P
OCKET
R
EFERENCE
G
UIDE
— 26
Amortization for Individual Year(s) —
Month Offset, Tax Bracket Change
• Loan: $300,000
• Term: 30 years
• Interest: 7.5%
• Start Month: March
• Income Tax Bracket: 30%
Amortize & find mortgage interest deduc-
tion for Year 1, if loan starts in March:
STEPS
KEYSTROKES
DISPLAY
Clear
o o
0.00
Set Month Start to
March
3 s )
3.00
Enter tax
bracket
3 0 s +
30.00
Enter loan
3 0 0 ) l
300,000.00
Enter interest
7 • 5 ˆ
7.50
Enter term
3 0 T
30.00
Find P&I
payment
p
2,097.64
Find Year 1
1 a
1-10
Find Year 1
interest
a
18,686.33
Find principal
a
2,290.11
Find total
payments
a
20,976.44
(Cont’d)
3405PRG-E-B 1/9/04 8:45 AM Page 26
