USER’S GUIDE — 25Finding the Interest-Only PaymentFind the interest-only payment on a loan of $15,000 at 9% interest.STEPS KEYSTROKES DISPLAYClear calculator o o 0.00Enter loan amount 1 5 ) l 15,000.00Enter interest 9 ˆ 9.00Find interest-only payment s π* 112.50*The fourth press of the pkey also calculates the interest-only payment if you havea Term entered, but you may use the above keystrokes as a shortcut.Finding the Term of a LoanHow long does it take to pay off a loan of $15,000 at 10% interest ifyou make payments of $200 each month?STEPS KEYSTROKES DISPLAYClear calculator o o 0.00Enter loan amount 1 5 ) l 15,000.00Enter interest 1 0 ˆ 10.00Enter monthly payment 2 0 0 p 200.00Find term in years T “run” 9.85Find periodic term T 118.19Paying Off a Loan Early (Making Larger Payments)How long does it take to pay off a 30-year, fixed-rate loan of$150,000 at 7.25% interest if you add an extra $200 to the mortgagepayment each month?STEPS KEYSTROKES DISPLAYClear calculator o o 0.00Enter loan amount 1 5 0 ) l 150,000.00Enter interest 7 • 2 5 ˆ 7.25Enter term 3 0 T 30.00Find monthly payment p 1,023.26Add add’tl payment amount + 2 0 0 = 1,223.26Enter into Payment key andcalculate new payment p 1,223.26Find reduced loan term T “run” 18.68
