46 — MORTGAGE QUALIFIER PLUS ®P X2Amortization List for a Range of Payments or YearsFor a $225,000, 30-year loan at 7.4% interest, find out how muchinterest and principal you’ll pay in payments 1-9 and years 1-10.STEPS KEYSTROKES DISPLAYClear calculator o o 0.00Enter loan amount 2 2 5 ) l 225,000.00Enter interest 7 • 4 ˆ 7.40Enter term 3 0 T 30.00Find monthly payment p “run” 1,557.85Enter Pmts #1-9 1 : 9 π a “run” 1-9Find interest a 12,449.13Find principal a 1,571.56Total principal and interest a 14,020.69Find remaining balance a 223,428.44Find remaining term a 29.25Find mortgage interestdeduction for Pmts #1-9 a 2,614.32Enter Years #1-10 1 : 1 0 a “run” 1-120Find interest a 156,798.68Find principal a 30,143.87Total principal and interest a 186,942.55Find remaining balance a 194,856.13Find remaining term a 20.00Find mortgage interestdeduction for Years #1-10 a 32,927.72Balloon Payment/Remaining Balance Needed toPay Off a LoanYou’re looking at a new home with the following financing available:Loan amount $125,000 at 8.75% amortized over 30 years but dueand payable after 10 years. What is the balloon payment (remainingbalance) after 10 years?STEPS KEYSTROKES DISPLAYClear calculator o o 0.00Enter the loan amount 1 2 5 ) l 125,000.00Enter interest 8 • 7 5 ˆ 8.75Enter term 3 0 T 30.00Find monthly payment p “run” 983.38Find balloon/remainingbalance after 10 years 1 0 s a “run” 111,277.99
