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"Restricted" Qualifying
Buyers who make $45,000 annually and have $75 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
Clear calculator
Enter annual Income
Enter monthly Debt
Enter mo. heating cost
Recall Interest
Recall Term
Recall annual prop. Tax rate ® t
Enter Down Payment
Display Qualifying Ratios
Find "restricted" Qualifying
Mortgage Amount
Find sales Price
Find $ Down Payment
Find PITH/total Payment
KEYSTROKES
o o
4 5 ) i
7 5 D
1 0 0 e
® ˆ
® T
1 5 d
q
q
P
d d
p p p
— DO NOT CLEAR CALCULATOR —
DISPLAY
45,000.00
75.00
100.00
25.00
25.00
32.00-40.00
"run" 125,197.22
147,290.85
22,093.63
1,200.00
(Cont'd)
U
'
G
— 49
SER
S
UIDE
0.00
7.50
1.50
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