Calculated Industries 3420 User Guide - Manual (Page 52)

U SER ’ S G UIDE — 51
Qualifying Comparison (Comparing 2 Different Mortgages or
Qualifying Ratios at Once)
Given a buyer's annual income of $45,000, $150 in long-term
monthly debt, a 10% down payment, monthly heating expense of
$75, an interest rate of 7.25% and term of 25 years, what mortgage
amounts can they qualify for based on both 32%:40% and 35%:42%
ratios? Also, find the corresponding total monthly PITH payment for
each. Estimate property taxes at 1.25%.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter annual Income 4 5 ) i 45,000.00
Enter monthly Debt 1 5 0 D 150.00
Enter mo. heating Expense 7 5 e 75.00
Enter Interest 7 • 2 5 ˆ 7.25
Enter Term 2 5 T 25.00
Enter Down Payment % 1 0 d 10.00
Enter property Tax rate 1 • 2 5 t 1.25
Display Qual 1 stored
Ratios q 32.00-40.00
Find Qual 1 Qualifying
Mortgage q “run” 135,271.72
Find Price P 150,301.91
Find Qual 1 P&I Payment p 968.44
Find Qual 1 PITH Payment p p 1,200.00
— DO NOT CLEAR CALCULATOR —
STEPS KEYSTROKES DISPLAY
Display Qual 2 stored
Ratios Q 35.00-42.00
Find Qual 2 Qualifying
Mortgage Q “run” 148,798.89
Find Price P 165,332.10
Find Qual 2 P&I Payment p 1,065.28
Find Qual 2 PITH Payment p p 1,312.50
3420UG-E-A 7/2/04 9:06 AM Page 51