Calculated-industries 3420 User Guide Manual de usuario descargar pdf (Pagina 71)

70 — Q

UALIFIER

LUS

III

“Restricted” Qualifying

Buyers who make $68,000 annually and have $750 in long-term

monthly debt wish to buy a home offered at $175,000. They can only

afford $5,000 for the down payment. For what maximum loan

amount can they qualify?

(Use previously stored 7.5% interest, 30-

year term, Tax/Ins./MI rates of 1.5%, .25% and 0.6%, respectively,

and qualifying ratios of 28%:36%. Re-enter $50 association dues

and $5,000 down.)

Note: If you’re not continuing from the previous example, you’ll need to enter Qualifying

Ratios (enter

2 8 : 3 6 q

), as well as interest, term, tax and insurance.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Recall Interest ® ˆ 7.50

Recall Term ® T 30.00

Recall annual property

Tax rate ® t 1.50

Recall annual property

Insurance rate ® I 0.25

Re-enter annual MI rate • 6 Â 0.60

Re-enter assn. dues 5 0 e 50.00

Enter Down Payment 5 ) d 5,000.00

Enter annual Income 6 8 ) i 68,000.00

Enter monthly Debt 7 5 0 D 750.00

Display Qualifying Ratios q 28.00-36.00

Find “restricted” Qualifying

Loan Amount q “run” 137,725.41

— DO NOT CLEAR CALCULATOR —

(Cont’d)

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Calculated-industries 3420 User Guide Manual de usuario Pagina 71