Calculated-industries 3420 User Guide Manual de usuario descargar pdf (Pagina 74)

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— 73

Qualifying Comparison (Comparing 2 Different Loans or

Qualifying Ratios at Once)

Given a buyer's annual income of $45,000, $500 in long-term

monthly debt, estimated monthly homeowner’s association dues of

$50, an interest rate of 7.25% and term of 30 years, what loan

amounts can they qualify for based on both 28%:36% and 29%:41%

ratios? Also, find the corresponding total monthly payment for each.

Estimate property tax/insurance rates of 1.25% and .3%, respective-

ly, and a mortgage insurance rate of .45%.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter annual Income 4 5 ) i 45,000.00

Enter monthly Debt 5 0 0 D 500.00

Enter monthly assn. dues 5 0 e 50.00

Enter Interest 7 • 2 5 ˆ 7.25

Enter Term 3 0 T 30.00

Enter property Tax rate 1 • 2 5 t 1.25

Enter property Ins. rate • 3 I 0.30

Enter Mortgage Ins. rate • 4 5 Â 0.45

Display Qual 1 Ratios* q 28.00-36.00

Find Qual 1 Qual. Loan q “run” 94,245.94

Find Qual 1 P&I Payment p 642.92

Find Qual 1 PITI Payment p 800.00

Find Qual 1 total Payment p 850.00

— DO NOT CLEAR CALCULATOR —

*If you are not continuing from the previous example, you’ll need to re-enter the quali-

fying ratios (enter

2 8 : 3 6 q

STEPS KEYSTROKES DISPLAY

Enter Qual 2 Ratios 2 9 : 4 1 Q 29.00-41.00

Find Qual 2 Qual. Loan Q “run” 116,334.83

Find Qual 2 P&I Payment p 793.61

Find Qual 2 PITI Payment p 987.50

Find Qual 2 total Payment p 1,037.50

*Return to Canadian

Interest Mode, if returning to

Canadian examples s 9 INT Cdn

*Return calculator to default

GDS:TDS Ratios 3 2 : 4 0 q 32.00-40.00

3 5 : 4 2 Q 35.00-42.00

*IMPORTANT: Be sure to return your calculator to “Canadian Mode” by pressing

, if you wish to perform Canadian mortgage loan problems. Also, be sure to return

the calculator to its original Canadian Qualifying ratios.

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