Calculated Industries 3423 User manual
Q
UALIFIER
P
LUS
®
4
X
ADVANCED REAL ESTATE FINANCE CALCULATOR
with CASH FLOW and BUILT-IN
CANADIAN INTEREST MODE
Model 3423
Pocket Reference Guide
C
ANADIAN
The
CANADIAN QUALIFIER PLUS 4X
calculator
lets you perform mortgage qualifying and
financial problems with ease!
Quickly Solve:
• Time-Value-of-Money (TVM) Problems:
Find Mortgage Amount, Term, Interest,
Payment, Future Value
• P&I payment and Total (PITH) payment
• Sales Price and Down Payment
• Loan-to-Value
• Complete Amortization
• Bi-Weekly Mortgages
• Qualifying Mortgage Amount
• Required Income/Debt
• Effective Interest Rate
• Qualifying Based on Different Ratios
• Cash Flows/Interest Analysis (IRR, NPV,
NFV)
• Date Math
• U.S. Loan Problems — TVM problems,
APR, Tax/Insurance, PITI Payment, U.S.
Qualifying
•
and more!
For product registration, visit
www.calculated.com
CANADIAN QUALIFIER PLUS®4X
KEY DEFINITIONS...................................1
Canadian/U.S. Interest Modes..............5
Preference Mode...................................6
EXAMPLES...............................................6
Basic Math ............................................6
Percentage Calculations.......................6
Memory Functions.................................7
Delta % - Rate of Appreciation..............7
Setting Decimal Places.........................8
Using the Meters and Feet
Conversion Function.........................8
Date Function......................................10
EXAMPLES —
CANADIAN MODE
........11
Mortgages and Real Estate
Mortgages........................................11
Monthly Mortgage Payment................12
Term of a Mortgage.............................12
Mortgage Amount................................13
Interest Rate........................................13
Effective Interest Rate.........................14
Non-Monthly Mortgages and
Payments Per Year (Pmt/Yr)...........14
Total (PITH) Payment..........................15
Quarterly Payment..............................16
Mortgage Amount Based on Sales
Price and % Down Payment...........16
Sales Price Based on Mortgage
Amount and % Down Payment.......17
Finding Loan-to-Value (LTV)...............17
Canadian Mortgage Insurance............18
Future Value (Appreciation) ................18
Amortization (Total Principal/Total
Interest, Remaining Balance)..........19
Bi-Weekly Mortgages..........................20
TABLE OF CONTENTS
Setting Qualifying Ratios ....................20
Qualifying Mortgage Amount ..............21
“Restricted” Qualifying ........................22
“Unrestricted” Qualifying ....................23
Qualifying Comparison (Two Ratios
at Once) ..........................................24
Finding Income Required and
Allowable Monthly Debt ..................25
Cash Flow ..........................................26
EXAMPLES —
U.S. MODE
....................28
Monthly Loan Payment ......................28
Interest-Only Payment (Entry) ............28
Setting Tax and Insurance ..................29
PITI Payment and Interest-Only
Payment..........................................30
Qualifying Loan Amount......................31
Interest-Only Qualifying Loan Amount ..32
APR and Total Finance Charges,
Including Mortgage Insurance ........33
APPENDIX..............................................34
Default Settings ..................................34
Repair and Return ..............................35
Warranty..............................................36
FCC Class B ......................................37
Looking For New Ideas ......................37
POCKET REFERENCE GUIDE — 1
Note: This is a short “reference” guide. Please
see your large User’s Guide for details.
o
On/Clear Key
— Turns on
power. Pressing once clears
the display. Pressing twice
clears all temporary values.
O
Off Key
— Turns all power
off, clearing all non-perma-
nent registers.
+ – x Arithmetic operation keys.
÷ =
%
Percent Key
— Four-function
(+, –, x, ÷) percent key.
0– 9Keys used for entering
and •numbers.
:Colon separator
(for date,
Amortization ranges, and
qualifying ratios)
bBackspace
)Triple-zero entry key
µMemory Function:
- µAdds value on display
to Memory
- s µ Subtracts value
on display from Memory
- ® µ Recalls Memory
Total
- ® ® Clears Memory
and displays Memory Total
KEY DEFINITIONS
®Recalls or re-displays a
value when followed by a
chosen key
(e.g.,
® ˆ
will display current interest
value)
sSets number of displayed
decimal places and acti-
vates 2nd functions
s x Clear All
Note: perform with caution as it
will clear/reset stored values.
s ÷ Payments per year
(Default
12, for monthly)
s – Change sign + or –
s = Preference mode
(see large
User’s Guide)
w
Meters to Feet (m4ft)
—
Converts entered value from
Meters to Feet.
s w
Feet to Meters (ft4m)
—
Converts entered value from
Feet to Meters.
