Calculated Industries 3420 User Guide - Manual (Page 35)

34 — Q UALIFIER P LUS ® III X
PITH Payment (Including Heating Expense and Property Tax
Entered as $)
Find the PITH payment on a 25-year, 7.25% mortgage if the home’s
selling price is $227,000 and the down payment is 35%. Local annu-
al property tax is estimated at $2,270 (or 1% of the sales price).
Monthly heating expense is $100.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Term in years 2 5 T 25.00
Enter annual Interest 7 • 2 5 ˆ 7.25
Enter sales Price 2 2 7 ) P 227,000.00
Enter Down Payment % 3 5 d 35.00
Find dollar $ d 79,450.00
Set Tax figure 2 2 7 0 t * 2,270.00
Add mo. heating Expense 1 0 0 e 100.00
Find Mortgage Amount l 147,550.00
Find P&I Payment p “run” 1,056.34
Find PITH/total Payment p p 1,345.50
*To view Tax rate in its monthly and percent forms, press the Tax key three times —
e.g., press
® t t t to recall the annual property tax, monthly property tax
and percent (tax rate) of $2,270, $189.17 and 1.00%, respectively.
PITH Payment and Interest-Only Payment
Find the total payment (including principal, interest, tax/insurance
and monthly expenses) and the interest-only payment on a 25-year,
7% mortgage if the home’s selling price is $189,000 and the down
payment is 15%. The local annual property tax is estimated at
$2,835 (or 1.5%), and monthly heating expense at $150.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Term in years 2 5 T 30.00
Enter annual Interest 7 ˆ 7.00
Enter sales Price 1 8 9 ) P 189,000.00
Enter Down Payment % 1 5 d 15.00
Find dollar $ d 28,350.00
Enter property Tax 2 8 3 5 t 2,835.00
Enter monthly Expenses 1 5 0 e 150.00
Find Mortgage Amount l 160,650.00
Find P&I Payment p “run” 1,125.22
Find PITH (total) Payment p p 1,511.47
Find Interest-only Payment p 923.74
3420UG-E-A 7/2/04 9:06 AM Page 34