User Manual

0
55,000.00 Remaining balance.
2,750.00 Second payment's interest.
0
7,750.00 Total second payment.
0
50,000.00 Remaining balance after the first year.
4 0
1,500.00 Seventh payment's interest.
0
6,500.00 Total seventh payment.
0
25,000.00 Remaining balance.
1,250.00 Eighth payment's interest.
0
6,250.00 Total eighth payment.
0
20,000.00 Remaining balance after fourth year.
Add-On Interest Rate Converted to APR
An add-on interest rate determines what portion of the principal will be added on
for repayment of a loan. This sum is then divided by the number of months in a
loan to determine the monthly payment. For example, a 10% add-on rate for 36
months on $3000 means add one-tenth of $3000 for 3 years (300 x 3) - usually
called the "finance charge" - for a total of $3900. The monthly payment is
$3900/36.
This keystroke procedure converts an add-on interest rate to a annual
percentage rate when the add-on rate and number of months are known.
1. Press and press CLEAR .
2. Key in the number of months in loan and press
.
3. Key in the add-on rate and press
.
4. Key in the amount of the loan and press
*
(
*
Positive for cash received; negative for
cash paid out.)
.
5. Press
.
6. Press
12 to obtain the APR.