Recalling Income/Debt Qualifying Ratios
Recall stored ratios:
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Recall qualifying ratios [Rcl] [Qual 1] 28.00 – 36.00
Qualifying Loan Amount Based on Income & Debts
Given an interest rate of 7.5%, a term of 30 years, and the
stored 28%:36% qualifying ratios, for what size loan and what
price house can a buyer qualify if he or she makes $45,000
annually and has $500 per month in long-term debts and plans
to put $35,000 down? (Assume no Tax and Insurance)
Be sure to check your stored tax and insurance rates before
completing any qualifying problems, especially if you are in
Pro-Mode where these values are stored permanently.
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Recall tax rate [Rcl] [Tax] 0.00
Recall insurance rate [Rcl] [Ins] 0.00
Recall mortgage Ins. rate [Rcl] [Mtg Ins] 0.00
Enter term in years 30 [Term] 30.00
Enter annual interest 7.5 [Int] 7.50
Enter down pmt 35,000 [Dn Pmt] 35,000.00
Enter annual income 45,000 [Inc] 45,000.00
Enter monthly debts 500 [Debt] 500.00
Display qual. ratios [Qual 1] 28.00 – 36.00
Find qual. loan amt. [Qual 1] “run” 121,564.98
Find price [Price] 156,564.98
Find mo. payment [Pmt] 850.00
DO NOT CLEAR CALCULATOR —
40 – Qualifier Plus
®
IIx DT
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