Calculated Industries 3430-KIT - Manual (Page 63)

62 — Q
UALIFIER
P
LUS
® III
FX
“Restricted” Qualifying
Buyers who make $68,000 annually and have $750 in long-term
monthly debt wish to buy a home offered at $175,000. They can only
afford $5,000 for the down payment. For what maximum loan
amount can they qualify?
(Use previously stored 7.5% interest, 30-
year term, 1.5% property tax, .25% property insurance, and qualify-
ing ratios of 28%:36%. Re-enter 0.6% mortgage insurance rate, $50
association dues and $5,000 down.)
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Recall annual Interest rate* ® ˆ 7.50
Recall Term* in years ® T 30.00
Recall property tax rate* ® 7 1.50
Recall property insurance
rate* ® 8 0.25
Re-enter mortgage insurance
rate* • 6 s 9 0.60
Enter monthly association
dues 5 0 e 50.00
Enter Down Payment 5 ) d 5,000.00
Enter annual Income 6 8 ) i 68,000.00
Enter monthly Debt 7 5 0 D 750.00
Display Qualifying Ratios q 28.00-36.00
Find “restricted”
Qualifying Loan Amount q “run” 137,725.41
— DO NOT CLEAR CALCULATOR —
*Note: If you’re not continuing from the previous problem, you’ll need to re-enter inter-
est, term, and in this case, property tax, insurance, and mortgage insurance.
(Cont’d)