Calculated Industries Mortgage PaymentCalc 3401 User manual

U SER ’ S G UIDE
Residential Mortgage Finance Calculator
Model 3401

TABLE OF CONTENTS
Key Definitions ..................................................1
Mortgage/TVM Keys ........................................2
Date Key ..........................................................3
Amortization Keys............................................3
Payments Per Year..........................................4
Delta Percent ..................................................4
Percentage Calculations..................................4
Memory............................................................5
Decimal Place Selection..................................5
Clear All............................................................5
Loan Examples ..................................................6
Monthly Payment ............................................6
Term ................................................................6
Interest Rate ....................................................6
Loan Amount....................................................7
Interest-Only Payment (Calculation)................7
Interest-Only Payment (Entry) ........................8
Quarterly Payment ..........................................8
Amortization -
Total Interest and Principal Paid ................8
Total Interest, Principal and Remaining
Balance - for Range of Payments................9
Total Interest, Principal and Remaining
Balance - for Range of Years ....................10
Balloon Payment/Remaining Balance............10
Trust Deed/Purchase Price of a Note -
Fully Amortized ..........................................11
Future Value ..................................................11
Date Examples ..............................................12
Delta % - Rate of Appreciation ......................12
Accuracy and Auto Shut-Off ..........................13
Repair and Return ............................................14
Warranty ............................................................15

o- On/Clear Key
Turns power On. Pressing once clears the
display. Pressing twice clears all temporary
values.
O- Off
Turns power Off, clearing all non-perma-
nent registers.
+ – x ÷ =
Arithmetic Operation keys.
%Four-function (+ – x ÷) Percent key.
0- 9and •
Digits used for keying in numbers.
b
Backspace key; for backing up/deleting
wrong entry one digit at a time.
s
Used to set or access second functions.
Also used to set the number of decimal
places (see
“Decimal Place Selection”
on page 5).
s – - Change sign (+/-)
Toggles the displayed value to positive
or negative.
USER’SGUIDE - 1
KEY DEFINITIONS

Mortgage/TVM (Time Value of Money) Keys
l- Loan Amount or Present Value
Enters or solves for the initial Loan
Amount or Present Value of a financial
problem.
p- Payment
Enters or solves for the periodic principal
and interest (P&I) payment.
j- Interest-Only Payment
Enters or solves for the periodic Interest-
Only Payment. A term does not need to be
entered to solve Interest-Only Payments.
T- Term of Loan
Enters or solves for the number of years
or periods. Multiple presses will toggle
between annual and periodic. An entered
number greater than 59 is assumed to be
periodic.
ˆ- Interest
Enters or solves the annual or periodic
Interest Rate. Multiple presses will tog-
gle between annual and periodic.
F- Future Value
Enters or solves for the Future Value of a
financial problem.
USER’SGUIDE - 2

s+- Periodic
Used with other function keys to
designate a value as Periodic rather than
annual (e.g., 3 6 s + T).
Note: Interest and Term are stored permanently until
they are changed. This means when you turn the cal-
culator off, the values will stay in Memory.
Date Key
• - Date Entry Key
Used to separate the month, day, and
year when entering dates ( e.g., 5•2
•07to enter 05-02-07).This allows
you to add or subtract a number of days
from a date to find a second date, and
subtract one date from another date to
find the number of days in between.
Amortization Keys
a- Amortization
Displays the Range of Payments, Total
Interest, Total Principal, Total Payments
and Remaining Balance, for an entered
number of years or periods. For example,
to amortize year one enter 1 a to dis-
play the total P&I reduction for payments
1-12.
∫- Remaining Balance
Displays the Remaining Balance of the
loan, for an entered number of years or
periods.
USER’SGUIDE - 3

