Calculated Industries 3442 - Manual (Page 7)

2 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P X2
s x Clear All — Clears all entered values and returns all
storable values to the default settings. Use this only
with caution, as it will reset ratios, payments per
year, etc. back to their defaults (see the Appendix
for a list of these settings).
Note: Clear All will not affect any changes made to Preference
Settings.
s = Preferences (Prefs) — Activates the Preference
Mode, where you can select custom settings (see
Preference Settings).
Mortgage Loan (TVM) Keys
The following keys let you solve time-value-of-money (TVM) prob-
lems, such as finding a loan payment, term, interest or future value,
amortization or Equity Builder loans. Other useful keys, such as
Price and Down Payment, are also included. These mortgage loan
keys let you demonstrate various “What-if” loan scenarios to your
clients.
l Loan Amount — Enters or solves for the initial loan
amount or present value of a financial problem.
p P&I, PITI Payment, Total Payment, Interest-Only
Payment
— Enters or solves for the periodic princi-
pal and interest (P&I) payment. Pressing p a sec-
ond time in succession calculates the PITI payment
(P&I plus property tax, property insurance and mort-
gage insurance, if entered). The third press of
p
computes the total payment (PITI plus any entered
expenses such as homeowner’s association dues
and other housing expenses). The fourth press cal-
culates the interest-only payment.
T Enters or solves for the number of years. Second
press gives the number of periods. You may enter a
periodic term, if you prefer, by pressing the
π key
(e.g., 3 6 π T instead of 3 T ). An entered
term greater than 100 will be classified as periodic,
not annual.
Note: Stored permanently, until you change it.
ˆ Interest — Enters or solves for the annual interest
rate. Second press gives the periodic rate.
Note: Stored permanently, until you change it.
s l Future Value (FV) — Enters or solves for the future