Calculated Industries 3416 Pocket Reference Guide - Manual (Page 30)

P
OCKET
R
EFERENCE
G
UIDE
— 26
Qualifying Loan Amount (Interest Only-Loan)
Using the same values from the previous
example, find qualifying loan amount, price,
and total payment for an interest-only loan:
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 ins% • 2 5 I 0.25
Set MI% • 6 s I 0.60
Enter association
dues 5 0 e 50.00
Enter interest 6 • 7 5 ˆ 6.75
Enter term 3 0 T 30.00
Display ratios s q 28.00 - 36.00
Find qualifying loan
amount q 223,214.29
Find price P 228,214.29
— DO NOT CLEAR CALCULATOR —
Find the monthly P&I pmt, PITI pmt, total
pmt, and I/O pmt:
STEPS KEYSTROKES DISPLAY
P&I payment p 1,447.76
PITI payment p 1,892.18
Total payment p 1,942.18
I/O payment p 1,255.58