Calculated Industries 3420 User Guide - Manual (Page 53)

52 — Q UALIFIER P LUS ® III X
Finding Income Required and Allowable Monthly Debt
Using the 32%:40% ratios, how much income would a buyer need to
finance a $180,000 home, if they put 35% down? What is the maxi-
mum allowable debt? What is the dollar down payment and mort-
gage amount? What is the monthly payment? Use 7.05% interest for
25 years. Estimate property tax rate at 1.5% and $80 for monthly
heating expense.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter annual Interest 7 • 0 5 ˆ 7.05
Enter Term in years 2 5 T 25.00
Enter Tax rate 1 • 5 t 1.50
Enter mo. heating Expense 8 0 e 80.00
Enter sales Price 1 8 0 ) P 180,000.00
Enter Down Payment % 3 5 d 35.00
Find Down Payment $ d 63,000.00
Find Mortgage Amount l 117,000.00
Display Qualifying Ratios q 32.00-40.00
Find Income required q “run” 42,303.80
Find maximum allowable
monthly Debt q “run” 282.03
Find P&I Payment p 823.10
Find PITH Payment p p “run” 1,128.10
3420UG-E-A 7/2/04 9:06 AM Page 52