Calculated Industries 3126 - Manual (Page 52)

3. Enter loan amount, interest, term and
find monthly payment:
100,000 [L/A]
100,000.00
8.5 [Int] 8.50
30 [Term] 30.00
[Pmt] “run” 768.91
4. Find days between escrow closing and
date of 1st payment:
8 [:] 1 [:] 98 [–] 7 [:] 21 [:] 98 [=] 11.00
5. Find the prepaid interest due at closing:
[Set] [000] 259.72
— D
O
N
OT
C
LEAR THE
C
ALCULATOR
—
Add the prepaid interest to the loan’s
points and fees if they are equal to
1.5% and $500, respectively. Then find
the Annual Percentage Rate (APR),
based on these closing costs.
Steps/Keystrokes Display
1. Store the prepaid interest in Memory:
[M+] 259.72
2. Recall loan amount:
[Rcl] [L/A] 100,000.00
3. Find point cost and fees:
[x] 1.5 [%] [=] 1,500.00
[+] 500 [=] 2,000.00
4. Add prepaid interest stored in Memory:
[+] [Rcl] [M+] [=] 2,259.72
5. Find APR for this loan:
[Set] [Int] “run” 8.75
52 — Qualifier Plus ® IIcx