Calculated Industries 3416 Pocket Reference Guide - Manual (Page 26)

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Qualifying Loan Amount
• Buyer’s income: $75,000
• Monthly debt: $500
• Down$: $5,000
• Property taxes: 1.5%
• Property insurance: 0.25%
• Mortgage insurance: 0.6%
• Monthly association dues: $50
• Term: 30 years
• Interest: 7.5%
• Qualifying ratios: 28%: 36%
Find the Qualifying Loan Amount, Price
and Total Payment:
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter income 7 5 ) i 75,000.00
Enter debt 5 0 0 D 500.00
Enter down 5 ) d 5,000.00
Set tax% 1 • 5 t 1.50
Set insurance% • 2 5 I 0.25
Set MI% • 6 s I 0.60
Enter association
dues 5 0 e 50.00
Enter interest 7 • 5 ˆ 7.50
Enter term 3 0 T 30.00
Display ratios q 28.00 - 36.00