Calculated-industries 3416 User Guide Manuel d'utilisateur télécharger pdf (Page 42)

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UIDE

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ARM Payment —

Using Lifetime Cap

Using the previous mortgage, add a lifetime cap of 4% and find the

adjusted payments through year ten. You will need to re-enter the

loan amount, term and interest.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter loan amount 1 7 6 ) l 176,000.00

Enter term in years 3 0 T 30.00

Enter annual interest 8 • 2 5 ˆ 8.25

Find monthly payment

(1st year) p “run” 1,322.23

Enter interest cap 4 s % CAP ARM 4.00%

Enter ARM parameters • 5 : 1 A 0.50 - 1.00

Find 1st adjusted (2nd year)

ARM payment A 1 ARM 1,383.53

Find 2nd adjusted (3rd year)

ARM payment A 2 ARM 1,444.72

Find 3rd adjusted (4th year)

ARM payment A 3 ARM 1,505.71

Find 4th adjusted (5th year)

ARM payment A 4 ARM 1,566.43

Find 5th adjusted (6th year)

ARM payment A 5 ARM 1,626.81

Find 6th adjusted (7th year)

ARM payment A 6 ARM 1,686.78

Find 7th adjusted (8th year)

ARM payment A 7 ARM 1,746.26

Find 8th adjusted (9th year)

ARM payment* A 8 ARM 1,805.17

Find 9th adjusted (10th year)

ARM payment* A 9 ARM 1,805.17

Find principal at start of

10th year ® l 163,155.23

Recall current interest rate ® ˆ 12.25

Recall remaining term ® T 21.00

Reset cap to zero 0 s % CAP ARM 0.00%

*Note that the payment for 8th and 9th adjustments (corresponding to the 9th and

10th years) is the same because the lifetime cap was reached on the 8th 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.

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Calculated-industries 3416 User Guide Manuel d'utilisateur Page 42

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