Calculated Industries 3423 User Manual

UALIFIER

LUS

ADVANCED REAL ESTATE FINANCE CALCULATOR with CASH FLOW

and BUILT-IN CANADIAN INTEREST MODE

Model 3423

ANADIAN

The

Canadian Qualifier Plus 4x

was designed specifically for mortgage lenders, residential real estate agents and brokers for quick mortgage calculations in the office or out in the field. It’s the most complete and intuitive calculator of its kind. With the push of a few buttons,

it will instantly pre-qualify prospective buyers, find monthly

payments, and solve hundreds of mortgage problems! Features:

• Easy and Complete Buyer Pre-Qualifying — with

“Smart”

Keys

for quick financing solutions or comparisons

• Find Qualifying Mortgage Amount, Income Required and Maximum Allowable Debt

• Use two different Qualifying Ratios at once to compare mortgage scenarios

• Compare “Restricted” with “Unrestricted” Qualifying Mortgage Amount

• Flexible “what-if” Mortgage or TVM Calculations —

Finds

Mortgage Amount, Term, Interest or Payment

• Instant P&I and Total (PITH) Payment

• Includes Property Tax, Mortgage Insurance and Heating Expense

• Built-in Sales Price and Down Payment

• Instant Loan-to-Value (LTV)

• Works in Annual or Periodic Term and Interest

• Works in Canadian or U.S. Interest

• Date Math, Month Offset, and Odd-Days Interest (ODI)

• Complete Amortization

• Remaining Balance/Balloon Payment

• Bi-Weekly Mortgages

• Trust Deeds

• Future Value and Appreciation

• Also works as a Standard Math Calculator

•

U.S. Mode, including additional features:

APR and Total Finance Charges, PITI/Total Payment, Interest-Only Payment and Complete U.S. Buyer Pre-Qualifying, including Tax, Insurance, and Mortgage Insurance

New!

• Cash Flows/Investment Analysis (IRR, NPV, NFV)

• Effective Interest Rate (EFF%)

• Metric/Imperial Conversions

Introducing the C

ANADIANQUALIFIERPLUS

Mortgage Calculator

GETTING STARTED..........................................................................1

KEY DEFINITIONS .........................................................................1

Basic Operation Keys ..................................................................1

Mortgage/Time-Value-of-Money Keys..........................................2

Qualifying Keys............................................................................5

Cash Flow Keys...........................................................................8

U.S. Keys (Used in U.S. Mode)...................................................9

CALCULATOR SETTINGS ...........................................................10

Decimal Place Selection............................................................10

Canadian/U.S. Mode..................................................................11

Preference Settings ...................................................................12

MEMORY......................................................................................14

Accumulative Memory ...............................................................14

Memory Storage Keys (M0-M5).................................................15

Additional Memory Storage Keys (M10-M19) ............................16

BASIC ARITHMETIC EXAMPLES................................................17

Arithmetic...................................................................................17

Percentage Calculations............................................................17

Percent Change.........................................................................17

Figuring Straight Percent Commission......................................18

Reduction in Listing Price (Discount %) ....................................18

Simple, One-Year Home Appreciation (Add-on %)....................18

Delta Percent-Rate of Appreciation...........................................19

USING THE FEET AND METERS CONVERSIONS ....................19

USING THE DATE FUNCTION.....................................................20

EXAMPLES —

CANADIAN MODE

.................................................21

MORTGAGE/TIME-VALUE-OF-MONEY (TVM)............................21

Finding the Monthly Mortgage Payment....................................22

Finding the Term of a Mortgage.................................................22

Paying Off a Mortgage Early (Making Larger Payments) ..........23

Finding the Interest Rate ...........................................................23

Finding the Mortgage Amount....................................................23

Non-Monthly Mortgages.............................................................24

Finding a Quarterly Payment.....................................................24

Bi-Weekly Mortgages.................................................................25

Bi-Weekly Term Reduction and Payment..................................25

Sales Price/Down Payment .......................................................26

Finding Mortgage Amount Based on Sales Price and

Down Payment .......................................................................26

Finding Sales Price and Payment Based on Mortgage Amount

and Down Payment ................................................................26

Finding Loan-to-Value (LTV) Based on Down Payment and

Sales Price..............................................................................27

Setting Property Tax Percent Rate ............................................27

Setting Property Tax Dollar Amount...........................................27

Total Payment (Including Heating Expense)..............................27

TABLE OF CONTENTS

Total Payment (Including Heating Expense and Property Tax

Entered as Percentage)..........................................................28

