Important:
Be sure to turn the “Pro-
Mode” off (
[Set] [+]
) before continuing to
other problems, as it will store future
amounts entered into the Tax, Insurance
and Mortgage Insurance keys permanent-
ly, in addition to changing the sequence,
the values are displayed using the
[Qual
1]
and
[Qual 2]
keys.
Qualifying for Specified Purchase Price Based
on GDSR and TDSR – Tax/Insurance Included
The same buyers earning $68,000
annually with $750 in monthly debts
now wish to buy a lower-priced home
and are willing to put $20,000 down. If
you include estimated annual property
taxes of 1%, an insurance of 0.5%, and
monthly heating expense of $50, what
loan amount can they now qualify for?
(Again, use previously stored 8.5%
interest, 25 year term and qualifying
ratios of 32:40.)
Steps/Keystrokes
Display
1. Clear calculator:
[On/C] [On/C]
0.00
2. Enter down payment, annual income,
monthly debts and expenses:
20,000 [Dn Pmt]
20,000.00
68,000 [Inc]
68,000.00
750 [Debt]
750.00
50 [Exp]
50.00
Continued on the next page
➟
User’s Guide — 45
