Monroe PRO User Manual download pdf (Page 17)

Basic Financial Functionality

Important Operational Notes:

1. Amounts entered on the PV, TERM, RATE and PMT keys remain constants unless changed, i.e. a new

amount is entered that replaces the stored constant. It is recommended that the sequence (2.) below is used

prior to each calculation, or until you are familiar with the operation.

2. To clear the financial functionality PRESS C/CE then PV.

3. Once a payment has been calculated, pressing the Amortize key will cause an entire amortization schedule

to print. If sufficient information exists as constants, i.e. an amount is stored in PV, TERM, RATE and

PMT and Amortize is inadvertently depressed, the schedule will print. To stop the printing of the

Amortization schedule, PRESS C/CE during printing. The schedule will stop printing when the keyboard

buffer reads the depression of the C/CE key.

4. Solving for the RATE can take several seconds of computational time. During this time CALCULATE

will flash in the display.

Examples:

Solve for Payment.

Assume you are interested in purchasing a home for $250,000. The interest rate is 6%. You want to finance the

loan over a period of 180 months (15 years). Solve for Payment.

Enter Press Display Print

250000 250,000

PV 250,000.00 250,000.00 IV

6 6

RATE 6.00 6.00 %

180 180

TERM 180.00 180.00 M

PMT 2,109.64 2,109.64 P

Solve for Present Value (Amount Borrowed)

Assume you can afford to pay $2,000 per month on mortgage payment. You qualify for a 6% interest rate. You

want to pay the loan off in 180 months (15 years). Solve for the amount you may borrow (Present Value).

Enter Press Display Print

2000 2,000

PMT 2,000.00 2,000.00 P

6 6

RATE 6.00 6.00 %

180 180

TERM 180.00 180.00 M

PV 237,007.03 237,007.03 IV

Solve for Repayment TERM

Assume the loan you need is for $250,000, yet the payment you want is $2,000. You qualify for a 6% rate. How

many months would be required to repay the loan? As shown below, it requires 196 months to repay the loan with a

remaining payment of $1306.31.

Enter Press Display Print

250000 250,000

PV 250,000.00 250,000.00 IV

6 6

RATE 6.00 6.00 %

2000 2,000

PMT 2,000.00 2,000.00 P

TERM 196.00 1306.31 RP

196.00 M

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Monroe PRO User Manual Page 17

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