U
SER
’
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G
UIDE
— 43
Amortization List for Individual Year(s) —
Using “Next” Feature
How much total interest and total principal will you pay on a 30-year,
$90,000 loan at 8% interest during the first year? The second year?
Third year, etc.? First, find monthly payment to “set-up” this loan.
The calculator will automatically advance to the next year upon sub-
sequent presses of
a
.
Note: The mortgage interest tax deduction is based on the default tax bracket of 21%
unless you have changed it via
s p
.
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter loan amount
9 0 ) l
90,000.00
Enter interest
8 ˆ
8.00
Enter term
3 0 T
30.00
Find monthly payment
p
“run” 660.39
Enter Yr. 1
1 a
“run” 1-12
Find total interest in Yr. 1
a
7,172.83
Find total principal in Yr. 1
a
751.83
Find prin./interest in Yr. 1
a
7,924.66
Find remaining balance
a
89,248.17
Find remaining term
a
29.00
Find mortgage interest
tax deduction in Yr. 1
a
1,506.29
Display next year (Yr. 2)
a
“run” 13-24
Find total interest in Yr. 2
a
7,110.43
Find total principal in Yr. 2
a
814.23
Find prin./interest in Yr. 2
a
7,924.66
Find remaining balance
a
88,433.94
Find remaining term
a
28.00
Find mortgage interest
tax deduction in Yr. 2
a
1,493.19
Display next year (Yr. 3)
a
“run” 25-36
(etc.—sequence repeats for each year)
