Non-Monthly Mortgages; Finding A Quarterly Payment - Calculated Industries 3423 User Manual

Non-Monthly Mortgages

Most mortgages are paid off monthly. However, if you have a non-
monthly mortgage, you must change the number of payments per
year using a two-key sequence: s ÷. For example, here's how to
set your calculator to four payments per year.
STEPS
Clear calculator
Enter # of payments/year
To recall the currently stored number of payments:
STEPS
Clear calculator
Recall # of payments/year ® ÷
IMPORTANT: To return payments per year to the default value of
12, perform the following steps:
STEPS
Clear calculator
Enter # of payments/year

Finding a Quarterly Payment

Find the quarterly payment on a ten year mortgage of $15,000 with
an annual interest rate of 12%.
STEPS
Clear calculator
Set to four payments/year
Enter Mortgage Amount
Enter Term in years
Enter annual Interest rate
Find quarterly P&I Payment p
Reset to 12 payments/year 1 2 s ÷
24 — Q
UALIFIER
KEYSTROKES
o o
4 s ÷
KEYSTROKES
o o
KEYSTROKES
o o
1 2 s ÷
KEYSTROKES
o o
4 s ÷
1 5 ) l
1 0 T
1 2 ˆ
P ® 4
LUS X
DISPLAY
0.00
4.00
DISPLAY
0.00
4.00
DISPLAY
0.00
12.00
DISPLAY
0.00
4.00
15,000.00
10.00
12.00
"run" 644.36
"run" 12.00