Calculated Industries 3423 - Manual (Page 37)

P
OCKET
R
EFERENCE
G
UIDE
— 33
APR and Total Finance Charges,
Including Mortgage Insurance
• Loan: $250,000
• Term: 30 years
• Interest: 6.25%
• Cost: 1.5 points + $550
• Mortgage Ins./MI: $1,200/year
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter Loan 2 5 0 ) l
250,000.00
Enter Term 3 0 T 30.00
Enter Interest 6 • 2 5 ˆ 6.25
Find P&I Pmt. p 1,539.29
Enter MI 1 2 0 0 s 9 1,200.00
Find Loan Costs:
Recall Loan ® l
250,000.00
Find points x 1 • 5 % = 3,750.00
Add fees and
find total + 5 5 0 = 4,300.00
Find APR s ˆ 7.03
Find ttl chgs. ˆ 344,445.48
Amt. financed ˆ 245,700.00
Total cost ˆ 590,145.48
P&I payment ˆ 1,539.29
Monthly MI ˆ 100.00
PIMI payment ˆ 1,639.29