P
OCKET
R
EFERENCE
G
UIDE
— 18
PITH and Interest-Only Payment
• Term: 25 years
• Interest: 7%
• Sales Price: $198,000
• Down Payment: 5%
• Property Tax: 1.3%
• Monthly heating expense: $100
Find the PITH payment and interest-only
payment:
STEPS
KEYSTROKES
DISPLAY
Clear
o o
0.00
Enter Term
2 5 T
25.00
Enter Interest
7 ˆ
7.00
Enter Price
1 9 8 ) P
198,000.00
Down%
5 d
5.00
Set Tax%*
1 • 3 t
1.30
Enter heating
1 0 0 e
100.00
Find Mtg.
l
188,100.00
Find P&I Pmt.
p
1,317.48
Find PITH, or
total Pmt.
p p
1,631.98
Find Interest-only
Payment
p
1,081.58
*Note: Perform the same steps when entering a
dollar amount for tax — e.g., $2,574 (1.3%) tax,
enter
2 5 7 4 t
.
3420PRG-E-A 7/2/04 9:07 AM Page 18
