HP 40gs HP 39gs_40gs_Mastering The Graphing Calculator_English_E_F2224-90010.p - Page 158
Amortization, towards the payment of interest.
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Amortization The second page of this aplet allows amortization calculations in order to determine the amounts applied towards the principal and interest in a payment or series of payments. Suppose we borrow $20,000 at an interest rate of 6.5% and make monthly payments of $300. The initial situation is as shown in the screen on the right. Press the button to change to the amortization screen. The initial appearance is as shown. As can be seen, the default number of payments to amortize over is 12. Pressing the button will amortized the loan over the first year. As can be seen right, $2,369.77 has been paid off the principal, leaving a balance of $17,630.23. Of the payments made, $1,230.23 went towards the payment of interest. Pressing the button will transfer the balance back to the previous page as the new value of the PV. At this stage you can amortize again for another 12 months as shown right. This can be continued indefinitely. 158
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