W
Meters2to Feet2(m2
4ft2)
—
Converts entered value from
Meters squared to Feet
squared.
s W
Feet2 to Meters2(ft24m2)
—
Converts entered value from
Feet squared to Meters
squared.
POCKET REFERENCE GUIDE — 2
s %
Delta Percent ( )
—
Finds
the percent change between
two values.
s ) Month Offset
s T Bi-Weekly mortgage
lMortgage amount or present
value
pP&I, PITI
(U.S.)
, Total
(PITH) payment, and inter-
est-only payment (U.S.)
TNumber of years
ˆAnnual interest rate
s ˆ
Effective Interest Rate
(Eff%)
— Converts value
stored as interest to equiva-
lent U.S. rate.
s + Switches between Canadian
and U.S. Interest Mode
s l Future value
s b
Periodic
— Identifies entry
as periodic rather than yearly
PSales Price of home
dDown Payment
(entered in
percent or dollar amount)
s d Loan-to-Value
(LTV)
aAmortization function
s a Remaining balance
qQualify based on
32%-40%
(Canada)
POCKET REFERENCE GUIDE — 3
QQualify based on
35%-42%
(Canada)
iAnnual Income
DLong-term, monthly Debt
tEstimated annual property
Tax
(enter as percent or
dollar amount)
s t
Property Insurance
—
Used for calculating the
Total Payment and for
Qualifying
s D Housing Expense, including
monthly heating cost
(Canada)
CCanadian Mortgage
Insurance
cUsed to enter up to 20 Cash
Flows
s c Used to enter Frequency
RInternal Rate of Return
s R Net Present Value/Net
Future Value
s 6 Clears Cash Flows
POCKET REFERENCE GUIDE — 4
U.S. ONLY KEYS:
s ˆ APR
(Annual % Rate)
,
including mortgage insur-
ance, if entered
s p Interest-Only Payment
s 9 Estimated
annual
mortgage
insurance, if applicable
(enter as percent or dollar
amount)
Note: The mortgage insurance
preference setting only works with
U.S. mortgage insurance
(s
9)
. It does not affect Canadian
mortgage insurance
(C)
.
s q Interest-only qualifying
based on 32% - 40% ratios.
s Q Interest-only qualifying
based on 35% - 42% ratios.
s : Odd-days interest
Canadian/U.S. Interest Modes
Your calculator can easily be switched
between Canadian or U.S. Interest Mode
by pressing: s +
U.S. Mode allows:
•Entry/calculation of U.S. interest rates.
•Entry/calculation of U.S. mortgage
insurance (s 9).
•Entry/calculation of interest-only pay-
ment.
• APR calculation.
• Interest-Only Qualifying
POCKET REFERENCE GUIDE — 5
Preference Mode
s = Preference Mode
(see
User’s Guide for details)
Allows you to select special settings. To
access, first press sand then the =
key. Toggle through the various categories
by pressing the =key. Toggle within each
category by pressing the +key. To set the
preference and exit, press the okey. To
reset the calculator back to its default set-
tings, turn off the calculator, hold down x
and turn back on
(“All Reset” will flash for
one second before clearing to zero).
Basic Math
This calculator uses standard chaining
logic. This means the first value is entered,
then an operator, then the second value,
then the Equals =key to get your answer.
A. 2 1 6 + 8 4 = 300.00
B. 2 1 6 – 1 6 = 200.00
C. 1 2 x 1 2 = 144.00
D. 1 4 4 ÷ 1 2 = 12.00
Percentage Calculations
The Percent %key is used to find a given
percent of a number or for working add-on,
discount or division percentage calculations.
A. 8 0 0 x 2 5 % = 200.00
B. 2 5 0 + 1 0 % = 275.00
C. 2 5 – 5 0 % = 12.50
D. 2 0 0 ÷ 5 0 % = 400.00
EXAMPLES
POCKET REFERENCE GUIDE — 6
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