Related Manuals for Calculated Industries 43285
Summary of Contents for Calculated Industries 43285
- Page 1 ’ UIDE STATE ASTER ® UALIFIER ® 43285 ESKTOP ODEL RESIDENTIAL REAL ESTATE FINANCE CALCULATOR with exclusive buyer qualifying features...
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Page 2: Introduction
Date Math Functions Future Value and Appreciation And much, much more! It also works as a standard math calculator with memory, percent, and Auto Shut-Off. Note to Users of the Qualifier Plus IIx Handheld Model: The only difference between the Qualifier Plus IIx desktop model and the Qualifier Plus IIx handheld model, besides the size, are a few changes in key locations. -
Page 3: Table Of Contents
Appendix Calculator Information ......46 Limited Warranty ......48 2 –... -
Page 4: Key Definitions
ETTING TARTED Key Definitions [+] [–] [x] [÷] [=] [0] – [9] & [000] [•] [Off] [On/C] [M+] [Rcl] [Pmt] [FV] Arithmetic operation keys. Digits used for keying-in numbers. Decimal point. Turns all power off. The memory and most financial registers are cleared. If off, turns power on. - Page 5 [L/A] [Int] [Term] [APR] [Per] [Price] [Dn Pmt] [Amort] 4 – Qualifier Plus IIx DT ® Loan Amount — Enters or solves for the initial loan amount or present value of a financial problem. Interest — Enters or solves for the annual inter- est rate.
- Page 6 total interest for period range, third press shows total principal for range, and final press gives remaining balance at end of range. [Bal] Remaining Balance — Displays the Remaining Balance when preceded by a single year or range of years (or individual payment or range of payments by also using the [Per] key).
- Page 7 (Think of it as a “shift” key on a typewriter.) It will perform the function printed above the key on the calculator’s face. A small boxed “S” will appear in the upper-left side of your display when this key has been pressed.
- Page 8 Mortgage Insurance keys from temporary to permanent entries. That is, entered values will remain set even after pressing [On/C] [On/C] or turning calculator off, then on. The Pro-Mode also changes the order that qualifying values are displayed using the [Qual 1] and [Qual 2] keys,...
- Page 9 [Set] [ARM] Qualifying Keys [Qual 1] 8 – Qualifier Plus IIx DT ® Pressing [Set] [Term] again will return and re-cal- culate to the original term. ARM Rate Increase/Decrease — Changes ARM rate from increasing to decreasing. A multi-function key which, based on entered variables, performs the following qualifying functions: 1) Stores income and debt ratios for loan quali-...
- Page 10 The “non-restrictive” loan amount (the other side) can be found by pressing [Qual 1] a third time. The calculator will display the loan amount with a negative sign (—) and the word “INC” or “DEBT” to indicate the restrictive side (income or debt).
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Page 11: Decimal Place Selection
[Mtg Ins] Decimal Place Selection With the [Set] key, you have the option of permanently selecting the number of decimal places displayed. The values are rounded using conventional 5/4 rounding. You can do this prior to finding an answer or afterwards. Press [Set] followed by the number of decimal places you wish to display: [Set] 4... -
Page 12: Basic Math
Basic Math This calculator uses standard chaining logic which simply means that you enter your first value, the operator (+, –, x, ÷), the sec- ond value and then the equals sign (“=”). 3 [+] 2 [=] 3 [–] 2 [=] 3 [x] 2 [=] D. -
Page 13: Date Function
For example, if a 45-day escrow begins April 28, 1998, what is the closing date? Steps Clear calculator Enter month Enter day Enter year Add 45 days... -
Page 14: Using The Memory Function
Subtract displayed value from memory Replace memory with displayed value The memory is semi-permanent; it will only be cleared when you: 1) turn off the calculator; 2) press [Rcl] [Rcl]; 3) press [Set] [Rcl]; 4) press [Set] [x] (all clear). -
Page 15: Iix Dt
5. When solving for a financial component, the calculator will display the word “run” in the display. Solving for interest may take several seconds (up to 15) while the word “run”... - Page 16 Finding a Term of a Loan How long does it take to pay off a loan of $15,000 at 10% interest if you make payments of $181.01 each month? Steps Clear calculator Enter loan amount Enter interest Enter monthly payment...
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Page 17: Non-Monthly Loan & Payments Per Year
Most residential real estate loans are paid off monthly. However, if you have a non-monthly loan, you must change your number of payments per year using a two-key sequence: [Set] [÷]. For exam- ple, here’s how to set your calculator to four payments per year. Steps Clear calculator... -
Page 18: Sales Price/Down Payment
Sales Price/Down Payment One of the unique features of this calculator is its ability to work with not only loan amounts, but with Sales Price and Down Payments as well. Notes on Sales Price/Down Payment 1. When using [Price], [DnPmt] and [L/A] keys, it’s recom-... - Page 19 Find your maximum sales price if you’ve been approved for $125,000 loan and plan to put 20% down, and then find your monthly payment at 9% interest over 30 years. Steps Clear calculator Enter loan amt Enter down pmt % Find sales price...
