52 — Q
UALIFIER PLUS
®
III
FX
ARM Payment — Worst-Case Scenario
Find the initial monthly P&I payment on a 30-year, $176,000 mortgage
at 8.25% annual interest rate, and then find the second and third
year's “worst-case” adjusted payments if this ARM loan increases
1% at the end of each year. Then, find the remaining loan balance,
current interest rate and remaining term.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Loan Amount 1 7 6 ) l 176,000.00
Enter Term in years 3 0 T 30.00
Enter annual Interest rate 8 • 2 5 ˆ 8.25
Find initial monthly P&I
Payment (1st year) p “run” 1,322.23
Enter ARM parameters 1 : 1 A 1.00 - 1.00
Find 1st adjusted (2nd year)
ARM payment A 1 ARM 1,445.79
Find 2nd adjusted (3rd year)
ARM payment A 2 ARM 1,570.86*
Find principal at start of
3rd year ® l 173,350.16
Find current Interest rate ® ˆ 10.25
Find remaining Term ® T 28.00
*Note: You may continue pressing A to find the 4th, 5th year, etc. increasing ARM
payments. The display will show the payment number to the left.
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