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Finding a Quarterly Payment
Find the quarterly payment on a 10-year loan of $15,000 with an
annual interest rate of 12%.
STEPS
Clear calculator
Set to 4 Payments/year
Enter Loan Amount
Enter Term in years
Enter annual Interest
Find quarterly P&I Payment p
Reset to 12 Payments/year 1 2 s ÷
Bi-Weekly Loans
Your calculator includes a built-in Bi-Weekly loan function (s T),
which 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 (since 26 Bi-Weekly payments is like making 13 payments/
year), these kinds of loans can amount to large interest savings and
a substantial 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. A second press of T 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 payments. A press of p will calculate
the Bi-Weekly payment.
KEYSTROKES
o o
4 s ÷
1 5 ) l
1 0 T
1 2 ˆ
DISPLAY
15,000.00
10.00
12.00
"run" 644.36
"run" 12.00
U
'
G
— 29
SER
S
UIDE
0.00
4.00
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