Calculated-industries 3420 User Guide Manual do Utilizador

QUALIFIERPLUS®IIIXPROFESSIOINAL RESIDENTIAL REAL ESTATE FINANCE CALCULATORwith BUILT-IN CANADIAN INTEREST MODEModel 3420User’s GuideCANADIAN3420 UG CV

USER’SGUIDE— 9s ÷Payments per Year— Used to set the number ofpayment periods per year. Default value is 12, formonthly.Note: You can store the number

10 — QUALIFIERPLUS®IIIXs :Odd-Days Interest— Calculates the pre-paid inter-est, or simple interest accumulated (based on a360-day year) during the day

USER’SGUIDE— 11(Cont’d)1) Stores Canadian GDS:TDS ratios for mortgagequalifying. Entered ratios are separated by theColon : key. For example, income a

12 — QUALIFIERPLUS®IIIX(Cont’d)Note: This restricted/unrestricted qualifying mortgage comparisonis useful to show clients what size loan they could qu

USER’SGUIDE— 13tProperty Tax— Used for calculating PITI and Total(PITH) payment, and Qualifying. Stores estimatedannual property tax in either percent

14 — QUALIFIERPLUS®IIIXs pEstimated Income Tax Savings (Tax Svgs)—Calculates an estimated annual income tax savingsfor a mortgage, based on entered lo

USER’SGUIDE— 15CALCULATOR SETTINGSDecimal Place SelectionWith the s key, you have the option of selecting the number ofdecimal places you’d like to di

16 — QUALIFIERPLUS®IIIXCanadian/U.S. ModeYour calculator is factory-set to Canadian (Interest) Mode. If youneed to calculate loan problems using U.S.

USER’SGUIDE— 17Preference Settings Your calculator has a Preference Mode, which allows you to programthe calculator to various settings. For example,

18 — QUALIFIERPLUS®IIIX(Cont’d)After s,KeepDescriptionPressing (Press +to Advance =:Displaywithin each category):4 Mortgage Insurance (MI)—U.S. Only-

USER’SGUIDE— 1The Canadian Qualifier Plus IIIxwas designed specifically for mort-gage lenders, residential real estate agents and brokers for quickmor

USER’SGUIDE— 19MEMORY Accumulative Memory µWhenever the µ key is pressed, the displayed value will be addedto cumulative Memory. This value will remai

20 — QUALIFIERPLUS®IIIXMemory Storage Keys (M0-M6) In addition to the standard cumulative Memory (as described above),your calculator has six independ

USER’SGUIDE— 21Additional Memory Storage Keys (M10-M19)In addition to M0-M6 (as described previously), your calculator hasten additional independent S

22 — QUALIFIERPLUS®IIIXBASIC ARITHMETIC EXAMPLESArithmeticThis calculator uses standard chaining logic, which simply meansthat you enter your first va

USER’SGUIDE— 23Figuring Straight % CommissionThe commission for the listing office is 3%. If the property sells for$157,900, what is the listing offic

24 — QUALIFIERPLUS®IIIXUSING THE DATE FUNCTIONUsing the : key, you can quickly solve common real estate dateproblems: escrow or closing dates, listing

USER’SGUIDE— 25MORTGAGE/TIME-VALUE-OF-MONEY (TVM)1. The financial functions — Mortgage Amount, Payment, Interest,Term — work just like you would say t

26 — QUALIFIERPLUS®IIIX(Cont’d)IMPORTANT NOTE:All of the following examples can also be per-formed while the calculator is in U.S. Mode. See Canadian/

USER’SGUIDE— 27Paying Off a Mortgage Early (Making Larger Payments)How long does it take to pay off a 25-year fixed-rate mortgage of$150,000 at 7.25%

28 — QUALIFIERPLUS®IIIXFinding the Mortgage AmountApproximately how much could you borrow if the interest rate was7.8% on a 25-year mortgage, and you

2 — QUALIFIERPLUS®IIIXGETTING STARTED...6KEY DEFINITIONS ...

USER’SGUIDE— 29Finding a Quarterly PaymentFind the quarterly payment on a 10-year loan of $15,000 with anannual interest rate of 12%.STEPS KEYSTROKES

30 — QUALIFIERPLUS®IIIXBi-Weekly Term Reduction and PaymentFind the monthly payment on a 25-year, $198,500 loan at 7.85%annual interest. Then convert

USER’SGUIDE— 31Finding Mortgage Amount Based on Sales Price and Down PaymentFind both the down payment dollar amount and mortgage amount ifthe sales p

32 — QUALIFIERPLUS®IIIXSetting Property Tax % RateEnter an annual property tax rate of 1.5%STEPS KEYSTROKES DISPLAYSet Tax rate 1 • 5 t 1.50Clear disp

