Arm Payment - Using Lifetime Cap - Calculated Industries 3430 User Manual

ARM Payment — Using Lifetime Cap
Using the previous mortgage, add a lifetime cap of 4% and find the
adjusted payments through year six. You will need to re-enter the
loan amount, term and interest.
STEPS
Clear calculator
Enter Loan Amount
Enter Term in years
Enter annual Interest rate
Find monthly P&I Payment
(1st year)
Enter interest cap
Enter ARM parameters
Find 1st adjusted (2nd year)
ARM payment
Find 2nd adjusted (3rd year)
ARM payment
Find 3rd adjusted (4th year)
ARM payment
Find 4th adjusted (5th year)
ARM payment*
Find 5th adjusted (6th year)
ARM payment*
Find principal at start of
6th year
Find current Interest rate
Find remaining Term
Reset interest cap to zero
*Note that the payment for 4th and 5th adjustments (corresponding to the 5th and 6th
years) is the same because the lifetime cap was reached on the 4th adjustment. An
"M" for "maximum" will appear at the bottom of the display once the Cap is reached.
Be sure to set the Cap back to "0" by pressing 0 s % before starting a new ARM
problem.
KEYSTROKES
o o
1 7 6 ) l
3 0 T
8 • 2 5 ˆ
p
4 s %
1 : 1 A
A
A
A
A
A
® l
® ˆ
® T
0 s %
DISPLAY
176,000.00
30.00
"run" 1,322.23
CAP ARM 4.00%
1.00 - 1.00
1 ARM 1,445.79
2 ARM 1,570.86
3 ARM 1,697.07
4 ARM 1,824.09
5 ARM 1,824.09
170,198.79
12.25
25.00
CAP ARM 0.00%
U ' G — 53
SER S UIDE
0.00
8.25