Calculated Industries 3420 User Guide - Manual (Page 29)

28 — Q UALIFIER P LUS ® III X
Finding the Mortgage Amount
Approximately how much could you borrow if the interest rate was
7.8% on a 25-year mortgage, and you could afford $1,500 in month-
ly payments? What if the interest rate was lowered to 7.5%?
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Interest 7 • 8 ˆ 7.80
Enter Term 2 5 T 25.00
Enter monthly P&I Payment 1 5 0 0 p 1,500.00
Find Mortgage l “run” 199,869.55
Enter new Interest rate 7 • 5 ˆ 7.50
Find new Mortgage l “run” 205,042.71
Non-Monthly Loans
Most mortgages are paid off monthly. However, if you have a non-
monthly loan, you must change the number of payments per year
using a two-key sequence:
s ÷ . For example, here's how to set
your calculator to four payments per year.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter # of Payments/year 4 s ÷ 4.00
To recall the currently stored number of payments:
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Recall # of Payments/year ® ÷ 4.00
IMPORTANT: To return payments per year to the default value of
12, perform the following steps:
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter # of Payments/year 1 2 s ÷ 12.00
3420UG-E-A 7/2/04 9:06 AM Page 28