Calculated Industries 3423 - Manual (Page 26)

P
OCKET
R
EFERENCE
G
UIDE
— 22
“Restricted” Qualifying
Buyers who make $45,000 annually and
have $600 in long-term monthly debt wish
to buy a home offered at $165,000. They
will put 15% down. Will they qualify? For
what maximum mortgage amount can they
qualify?
(Use previously stored 7.25%
interest and 25-year term, tax rate of 1.5%,
monthly heating expense of $100, and
qualifying ratios of 32%:40%).
Note: If you aren’t continuing from the previous
problem, you’ll need to re-enter interest, term,
and property tax.
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter annual
Income 4 5 ) i 45,000.00
Enter monthly
Debt 6 0 0 D 600.00
Enter monthly
heating cost 1 0 0 s D 100.00
Recall Interest ® ˆ 7.25
Recall Term ® T 25.00
Recall property
Tax% ® t 1.50
Enter Down Payment
1 5 d 15.00
Display Qualifying
Ratios q 32.00 – 40.00
Find “restricted” Qualifying
Mortgage Amount
q “run” 92,702.30
Find sales
Price P 109,061.53