Calculated Industries 3416 User Guide - Manual (Page 29)

24 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
Finding the Interest Rate
Find the interest rate on a mortgage where the loan amount is
$98,500, the term is 30 years, and the payment is $1,150 a month.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter loan amount 9 8 5 0 0 l 98,500.00
Enter term 3 0 T 30.00
Enter monthly payment 1 1 5 0 p 1,150.00
Find annual interest ˆ “run” 13.78
Find periodic interest ˆ 1.15
Finding the Term of a Loan
How long does it take to pay off a loan of $15,000 at 10% interest if
you make payments of $200 each month?
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter loan amount 1 5 ) l 15,000.00
Enter interest 1 0 ˆ 10.00
Enter monthly payment 2 0 0 p 200.00
Find term in years T “run” 9.85
Find periodic term T 118.19
Finding the Loan Amount
Approximately how much could you borrow if the interest rate was
7.8% on a 30-year loan and you could afford $1,500 in monthly pay-
ments? What if the interest rate was lowered to 7.5%?
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter interest 7 • 8 ˆ 7.80
Enter term 3 0 T 30.00
Enter monthly payment 1 5 0 0 p 1,500.00
Find loan amount l “run” 208,370.81
Enter new interest rate 7 • 5 ˆ 7.50
Find new loan amount l “run” 214,526.44