Calculated Industries 3420 Pocket Reference Guide - Manual (Page 31)

P OCKET R EFERENCE G UIDE — 30
Finding Income Required and
Allowable Monthly Debt
• Sales Price: $225,000
• Down%: 35%
• Property Tax: 1.5%
• Heating Expense: $125
• Term: 25 years
• Interest: 7.5%
Find the income required to finance a
$225,000 home and also find the maxi-
mum allowable debt.
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter Interest 7 • 5 ˆ 7.50
Enter Term 2 5 T 25.00
Enter Tax% 1 • 5 t 1.50
Enter heating 1 2 5 e 125.00
Enter Price 2 2 5 ) P
225,000.00
Enter %Down 3 5 d 35.00
Find $ Down d 78,750.00
Find Mortgage l 146,250.00
Display Qualifying
Ratios q 32.00 – 40.00
(Cont’d)
3420PRG-E-A 7/2/04 9:07 AM Page 30