Total Payment (Including Heating Expense and Property Tax

Entered as Dollar Amount).....................................................28

Finding Mortgage Amount (Including Canadian Mortgage

Insurance)...............................................................................29

Finding Monthly Mortgage (P&I) Payment (Including Canadian

Mortgage Insurance)...............................................................30

Amortization and Remaining Balance........................................30

Notes on Amortization................................................................30

Total Principal and Interest for a 25-Year Mortgage..................32

Total Principal and Interest (Including Canadian Mortgage

Insurance)...............................................................................32

Amortization List for Individual Year(s) —

Using “Next”

Feature

....................................................................................33

Amortization List for Individual Year(s) —

Using Month

Offset

......................................................................................34

Amortization List for Individual Payment(s) ...............................35

Amortization List for a Range of Payments or Years.................36

Balloon Payment/Remaining Balance Needed to Pay Off a

Mortgage.................................................................................36

Future Value...............................................................................37

Appreciation/Future Value ..........................................................37

Basic Savings Account Problem (Future Value of an Initial

Deposit)...................................................................................37

Trust Deeds and Discounted Notes ...........................................38

Purchase Price of a Note —

Fully Amortized

............................38

Finding the Yield on a Discounted Note....................................39

BUYER PRE-QUALIFYING...........................................................40

IMPORTANT NOTE: U.S. vs. Canadian Payment and

Qualifying Calculations...........................................................41

QUALIFYING EXAMPLES............................................................42

Recalling GDS/TDS Qualifying Ratios.......................................42

Storing New GDS/TDS Qualifying Ratios..................................42

Finding Qualifying Mortgage Amount and Sales Price

(Simple Example Excluding Property Tax) .............................43

Qualifying Mortgage Amount and Sales Price

(Including Down Payment, Property Tax and Monthly

Heating/Condo Fees)..............................................................44

Qualifying Mortgage Amount and Sales Price (Including

Canadian Mortgage Insurance)..............................................45

“Restricted” Qualifying ...............................................................46

“Unrestricted” Qualifying............................................................47

Qualifying Comparison (Comparing Two Different Mortgages or

Two Qualifying Ratios at Once)..............................................48

Finding Income Required and Allowable Monthly Debt.............49

Solving for Actual Qualifying Ratios...........................................50

CASH FLOW EXAMPLES.........................................................51

Calculating IRR, NPV, and NFV for Annual Cash Flows...........53

Calculating IRR, NPV, and NFV for Monthly Cash Flows .........54

Recalling and Replacing Cash Flows........................................55

Recalling and Replacing Cash Flow Frequencies.....................55

EXAMPLES —

U.S. MODE

.............................................................56

Finding the Monthly Mortgage Payment (Based on U.S. Interest

Rate).......................................................................................56

Finding the Interest-Only Payment............................................56

Interest-Only Payment (Entry) ...................................................56

Property Taxes, Property/Hazard Insurance and Monthly

Housing Expense....................................................................57

PITI Payment (Tax and Insurance Entered as Percentage)......58

PITI Payment (Tax and Insurance Entered as Dollar Amount)..58 Calculating Tax and Insurance Percentage or Dollar Amount...59

Finding the Interest Rate ...........................................................60

Finding the Term of a Loan ........................................................60

Finding the Loan Amount...........................................................60

Finding Sales Price and Payment Based on Loan Amount and

Down Payment .......................................................................61

Total Principal and Interest for a 30-Year Loan .........................61

Amortization List for Individual Year(s) —

Using “Next”

Feature

....................................................................................62

APR, Total Finance Charges (Including Mortgage

Insurance)...............................................................................63

Bi-Weekly Mortgages.................................................................64

Bi-Weekly Term Reduction and Payment..................................64

Qualifying Loan Amount and Sales Price (Complete Example

Including Down Payment, Tax/Insurance, Monthly Association

Dues) ......................................................................................65

“Restricted” Qualifying ...............................................................66

“Unrestricted” Qualifying............................................................66

Finding Qualifying Loan Amount and Sales Price for an

Interest-Only Loan..................................................................67

Finding Income Required and Allowable Monthly Debt.............68

Qualifying Comparison (Comparing Two Different Loans or

Two Qualifying Ratios at Once)..............................................69

APPENDIX .......................................................................................70

Default Settings..........................................................................70

Reset ..........................................................................................70

Error Codes................................................................................71

Auto Shut-Off.............................................................................71

Battery ........................................................................................71

Repair and Return......................................................................72

Warranty.....................................................................................73

Legal Notes................................................................................74

Looking For New Ideas..............................................................74

INDEX .............................................................................................75

SER’SGUIDE

— 1

KEY DEFINITIONS

Basic Operation Keys

O Turns all power off. The memory and most financial

registers are cleared.

o If calculator is off, turns power on. If calculator is on,

a single press clears the last entry while a second press in succession clears non-permanent entries.

