Calculated Industries 3420 User Guide - Manual (Page 71)

70 — Q UALIFIER P LUS ® III X
“Restricted” Qualifying
Buyers who make $68,000 annually and have $750 in long-term
monthly debt wish to buy a home offered at $175,000. They can only
afford $5,000 for the down payment. For what maximum loan
amount can they qualify?
(Use previously stored 7.5% interest, 30-
year term, Tax/Ins./MI rates of 1.5%, .25% and 0.6%, respectively,
and qualifying ratios of 28%:36%. Re-enter $50 association dues
and $5,000 down.)
Note: If you’re not continuing from the previous example, you’ll need to enter Qualifying
Ratios (enter
2 8 : 3 6 q ), as well as interest, term, tax and insurance.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Recall Interest ® ˆ 7.50
Recall Term ® T 30.00
Recall annual property
Tax rate ® t 1.50
Recall annual property
Insurance rate ® I 0.25
Re-enter annual MI rate • 6 Â 0.60
Re-enter assn. dues 5 0 e 50.00
Enter Down Payment 5 ) d 5,000.00
Enter annual Income 6 8 ) i 68,000.00
Enter monthly Debt 7 5 0 D 750.00
Display Qualifying Ratios q 28.00-36.00
Find “restricted” Qualifying
Loan Amount q “run” 137,725.41
— DO NOT CLEAR CALCULATOR —
(Cont’d)
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