Bi-Weekly Term Reduction And Payment; Trust Deeds And Discounted Notes - Calculated Industries 3415 User Manual

Bi-Weekly Term Reduction and Payment

Find the monthly P&I payment on a 30-year, $275,000 mortgage at
5.88% annual interest. Then convert it to a Bi-Weekly and find out
how many years it will take to pay off this loan, the total interest sav-
ings, the total interest and principal paid (as a comparison to the
regular loan), and the Bi-Weekly payment.
STEPS
Clear calculator
Enter loan amount
Enter term in years
Enter annual interest
Find monthly P&I payment p
Display amortization period a
Find total interest paid
Re-display total principal
Find total interest/principal
paid
Now Solve for the Bi-Weekly Loan and Compare Interest Savings
and Total Interest/Principal Paid:
Find Bi-Weekly term
Find total interest savings
Find total interest paid
Find total principal
Find total principal and
interest
Find Bi-Weekly P&I payment p
Clear calculator**
*Notice you save a significant amount (over $65K in this example) with a bi-weekly.
**Note: Return to monthly payment mode by pressing o twice.

Trust Deeds and Discounted Notes

Your calculator easily handles trust deed purchase price and yield
problems. Two things to remember are: (1) when entering or solving
for "yield" or "rate of return," use the ˆ key, and (2) when entering or
solving for "purchase price" or "present value," use the l key.
50 — Q
UALIFIER
KEYSTROKES
o o
2 7 5 ) l
3 0 T
5 • 8 8 ˆ
a
a
a
s T
T
T
T
T
o o
P ® III
LUS X
DISPLAY
0.00
275,000.00
30.00
5.88
"run" 1,627.61
1-360
310,938.79
275,000.00
585,938.79
"run" 24.60
65,430.46*
245,508.33
275,000.00
520,508.33
813.80
0.00