Calculated Industries 3420 User Guide - Manual (Page 26)

U SER ’ S G UIDE — 25
MORTGAGE / TIME-VALUE-OF-MONEY (TVM)
1. The financial functions — Mortgage Amount, Payment, Interest,
Term — work just like you would say them. For example, if you
wanted to borrow $100,000 for 25 years at 8% interest, just enter
those three known variables and press the key for the unknown
fourth variable:
Payment p .
2. When calculating future value problems, enter the present value
into the
l key.
3. Financial values may be entered in any order you want.
4. Entered values for Term and Interest are permanently stored in
memory.
5. While in Canadian Mode (default), the calculator will display
“CDN” in the upper left of the display when the
ˆ key is pressed.
6. The calculator’s default setting is 12 payments per year, for
monthly mortgages.
7. It is good practice to press o twice after completing a financial
problem to ensure that you have cleared the previous l and p
registers.
8. When solving for a financial component, the calculator may dis-
play the word “run” in the display. Solving for interest may take sev-
eral seconds (up to 15) while the word “run” displays.
9. Once you have calculated an answer, for example, a payment,
you can go back and change any financial variable and recalculate
your new answer
without re-entering all the other data. This is handy
for demonstrating various “what-if” mortgage problems.
10. Successive presses of the p key will calculate:
1) the principal and interest (P&I) payment;
2) (optional) the PITI payment, which includes property tax;
3) the total payment/PITH (PITI plus monthly heating expense
and other applicable expenses; and,
4) the interest-only payment.
(Cont’d)
EXAMPLES — CANADIAN MODE
3420UG-E-A 7/2/04 9:06 AM Page 25