USER’S GUIDE — 5est, or simple interest accumulated (based on a360-day year) during the days before the first loanpayment is made using the interest rate stored inthe Interest register.s TEquity Builder — Converts a regular monthly loanto an Equity Builder loan, where the buyer may real-ize significant interest savings. After loan variablesare entered, pressing s T displays the reduc-tion in term. The second press of T displays thetotal interest savings; third press displays the effec-tive interest rate; the fourth press displays the totalinterest paid; fifth press displays the total principalpaid; sixth press displays the total principal andinterest paid; and seventh press calculates theReturn on Investment (ROI%). Pressing p will cal-culate the Equity Builder payment. Pressing sT again will exit Equity Builder Mode and re-cal-culate based on the original term.Note: Your calculator is programmed to calculate special interest-saving Equity Builder Pick-A-Payment loans. With the EB P-A-P,each payment is directly applied to loan principal, or applied twicea month – unlike other loan programs, which may apply the pay-ments to principal only once a month, or at the end of the year.This results in even lower interest costs than typical bi-weeklies,as well as significant P-A-P loan investment savings.Tax Savings Keyss pEstimated Tax Savings (Tax Svgs) — Calculatesan estimated annual income tax savings for a mort-gage, based on entered loan variables, includingproperty tax, mortgage interest, and tax bracket. Youmust enter a tax bracket, then press s p p todisplay the estimated annual tax savings; the thirdconsecutive press of p will display the monthly taxsavings, and the fourth press will display the estimated“after-tax” mortgage payment, or net payment.Note: This function is different from the mortgage interest deduc-tion figured in the Amortization calculation, as it also includesproperty tax for a total estimated tax savings and only providesan annual estimate, not an estimate for a specified range (see theakey definition for details).
