42 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P
X2
(Cont’d)
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 p
(Tax Brkt%).
Note: If a tax bracket % is not entered, the calculator will use the default tax
bracket of 21%, displayed upon
® s p
.
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/Total 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 amount 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 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
