28 — Q
UALIFIER
P
LUS
®
III
FX
Finding the Monthly Mortgage (P&I) Payment
Find the monthly P&I (principal and interest) payment on a 30-year,
fixed-rate mortgage of $265,000 at 6.75% annual interest.
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter Loan Amount
2 6 5 ) l
*
265,000.00
Enter Term in years
3 0 T
30.00
Enter annual Interest rate
6 • 7 5 ˆ
6.75
Find monthly P&I Payment
p
“run” 1,718.78
*Note: Use the
)
key to save keystrokes.
What is the new payment, if the interest rate is lowered to 6.5%?
STEPS
KEYSTROKES
DISPLAY
Enter new Interest rate
6 • 5 ˆ
6.50
Find monthly P&I Payment
p
“run” 1,674.98
Finding the Loan Amount
Approximately how much could you borrow if the interest rate was
7.8% on a 30-year loan and you could afford $1,500 in monthly pay-
ments? What if the interest rate was lowered to 7.5%?
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter annual Interest rate
7 • 8 ˆ
7.80
Enter Term in years
3 0 T
30.00
Enter monthly P&I Payment
1 5 0 0 p
1,500.00
Find Loan Amount
l
“run” 208,370.81
Enter new Interest rate
7 • 5 ˆ
7.50
Find new Loan Amount
l
“run” 214,526.44
Finding the Interest Rate
Find the interest rate on a mortgage where the loan amount is
$98,500, the term is 30 years, and the payment is $1,150 a month.
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter Loan Amount
9 8 5 0 0 l
98,500.00
Enter Term in years
3 0 T
30.00
Enter monthly P&I Payment
1 1 5 0 p
1,150.00
Find annual Interest rate
ˆ
“run” 13.78
Find periodic Interest rate
ˆ
1.15