Note: Clears Loan Amount, Payment, Price, Down Payment, Income, Debt, Expense, and Canadian Mortgage Insurance.

+ – x Arithmetic operation keys.

÷ =

0 – 9 Keys used for entering numbers. ) Triple-zero key (saves time when entering 000 values). b Backspace key (deletes incorrect entries one digit at

a time).

• Decimal point.

Percent

— Four-function (+, –, x, ÷) percent key.

See page 17 for examples.

Memory

— Adds the displayed number to the inde-

pendent cumulative memory. Pressing s µ

(M–)

will subtract the displayed value from the cumulative memory. Pressing ® µ recalls and displays the memory contents. Pressing ® ® displays and clears the memory. See page 14 for details.

Recall

— Recalls and displays the contents of the financial registers (e.g., ® ˆ). Also used for Memory functions.

s Used to set the number of displayed decimal places

(see section on Decimal Place Selection, page 10). Also works with other keys to set or activate additional functions. (Think of it as a “shift” key on a typewriter.) It will perform the function printed above the key on the calculator's face.

GETTING STARTED

2 — Q

UALIFIERPLUS

s –

Change Sign (+/-)

— Changes the sign of the dis-

played value from positive to negative or vice versa.

s x

Clear All

— Clears all entered values and returns any stored values to their default settings. Use this only with caution, as it will reset ratios, payments per year, decimal places, etc. back to their defaults (see the Appendix for a list of these settings).

Note: Clear All will not affect any changes made to Preference

Settings.

Canadian Mode: s x will also return your calcu-

lator to Canadian Mode if you previously activated U.S. Mode via s +.

s =

Preferences (Prefs)

— Activates the Preference Mode,

where you can program custom settings (see page 12).

Meters to Feet

— Converts entered value from meters

to feet.

s w

Feet to Meters (ft4m)

— Converts entered value

from feet to meters.

Meters2to Feet

— Converts entered value from

square meters to square feet.

s W

Feet2 to Meters2 (ft24m2 )

— Converts entered value

from square feet to square meters.

s %

Delta Percent ( )

— Finds the percent change

between two values.

Mortgage/Time-Value-of-Money Keys

The following keys let you solve Mortgage or Time-Value-of-Money (TVM) problems, such as finding a Mortgage Payment, Term, Interest, Future Value, or Amortization. Other useful keys, such as Price and Down Payment, are also included. These keys let you demonstrate various “what-if” mortgage scenarios to your clients.

Loan Amount

— Enters or solves for the initial mort-

gage amount or present value of a financial problem.

SER’SGUIDE

— 3

P&I and Total Payment

— Multi-function payment key. Enters or solves for the Periodic Principal and Interest (P&I) payment. In Canadian Mode, a second press of the p key calculates the Total Payment (includes monthly property tax, insurance, heating expense, and other applicable housing expenses, such as condo fees). If entered, Canadian Mortgage insurance is included in both P&I and Total Payment. In U.S. mode, a second press of the p key calculates the PITI payment (adds monthly property tax and insurance to P&I payment). Pressing a third time in U.S. mode calculates the total payment (PITI plus expenses).The fourth press calculates the interest-only payment.

T Enters or solves for the number of years. Second press

gives the number of periods. An entered term greater than 59 will be classified as periodic, not annual.

Note: Term is stored permanently, until you change it or perform a Clear All (

s x

). You may enter a periodic term, if you prefer,

by pressing the

s b

(Periodic) keys prior to pressing

(e.g.,

3 6 s b T

instead of

3 T

Interest

— Enters or solves for the annual interest

rate. Second press gives the periodic rate.

Note: Interest is stored permanently, until you change it, by performing a “Clear All”

(s x)

, or reset.

s ˆ

Effective Interest Rate (Eff%)

— Converts value

stored as interest to equivalent U.S. rate.

s l

Future Value (FV)

— Enters or solves for the future

value of a financial problem.

Sales Price

— Enters or calculates Sales Price based on the entries of Mortgage Amount (or equivalent mortgage components) and Down Payment.

Note: An entered Sales Price will not normally change.

