40 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
(Cont’d)
6.
If the first payment of a loan begins in a month other than Janu-
ary, you can use the Month Offset function. The default for this
setting is 1 (for January). To change the start month from
January, enter the month number (e.g., 2 for February), then the
s
and
)
keys. This allows you to calculate the correct
number of periods in the amortization range. As another exam-
ple, if the first payment of a loan begins in April, the value stored
in the month offset would be 4 (press
4 s )
). If request-
ing amortization values for year 1 (press
1 a
), the amortiza-
tion of periods 1-9 would be displayed. Year 2 (press
2 a
)
would display values for periods 10-21. Turning your calculator
off and back on returns the Month Offset to 1 (January).
Note: If you have changed your Month Offset, be sure to return it to 1 (i.e.,
1 s )
) before proceeding to the next problem.
7. A useful new feature is that your calculator will also display an
estimated Mortgage Interest Tax Deduction at the end of the
amortization value list (after remaining balance is displayed), if a
tax bracket is also entered via
s +
(Tax Brkt%).
Note: If a tax bracket % is not entered, the calculator will use the default of 28%,
displayed upon
® +
.
8. Your calculator automatically advances to the Next Amortization
Range or Period after the initial sequence is complete, upon
repeated presses of
a
.
This saves you from entering the next
range or period each time.
Total Principal and Interest for a 30-Year Loan
How much total interest will you pay on a $300,000 loan at 7.5%
interest over 30 years? What is the total principal and interest paid?
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter loan amount
3 0 0 ) l
300,000.00
Enter interest
7 • 5 ˆ
7.50
Enter term
3 0 T
30.00
Find monthly P&I payment
p
“run” 2,097.64
Find total # of payments
a
“run” 1-360
Find total interest paid
a
455,151.67
Find total principal paid
a
300,000.00
Find total principal/interest
a
755,151.67
