Calculated Industries 3442 - Manual (Page 33)

28 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P X2
Sales Price/Down Payment
One of the unique features of this calculator is its ability to work with
not only Loan Amount, but with Sales Price and Down Payment. You
can enter two values to find the third (e.g., enter Price and Down
Payment to find Loan Amount). You can also enter the down pay-
ment in both percent or dollar format. For example, to enter a per-
cent, say 20%, enter 20 directly into the
d key. Or enter $20,000
(e.g., 2 0 ) d ).
Note: When using P , d and l keys, it’s recommended that you always enter
the two known values (Price and Down Payment), then solve for the third (Loan
Amount), before calculating financial values.
Finding Loan Amount Based on Sales Price and
Down Payment
Find the down payment dollar amount and the loan amount if the
sales price is $250,000 and you’re planning to put 20% down.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter sales price 2 5 0 ) P 250,000.00
Enter down payment % 2 0 d 20.00
Find down payment $ d 50,000.00
Find loan amount l 200,000.00
Finding Sales Price and Payment Based on Loan Amount
and Down Payment
Find a home’s sales price if you’ve been approved for a $200,000,
30-year, 7.5% mortgage and you plan to put 20% down. Also find
your monthly payment.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter loan amt 2 0 0 ) l 200,000.00
Enter term 3 0 T 30.00
Enter interest 7 • 5 ˆ 7.50
Enter down pmt % 2 0 d 20.00
Find sales price P 250,000.00
Find monthly payment p “run” 1,398.43