Calculated Industries 3420 Pocket Reference Guide - Manual (Page 36)

P OCKET R EFERENCE G UIDE — 35
ARM Payment — Lifetime Cap
• Loan: $330,000
• Term: 30 years
• Interest: 7%
• Lifetime Cap: 4%
• ARM Interest Adj.: 1% per year
Find the adjusted ARM payments through
year six:
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter Loan 3 3 0 ) l
330,000.00
Enter Term 3 0 T 30.00
Enter Interest 7 ˆ 7.00
Find initial monthly P&I
Payment p “run” 2,195.50
Enter interest
Cap 4 s % CAP 4.00
Enter ARM
parameters 1 : 1 A 1.00 - 1.00
Find 1st “adjusted”
Payment A “run” 1 2,417.02
Find 2nd “adjusted”
Payment A 2 2,642.10
(Cont’d)
3420PRG-E-A 7/2/04 9:07 AM Page 35