Calculated Industries Qualifier Plus IIIx Betriebsanweisung PDF herunterladen (Seite 28)

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Finding the Loan Amount

Approximately how much could you borrow if the interest rate was

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

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

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter interest 7 • 8 ˆ 7.80

Enter term 3 0 T 30.00

Enter monthly 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

Paying Off a Mortgage Early (Making Larger Payments)

How long does it take to pay off a 30-year, fixed-rate mortgage of

$150,000 at 8.5% interest if you add an extra $200 to the mortgage

payment each month?

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter loan amount 1 5 0 ) l 150,000.00

Enter interest 8 • 5 ˆ 8.50

Enter term 3 0 T 30.00

Find monthly P&I payment p 1,153.37

Add additional payment

amount + 2 0 0 = 1,353.37

Enter as new

payment amount p 1,353.37

Find reduced loan term T “run” 18.15

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Calculated Industries Qualifier Plus IIIx Betriebsanweisung Seite 28