Down Payment

— Enters (in either percent or dollars) or calculates Down Payment, based on the entries of Mortgage Amount (or equivalent mortgage components) and Sales Price. Asecond press changes the entered down payment from a dollar figure to a percent, or vice versa.

Note: Any number under 100 is assumed to be a percent down payment. You do not have to label the value as a percent.

4 — Q

UALIFIERPLUS

s d

Loan-to-Value (LTV)

— Calculates the Loan-toValue percent when a Down Payment and Sales Price, Mortgage Amount/Down Payment, or Mortgage Amount/Sales Price are entered. Also calculates the above dollar values if an LTV percent and one of the above values are entered (e.g., entered Sales Price and LTV percent will calculate Down Payment and Mortgage Amount).

s b

Periodic

— Used to specify a mortgage component (Term or Interest) or Amortization/Remaining Balance entry as periodic rather than yearly. For example, 3 0 s b T enters 30 periods. Also used to identify Periodic Income, Tax Insurance, and Mortgage Insurance.

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” on page 12).

Amortization (Amort)

— Finds Total Interest,

Principal, Remaining Balance, and Remaining Term.

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

s a

Remaining Balance (Rem Bal)

— Displays the Remaining Balance when preceded by a single year or range of years (or individual payment or range of payments by also using the s b keys). Note that you can also see the Remaining Balance by cycling through the a key.

Colon Separator (Date)

— Used as a separator for entering dates, qualifying ratios, and amortization ranges.

SER’SGUIDE

— 5

s )

Month Offset

— Used to set the first month of pay-

ment if other than January (e.g., Month 3).

s :

Odd-Days Interest (ODI)

— Calculates the pre-paid interest, or simple interest accumulated (based on a 360-day year) during the days before the first mortgage payment is made, using the interest rate stored in the Interest register. (U.S. Mode only.)

s T

Bi-Weekly (Bi-Wkly)

— Converts a regular monthly loan to a Bi-Weekly loan, where the buyer may realize significant interest savings. After loan variables are entered, pressing s T displays the Bi-Weekly Term (i.e., reduced term). The second press of T shows the total interest savings; third press displays the total interest paid; fourth press displays the total principal; and fifth press displays the total principal and interest paid. Pressing p will calculate the Bi-Weekly payment. Pressing s T again will exit Bi-Weekly mode and re-calculate to the original term. Pressing o twice will also exit Bi-Weekly mode.

Qualifying Keys What are Canadian Qualifying Ratios?

According to the Canadian Mortgage and Housing Corp. (CMHC), the first rule in Canadian qualifying is that monthly housing costs should not exceed 32% of gross monthly income (this is called the Gross Debt Service, or GDS ratio). Housing costs include monthly Principal and Interest, Property Taxes and heating expenses. If applicable, PITH can also include half the condominium fees and the annual site lease if it’s a leasehold tenure.

The second qualifying rule is that the total monthly costs (i.e., monthly housing costs

plus

other long-term debt, such as car loans and credit card payments) shouldn’t exceed 40% of gross monthly income (this is called the Total Debt Service, or TDS ratio).

(Qualify Based on GDS:TDS ratios of 32%-40%)

— Amulti-function key which, based on entered variables, performs the following pre-qualifying functions:

(Cont’d)

6 — Q

UALIFIERPLUS

(Cont’d)

1) Stores Canadian GDS:TDS ratios for mortgage qualifying. Entered ratios are separated by the Colon : key. For example, income and debt ratios of 32% and 40%, respectively, are entered and permanently stored as follows: 3 2 : 4 0 q. Default income and debt ratios for this key are 32% and 40%, respectively. You may change these ratios, if desired.

2) Calculates the maximum mortgage amount for which a buyer may qualify, based on the stored income and debt qualifying ratios and the entered:

• Term

• Interest

• Annual Income

• Monthly Debt

• Down Payment

• Monthly Property Taxes

• Monthly heating expense and other monthly housing

expenses, if applicable (e.g., condo fees)

The output of this key is as follows:

Press Calculation

1 Displays stored Qualifying Ratios

(e.g., 32%:40%)

2 Maximum Qualifying Mortgage Amount

(restricted)* 3 Buyer’s Actual Ratios (Income%:Debt%) 4 Unrestricted Qualifying Mortgage Amount* 5 Maximum Allowable Debt

*The Maximum Qualifying Loan Amount displayed is the “restricted”

loan amount that the buyer may qualify for. This loan amount is based on whichever of the two ratios, income or debt, limits the buyer the most. If the buyer’s maximum qualifying loan amount is restricted by their income, then the unrestricted qualifying loan amount will also be displayed. The unrestricted qualifying loan amount is based purely on the buyer’s income and is not restricted by their debt. If the maximum qualifying loan amount is restricted by their debt, the unrestricted qualifying loan amount will not be displayed. This is useful to show clients what size loan they could qualify for if they paid off debt or increased income. Here, the calculator will display the loan amount with “UNR” (for unrestricted) and “INC” (based on income).

