Calculated Industries 3442 - Manual (Page 9)

4 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P X2
interest-only payment. This is also calculated via the
fourth press of the
p key.
s ÷ Payments per Year (Pmt/Yr) — Used to set the
number of payment periods per year. Default value
is 12, for monthly.
Note: You can store the number of payments per year permanently
or semi-permanently. See “Preference Settings”.
a Amortization (Amort) — Finds total interest, princi-
pal, remaining balance, remaining term, and estimat-
ed mortgage interest tax deduction.
The output of this key is as follows:
Press Display or Calculation
1 Enters or displays range of periods
2 Calculates total interest for period range
3 Displays total principal for range
4 Calculates total principal and interest
5 Calculates remaining balance
6 Calculates remaining term
7 Calculates estimated mortgage interest tax
deduction for the specified period, based on
the default tax bracket of 21%*
*You may enter any tax bracket (e.g., 30%, press
3 0 s p and recalculate amortization values).
Note: This is only for estimating a mortgage interest tax deduction
it does not include property tax. See “Tax Savings” keys for
income tax savings including property tax and mortgage interest.
s a Remaining Balance (Rem Bal) — Displays the
remaining balance when preceded by a single year
or range of years (or individual payment or range of
payments by also using the
π key). Note that you
can also see the remaining balance with continuous
presses of the
a key.
: Colon Separator (Date) — Used as a separator for
entering dates, qualifying ratios, Combo loan (1st/2nd)
interest and terms, and for entering amortization ranges.
s ) Month Offset (Mo Offset) — Used to set the first
month of payment if other than January.
s : Odd-Days Interest — Calculates the pre-paid inter-