USER’SGUIDE— 33PITH Payment (Including Heating Expense and Property TaxEntered as %)Find the PITH payment on a 25-year, 7.63% mortgage if the home’sse

34 — QUALIFIERPLUS®IIIXPITH Payment (Including Heating Expense and Property TaxEntered as $)Find the PITH payment on a 25-year, 7.25% mortgage if the

USER’SGUIDE— 35Amortization and Remaining BalanceThe amortization function is quick and simple. It allows you to findtotal Interest, Principal, and Re

36 — QUALIFIERPLUS®IIIX(Cont’d)Note: If you have changed your Month Offset, be sure to return it to 1 (i.e., 1s )) before proceeding to the next probl

USER’SGUIDE— 37Amortization List for Individual Year(s) — Using “Next” FeatureHow much total interest and principal will you pay on a 25-year,$90,000

38 — QUALIFIERPLUS®IIIXAmortization List for Individual Year(s) — Using Month OffsetThe first payment of a mortgage begins in May. How much totalinter

USER’SGUIDE— 3Setting Property Tax $...32PITH Payment (Including Heating Expense) ...

USER’SGUIDE— 39Amortization List for Individual Payment(s)For a $175,000 mortgage at 6.85% interest for 25 years, find outhow much interest and how mu

40 — QUALIFIERPLUS®IIIXAmortization List for a Range of Payments or YearsFor a $225,000, 25-year mortgage at 7.4% interest, find out howmuch interest

USER’SGUIDE— 41Future Value Given any four components to a problem that includes a futurevalue, you can calculate the fifth.Appreciation/Future ValueY

42 — QUALIFIERPLUS®IIIXTrust Deeds and Discounted NotesYour calculator easily handles trust deed purchase price and yieldproblems. Two things to remem

USER’SGUIDE— 43Finding the Yield on a Discounted NoteAn individual wants to sell you a note under the following terms: 60months remaining in the term,

44 — QUALIFIERPLUS®IIIXBUYER PRE-QUALIFYING The Qualifying keys on your calculator let you instantly pre-qualifyprospective buyers. Mortgage lending p

USER’SGUIDE— 45(Cont’d)• the fourth press will display the higher, “unrestricted” qualify-ing mortgage amount (for comparison purposes); and• the last

46 — QUALIFIERPLUS®IIIXQUALIFYING EXAMPLESMost of the examples in this section will be based on the defaultGDS:TDS Income and Debt Ratios of 32% and 4

USER’SGUIDE— 47Finding Qualifying Mortgage Amount and Sales Price (Simple Example Excluding Property Tax)Given an interest rate of 7.5%, a term of 25

48 — QUALIFIERPLUS®IIIXQualifying Mortgage Amount and Sales Price (Including DownPayment, Property Tax and Monthly Heating/Condo Fees) The same buyers

4 — QUALIFIERPLUS®IIIXEXAMPLES — U.S. MODE...54Finding the Monthly Loan Payment (Based on U.

USER’SGUIDE— 49“Restricted” Qualifying Buyers who make $45,000 annually and have $75 in long-termmonthly debt wish to buy a home offered at $165,000.

50 — QUALIFIERPLUS®IIIX(Cont’d)“Unrestricted” QualifyingThe amount calculated above is the “restricted” mortgage they mayqualify for, based on current

USER’SGUIDE— 51Qualifying Comparison (Comparing 2 Different Mortgages orQualifying Ratios at Once)Given a buyer's annual income of $45,000, $150

52 — QUALIFIERPLUS®IIIXFinding Income Required and Allowable Monthly DebtUsing the 32%:40% ratios, how much income would a buyer need tofinance a $180

USER’SGUIDE— 53Solving for Actual Qualifying RatiosA buyer who makes $60,000 per year and has $350 in long-termmonthly debt wants to borrow $100,000 t

54 — QUALIFIERPLUS®IIIXFinding the Monthly Loan Payment (Based on U.S. Interest Rate)IMPORTANT NOTE:Your calculator must be in U.S. Mode to com-plete

USER’SGUIDE— 55Property Taxes, Property/Hazard Insurance and MonthlyHousing ExpenseYour calculator has keys that store estimated local annual Property

56 — QUALIFIERPLUS®IIIXPITI Payment (Tax and Insurance Entered as %)Find the PITI payment on a 30-year, 8.4% loan if the home’s sellingprice is $125,0

USER’SGUIDE— 57Calculating Tax and Insurance % or $ If loan variables are entered in addition to tax and insurance per-centage rates or dollar values,

58 — QUALIFIERPLUS®IIIXFinding the Interest RateFind the interest rate if the mortgage is $98,500, term is 30 yearsand payment is $1,150 a month.STEPS

USER’SGUIDE— 5Warranty...77Legal Notes...

