Calculated Industries 3423 - Manual (Page 27)

22 — Q
UALIFIER
P
LUS
® 4
X
(Cont’d)
IMPORTANT NOTE: All of the following examples can also be per-
formed while the calculator is in U.S. Mode. See Canadian/U.S.
Modes on page 11. Just be sure to change the term from 25 to 30
years, where applicable, and of course, the answers will change due
to U.S. interest.
Additional U.S. examples are provided starting on page 56.
Finding the Monthly Mortgage (P&I) Payment
Find the monthly payment on a 25-year fixed-rate mortgage of
$165,000 at 7.5% annual interest. What is the effective rate?
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Mortgage amount 1 6 5 ) * l 165,000.00
Enter Term in years 2 5 T 25.00
Enter Interest 7 • 5 ˆ 7.50
Find monthly P&I Payment p “run” 1,207.07
Solve for effective rate s ˆ 7.39
What is the new payment if the interest rate is lowered to 7%?
STEPS KEYSTROKES DISPLAY
Enter new Interest rate 7 ˆ 7.00
Find monthly P&I Payment p “run” 1,155.69
*Note: Use the ) key to save keystrokes.
Finding the Term of a Mortgage
How long does it take to pay off a $55,000 mortgage at 7.25% inter-
est, if you make payments of $750 each month?
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Mortgage Amount 5 5 ) l 55,000.00
Enter Annual Interest Rate 7 • 2 5 ˆ 7.25
Enter monthly P&I Payment 7 5 0 p 750.00
Find Term in years T “run” 8.05
Find periodic Term/Months T 96.65