P
OCKET
R
EFERENCE
G
UIDE
— 24
Amortization —
Using “Next” Feature
• Loan: $300,000
• Term: 30 years
• Interest: 7.5%
• Start Month: January
• Tax Bracket: 28% (Default)
STEPS
KEYSTROKES
DISPLAY
Clear
o o
0.00
Enter loan
3 0 0 ) l
300,000.00
Enter interest
7 • 5 ˆ
7.50
Enter term
3 0 T
30.00
Find payment
p
2,097.64
Find # payments
a
1-360
Find total
interest
a
455,151.67
Find total
principal
a
300,000.00
Find total
payments
a
755,151.67
Find all values for the first year:
Enter Year 1
1 a
1-12
Find total
interest
a
22,406.22
Find total
principal
a
2,765.50
(Cont’d)
3405PRG-E-B 1/9/04 8:45 AM Page 24