USER’SGUIDE— 59Finding Sales Price and Payment Based on Loan Amount andDown PaymentFind a home’s sales price if you've been approved for a $200,0

60 — QUALIFIERPLUS®IIIXARM Payment — Worst-Case ScenarioFind the initial monthly payment on a 30-year, $176,000 mortgage at8.25% annual interest rate,

USER’SGUIDE— 61ARM Payment — Using Lifetime CapUsing the previous mortgage, add a lifetime cap of 4% and find theadjusted payments through year six. Y

62 — QUALIFIERPLUS®IIIXIncreasing and Decreasing ARM PaymentFind the ARM payments for a $300,000, 30-year ARM loan thatstarts out at 5% but increases

USER’SGUIDE— 63Amortization List for Individual Year(s) — Using “Next” FeatureHow much total interest and principal will you pay on a 30-year,$90,000

64 — QUALIFIERPLUS®IIIXAPR, Total Finance Charges (Including Mortgage Insurance)You are financing a mortgage of $275,000 for 30 years at a nominalor q

USER’SGUIDE— 65Bi-Weekly Loans Your calculator includes a built-in Bi-Weekly loan function (s T),which allows you to convert established, fully amorti

66 — QUALIFIERPLUS®IIIXEstimated Income Tax Savings and “After-Tax” Payment IMPORTANT NOTE:This example estimatesthe annual tax savings(including prop

USER’SGUIDE— 67Mortgage Interest Tax Deduction — 28% or 30% Tax BracketWhat is the Mortgage Interest Tax deduction for the first year (if loanstarts i

68 — QUALIFIERPLUS®IIIXRent vs. BuyIf your client is currently renting a home for $1,250/month, what isthe comparable home sales price and loan amount

6 — QUALIFIERPLUS®IIIXKEY DEFINITIONSBasic Operation KeysO Turns all power off. The memory and most financialregisters are cleared.o If calculator is

USER’SGUIDE— 69Qualifying Loan Amount and Sales Price (Complete Example Including Down Payment,Tax/Insurance,Monthly Association Dues)Buyers who make

70 — QUALIFIERPLUS®IIIX“Restricted” QualifyingBuyers who make $68,000 annually and have $750 in long-termmonthly debt wish to buy a home offered at $1

USER’SGUIDE— 71(Cont’d)“Unrestricted” QualifyingThe amount calculated on the previous page is the loan they mayqualify for, based on current income an

72 — QUALIFIERPLUS®IIIXFinding Income Required and Allowable Monthly DebtUsing the 28%:36% ratios, how much income would a buyer need tofinance a $250

USER’SGUIDE— 73Qualifying Comparison (Comparing 2 Different Loans orQualifying Ratios at Once)Given a buyer's annual income of $45,000, $500 in l

74 — QUALIFIERPLUS®IIIXDefault SettingsPerforming a total Reset (see below) will return the calculator to thefollowing default settings:• Canadian Int

USER’SGUIDE— 75Error CodesWith an incorrect entry or answer beyond the range of the calculator,the display will show one of the following error messag

76 — QUALIFIERPLUS®IIIXRepair and ReturnWarranty, Repair and Return Information! Return Guidelines:1. Please read the Warrantyin this User’s Guide to

USER’SGUIDE— 77WarrantyWarranty Repair Service – U.S.A.Calculated Industries (“CI”) warrants this product against defects in materi-als and workmanshi

78 — QUALIFIERPLUS®IIIXDisclaimerCI MAKES NO WARRANTY OR REPRESENTATION, EITHER EXPRESSOR IMPLIED, WITH RESPECT TO THE PRODUCT’S QUALITY, PERFOR-MANCE

USER’SGUIDE— 7s xClear All— Clears all entered values and returnsany stored values to their default settings. Use thisonly with caution, as it will re

USER’SGUIDE— 79Accumulative Memory µ, 17Adjustable Rate Mortgages (U.S.), 59Amortization and Remaining Balance, 35Amortization List for a Range of Pay

80 — QUALIFIERPLUS®IIIXNon-Monthly Loans, 28Paying Off a Mortgage Early, 27Payment – P&I, 26Payment – PITH, 32, 33, 34Payment – PITI, 56Payment –

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82 — QUALIFIERPLUS®IIIX4840 Hytech DriveCarson City, NV 89706 U.S.A.1-800-854-8075 Fax: 1-775-885-4949E-mail: [email protected]

Designed in the United States of AmericaPrinted in China3420UG-E-A7/043420 UG CVR 7/6/04 1:57 PM Page 2

8 — QUALIFIERPLUS®IIIXT Enters or solves for the number of years. Secondpress gives the number of periods. An entered termgreater than 45 will be clas