8 — Q
UALIFIER
P
LUS
®
III
X
s ÷
Payments per Year (Pmt/Yr)
— Used to set the
number of payment periods per year. Default value
is 12, for monthly.
Note: You can store the number of payments/year permanently or
semi-permanently. See “Preference Settings” on
page 20).
a
Amortization (Amort)
— Finds total interest, princi-
pal, remaining balance, remaining term and estimat-
ed mortgage interest tax deduction.
The output of this key is as follows:
Press Display or Calculation
1 Displays range of periods
2 Calculates total interest for period range
3 Displays total principal for range
4 Calculates total principal and interest
5 Calculates remaining balance
6 Calculates remaining term
7 Calculates estimated mortgage interest tax
deduction for the specified period, based on
the default tax bracket of 28%*
*You may enter any tax bracket (e.g., 30%, press 30
s +
and recalculate amortization values).
Note: This is only for estimating a mortgage interest tax deduc-
tion — it does not include property tax. See “Tax Savings” keys
for income tax savings including property tax and mortgage inter-
est on
page 9.
s a
Remaining Balance (Bal)
— Displays the remain-
ing balance when preceded by a single year or
range of years (or individual payment or range of
payments by using the s b keys). Note that
you can also view the remaining balance as part of
the Amortization display (see above a description).
:
Colon Separator (Date)
— Used as a separator for
entering dates, ARM adjustments, qualifying ratios,
Combo Loan (1st/2nd) interest and terms, and for
entering amortization ranges.
s )
Month Offset (Mo Offset)
— Used to set the first
month of payment if other than January.
s :
Odd-Days Interest
— Calculates the prepaid inter-
est, or simple interest accumulated (based on a
360-day year) during the days before the first loan
payment is made using the interest rate stored in
the Interest register.
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