USER’S GUIDE — 43Amortization List for Individual Year(s) —Using “Next” FeatureHow much total interest and total principal will you pay on a 30-year,$90,000 loan at 8% interest during the first year? The second year?Third year, etc.? First, find monthly payment to “set-up” this loan.The calculator will automatically advance to the next year upon sub-sequent presses of a.Note: The mortgage interest tax deduction is based on the default tax bracket of 21%unless you have changed it via s p.STEPS KEYSTROKES DISPLAYClear calculator o o 0.00Enter loan amount 9 0 ) l 90,000.00Enter interest 8 ˆ 8.00Enter term 3 0 T 30.00Find monthly payment p “run” 660.39Enter Yr. 1 1 a “run” 1-12Find total interest in Yr. 1 a 7,172.83Find total principal in Yr. 1 a 751.83Find prin./interest in Yr. 1 a 7,924.66Find remaining balance a 89,248.17Find remaining term a 29.00Find mortgage interesttax deduction in Yr. 1 a 1,506.29Display next year (Yr. 2) a “run” 13-24Find total interest in Yr. 2 a 7,110.43Find total principal in Yr. 2 a 814.23Find prin./interest in Yr. 2 a 7,924.66Find remaining balance a 88,433.94Find remaining term a 28.00Find mortgage interesttax deduction in Yr. 2 a 1,493.19Display next year (Yr. 3) a “run” 25-36(etc.—sequence repeats for each year)
