Amortization List For Individual Year(S) - Using "Next" Feature - Calculated Industries 3430 User Manual

Amortization List for Individual Year(s) — Using "Next" Feature
How much total interest and principal will you pay on a 30-year,
$90,000 loan at 8% interest during the first year? The second year?
Third year, etc.? First, find the monthly P&I payment to "set-up" this
loan. The calculator will automatically advance to the next year upon
subsequent presses of a.
Note: The mortgage interest tax deduction is based on the default tax bracket of 28%
unless you have changed it via s +.
STEPS
Clear calculator
Enter Loan Amount
Enter annual Interest rate
Enter Term in years
Find monthly P&I Payment p
Enter Year 1
Find total interest in Year 1 a
Find total principal in Year 1 a
Find P & I in Year 1
Find remaining balance
(at the end of Year 1)
Find remaining term
Find mortgage interest
tax deduction in Year 1
Display next year (Year 2) a
Find total interest in Year 2 a
Find total principal in Year 2 a
Find P & I in Year 2
Find remaining balance
(at the end of Year 2)
Find remaining term
Find mortgage interest
tax deduction in Year 2
Display next year (Year 3) a
(etc. — sequence repeats for each year)
38 — Q
UALIFIER
KEYSTROKES
o o
9 0 ) l
8 ˆ
3 0 T
1 a
a
a
a
a
a
a
a
a
P ® III
LUS FX
DISPLAY
0.00
90,000.00
8.00
30.00
"run" 660.39
"run" 1-12
7,172.83
751.83
7,924.66
89,248.17
29.00
2,008.39
"run" 13-24
7,110.43
814.23
7,924.66
88,433.94
28.00
1,990.92
"run" 25-36