46 — Q
UALIFIER
P
LUS
®
4
X
“Restricted” Qualifying
Buyers who make $45,000 annually and have $600 in long-term
monthly debt wish to buy a home offered at $165,000. They will put
15% down. Will they qualify? For what maximum mortgage amount
can they qualify?
(Use previously stored 7.5% interest and 25-year
term, tax rate of 1.5%, monthly heating expense of $100, and quali-
fying ratios of 32%:40%.)
Note: If you aren’t continuing from the previous problem, you’ll need to re-enter inter-
est, term, and property tax.
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter annual Income
4 5 ) i
45,000.00
Enter monthly Debt
6 0 0 D
600.00
Enter mo. heating cost
1 0 0 s D
100.00
Recall Interest
® ˆ
7.50
Recall Term
® T
25.00
Recall annual prop. Tax rate
® t
1.50
Enter Down Payment
1 5 d
25.00
Display Qualifying Ratios
q
32.00-40.00
Find “restricted” Qualifying
Mortgage Amount
q
“run” 91,052.53
Find sales Price
P
107,120.62
Find $ Down Payment
d d
16,068.09
Find total (PITH) Payment
p p
900.00
— DO NOT CLEAR CALCULATOR —
