24 — Q
UALIFIER
P
LUS
®
4
X
Non-Monthly Mortgages
Most mortgages are paid off monthly. However, if you have a non-
monthly mortgage, you must change the number of payments per
year using a two-key sequence:
s ÷
. For example, here's how to
set your calculator to four payments per year.
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter # of payments/year
4 s ÷
4.00
To recall the currently stored number of payments:
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Recall # of payments/year
® ÷
4.00
IMPORTANT: To return payments per year to the default value of
12, perform the following steps:
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter # of payments/year
1 2 s ÷
12.00
Finding a Quarterly Payment
Find the quarterly payment on a ten year mortgage of $15,000 with
an annual interest rate of 12%.
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Set to four payments/year
4 s ÷
4.00
Enter Mortgage Amount
1 5 ) l
15,000.00
Enter Term in years
1 0 T
10.00
Enter annual Interest rate
1 2 ˆ
12.00
Find quarterly P&I Payment
p
“run” 644.36
Reset to 12 payments/year
1 2 s ÷
“run” 12.00
