Calculated Industries 3423 User manual

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ADVANCED REAL ESTATE FINANCE CALCULATOR with CASH FLOW

and BUILT-IN CANADIAN INTEREST MODE

Model 3423

C

ANADIAN

The

Canadian Qualifier Plus 4x

was designed specifically for mort-

gage 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

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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

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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.

µ

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 addi-

tional 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

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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).

w

Meters to Feet

— Converts entered value from meters

to feet.

s w

Feet to Meters (ft4m)

— Converts entered value

from feet to meters.

W

Meters

2

to Feet

2

— Converts entered value from

square meters to square feet.

s W

Feet

2

to Meters

2

(ft

2

4m

2

)

— 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.

l

Loan Amount

— Enters or solves for the initial mort-

gage amount or present value of a financial problem.

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p

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 sec-

ond 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 cal-

culates 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

T

(e.g.,

3 6 s b T

instead of

3 T

).

ˆ

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.

P

Sales Price

— Enters or calculates Sales Price

based on the entries of Mortgage Amount (or equiv-

alent mortgage components) and Down Payment.

Note: An entered Sales Price will not normally change.

d

Down Payment

— Enters (in either percent or dol-

lars) or calculates Down Payment, based on the

entries of Mortgage Amount (or equivalent mortgage

components) and Sales Price. A second 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.

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s d

Loan-to-Value (LTV)

— Calculates the Loan-to-

Value percent when a Down Payment and Sales

Price, Mortgage Amount/Down Payment, or

Mortgage Amount/Sales Price are entered. Also cal-

culates 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).

a

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.

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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 mort-

gage 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).

q

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

— A multi-function key which, based on entered

variables, performs the following pre-qualifying

functions:

(Cont’d)

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(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 maxi-

mum qualifying loan amount is restricted by their debt, the unrestrict-

ed 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.

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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.

Q

(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

q

or

Q

keys.

i

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/long-

term monthly payments).

s D

Expense (Exp)

— Enters monthly heating or other

housing expenses (e.g., condominium fees) for cal-

culating the Total (PITH) Payment or for Qualifying.

C

Canadian Mortgage Insurance

— Used to enter

mortgage insurance. Can be entered as a percent-

age or a dollar amount. Numbers over ten will auto-

matically be considered a dollar amount.

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t

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 percent-

age 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)

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(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. A positive 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).

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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.

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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

ˆ

key is pressed. While converting to

U.S. Mode, the letters “USA” will appear and will also be displayed when the

ˆ

key

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).

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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 deci-

mal 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 ALL TAX 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)

U

SER

’

S

G

UIDE

— 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 begin-

ning 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

UALIFIER

P

LUS

®

4

X

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

M

U

SER

’

S

G

UIDE

— 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 stor-

ing 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

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