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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 annual Interest rate
7 • 5 ˆ
7.50
Enter Term in years
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
Balloon Payment/Remaining Balance Needed to Pay Off a Loan
You’re looking at a new home with the following financing available:
Loan amount $225,000 at 6.75% amortized over 30 years but due
and payable after 10 years. What is the balloon payment (remaining
balance) after 10 years?
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter Loan Amount
2 2 5 ) l
225,000.00
Enter annual Interest rate
6 • 7 5 ˆ
6.75
Enter Term in years
3 0 T
30.00
Find monthly P&I Payment
p
“run” 1,459.35
Find balloon/remaining
balance after 10 years
1 0 s a
“run” 191,927.25
