Finding The Term Of A Loan; Paying Off A Mortgage Early (Making Larger Payments) - Calculated Industries 3430 User Manual

Finding the Term of a Loan

How long does it take to pay off a loan of $15,000 at 10% interest if
you make payments of $200 each month?
STEPS
Clear calculator
Enter Loan Amount
Enter annual Interest rate
Enter monthly Payment
Find Term in years
Find periodic Term

Paying Off a Mortgage Early (Making Larger Payments)

How long does it take to pay off a 30-year, fixed-rate mortgage of
$150,000 at 8.5% interest if you add an extra $200 to the mortgage
payment each month?
STEPS
Clear calculator
Enter Loan Amount
Enter annual Interest rate
Enter Term in years
Find monthly P&I Payment p
Add additional payment
amount
Enter as new P&I
Payment amount
Find reduced loan Term
KEYSTROKES
o o
1 5 ) l
1 0 ˆ
2 0 0 p
T
T
KEYSTROKES
o o
1 5 0 ) l
8 • 5 ˆ
3 0 T
+ 2 0 0 =
p
T
DISPLAY
15,000.00
10.00
200.00
"run" 9.85
118.19
DISPLAY
150,000.00
30.00
"run" 1,153.37
1,353.37
1,353.37
"run" 18.15
U ' G — 29
SER S UIDE
0.00
0.00
8.50