User Manual

-49,316.74
CLEAR
49,316.74 Remaining balance.
11.75
0.98 Adjusted monthly interest.
30 3
27.00 Remaining life of mortgage.
324.00
-504.35 New monthly payment.
495.15
-495.15 Previous monthly payment.
12
31.67 New remaining term (years).
Skipped Payments
Sometimes a loan (or lease) may be negotiated in which a specific set of monthly
payments are going to be skipped each year. Seasonally is usually the reason for
such an agreement. For example, because of heavy rainfall, a bulldozer cannot
be operated in Oregon during December, January, and February, and the lessee
wishes to make payments only when his machinery is being used. He will make
nine payments per year, but the interest will continue to accumulate over the
months in which a payment is not made.
To find the monthly payment amount necessary to amortize the loan in the
specified amount of time, information is entered as follows:
1. Press and press CLEAR .
2. Key in the number of the last payment period before payments close the first time and
press
.
3. Key in the annual interest rate as a percentage and press
1 .
4. Press
12 0 0 .
5. Key in the number of payments which are skipped and press
1 0
0.
6. Press 0
12 100 CLEAR
7. Key in the total number of years in the loan and press
.