Note

: This restricted/unrestricted qualifying mortgage comparison is useful to show clients what size loan they could qualify for if they paid off debt or increased income.

SER’SGUIDE

— 7

3) Calculates the annual income required and allowable monthly debt for a desired mortgage

amount or sales price based on the stored income and debt qualifying ratios and the entered:

• Term

• Interest

• Price (down payment) or mortgage amount

4) Also finds buyer's actual income and debt ratios given both buyer and property data. By

default, the first press of q displays the stored qualifying ratios and the 2nd press calculates the buyer's actual ratios.

Note on U.S. Qualifying: If the calculator is in

Canadian Mode

(see page 11) and you want to

qualify in

U.S. Mode

, activate U.S. Mode via s + and enter new U.S. Qualifying Ratios into the q and Q keys.

(Qualify Based on 35%-42%)

— Stores additional Income and Debt ratios and operates identically to the q key. Default Income and Debt ratios for this key are 35% and 42%, respectively.

Note: You may store whatever ratios you desire in the qor

keys.

Income

— Enters the buyer’s

annual

income for mortgage qualifying. Or, enters a monthly income when preceded by the s b keys (e.g., 5 )

s b i enters a monthly income of $5,000).

D Enters buyer’s long-term,

monthly

debt (e.g., car payments, credit cards with large balances/longterm monthly payments).

s D

Expense (Exp)

— Enters monthly heating or other housing expenses (e.g., condominium fees) for calculating the Total (PITH) Payment or for Qualifying.

Canadian Mortgage Insurance

— Used to enter mortgage insurance. Can be entered as a percentage or a dollar amount. Numbers over ten will automatically be considered a dollar amount.

8 — Q

UALIFIERPLUS

Property Tax

— Used for calculating PITI and Total (PITH) payment, and Qualifying. Stores estimated annual property tax in either percent or dollar amount. If entered as an annual dollar amount, a press of t converts to the monthly tax amount, and pressing t again converts to the annual percent rate. If entered as a percent, pressing t converts to the annual dollar amount, and pressing t once more shows the monthly tax.

Note: Entering a number equal to or less than ten is assumed to

be an annual percent. Property tax is calculated from the sales price (therefore, you should also enter a Down Payment).

s t

Property Insurance (Ins)

— Used for calculating the PITI payment and for Qualifying. Stores estimated annual property or homeowner’s insurance in either percent or dollar amount. If entered as an annual dollar amount, a press of ® and s t converts to the monthly insurance amount or premium, and pressing t again converts to the annual percentage rate. If entered as a percentage, pressing t converts to the annual dollar amount, and pressing t once more shows the monthly insurance.

Cash Flow Keys

The following keys provide quick and easy analysis of cash flow investment scenarios without all the confusing keys or keystrokes of typical financial calculators:

c This key allows the entry of up to 20 cash flows

(either positive or negative; use the s – keys to label a cash flow as a negative value, or cash outlay).

s c

Frequency

—The second function of this key labels a cash flow that is repeated consecutively, or grouped (e.g., if a cash flow is repeated three times in a row, first enter the cash flow value into the c key, then enter the frequency, or number of occurrences: 3 s c).

Note: to use the Frequency function, a cash flow must repeat itself consecutively. If it occurs more than once out of order, or is not consecutive, you must enter it separately, just like other cash flows (do not use the Frequency function).

R Internal Rate of Return — This multi-function key

calculates, upon consecutive presses:

(Cont’d)

SER’SGUIDE

— 9

(Cont’d)

Press Display or Calculation

1 IRR%* 2 Net Present Value (NPV)** 3 Net Future Value (NFV) 4 Desired Interest Rate (entered prior to

calculating)***

*IRR: The rate of return at which the discounted future cash flows equal the initial cash outlay (C-0). An IRR greater than the desired rate of return is financially attractive (the higher, the better).

**NPV

: Another tool to analyze cash flow scenarios. Apositive NPV indicates that an investment is attractive (again, the higher, the better). NPV is computed by adding the initial investment (C-0), a negative cash outlay, to the present value of the estimated future cash flows.

