Find initial monthly pmt
[Pmt] “run”
1,322.23
Enter ARM parameters
1 [:] 1 [ARM]
1.00 – 1.00
Find 1st “adj.” payment
[ARM]
“run”
1,445.79
Find 2nd “adj.” payment
[ARM]
“run”
1,570.86
Find princ. at start of year
[Rcl] [L/A]
173,350.16
Recall current interest rate
[Rcl] [Int]
10.25
Recall remaining term
[Rcl] [Term]
28.00
ARM Payment — Using Lifetime Cap
Using the previous loan, add a lifetime cap of 4% to the loan
and find the adjusted payments through year six.
Steps
Keystrokes
Display
Clear calculator
[On/C] [On/C]
0.00
Enter loan amount
176,000 [L/A]
176,000.00
Enter term in years
30 [Term]
30.00
Enter annual interest
8.25 [Int]
8.25
Find initial monthly pmt
[Pmt]
“run”
1,322.23
Enter interest cap
4 [ARM Cap]
CAP 4.00
Enter ARM parameters
1 [:] 1 [ARM]
1.00 – 1.00
Find 1st “adj.” payment
[ARM]
“run”
1,445.79
Find 2nd “adj.” payment
[ARM]
“run”
1,570.86
Find 3rd “adj.” payment
[ARM]
“run”
1,697.07
Find 4th “adj.” payment
[ARM]
“run”
1,824.09
Find 5th “adj.” payment
[ARM]
“run”
1,824.09
Find prin. at start of year
[Rcl] [L/A]
170,198.79
Recall current interest rate
[Rcl] [Int]
12.25
Recall remaining term
[Rcl] [Term]
25.00
Note that the payment for 4th and 5th adjustments (corresponding
to the 5th and 6th years) are the same because the lifetime cap was
reached on the 4th adjustment. An “M” for “maximum” will appear
in the display, once the Cap is reached. Be sure to set the Cap back
to “0” by pressing 0 [ARM Cap] before starting a new ARM problem.
36 – Qualifier Plus
®
IIx DT
