a sub-
stantial reduction in the time it takes to pay them off.
You begin these problems by setting up the initial monthly loan and
then pressing s T. The first press of T displays the Bi-Weekly
term, the second press shows the total interest savings over the entire
loan, a third press calculates the total interest paid, a fourth press
shows the total principal paid, and a fifth press shows the total prin-
cipal and interest. Press the p key to find the Bi-Weekly payment.
KEYSTROKES
o o
2 2 5 ) l
6 • 7 5 ˆ
3 0 T
p
1 0 s a
DISPLAY
225,000.00
30.00
"run" 1,459.35
"run" 191,927.25
U ' G — 49
SER S UIDE
0.00
6.75