Calculated-industries 3416 User Guide Manuel d'utilisateur télécharger pdf (Page 51)

46 — M

ORTGAGE

UALIFIER

LUS

Prepaid/Odd-Days Interest and APR

Find the monthly payment on a $100,000 loan at 8.25% annual

interest and 30-year term. Then, find the amount of odd-days inter-

est, or “prepaid” interest due, if the escrow closes on 7/21/03 and

the first payment is due 8/1/03.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter loan amount 1 0 0 ) l 100,000.00

Enter interest 8 • 2 5 ˆ 8.25

Enter term 3 0 T 30.00

Find monthly P&I payment p “run” 751.27

Find days between escrow closing and

date of 1st payment 8 : 1 : 0 3 – 7 : 2 1

: 0 3 = 11.00

Find the prepaid interest

due at closing s : 252.08*

*Note: This is based on a 360-day year, as most banks use this method for comput-

ing prepaid interest.

— DO NOT CLEAR CALCULATOR —

Now, without clearing the calculator, add the prepaid interest to the

loan's points and fees if they are equal to 1.5% and $500, respec-

tively. Then find the Annual Percentage Rate (APR), based on these

closing costs.

STEPS KEYSTROKES DISPLAY

Store the prepaid interest

in memory µ 252.08

Find Loan Costs:

Recall loan amount ® l 100,000.00

Find point cost x 1 • 5 % = 1,500.00

Add fees + 5 0 0 = 2,000.00

Add prepaid interest

stored in memory + ® µ = 2,252.08

Find APR for this loan s ˆ “run” 8.50

Clear All s x “All Cleared” 0.00

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Calculated-industries 3416 User Guide Manuel d'utilisateur Page 51