40 — MORTGAGE QUALIFIER PLUS ®P X2Equity Builder Term Reduction and PaymentFind the monthly P&I payment on a 30-year, $212,500 mortgage at7.85% annual interest. Then convert it to an Equity Builder and findout how many years it will take to pay off this loan, the total interestsavings, the return-on-investment (ROI%), and Equity Builder P&Ipayment.STEPS KEYSTROKES DISPLAYClear calculator o o 0.00Enter loan amount 2 1 2 5 0 0 l 212,500.00Enter term in years 3 0 T 30.00Enter annual interest 7 • 8 5 ˆ 7.85Find monthly P&I payment p “run” 1,537.09Find Equity Builder term s T “run” 22.97Find total interest savings T 94,305.23Find effective interest rate T 6.01Find total interest paid T 246,545.97Find total principal T 212,500.00Find total prin. and interest T 459,045.97Find ROI% T 46.29Find Equity Builder P&I paymentp 768.54— DO NOT CLEAR CALCULATOR —Equity Builder Interest Savings - Based on AdjustedEquity Builder PaymentNow, add fifty dollars to the Equity Builder P&I payment and solve forthe new Equity Builder term, the total interest savings, the EffectiveInterest Rate (EFF%) and the Return-On-Investment (ROI%).STEPS KEYSTROKES DISPLAYAdd $50 and enter new payment+ 5 0 = p 818.54Solve for new Equity Term BuilderT 19.54Find total interest savings T 137,487.13Find effective interest rate T 5.11Find total interest paid T 203,364.07Find total principal T 212,500.00Find total prin. and interest T 415,864.07Find ROI% T 51.10Clear calculator* o o 0.00*Return to monthly payment mode by pressing otwice, or by pressing s T.
