Education Technology

# Knowledge Base

## Solution 11219: Calculating Amortization on the Amortization Worksheet Using the BAII PLUS™ and BAII PLUS™ PROFESSIONAL.

### How do I calculate amortization on the BAII PLUS and BAII PLUS PROFESSIONAL?

For Example: Jane Doe took out a \$150,000 home mortgage, accumulating 7% interest compounded monthly for the next 30 years. She has been paying on her house for 5 years. She wants to know the interest and principal paid as well as the remaining balance on her mortgage.

1) Press [2ND] [CLR TVM].
2) Press [2ND] [P/Y] to verify screen displays P/Y = 12.00. If it does not, press [1] [2] [ENTER].
3) Press [2ND] [QUIT].
4) Press [1] [5] [0] [0] [0] [0] [PV]. Screen should display PV = 150,000.00.
5) Press [3] [0] [2ND] [xP/Y]. Screen should display 360.00.
6) Press [N]. Screen should display N = 360.00.
7) Press [7] [I/Y]. Screen should display I/Y = 7.00
8) Press [CPT] [PMT]. The screen will display PMT = -997.95.
9) Press [2ND] [AMORT]. Screen will display P1 = 1.00.
10) Press [Down Arrow] [5] [2ND] [xP/Y] [ENTER]. Screen will display P2 = 60.00.
11) Press [Down Arrow] to compute the balance. Screen should display BAL = 141,197.64
12) Press [Down Arrow] to compute principal paid. Screen should display PRN = -8,802.36
13) Press [Down Arrow] to compute interest paid. Screen should display INT = -51,074.64

Please see the BA II PLUS or BA II PLUS PROFESSIONAL guidebooks for additional information.