Calculated Industries 3423 - Manual (Page 61)

56 — Q
UALIFIER
P
LUS
® 4
X
Finding the Monthly Mortgage Payment
(Based on U.S. Interest Rate)
IMPORTANT NOTE: Your calculator must be in U.S. Mode to com-
plete the following examples. If it isn’t, press s + . Also, when
returning to Canadian examples, be sure to return to Canadian
Mode by pressing
s + again.
Find the monthly payment on a 30-year mortgage of $215,000 at
7.5% annual U.S. interest.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Mortgage Amount 2 1 5 ) l 215,000.00
Enter Term in years 3 0 T 30.00
Enter annual Interest rate 7 • 5 ˆ 7.50
Find monthly P&I Payment p “run” 1,503.31
Finding the Interest–Only Payment
Find the interest-only payment on a loan of $15,000 at 9% interest.
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter Loan 1 5 ) l 15,000.00
Enter Interest 9 ˆ 7.00
Find payment s p * 112.50
*The fourth press of the p key also calculates the inter-only payment if you have a
Term entered, but you may use the above keystrokes as a shortcut.
Interest–Only Payment (Entry)
How much can you borrow if the interest rate is 7% on a 30-year
interest–only mortgage and you can afford to pay $1,000 each month?
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter Interest 7 ˆ 7.00
Enter Payment 1 ) s p 1000.00
Find Loan l 171,428.57
EXAMPLES — U.S. MODE