***Interest

: When in Canadian Mode, if an interest rate has been stored in the Interest function, the calculated Effective Interest percent will be used for calculating IRR if no desired rate of return is entered. If a desired rate of return is entered directly (e.g.,

1 0 R

) the entered rate is used (it is not converted to the

Effective Interest Rate Percentage). Note

: If there is no initial investment/cash outlay, enter “0” into the

first cash flow register (C-0).

s R

NPV/NFV

— If you wish to skip the IRR% calculation display (see above), press s R to calculate NPV. Second press calculates NFV.

s 6

Clear Cash Flows (Clear CF)

— Deletes all cash flows.

Use this before you begin a new cash flow example.

U.S. Keys (Used in U.S. Mode)

Note: Calculator must be set to U.S. Mode. See page 11.

s ˆ

Annual Percentage Rate (APR)

— Calculates APR (for fixed-rate loans only) based on the entry of points and/or non-recurring loan fees paid at initiation. It also calculates total finance charges, monthly mortgage insurance, and PIMI payment, based on the entry of mortgage insurance via the s 9 keys.

s 9

U.S. Mortgage Insurance

— Used to enter

Mortgage Insurance as percentage or dollar amount.

s p

Interest-Only Payment

— Enters or calculates

interest-only payments.

s q Used for interest-only qualifying (U.S. mode only). s Q Used for interest-only qualifying (U.S. mode only).

10 — Q

UALIFIERPLUS

CALCULATOR SETTINGS

Decimal Place Selection

With the s key, you have the option of selecting the number of decimal places you’d like to display. The values are rounded using conventional 5/4 rounding. You can do this prior to finding an answer or afterwards.

Press s followed by the number of decimal places you wish to display:

s 5 0.00000 s 4 0.0000 s 3 0.000 s 2 0.00 s 1 0.0 s 0 0. s • floating point

To return to the standard two decimal place setting, press s 2.

SER’SGUIDE

— 11

Canadian/U.S. Mode

Your calculator is factory-set to Canadian (Interest) Mode. If you need to calculate loan problems using U.S. interest, you must change the calculator to U.S. (Interest) Mode. To easily switch your calculator from Canadian Mode to U.S. Mode, press the s and then the + key.

Pressing s + also allows you to toggle between Canadian Interest and U.S. Interest calculations. In other words, you may switch from Canadian Interest to U.S. Interest, or vice versa, by repeating the keystrokes s +.

Note: While converting to Canadian Interest Mode via

s +

, the letters “CDN” will appear and will also be displayed when the ˆkey is pressed. While converting to U.S. Mode, the letters “USA” will appear and will also be displayed when the ˆkey is pressed. If you’re unsure what mode you’re in, press

® ˆ

to see if “CDN” or

“USA” is displayed.

Canadian Mode performs the following:

• Allows entry of Canadian interest rates.

• Enables Effective Interest Rate (Eff%) calculations.

• Disables selected U.S.-only functions (APR, Interest-Only Payments and U.S. Mortgage insurance).

U.S. Mode performs the following:

• Allows entry of U.S. interest rates.

• Enables selected U.S.-only functions (APR, Interest-Only Payments, Interest-Only Qualifying and U.S. Mortgage insurance).

12 — Q

UALIFIERPLUS

Preference Settings

Your calculator has a Preference Mode, which allows you to program the calculator to various settings. For example, it allows you to store certain values permanently, display certain values, or show values in a specific order.

To access the Preference Mode, press s, then =, then keep pressing = to toggle through the settings listed below. Press the + sign to advance through the sub-settings.

To return the calculator to its default, or factory-set Preference Settings, perform a Reset (see page 70).

After s, Keep

Description

Pressing (Press +to Advance

Display

within each category):

1 Decimal Places

- DEC HOLd EntrY — Permanently sets number of decimal places.

(Default)

- DEC OFF 0.00 — Clears decimal place setting/resets to 0.00 at O.

2 Payments Per Year

- P/Y OFF 12.00 — Resets to 12.00 at O.

(Default)

- P/Y HOLd EntrY — Permanently sets pmts/year.

3 Property Tax/Insurance (T/I)

- Clr OFF TAX INS — Clears all T/I (% and $) values at O.

(Default)

- HOLd Pct. TAX INS —Holds only T/I percent (%) entries at O.

- HOLd ALLTAX INS —Holds all T/I (% and $) values at O.

- Clr Clr TAX INS — Clears all T/I (% and $) values at double press of o (or o o).

