Calculated Industries 3420 User Guide - Manual (Page 63)

62 — Q UALIFIER P LUS ® III X
Increasing and Decreasing ARM Payment
Find the ARM payments for a $300,000, 30-year ARM loan that
starts out at 5% but increases 1% after six months and then
decreases 1.5% after an additional 12 months.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Loan Amount 3 0 0 ) l 300,000.00
Enter Term in years 3 0 T 30.00
Enter annual Interest rate 5 ˆ 5.00
Find initial monthly Payment p “run” 1,610.46
Enter 1st ARM adjustment 1 : • 5 A 1.00 - 0.50
Find higher ARM Payment A 1 ARM 1,796.41
Enter 2nd ARM adjustment 1 • 5 : 1 s A -1.50 - 1.00
Find lower ARM Payment A “run” 1 ARM 1,527.15
Total Principal and Interest for a 30-Year Loan
How much total interest will you pay on a $300,000 loan at 7.5%
interest over 30 years? What is the total principal and interest paid?
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Loan Amount 3 0 0 ) l 300,000.00
Enter annual Interest rate 7 • 5 ˆ 7.50
Enter Term in years 3 0 T 30.00
Find monthly P&I Payment p “run” 2,097.64
Find total # of Payments a “run” 1-360
Find total Interest paid a 455,151.67
Find total Principal paid a 300,000.00
Find total Principal/Interest a 755,151.67
3420UG-E-A 7/2/04 9:06 AM Page 62