Calculated Industries QUALIFIER PLUS IIx Guía de usuario descargar pdf (Pagina 59)

58 — Q

UALIFIER

LUS

III

Finding the Interest Rate

Find the interest rate if the mortgage is $98,500, term is 30 years

and payment is $1,150 a month.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter Loan Amount 9 8 5 0 0 l 98,500.00

Enter Term in years 3 0 T 30.00

Enter monthly P&I Payment 1 1 5 0 p 1,150.00

Find annual Interest ˆ “run” 13.78

Find periodic Interest ˆ 1.15

Finding the Term of a Loan

How long does it take to pay off a $15,000 loan at 10% interest if

you make payments of $200 each month?

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter Loan Amount 1 5 ) l 15,000.00

Enter annual Interest rate 1 0 ˆ 10.00

Enter monthly Payment 2 0 0 p 200.00

Find Term in years T “run” 9.85

Find periodic Term T 118.19

Finding the Loan Amount

Approximately how much could you borrow if the interest rate was

7.8% on a 30-year mortgage and you could afford $1,500 in monthly

payments? What if the interest rate was lowered to 7.5%?

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter Interest rate 7 • 8 ˆ 7.80

Enter Term in years 3 0 T 30.00

Enter monthly P&I Payment 1 5 0 0 p 1,500.00

Find Loan Amount l “run” 208,370.81

Enter new Interest rate 7 • 5 ˆ 7.50

Find new Loan Amount l “run” 214,526.44

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Calculated Industries QUALIFIER PLUS IIx Guía de usuario Pagina 59