Calculated Industries 3420 User Guide - Manual (Page 58)

U SER ’ S G UIDE — 57
Calculating Tax and Insurance % or $
If loan variables are entered in addition to tax and insurance per-
centage rates or dollar values, the respective Tax/Insurance dollar
values or percentage rates can be viewed by simply pressing the
applicable keys a second time. For example, enter an annual prop-
erty tax rate of 1.5%, a property insurance rate of 0.25% and a mort-
gage insurance rate of 0.75%. Then enter a sales price of $250,000,
25% down, a term of 25 years and an interest rate of 8%. Calculate
the loan, monthly payments and annual tax and insurance dollar
amounts, or premiums.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Set Tax rate 1 • 5 t 1.50
Set Insurance rate • 2 5 I 0.25
Set Mortgage Ins. rate • 7 5 Â 0.75
Enter Price 2 5 0 ) P 250,000.00
Enter Down Payment % 2 5 d 25.00
Enter Term 3 0 T 30.00
Enter Interest 8 ˆ 8.00
Find Mortgage Amount l 187,500.00
Recall property Tax % ® t 1.50
Calculate property Tax $ t 3,750.00
Recall property Ins. % ® I 0.25
Calculate property Ins. $ I 625.00
Recall Mortgage Ins. % ® Â 0.75
Calculate Mortgage Ins. $ Â 1,406.25
Find P&I Payment p “run” 1,375.81
Find PITI Payment p “run” 1,857.58
Note: The same procedure can be performed to find the opposite — that is, find the
respective % rates based on entered annual dollar amounts or insurance premiums.
Simply enter the $ amounts and mortgage variables first, and the second press of the
respective key will calculate the percentage rate.
3420UG-E-A 7/2/04 9:06 AM Page 57