(Cont’d)

SER’SGUIDE

— 13

(Cont’d)

After s, Keep

Description

Pressing (Press +to Advance

Display

within each category):

4 Mortgage Insurance (MI)—U.S. Only

- Clr-Clr M Ins — Clears Mortgage Insurance (% and $) upon o o.

(Default)

- Clr-OFF M Ins — Clears Mortgage Insurance (% and $) at O.

- HOLd Pct. M Ins — Holds only percent (%) Mortgage Insurance entry at O.

- HOLd ALL M Ins — Holds (% or $) Mortgage Insurance entry at O.

5 Amortization/Single Entries

- AMRT Ent-Ent — Displays Amortization for specified year only (

e.g., enter

5 a

dis-

plays payments 49-60). (Default)

- AMRT 1-Ent — Displays Amortization from beginning to specified year (

e.g., enter

5 a

displays payments 1-60).

6 Display Qualifying Ratios

- Q-R PrESS 1 — Displays ratio at beginning of sequence.

(Default)

- Q-R At End — Displays ratio at end of sequence.

7 Beginning or End Mode

- TYP End — End Mode.

(Default)

- TYP bEG — Beginning Mode.

14 — Q

UALIFIERPLUS

MEMORY

Accumulative Memory

Whenever the µ key is pressed, the displayed value will be added to cumulative Memory. This value will remain in Memory until cleared or when the calculator is turned off.

Other Memory functions:

FUNCTION KEYSTROKES

Recall total in Memory ® µ Display and clear Memory ® ® Subtract displayed value from Memory s µ Replace Memory with displayed value s ® µ

The Memory is semi-permanent; that is, it will only be cleared when you:

1) turn off the calculator;

2) press ® ®; or

3) press s x

(Clear All)

Examples:

STEPS KEYSTROKES DISPLAY

Store number into Memory 3 5 5 µ 355.00 Add number to Memory 2 5 5 µ 255.00 Recall total in Memory ® µ 610.00 Subtract from Memory 7 4 5 s µ 745.00 Recall total in Memory ® µ – 135.00 Replace Memory 5 0 s ® µ 50.00 Recall and clear Memory ® ® 50.00

Store 55, recall, and multiply by 40. Then multiply it by 60.

STEPS KEYSTROKES DISPLAY

Clear o o 0.00 Store 55 5 5 µ 55.00 Recall 55 ® µ 55.00 Multiply x 4 0 = 2,200.00 Recall 55 ® µ 55.00 Multiply x 6 0 = 3,300.00 Clear Memory ® ® 55.00

SER’SGUIDE

— 15

Memory Storage Keys (M0-M5)

In addition to the standard cumulative Memory (as described on previous page), your calculator has six independent Storage Registers — [M0] through [M5] — that can be used to permanently store single, non-cumulative values. These values will be held when your calculator is turned off, and will only clear when a “Clear All” is performed (via s x).

You can replace a value in one of these Memory Registers by storing a new value in place of the stored value.

FUNCTION KEYSTROKES

Store single value in M0 s ® 0 Store single value in M1 s ® 1 Store single value in M2-M5 s ® 2, 3, 4, or 5 Clear register (e.g., M1) 0 s ® 1 Review stored value (e.g., M1) ® 1 Clear stored values* s x

*Perform a

s x

(Clear All) with caution, as it will clear any stored values from your

calculator’s registers.

Example: Store 175 into M1, recall the value, and store a new value in place

of the first stored value. Then clear M1.

KEYSTROKE DISPLAY

1 7 5 s ® 1 M-1 175.00 O o 0.00 ® 1 M-1 175.00 1 5 0 s ® 1 M-1 150.00 0 s ® 1 M-1 0.00

16 — Q

UALIFIERPLUS

Additional Memory Storage Keys (M10-M19)

In addition to M0-M5 (as described previously), your calculator has ten additional independent Storage Registers — [M10] through [M19] — that can also be used to permanently store

single

, noncumulative values. To access these storage registers, use the following keystrokes: s ® • [#], with [#] being digits 0 – 9. These Storage Registers operate identically to M0-M5.

Examples: Store 250 into M10, recall the value, then clear M10.

KEYSTROKE DISPLAY

2 5 0 s ® • 0 M10 250.00 O o 0.00 ® • 0 M10 250.00 0 s ® • 0 M10 0.00

Store 350 into M11, recall the value, then clear M11.

KEYSTROKE DISPLAY

3 5 0 s ® • 1 M11 350.00 O o 0.00 ® • 1 M11 350.00 0 s ® • 1 M11 0.00

Note: Repeat the above procedure for registers 12-19, using digits 2– 9. Note: To clear all above values stored in Memory, press

s x

. Use this with caution

s x

clears away any stored values from your calculator’s register.

