Arm Payment - Worst-Case Scenario - Calculated Industries 3415 User Manual

ARM Payment — Worst-Case Scenario
Find the initial monthly payment on a 30-year, $176,000 mortgage at
8.25% annual interest rate, and then find the second and third year's
"worst-case" adjusted payments if this ARM loan increases 0.5% at
the end of each year. Then, find the remaining loan balance, current
interest rate and term.
STEPS
Clear calculator
Enter loan amount
Enter term in years
Enter annual interest
Find initial monthly payment
(1st year)
Enter ARM parameters
Find 1st adjusted (2nd year)
ARM payment
Find 2nd adjusted (3rd year)
ARM payment
Find principal at start of
3rd year
Recall current interest
rate
Recall remaining term
*Note: You may continue pressing A to find the 4th, 5th year, etc. increasing ARM
payments. The display will show the payment number to the left.
38 — Q
UALIFIER
KEYSTROKES
o o
1 7 6 ) l
3 0 T
8 • 2 5 ˆ
p
• 5 : 1 A
A
A
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® ˆ
® T
P ® III
LUS X
DISPLAY
0.00
176,000.00
30.00
8.25
"run" 1,322.23
0.50 - 1.00
1 ARM 1,383.53
2 ARM 1,444.72*
173,221.91
9.25
28.00