Calculated Industries 3420 Pocket Reference Guide - Manual (Page 19)

P OCKET R EFERENCE G UIDE — 18
PITH and Interest-Only Payment
• Term: 25 years
• Interest: 7%
• Sales Price: $198,000
• Down Payment: 5%
• Property Tax: 1.3%
• Monthly heating expense: $100
Find the PITH payment and interest-only
payment:
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter Term 2 5 T 25.00
Enter Interest 7 ˆ 7.00
Enter Price 1 9 8 ) P
198,000.00
Down% 5 d 5.00
Set Tax%* 1 • 3 t 1.30
Enter heating 1 0 0 e 100.00
Find Mtg. l 188,100.00
Find P&I Pmt. p 1,317.48
Find PITH, or
total Pmt. p p 1,631.98
Find Interest-only
Payment p 1,081.58
*Note: Perform the same steps when entering a
dollar amount for tax — e.g., $2,574 (1.3%) tax,
enter
2 5 7 4 t .
3420PRG-E-A 7/2/04 9:07 AM Page 18