Calculated Industries 3423 - Manual (Page 29)

24 — Q
UALIFIER
P
LUS
® 4
X
Non-Monthly Mortgages
Most mortgages are paid off monthly. However, if you have a non-
monthly mortgage, you must change the number of payments per
year using a two-key sequence:
s ÷ . For example, here's how to
set your calculator to four payments per year.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter # of payments/year 4 s ÷ 4.00
To recall the currently stored number of payments:
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Recall # of payments/year ® ÷ 4.00
IMPORTANT: To return payments per year to the default value of
12, perform the following steps:
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter # of payments/year 1 2 s ÷ 12.00
Finding a Quarterly Payment
Find the quarterly payment on a ten year mortgage of $15,000 with
an annual interest rate of 12%.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Set to four payments/year 4 s ÷ 4.00
Enter Mortgage Amount 1 5 ) l 15,000.00
Enter Term in years 1 0 T 10.00
Enter annual Interest rate 1 2 ˆ 12.00
Find quarterly P&I Payment p “run” 644.36
Reset to 12 payments/year 1 2 s ÷ “run” 12.00