Calculated Industries 3442 - Manual (Page 29)

24 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P X2
(Cont’d)
6. It is good practice to press o twice after completing a finan-
cial problem to ensure that you have cleared the previous l
and p registers.
7. When solving for a financial component, the calculator may dis-
play the word “run” in the display. Solving for interest may take
several seconds (up to 15) while the word “run” displays.
8. Once you have calculated an answer, for example, a payment,
you can go back and change any financial variable and recalcu-
late your new answer
without re-entering all the other data. This
is handy for demonstrating various “what-if” loan problems.
9. Successive presses of the p key will calculate: 1) the principal
and interest (P&I) payment; 2) the PITI payment, which includes
property tax, property insurance and mortgage insurance, if
entered; 3) the total payment (PITI plus any entered housing
expenses), and 4) the interest-only payment.
10. You may also view the interest-only payment by pressing s
then π .
Finding the Monthly Loan Payment
Find the monthly P&I (principal and interest) payment on a 30-year,
fixed-rate mortgage of $265,000 at 6.75% annual interest.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter loan amount 2 6 5 ) l * 265,000.00
Enter term 3 0 T 30.00
Enter interest 6 • 7 5 ˆ 6.75
Find monthly payment p “run” 1,718.78
*Use the ) key to save keystrokes.
What is the new payment if the interest rate is lowered to 6.5%?
STEPS KEYSTROKES DISPLAY
Enter new interest rate 6 • 5 ˆ 6.50
Find monthly P&I payment p “run” 1,674.98