Total Principal & Interest for an Individual Year using Month Offset
The first payment of a loan begins in May. 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?
(First find monthly payment to “set-up” this loan.)
Steps
Keystrokes
Display
Clear calculator
[On/C] [On/C]
0.00
Set Month Offset to May
5 [Set] [:]
5.00
Enter loan amount
90,000 [L/A]
90,000.00
Enter interest
8 [Int]
8.00
Enter term
30 [Term]
30.00
Find monthly payment
[Pmt]
“run” 660.39
Enter Yr. 1
1 [Amort]
“run” 1-8
Find total interest in Yr. 1
[Amort]
4,788.58
Find total principal in Yr. 1 [Amort]
494.53
Enter Yr. 2
2 [Amort]
“run” 9-20
Find total interest in Yr. 2
[Amort]
7,131.78
Find total principal in Yr. 2 [Amort]
792.87
Note: Remember to return your Month Offset to 1 by either turning
your calculator off then back on, or by resetting (1 [Set] [:]). Check
Month Offset setting by pressing [Rcl] [:].
25 – User’s Guide
