Calculated Industries 3420 User Guide - Manual (Page 50)

U SER ’ S G UIDE — 49
“Restricted” Qualifying
Buyers who make $45,000 annually and have $75 in long-term
monthly debt wish to buy a home offered at $165,000. They will put
15% down. Will they qualify? For what maximum mortgage amount
can they qualify?
(Use previously stored 7.5% interest and 25-year
term, tax rate of 1.5%, monthly heating expense of $100, and quali-
fying ratios of 32%:40).
Note: If you aren’t continuing from the previous problem, you’ll need to re-enter inter-
est, term, and property tax.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter annual Income 4 5 ) i 45,000.00
Enter monthly Debt 7 5 D 75.00
Enter mo. heating cost 1 0 0 e 100.00
Recall Interest ® ˆ 7.50
Recall Term ® T 25.00
Recall annual prop. Tax rate ® t 1.50
Enter Down Payment 1 5 d 25.00
Display Qualifying Ratios q 32.00-40.00
Find “restricted” Qualifying
Mortgage Amount q “run” 125,197.22
Find sales Price P 147,290.85
Find $ Down Payment d d 22,093.63
Find PITH/total Payment p p p 1,200.00
— DO NOT CLEAR CALCULATOR —
(Cont’d)
3420UG-E-A 7/2/04 9:06 AM Page 49