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Page 20: Taxes & Insurance/Piti Payment
Taxes & Insurance/PITI Payment This calculator has keys that temporarily store Property Tax, Property Insurance and Mortgage Insurance rates to allow you to calculate a PITI (Principal, Interest, Taxes & Insurance) payment in addition to the regular P&I payment. These figures can be entered as dollar amounts or percentages. - Page 21 $125,000, a 5% down payment at 8.75% inter- est for a term 15 years, given a 1% annual property tax and 0.25% annual property insurance. Steps Clear calculator Set Tax rate Set Insurance rate Enter annual interest...
- Page 22 $134,000 selling price, a 15% down payment at 7.75% interest for a term of 30 years, given an estimated annual property tax of $1,200 and a yearly $350 property insurance premium. Steps Clear calculator Set tax figure Set insurance figure Enter annual interest...
- Page 23 If they will be paying approximately $1,500 in annu- al property taxes and $350 in annual insurance, find their esti- mated “after-tax” monthly payment. Steps Clear calculator Enter annual taxes Enter annual insurance Enter annual interest Enter term in years Enter loan amount Find P&I payment...
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Page 24: Amortization & Remaining Balance
Amortization & Remaining Balance The amortization function is quick and simple. It allows you to find total interest and principal (and remaining balance) for an entire loan, for any individual payment or individual year, or any range of payments or range of years, for fully or partially amor- tized loans. - Page 25 1-9 would be displayed. Year 2 (2 [Amort]) would display values for periods 10-21. Turning your calculator off and back on returns the Month Offset to one (January). Note: If you have changed your Month Offset, be sure to return it to 1 (i.e., 1 [Set] [:] or [Off]) before proceeding to the next problem.
- Page 26 Find total principal in Yr. 2 [Amort] Note: Remember to return your Month Offset to 1 by either turning your calculator off then back on, or by resetting (1 [Set] [:]). Check Month Offset setting by pressing [Rcl] [:]. Keystrokes...
- Page 27 For a $175,000 loan at 9.25% interest for 30 years, find out how much interest and how much principal you pay in the first and second payments. Steps Clear calculator Enter loan amount Enter interest Enter term Find monthly payment...
- Page 28 For a $125,000 loan at 10.25% interest for 30 years, find out how much interest and how much principal you’ll pay in pay- ments 1-9 and years 1-10. Steps Clear calculator Enter loan amount Enter interest Enter term Find monthly payment...
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Page 29: Future Value
You buy a house for $200,000 and want to know what it will be worth in 3 years figuring an inflation or appreciation rate of 8.5%. (Set periods to one per year.) Steps Clear calculator Set to 1 pmt/yr Enter present value Enter term in years... -
Page 30: Trust Deeds & Discounted Notes
Trust Deeds & Discounted Notes Your calculator easily handles trust-deed purchase price and yield problems. Two things to remember are: (1) when entering or solving for “yield” or “rate of return,” use the [Int] key, and (2) when entering or solving for “purchase price” or “present value,”... - Page 31 He says he will sell this note to you for $6,500 if you buy today. If you buy it, what will be the yield on your investment? Steps Clear calculator Enter future value of note when due Enter purchase price...
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Page 32: Annual Percentage Rate (Apr)
9% interest. The cost of getting the loan is quoted as 1.5 points and $250 in fees. What is the APR and total finance charges when these costs are included? Steps Clear calculator Enter loan amount Enter interest Enter term... -
Page 33: Odd Days Interest & Apr
30 year term. Then, find the amount of odd days interest, or “prepaid” interest due, if the escrow closes on 7/21/98 and the first payment is due 8/1/98. Steps Clear calculator Enter loan amount Enter interest Enter term... - Page 34 Now, without clearing the calculator, add the pre-paid interest to the loan’s points and fees if they are equal to 1.5% and $500, respectively. Then find the Annual Percentage Rate (APR), based on these closing costs. Steps Store the pre-paid interest...
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Page 35: Bi-Weekly Loans
Bi-Weekly Loans Your calculator includes a built-in Bi-Weekly loan function ([Set] [Term]) which allows you to convert established, fully amortized monthly loans into bi-weeklies (in which one-half the monthly payment is made every two weeks). Because you make two extra half-payments per year (since 26... -
Page 36: Adjustable Rate Mortgages
4. To calculate a “decreasing ARM,” enter the two ARM para- meters, but press the [Set] key before pressing [ARM]. 5. The calculator includes a “lifetime cap” (i.e., the maximum amount the interest rate may increase over the life of a loan). - Page 37 ARM Payment — Using Lifetime Cap Using the previous loan, add a lifetime cap of 4% to the loan and find the adjusted payments through year six. Steps Clear calculator Enter loan amount Enter term in years Enter annual interest...