SER’SGUIDE

— 17

BASIC ARITHMETIC EXAMPLES

Arithmetic

This calculator uses standard chaining logic, which simply means that you enter your first value, the operator (+, –, x, ÷), the second value and then the equals sign (=).

A. 3 + 2 = 5.00 B. 3 – 2 = 1.00 C. 3 x 2 = 6.00 D. 3 ÷ 2 = 1.50

Percent Calculations

The percent % key can be used for finding 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

The Percent % key has special applications for real estate professionals — especially when figuring a commission amount.

Percent Change

If a home’s value increased from $315,000 (Present Value) to $350,000 (Future Value), what is the percent increase?

STEPS KEYSTROKES DISPLAY

Subtract appreciated value

from the Present Value 3 5 0 ) – 3 1 5 ) =

35,000.00

Divide the difference by

the Present Value ÷ 3 1 5 ) = 0.11

Calculate % increase x 1 0 0 = 11.11

(or 11.1%)

18 — Q

UALIFIERPLUS

Figuring Straight Percent Commission

The commission for the listing office is 3%. If the property sells for $157,900, what is the listing office’s commission?

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00 Enter sales price 1 5 7 9 0 0 157,900. Multiply by commission % x 3 % = 4,737.00

— DO NOT CLEAR CALCULATOR —

What if the listing agent works on a 50/50 split with his or her broker? What is the listing agent’s share of this commission?

STEPS KEYSTROKES DISPLAY

Multiply by 50% x 5 0 % = 2,368.50 Reduction in Listing Price (Discount %)

A nervous seller has had her property on the market for just over four months listed at $175,500. Because she is anxious to move into a new home, she wishes to reduce the listing price by 5%. Calculate both the amount of reduction in dollars and the new, lowered listing price.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00 Enter sales price 1 7 5 5 0 0 175,500. Subtract 5% – 5 % 8,775.00 Find new listing price = 166,725.00

Simple, 1-Year Home Appreciation (Add-on %)

Properties in your area have been going up in value about 6% per year. If you purchase a $198,000 home today, what would it be worth in one year, assuming the same rate of appreciation continues?

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00 Enter current value 1 9 8 ) 198,000. Add 6% + 6 % 11,880.00 Find appreciated value = 209,880.00

Note: See page 37 for another example of future value or appreciation.

SER’SGUIDE

— 19

Delta Percent - Rate of Appreciation

A home originally purchased for $150,000 sold a year later for $185,000. What is the rate of appreciation?

KEYSTROKES DISPLAY

1 5 0 ) s % 150,000.00 1 8 5 ) = 23.33

USING THE FEET AND METERS CONVERSIONS

Using the w and W keys, you can quickly convert Meters to Feet, Feet to Meters, Square Meters to Square Feet, and Square Feet to Square Meters.

Convert 5 meters to feet.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00 Enter 5 Meters 5 5. Convert to Feet w FEET 16.40

Convert 20 Feet to Meters.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00 Enter 20 Feet 2 0 20. Convert to Meters s w MET 6.096

Convert 10 Square Meters to Square Feet.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00 Enter 10 Square Meters 1 0 10. Convert to Square Feet W SQFT 107.64

Convert 20 Square Feet to Square Meters.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00 Enter 20 Square Feet 2 0 20. Convert to Square Meters s W SQM 1.858

20 — Q

UALIFIERPLUS

USING THE DATE FUNCTION

Using the : key, you can quickly solve common real estate date problems: escrow or closing dates, listing expiration dates, and the number of days prepaid interest, etc. You enter a date as follows: Numerical Month :, Numerical Day :, and Numerical Year (MM : DD : YY).

The date function lets you: 1) add a number of days to a date to find a second date (in the future), 2) subtract a number of days from a date to find a second date (in the past), and, 3) subtract one date from another date to find the number of days in between.

For example, if a 45-day escrow begins September 19, 2007, what is the closing date and day?

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00 Enter month 9 : 9.- Enter day 1 9 : 9-19- Enter year 0 7 9-19-07 Add 45 days + 4 5 = SAT 11-03-07

Find the number of days to calculate prepaid interest due at closing, if the escrow closing date is 11/14/07 and the first payment is due 12/1/07.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00 Enter 1st payment date 1 2 : 1 : 0 7 12-1-07 Subtract closing date to

find number of days – 1 1 : 1 4 : 0 7 = 17.00

+ 57 hidden pages