Calculated Industries 3442 - Manual (Page 31)

26 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P X2
Finding the Interest Rate
Find the interest rate on a mortgage where the loan amount is
$98,500, 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 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
Finding the Loan Amount (with Interest-Only Payment)
Find the loan amount for an Interest-Only Loan at 7.5% interest and
an Interest-Only Payment of $1,875 a month?
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter I/O payment 1 8 7 5 s V 1,875.00
Enter interest 7 • 5 ˆ 7.50
Find loan amount l 300,000.00