Financial Calculator - AMORT Amortization Schedule - 10bii Mac OS X

Hi. This is Kenny from in a day development welcome to our video tutorial on amort or the amortization schedule one of the most common uses of a financial calculator is to determine the rate at which debt amortizes or gets paid off our calculator makes this extremely easy if any of. This is confusing please review the videos for basic TVM functions as they go into more detail than this video does I've got a mortgage with 360 monthly payments which is a 30-year loan at six point one two five percent interest I originally borrowed two hundred fifty thousand dollars in the loan amortizes fully I make sure a p/yr is 12 then I hit 30 Orange shift and xpy are this puts 360 into n then I put six point one two five into iy are two hundred and fifty thousand into PV and 0 into FV then I hit PMT to find my monthly payment a monthly payment is 1519 dollars and three cents and the number shows up as negative because that's money that leaves me every month let's say I've been in this loan for four years or forty eight months how much do I still owe how much of my 49th payment is principal and how much is interest it's really easy to find the answers to these questions and here's how hich orange shift then amort this brings up the amortization schedule for this loan you can also use the shift a keyboard shortcut or use the View menu to bring up the amortization schedule window at a glance we can see that over the life of the loan we pay about two hundred and ninety six thousand dollars in interest and our payments total about five hundred and forty six thousand dollars we can see how much I currently owe by scrolling down to month forty-eight I can see that after month forty-eight I still owe two hundred and thirty six thousand dollars payment forty nine will consist of three hundred and ten dollars and twenty five cents principal pay down and 1208 78 in interest if I want to see how much total interest I've paid I change the show payment range to one to forty eight and then hit update the display changes to show that in the past four years I've paid a total of seventy-two thousand nine thirteen forty-four an interest accounted a whopping fifty-nine thousand seven thirty four ninety one of that additionally I've paying only paid down thirteen thousand one 78-53 in principle considering that most people move every five to seven years you can see why banks are able to turn a very nice profit because the majority of payments in the first few years of the loan are primarily interest and there's very little principal pay down you can save this amortization schedule as a PDF or print it using the file menu thanks for watching and make sure you get your timbi to financial calculator app from the App Store for iPhone iPad Android and Mac OS if you have any questions about this example please feel free to email us at the team at in a day development comm.

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