Calculated Industries 3415-KITE-D User Manual

Page 9

8 — Q

UALIFIER

LUS

III

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/year permanently or
semi-permanently. See “Preference Settings” on page 20).

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

Displays range of periods

Calculates total interest for period range

Displays total principal for range

Calculates total principal and interest

Calculates remaining balance

Calculates remaining term

Calculates estimated mortgage interest tax
deduction for the specified period, based on
the default tax bracket of 28%*

*You may enter any tax bracket (e.g., 30%, press 30

s +

and recalculate amortization values).

Note: This is only for estimating a mortgage interest tax deduc-
tion — it does not include property tax. See “Tax Savings” keys
for income tax savings including property tax and mortgage inter-
est on page 9.

s a

Remaining Balance (Bal)

— Displays the remain-

ing balance when preceded by a single year or
range of years (or individual payment or range of
payments by using the

s b

keys). Note that

you can also view the remaining balance as part of
the Amortization display (see above

description).

Colon Separator (Date)

— Used as a separator for

entering dates, ARM adjustments, 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 prepaid inter-

est, or simple interest accumulated (based on a
360-day year) during the days before the first loan
payment is made using the interest rate stored in
the Interest register.