Calculated Industries 3423 - Manual (Page 34)

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Finding Mortgage Amount (Including Canadian Mortgage
Insurance)
Find the Mortgage Amount (including Canadian Mortgage Insurance)
on a 25-year mortgage at 7.8% interest if you are considering a
mortgage with a monthly P&I Payment of $1,500. Canadian
Mortgage Insurance of 2.75% will be added to the mortgage amount.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter annual Interest rate 7 • 8 ˆ 7.80
Enter Term in years 2 5 T 25.00
Enter monthly P&I Payment 1 5 0 0 p 1,500.00
Enter Canadian Mortgage
Insurance 2 • 7 5 C 2.75
Find Mortgage Amount l 199,869.55
Find Mortgage Amount (including
Canadian Mtg Ins) l 205,365.97
Enter new P&I Payment (including
Canadian Mtg Ins) p 1,541.25
— DO NOT CLEAR CALCULATOR —
Recall entered Canadian
Mtg Ins percentage ® C 2.75
Find Canadian Mtg Ins
dollar amount C 5,496.41