Calculated Industries 3416 User Guide - Manual (Page 9)

4 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
s ÷ Payments per Year (Pmt/Yr) — Used to set the
number of payment periods per year. Default value
is 12, for monthly.
Note: You can store the number of payments/year permanently or
semi-permanently. See Preference Settings).
a Amortization (Amort) — Finds total interest, princi-
pal, remaining balance, remaining term and estimat-
ed mortgage interest tax deduction.
The output of this key is as follows:
Press Display or Calculation
1
Displays range of periods
2 Calculates total interest for period range
3 Displays total principal for range
4 Calculates total principal and interest
5 Calculates remaining balance
6 Calculates remaining term
7 Calculates estimated mortgage interest tax
deduction for the specified period, based on
the default tax bracket of 28%*
*You may enter any tax bracket (e.g., 30%, press 30
s + and recalculate amortization values).
Note: This is only for estimating a mortgage interest tax
deduction — it does not include property tax. See Tax Savings
Function for income tax savings including property tax and
mortgage interest.
s a Remaining Balance (Bal) — Displays the remain-
ing balance when preceded by a single year or
range of years (or individual payment or range of
payments by using the
s b keys). Note that
you can also view the remaining balance as part of
the Amortization display (see above
a description).
: Colon Separator (Date) — Used as a separator for
entering dates, ARM adjustments, qualifying ratios,
Combo Loan (1st/2nd) interest and terms, and for
entering amortization ranges.
s ) Month Offset (Mo Offset) — Used to set the first
month of payment if other than January.
s : Odd-Days Interest — Calculates the prepaid inter-
est, or simple interest accumulated (based on a
360-day year) during the days before the first loan
payment is made using the interest rate stored in
the Interest register.