Calculated Industries 3416 User Manual

Also see for 3416: Pocket reference guide

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Calculated Industries 3416 User Manual Manual pdf 45 page image

40 — MORTGAGE QUALIFIER PLUS ®(Cont’d)6. If the first payment of a loan begins in a month other than Janu-ary, you can use the Month Offset function. The default for thissetting is 1 (for January). To change the start month fromJanuary, enter the month number (e.g., 2 for February), then thes and ) keys. This allows you to calculate the correctnumber of periods in the amortization range. As another exam-ple, if the first payment of a loan begins in April, the value storedin the month offset would be 4 (press 4 s )). If request-ing amortization values for year 1 (press 1 a), the amortiza-tion of periods 1-9 would be displayed. Year 2 (press 2 a)would display values for periods 10-21. Turning your calculatoroff and back on returns the Month Offset to 1 (January).Note: If you have changed your Month Offset, be sure to return it to 1 (i.e.,1 s )) before proceeding to the next problem.7. A useful new feature is that your calculator will also display anestimated Mortgage Interest Tax Deduction at the end of theamortization value list (after remaining balance is displayed), if atax bracket is also entered via s +(Tax Brkt%).Note: If a tax bracket % is not entered, the calculator will use the default of 28%,displayed upon ® +.8. Your calculator automatically advances to the Next AmortizationRange or Period after the initial sequence is complete, uponrepeated presses of a.This saves you from entering the nextrange or period each time.Total Principal and Interest for a 30-Year LoanHow much total interest will you pay on a $300,000 loan at 7.5%interest over 30 years? What is the total principal and interest paid?STEPS KEYSTROKES DISPLAYClear calculator o o 0.00Enter loan amount 3 0 0 ) l 300,000.00Enter interest 7 • 5 ˆ 7.50Enter term 3 0 T 30.00Find monthly P&I payment p “run” 2,097.64Find total # of payments a “run” 1-360Find total interest paid a 455,151.67Find total principal paid a 300,000.00Find total principal/interest a 755,151.67