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Non-Monthly Loans
Most residential real estate loans are based on a monthly payment
schedule. However, if you have a non-monthly loan, 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 pay-
ments per year.
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter # of payments/year
4 s ÷
4.00
To recall the currently stored number of payments:
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Recall # of payments/year
® ÷
4.00
IMPORTANT: To return payments per year to the default value
of 12, perform the following steps:
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter # of payments/year
1 2 s ÷
12.00
Finding a Quarterly Payment
Find the quarterly payment on a 10-year loan of $15,000 with an
annual interest rate of 12%.
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Set to 4 payments/year
4 s ÷
4.00
Enter loan amount
1 5 ) l
15,000.00
Enter term in years
1 0 T
10.00
Enter annual interest
1 2 ˆ
12.00
Find quarterly payment
p
“run” 648.94
Reset to 12 payments/year
1 2 s ÷
“run” 12.00