USER’SGUIDE - 4
Payments per Year
The calculator is set to monthly loans, or 12
Payments per Year (P/Yr). To change to other
than 12 Payments per Year, use the s and
÷keys (e.g., to set a loan to six Payments per
Year, press: 6s÷).
Note: Remember to change back to 12 by either
resetting
1 2 s ÷ or performing a Clear All/Reset
s x .
Delta Percent
Delta Percent function ( ) finds the percent
change between two values.The =key must
be pressed to complete the calculation.
KEYSTROKE DISPLAY
1 0 s % 1 5 = 50.00
1 0 0 s % 2 5 = -75.00
Percentage Calculations
The percent %key can be used for finding a
given percent of a number or for working add-
on, discount or division percent calculations.
For example:
8 0 0 x 2 5 % = 200.00
250+10%=275.00
25–5%=23.75
100÷50%=200.00

USER’SGUIDE - 5
Memory
µ- Store value in semi-permanent Memory
(e.g., 1 5 0 µ ).
s µ - Recall Memory value
(e.g., if 1 5 0 has been stored in
Memory, pressing s µ will display
150.00).
sµµ- Clears Memory value.
Note: Semi-permanent means the value is not cleared
by pressing
o twice. Value is cleared when the cal-
culator is turned off or when
s µ µ is pressed.
Decimal Place Selection
Press sand the number of decimal
places desired, up to six (e.g., s 1,
s 2, etc.).
Pressing s 7 will set the calculator to
floating decimal point mode.
Note: When you turn the calculator off, the number of
decimal places is restored to two places.
Clear All
To clear/reset calculator to its default values,
press sthen x(Clear All).
CAUTION: Use this only when you wish to
return the calculator to its default values.

USER’SGUIDE - 6
Monthly Payment
Find the Monthly Payment on a 30-year loan
of $220,000 at 7.5% annual interest rate.
KEYSTROKE DISPLAY
o o 0.00
2 2 0 0 0 0 l 220,000.00
7 • 5 ˆ 7.50
3 0 T 30.00
p1,538.27
Term
How long does it take to pay off a loan of
$275,000 at 6.5% interest if you make
payments of $1,700 each month?
KEYSTROKE DISPLAY
o o 0.00
2 7 5 0 0 0 l 275,000.00
6 • 5 ˆ 6.50
1 7 0 0 p 1,700.00
T32.23
What is the Periodic term, or number of months?
KEYSTROKE DISPLAY
T386.76
Interest Rate
Find the interest rate on a mortgage where
the loan amount is $155,000, term is 30
years and the Monthly Payment is $1,100.
LOAN EXAMPLES

USER’SGUIDE - 7
KEYSTROKE DISPLAY
o o 0.00
1 5 5 0 0 0 l 155,000.00
3 0 T 30.00
1 1 0 0 p 1,100.00
ˆ7.65
What is the periodic interest?
KEYSTROKE DISPLAY
ˆ0.64
Loan Amount
How much can you borrow if the interest rate
is 7.75% on a 30-year mortgage and you
can afford to pay $1,200 each month?
KEYSTROKE DISPLAY
o o 0.00
7 • 7 5 ˆ 7.75
3 0 T 30.00
1 2 0 0 p 1,200.00
l167,501.32
Interest–Only Payment (Calculation)
Find the Interest-Only payment on a loan of
$15,000 at 9% interest
KEYSTROKE DISPLAY
o o 0.00
1 5 0 0 0 l 15,000.00
9 ˆ 9.00
j112.50

USER’SGUIDE - 8
Interest–Only Payment (Entry)
How much can you borrow if the interest rate
is 7% on a 30-year interest–only mortgage
and you can afford to pay $1,000 each
month?
KEYSTROKE DISPLAY
o o 0.00
7 ˆ 7.00
1 0 0 0 j 1000.00
l171,428.57
Quarterly Payment
Find the quarterly payment on a 10-year loan
of $15,000 at 10% annual interest rate.
KEYSTROKE DISPLAY
o o 0.00
4 s ÷ 4.00
1 0 T 10.00
1 5 0 0 0 l 15,000.00
1 0 ˆ 10.00
p597.54
1 2 s ÷
(return to 12 pmts/yr) 12.00
Amortization-Total Interest and Principal
Paid
How much Interest, Principal and Total
Payments will you pay on a 30-year,
$180,000 loan at 7% interest?