Question about Texas Instruments BA-II Plus Calculator
I need to know how a change of interest rate in a mortgage will change the period of amortization of a loan
Put in all of the other data (present and future value, etc). Put in the new interest rate and press the I/Y key. Press CPT then the N key to see the new number of periods.
Posted on Jan 03, 2013
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The process of paying off a loan through specifically structured periodic payments is known as amortization. Amortized loans are different from other loans due to the way the amount and the structure of each payment is determined.
mortgage payments are a common form of amortized loans, and interestingly enough, both the term mortgage and the termamortization find their meaning in the same root word "mort." This term means to deaden or kill, as in to "kill off" or eliminate the loan a bit at a time, via regular payments.
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