34 — Q
UALIFIER
P
LUS
®
4
X
Amortization List for Individual Year(s) —
Using Month Offset
The first payment of a mortgage begins in May. How much total
interest and principal will you pay on a 25-year, $90,000 mortgage at
8% interest during the first year? The second year? Third year, etc.?
(First find the monthly payment to “set-up” this mortgage.)
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Set Month Offset to May
5 s )
5.00
Enter Mortgage Amount
9 0 ) l
90,000.00
Enter annual Interest rate
8 ˆ
8.00
Enter Term in years
2 5 T
25.00
Find monthly P&I Payment
p
“run” 686.89
Enter Year 1
1 a
“run” 1-8
Find total interest in Year 1
a
4,703.92
Find total principal in Year 1
a
791.22
Find P&I in Year 1
a
5,495.14
Find remaining balance
a
89,208.78
Find remaining term
a
24.33
Display next year (Year 2)
a
“run” 9-20
(etc. — sequence repeats for each year.)
Return Month Offset to 1*
1 s )
1.00
*Note: Remember to reset Month Offset to 1. Check this setting by pressing
® )
.
