Income Required and Allowable Monthly Debt
— Sales Price & Down Payment
Using 28%:36% ratios, what income must
a buyer earn to purchase a $245,000
home if they put down 20%? (Use 8%
interest for 30 years.)
Steps/Keystrokes
Display
1. Clear calculator:
[On/C] [On/C]
0.00
2. Enter annual interest:
8 [Int]
8.00
3. Enter term in years then enter sales
price:
30 [Term]
30.00
245,000 [Price]
245,000.00
4. Enter down payment percent and find
loan amount:
20 [Dn Pmt]
20.00
[L/A]
196,000.00
5. Display qualifying ratios, find income
required and maximum allowable
monthly debts:
[Qual 1]
28.00 – 36.00
[Qual 1]
“run”
61,636.22
[Qual 1]
“run”
410.91
User’s Guide — 57
