42 — MORTGAGE QUALIFIER PLUS ®Amortization List for Individual Year(s) —Using Month OffsetThe first payment of a loan begins in May. How much total interestand principal will you pay on a 30-year, $90,000 loan at 8% interestduring the first year? The second year? Third year, etc.? (First findmonthly payment to “set-up” this loan.)Note: The mortgage interest tax deduction is based on the default tax bracket of 28%unless you have changed it via s +. Calculator will automatically advance to thenext year upon subsequent presses of a.STEPS KEYSTROKES DISPLAYClear calculator o o 0.00Set Month Offset to May 5 s ) 5.00Enter loan amount 9 0 ) l 90,000.00Enter interest 8 ˆ 8.00Enter term 3 0 T 30.00Find monthly P&I payment p “run” 660.39Enter Year 1 1 a “run” 1-8Find total interest in Year 1 a 4,788.58Find total principal in Year 1 a 494.53Find principal/interest inYear 1 a 5,283.10*Find remaining balance a 89,505.47Find remaining term a 29.33Find mortgage interesttax deduction in Year 1 a 1,005.60Display next year (Year 2) a “run” 9-20(etc.—sequence repeats for each year)Return Month Offset to 1** 1 s ) 1.00*Note: Payments are rounded to the nearest whole cent; therefore, the penny difference.**Note: Remember to reset Month Offset to 1. Check this setting by pressing ® ).
