Calculated Industries 3423 - Manual (Page 33)

28 — Q
UALIFIER
P
LUS
® 4
X
Total Payment (Including Heating Expense and Property Tax –
Entered as Percentage)
Find the Total (PITH) payment on a 25-year, 7.63% mortgage if the
home’s selling price is $178,000 and the down payment is 5%. The
annual property tax is estimated at 1.3% and the monthly heating
cost is estimated at $150.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Term in years 2 5 T 25.00
Enter annual Interest 7 • 6 3 ˆ 7.63
Enter sales Price 1 7 8 ) P 178,000.00
Enter Down Payment 5 d 5.00
Set annual Tax rate 1 • 3 t 1.30
Find annual property Taxes t 2,314.00
Add mo. heating Expense 1 5 0 s D 150.00
Find Mortgage Amount l 169,100.00
Find P&I Payment p “run” 1,250.90
Find Total Payment p 1,593.73
Total Payment (Including Heating Expense and Property Tax –
Entered as Dollar Amount)
Find the Total (PITH) payment on a 25-year, 7.25% mortgage if the
home’s selling price is $227,000 and the down payment is 35%.
Local annual property tax is estimated at $2,270 (or 1% of the sales
price). Monthly heating expense is $100.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Term in years 2 5 T 25.00
Enter annual Interest 7 • 2 5 ˆ 7.25
Enter sales Price 2 2 7 ) P 227,000.00
Enter Down Payment % 3 5 d 35.00
Find dollar $ d 79,450.00
Set Tax figure 2 2 7 0 t * 2,270.00
Add mo. heating Expense 1 0 0 s D 100.00
Find Mortgage Amount l 147,550.00
Find P&I Payment p “run” 1,056.34
Find Total (PITH) Payment p 1,345.50
*To view Tax rate in its monthly dollar amount and percent forms, press the Tax key
three times —e.g., press
® t t t to recall the annual property tax, monthly
property tax and percent (tax rate) of $2,270, $189.17 and 1.00%, respectively.