Calculated Industries 3420 Pocket Reference Guide User Manual
Page 35

P
OCKET
R
EFERENCE
G
UIDE
— 34
Qualifying Loan Amount
• Buyer’s Income: $100,000
• Monthly Debt: $550
• Down Payment: 25%
• Property Tax: 1.5%
• Property Insurance: 0.25%
• Mortgage Insurance (not required): 0
• Term: 30 years
• Interest: 6.25%
• Qualifying Ratios: 28% – 36%
Find qualifying loan, price and payment:
STEPS
KEYSTROKES
DISPLAY
Clear
o o
0.00
Enter Income
1 0 0 ) i
100,000.00
Enter Debt
5 5 0 D
250.00
Enter %Down
2 5 d
25.00
Set Tax%
1 • 5 t
1.50
Set Ins.%
• 2 5 I
0.25
Set MI%
0 Â
0.00
Enter Term
3 0 T
30.00
Enter Interest
6 • 2 5 ˆ
6.25
Enter Ratios
2 8 : 3 6 q
28.00 – 36.00
Find maximum qualifying
Amount
q
288,008.37
Find Price
P
384,011.16
PITI Payment
p p
2,333.33
3420PRG-E-A 7/2/04 9:07 AM Page 34
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