Calculated Industries 3420 User Guide - Manual (Page 14)

U SER ’ S G UIDE — 13
t Property Tax — Used for calculating PITI and Total
(PITH) payment, and Qualifying. Stores estimated
annual property tax in either percent or dollar
amount. If entered as an annual dollar amount, a
press of
t converts to the monthly tax amount,
and pressing t again converts to the annual per-
centage rate. If entered as a percentage, pressing
t converts to the annual dollar amount, and
pressing t once more shows the monthly tax.
Note: Entering a number equal to or less than ten is assumed to
be an annual percentage. Property tax is calculated from the
sales price (therefore, you should also enter a Down Payment).
U.S. Keys (Used in U.S. Mode)
Note: Calculator must be set to U.S. Mode. See page 16.
A Adjustable Rate Mortgage — Calculates the pay-
ment and re-amortizes a fully or partially amortized
Adjustable Rate Mortgage based on the inputs of
both an Interest Adjustment and a Term Adjustment,
which are entered using the Colon
: key (Interest
Adjustment : Term Adjustment). For example, an
ARM which increases 1% every year is entered 1
: 1 A ; an ARM which decreases 1% per year is
entered 1 : 1 s A . (ARM rates are stored
permanently.)
s A Lifetime Interest Cap (ARMs) — Sets the lifetime
interest cap for ARMs by entering the maximum
interest increase. This is a permanent setting; to
clear, set the cap back to zero (
0 s % ).
s ˆ Annual Percentage Rate (APR) — Calculates APR
(for fixed-rate loans only) based on the entry of
points and/or non-recurring loan fees paid at initia-
tion. It also calculates total finance charges, monthly
mortgage insurance, and PIMI payment, based on
the entry of mortgage insurance via the
 keys.
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