Sharp EL-738 operation manual 61656, 8895148

8.Press ito calculate the next period of the amortization schedule.

9.Repeat steps 5 to 7 above.

•If you press @during “AMRT P1” and “AMRT P2” entry, the values for the next period of payment will be automatically calculated and displayed.

•To end amortization calculations, press s. Pressing s during entry will clear the value entered.

1 Calculating mortgage payments and generat- ing an amortization schedule

1.Calculate the monthly payment of a 20-year loan with a loan amount of $90,000 and a 5.45% APR.

Procedure	Key operation	Display
Set all the variables to	.b
default values.		000

Make sure ordinary annuity is set (BGN is not displayed).

Set TVM solver vari-	.w12 Q
ables and calculate	s20 .<
payment.	N90000 v0		PMT=
	T	5.45 f@
	u		-61656

Answer: The monthly payment is $616.56.

Now generate an amortization schedule for the first 5 years of the loan. If the first payment is in August, the first year has 5 payment periods and the following years have 12 payment periods each.

2.Calculate the amortization schedule for the first year.

Procedure	Key operation			Display
Change to amortization	*1 Q
calculation and enter 1				AMRT P1=
(August) for the starting
payment.				100
Enter 5 (December) for	i	5	Q	AMRT P2=
the ending payment.				500
Display the remaining	i			BALANCE=
balance.				8895148

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