Now, without clearing the calculator, add the pre-paid interest
to the loan’s points and fees if they are equal to 1.5% and
$500, respectively. Then find the Annual Percentage Rate
(APR), based on these closing costs.
Steps
Keystrokes
Display
Store the pre-paid interest
in memory
[M+]
259.72
Find Loan Costs:
Recall loan amount
[Rcl] [L/A]
100,000.00
Find point cost
[x] 1.5 [%] [=]
1,500.00
Add fees
[+] 500 [=]
2,000.00
Add prepaid interest
stored in memory
[+] [Rcl] [M+] [=]
2,259.72
Find APR for this loan
[Set] [Int]
“run” 8.75
33 – User’s Guide
