Calculated Industries 3420 Pocket Reference Guide - Manual (Page 34)

P OCKET R EFERENCE G UIDE — 33
PITI Payment and Interest-Only
Payment
• Term: 30 years
• Interest: 6%
• Sales Price: $255,000
• Down Payment: 5%
• Property Taxes: 1.3%
• Property Insurance: 0.25%
• Mortgage Insurance: 0.50%
• Monthly Association Dues: $60
Find the PITI, total and interest-only pay-
ments:
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter Term 3 0 T 25.00
Enter Interest 6 ˆ 6.00
Enter Price 2 5 5 ) P
255,000.00
Down% 5 d 5.00
Set Tax% 1 • 3 t 1.30
Set Ins.% • 2 5 I 0.25
Set MI% • 5 Â 0.50
Enter Exp. 6 0 e 60.00
Find Loan l 242,250.00
Find P&I Pmt. p 1,452.41
PITI Payment p 1,882,72
Total Payment p 1,942.72
Int.-only Pmt. p 1,211.25
3420PRG-E-A 7/2/04 9:07 AM Page 33