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32 — Q
UALIFIER
P
LUS
® 4
X
Total Principal and Interest for a 25-Year Mortgage
How much total interest will you pay on a $200,000 mortgage at
7.5% interest over 25 years? What is the total principal and interest
paid?
STEPS KEYSTROKES DISPLAY
Clear calculator
o o
0.00
Enter Mortgage Amount
2 0 0 ) l
200,000.00
Enter annual Interest rate 7 • 5 ˆ 7.50
Enter Term in years
2 5 T
25.00
Find monthly P&I Payment
p
“run” 1,463.11
Find total # of payments
a
“run” 1-300
Find total interest paid
a
238,932.95
Find total principal paid a 200,000.00
Find total principal/interest
a
438,932.95
Total Principal and Interest (Including Canadian Mortgage
Insurance)
How much total interest will you pay on a $200,000 mortgage at
7.5% interest over 25 years with 5% down payment and 2.75%
Canadian Mortgage Insurance included in the mortgage? What is
the total principal and interest paid?
STEPS KEYSTROKES DISPLAY
Clear calculator
o o
0.00
Enter Mortgage Amount
2 0 0 ) l
200,000.00
Enter annual Interest rate
7 • 5 ˆ
7.50
Enter Term in years
2 5 T
25.00
Enter Down Payment 5 d 5.00
Enter Canadian Mortgage
Insurance 2 • 7 5 C 2.75
Find monthly P&I Payment (including
Canadian Mtg Ins)
p
1,503.35
Find total # of payments
a
“run” 1-300
Find total interest paid
a
245,503.61
Find total principal paid a 205,500.00
Find total principal/interest
a
451,003.61