P
OCKET
R
EFERENCE
G
UIDE
— 7
Interest – Only Payment (Entry)
How much can you borrow if the interest
rate is 7% on a 30-year interest–only
mortgage and you can afford to pay
$1,000 each month?
STEPS
KEYSTROKES
DISPLAY
Clear
o o
0.00
Enter Interest
7 ˆ
7.00
Enter Payment
1 ) s p
1000.00
Find Loan
l
171,428.57
Term of a Loan
How long does it take to pay off a loan of
$15,000 at 10% interest if you make pay-
ments of $200 each month?
STEPS
KEYSTROKES
DISPLAY
Clear
o o
0.00
Enter loan
1 5 ) l
15,000.00
Enter interest
1 0 ˆ
10.00
Enter payment
2 0 0 p
200.00
Find term/years
T
9.85
Number of
months
T
118.19
