Calculated-industries 3416 User Guide Manuel d'utilisateur télécharger pdf (Page 9)

4 — M

ORTGAGE

UALIFIER

LUS

s ÷

Payments per Year (Pmt/Yr)

— Used to set the

number of payment periods per year. Default value

is 12, for monthly.

Note: You can store the number of payments/year permanently or

semi-permanently. See Preference Settings).

Amortization (Amort)

— Finds total interest, princi-

pal, remaining balance, remaining term and estimat-

ed mortgage interest tax deduction.

The output of this key is as follows:

Press Display or Calculation

1 Displays range of periods

2 Calculates total interest for period range

3 Displays total principal for range

4 Calculates total principal and interest

5 Calculates remaining balance

6 Calculates remaining term

7 Calculates estimated mortgage interest tax

deduction for the specified period, based on

the default tax bracket of 28%*

*You may enter any tax bracket (e.g., 30%, press 30

s +

and recalculate amortization values).

Note: This is only for estimating a mortgage interest tax

deduction — it does not include property tax. See Tax Savings

Function for income tax savings including property tax and

mortgage interest.

s a

Remaining Balance (Bal)

— Displays the remain-

ing balance when preceded by a single year or

range of years (or individual payment or range of

payments by using the s b keys). Note that

you can also view the remaining balance as part of

the Amortization display (see above a description).

Colon Separator (Date)

— Used as a separator for

entering dates, ARM adjustments, qualifying ratios,

Combo Loan (1st/2nd) interest and terms, and for

entering amortization ranges.

s )

Month Offset (Mo Offset)

— Used to set the first

month of payment if other than January.

s :

Odd-Days Interest

— Calculates the prepaid inter-

est, or simple interest accumulated (based on a

360-day year) during the days before the first loan

payment is made using the interest rate stored in

the Interest register.

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Calculated-industries 3416 User Guide Manuel d'utilisateur Page 9

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