Calculated Industries 3430 - Finding the Monthly Mortgage (P&I) Payment; Finding the Loan Amount; Finding the Interest Rate

28 — Q
UALIFIER PLUS
®
III
FX
Finding the Monthly Mortgage (P&I) Payment
Find the monthly P&I (principal and interest) payment on a 30-year,
fixed-rate mortgage of $265,000 at 6.75% annual interest.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Loan Amount 2 6 5 ) l* 265,000.00
Enter Term in years 3 0 T 30.00
Enter annual Interest rate 6 • 7 5 ˆ 6.75
Find monthly P&I Payment p “run” 1,718.78
*Note: Use the ) key to save keystrokes.
What is the new payment, if the interest rate is lowered to 6.5%?
STEPS KEYSTROKES DISPLAY
Enter new Interest rate 6 • 5 ˆ 6.50
Find monthly P&I Payment p “run” 1,674.98
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 annual 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
Finding the Interest Rate
Find the interest rate on a mortgage where the loan amount is
$98,500, the term is 30 years, and the 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 rate ˆ “run” 13.78
Find periodic Interest rate ˆ 1.15