Calculated Industries 3420 User Guide - Manual (Page 74)

U SER ’ S G UIDE — 73
Qualifying Comparison (Comparing 2 Different Loans or
Qualifying Ratios at Once)
Given a buyer's annual income of $45,000, $500 in long-term
monthly debt, estimated monthly homeowner’s association dues of
$50, an interest rate of 7.25% and term of 30 years, what loan
amounts can they qualify for based on both 28%:36% and 29%:41%
ratios? Also, find the corresponding total monthly payment for each.
Estimate property tax/insurance rates of 1.25% and .3%, respective-
ly, and a mortgage insurance rate of .45%.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter annual Income 4 5 ) i 45,000.00
Enter monthly Debt 5 0 0 D 500.00
Enter monthly assn. dues 5 0 e 50.00
Enter Interest 7 • 2 5 ˆ 7.25
Enter Term 3 0 T 30.00
Enter property Tax rate 1 • 2 5 t 1.25
Enter property Ins. rate • 3 I 0.30
Enter Mortgage Ins. rate • 4 5 Â 0.45
Display Qual 1 Ratios* q 28.00-36.00
Find Qual 1 Qual. Loan q “run” 94,245.94
Find Qual 1 P&I Payment p 642.92
Find Qual 1 PITI Payment p 800.00
Find Qual 1 total Payment p 850.00
— DO NOT CLEAR CALCULATOR —
*If you are not continuing from the previous example, you’ll need to re-enter the quali-
fying ratios (enter
2 8 : 3 6 q ).
STEPS KEYSTROKES DISPLAY
Enter Qual 2 Ratios 2 9 : 4 1 Q 29.00-41.00
Find Qual 2 Qual. Loan Q “run” 116,334.83
Find Qual 2 P&I Payment p 793.61
Find Qual 2 PITI Payment p 987.50
Find Qual 2 total Payment p 1,037.50
*Return to Canadian
Interest Mode, if returning to
Canadian examples
s 9 INT Cdn
*Return calculator to default
GDS:TDS Ratios 3 2 : 4 0 q 32.00-40.00
3 5 : 4 2 Q 35.00-42.00
*IMPORTANT: Be sure to return your calculator to “Canadian Mode” by pressing s
9 , if you wish to perform Canadian mortgage loan problems. Also, be sure to return
the calculator to its original Canadian Qualifying ratios.
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