Calculated Industries 3423 - Manual (Page 65)

60 — Q
UALIFIER
P
LUS
® 4
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Finding the Interest Rate
Find the interest rate if the mortgage is $98,500, term is 30 years
and payment is $1,150 a month.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Loan Amount 9 8 5 0 0 l 98,500.00
Enter Term in years 3 0 T 30.00
Enter monthly P&I Payment 1 1 5 0 p 1,150.00
Find annual Interest ˆ “run” 13.78
Find periodic Interest ˆ 1.15
Finding the Term of a Loan
How long does it take to pay off a $15,000 loan at 10% interest if
you make payments of $200 each month?
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Loan Amount 1 5 ) l 15,000.00
Enter annual Interest rate 1 0 ˆ 10.00
Enter monthly Payment 2 0 0 p 200.00
Find Term in years T “run” 9.85
Find periodic Term T 118.19
Finding the Loan Amount
Approximately how much could you borrow if the interest rate was
7.8% on a 30-year mortgage and you could afford $1,500 in monthly
payments? What if the interest rate was lowered to 7.5%?
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter annual Interest rate 7 • 8 ˆ 7.80
Enter Term in years 3 0 T 30.00
Enter monthly P&I Payment 1 5 0 0 p 1,500.00
Find Loan Amount l “run” 208,370.81
Enter new Interest rate 7 • 5 ˆ 7.50
Find new Loan Amount l “run” 214,526.44