Calculated-industries 3420 User Guide Manual de usuario descargar pdf (Pagina 52)

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UIDE

— 51

Qualifying Comparison (Comparing 2 Different Mortgages or

Qualifying Ratios at Once)

Given a buyer's annual income of $45,000, $150 in long-term

monthly debt, a 10% down payment, monthly heating expense of

$75, an interest rate of 7.25% and term of 25 years, what mortgage

amounts can they qualify for based on both 32%:40% and 35%:42%

ratios? Also, find the corresponding total monthly PITH payment for

each. Estimate property taxes at 1.25%.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter annual Income 4 5 ) i 45,000.00

Enter monthly Debt 1 5 0 D 150.00

Enter mo. heating Expense 7 5 e 75.00

Enter Interest 7 • 2 5 ˆ 7.25

Enter Term 2 5 T 25.00

Enter Down Payment % 1 0 d 10.00

Enter property Tax rate 1 • 2 5 t 1.25

Display Qual 1 stored

Ratios q 32.00-40.00

Find Qual 1 Qualifying

Mortgage q “run” 135,271.72

Find Price P 150,301.91

Find Qual 1 P&I Payment p 968.44

Find Qual 1 PITH Payment p p 1,200.00

— DO NOT CLEAR CALCULATOR —

STEPS KEYSTROKES DISPLAY

Display Qual 2 stored

Ratios Q 35.00-42.00

Find Qual 2 Qualifying

Mortgage Q “run” 148,798.89

Find Price P 165,332.10

Find Qual 2 P&I Payment p 1,065.28

Find Qual 2 PITH Payment p p 1,312.50

3420UG-E-A 7/2/04 9:06 AM Page 51

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Calculated-industries 3420 User Guide Manual de usuario Pagina 52