Calculated Industries 3126 - Manual (Page 54)

4. Find Bi-Weekly term, then the total inter-
est savings:
[Set] [Term] “run”
20.72
[Term] – 62,166.78
5. Find bi-weekly payment:
[Pmt] 342.76
Adjustable Rate Mortgages
Using the [ARM] key, you can find the
“adjusted” payments for future years on
fully and partially amortized Adjustable
Rate Mortgages. Here are some notes on
solving ARM loans:
1. Solve the initial ARM payment as
you would any standard fixed-rate
loan. The ARM function is only used
for “adjusted” periods.
2. The “split” Interest [:] Term
Adjustment entry for ARM should
always be entered on an annual
basis. This value is permanently stored
in memory.
3. After performing an ARM calculation,
your permanently stored values for
Term and Interest will be changed.
Performing an ARM alters these values.
4. To calculate a “decreasing ARM,” enter
the two ARM parameters, then press
[Set] [ARM] .
5. The calculator includes a “lifetime cap”
(i.e., the maximum amount an interest
rate may increase over the life of a
loan). Before setting the ARM parame-
54 — Qualifier Plus ® IIcx