Calculated Industries 43285 User Manual

Calculated Industries 43285 User Manual Manual pdf 33 page image

Odd Days Interest & APROdd days interest is the “prepaid” interest accumulated from thedate of escrow closing to the first payment date. It is based onstraight simple interest calculated for a 360-day year, using theentered interest rate value. This interest is calculated at fundingtime, and is included in the total cost of the loan, for calculatingthe Annual Percentage Rate (APR).When solving for odd days interest, you must enter the fol-lowing: (1) loan amount (2) annual interest, and, (3) number ofdays from escrow closing to the date of the first payment.Finding ODI and APRFind the monthly payment on a $100,000 loan at 8.5% annualinterest and 30 year term. Then, find the amount of odd daysinterest, or “prepaid” interest due, if the escrow closes on7/21/98 and the first payment is due 8/1/98.Steps Keystrokes DisplayClear calculator [On/C] [On/C] 0.00Enter loan amount 100,000 [L/A] 100,000.00Enter interest 8.5 [Int] 8.50Enter term 30 [Term] 30.00Find monthly payment [Pmt] “run” 768.91Find days between escrow 8 [:] 1 [:] 98 [–]closing & date of 1st pmt 7 [:] 21 [:] 98 [=] 11.00Find the pre-paid interestdue at closing [Set] [000] 259.72— D O N O T C L E A R C A L C U L A T O R —32 – Qualifier Plus® IIx DT