Finding a Term of a Loan
How long does it take to pay off a loan of $15,000 at 10%
interest if you make payments of $181.01 each month?
Steps
Keystrokes
Display
Clear calculator
[On/C] [On/C]
0.00
Enter loan amount
15,000 [L/A]
15,000.00
Enter interest
10 [Int]
10.00
Enter monthly payment
181.01 [Pmt]
181.01
Find term in years
[Term]
“run” 11.78
Find periodic term
[Term]
141.35
Finding the Interest Rate of a Loan
Find the interest rate on a mortgage where the loan amount is
$98,500, term is 30 years and payment is $1,150 a month.
Steps
Keystrokes
Display
Clear calculator
[On/C] [On/C]
0.00
Enter loan amount
98,500 [L/A]
98,500.00
Enter term
30 [Term]
30.00
Enter monthly payment
1,150 [Pmt]
1,150.00
Find annual interest
[Int]
“run” 13.78
Find periodic interest
[Int]
1.15
Finding a Loan Amount
How much could you borrow if the interest rate was 9.75% on
a 30-year term and you could pay $950 each month?
Steps
Keystrokes
Display
Clear calculator
[On/C] [On/C]
0.00
Enter interest
9.75 [Int]
9.75
Enter term
30 [Term]
30.00
Enter monthly payment
950 [Pmt]
950.00
Find loan amount
[L/A]
“run” 110,573.84
15 – User’s Guide