- Page 38 ARM loan at 10% interest, and then find the second and third years’ adjusted payments if the loan’s rate of interest decreas- es 1% at the end of each year. Steps Clear calculator Enter loan amount Enter term in years Enter annual interest Find initial mo.
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Page 39: Qualifying
1. The [Qual 1] and [Qual 2] keys are multi-function “smart” keys. In other words, they deliver a variety of answers based on what is input, and what is not. The calculator will figure out which qualifying solutions should be displayed, based on the qualifying variables you’ve input. -
Page 40: Qualifying Examples
Debt Ratios stored in the [Qual 2] key are 29% and 41%. Setting Income/Debt Qualifying Ratios Enter and permanently store qualifying ratios of 28% for Income and 36% for Debt: Steps Clear calculator Set qualifying ratios Keystrokes [On/C] [On/C] 28 [:] 36 [Qual 1] Display 0.00... - Page 41 Recalling Income/Debt Qualifying Ratios Recall stored ratios: Steps Clear calculator Recall qualifying ratios Qualifying Loan Amount Based on Income & Debts Given an interest rate of 7.5%, a term of 30 years, and the stored 28%:36% qualifying ratios, for what size loan and what...
- Page 42 Re-qualify this buyer assuming $200 per month in additional housing expenses. Steps Enter mo. hsg. expenses Display qual. ratios Find new qual. loan amt. Find new price Qualifying Loan Amount Based on Income & Debts Buyers who make $68,000 annually with $750 in long-term monthly debts wish to buy a home offered at $200,000.
- Page 43 Using the “Pro-Mode” Now switch to “Pro-Mode” to change the display order. Steps Set the Pro-Mode “On” Find qualifying loan amt. Find non-restricting L/A Display actual qual. ratios Display stored ratios — D O N O T C L E A R C A L C U L A T O R — Continuing on, how much money will they need to put down to buy that $200,000 house? Steps...
- Page 44 Steps Enter down payment Enter annual income Enter monthly debts Set annual prop. tax rate Set annual prop. ins. rate Set annual mortg. ins. rate .25 [Mtg Ins] Recall interest Recall term Display qual. ratios Find qualifying loan amt. Find Price —...
- Page 45 Steps Clear calculator Enter annual income Enter monthly debts Enter monthly hous. exp. Enter interest Enter term Find Qual 1 stored ratios Find Qual 1 qualif. loan Find Qual 1 P & I payment [Pmt] Find Qual 1 total payment —...
- Page 46 $150,000 to purchase a home. Estimating an additional $300 per month for other housing expenses, what will this borrower’s ratios be? (Use 10% interest for 30 years.) Steps Clear calculator Enter interest Enter term Enter loan amount Enter annual income...
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Page 47: Appendix
Your calculator is designed with a special “tilt-up” display that you may move to three different positions for the best viewing angle. Auto Shut-Off Your calculator is designed to shut itself off after about 8-12 min- utes of non-use. 46 – Qualifier Plus IIx DT ®... - Page 48 Remove the battery from the clip and replace with a new battery, with positive side up. Then replace the backplate and re- attach the screws. Note: Replacement batteries are available at most discount or electronics stores.You may also call Calculated Industries at 1-775-885-4900. 47 – User’s Guide...
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Page 49: Limited Warranty
ARRANTY Warranty Repair Service — U.S.A. Calculated Industries, Inc. (“CI”) warrants this product against defects in materials and workmanship for a period of one (1) year from the date of original consumer purchase in the U.S. If a defect exists during the warranty period, CI at its option will either repair (using new or remanufactured parts) or replace (with a new or remanufactured calculator) the product at no charge. - Page 50 Repair Service — Outside the U.S.A. To obtain warranty or non-warranty repair service for goods pur- chased outside the U.S., contact the dealer through which you ini- tially purchased the product. If you cannot reasonably have the product repaired in your area, you may contact CI to obtain cur- rent product repair information and charges, including freight and duties.
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Page 51: Qualifier Plus
Legal Notes Software copyrighted and licensed to Calculated Industries, Inc., by Real Estate Master Technologies, LLC, 1999. User’s Guide copyrighted by Calculated Industries, Inc., 1999. UALIFIER are registered trademarks of Calculated Industries, Inc. Looking For New Ideas Calculated Industries, a leading manufacturer of special function calculators and digital measuring instruments, is always looking for new product ideas in these areas.