Calculated Industries Canadian Qualifier Plus 4x 3423 User manual

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Calculators
Type
User manual

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QUALIFIER PLUS
®
4X
ADVANCED REAL ESTATE FINANCE CALCULATOR with CASH FLOW
and BUILT-IN CANADIAN INTEREST MODE
Model 3423
CANADIAN
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 CANADIAN QUALIFIER PLUS
®
4X
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 Nominal 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
USERS GUIDE 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.
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
2 QUALIFIER PLUS
®
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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 (ft
m)
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
m
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.
USERS GUIDE 3
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.
4 QUALIFIER PLUS
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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.
USERS GUIDE 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 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)
6 QUALIFIER PLUS
®
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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 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.
USERS GUIDE 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.
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.
8 QUALIFIER PLUS
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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).
st
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 stconverts
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)
USERS GUIDE 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. 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).
10 QUALIFIER PLUS
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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.
USERS GUIDE 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 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).
12 QUALIFIER PLUS
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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)
USERS GUIDE 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 QUALIFIER PLUS
®
4X
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
M
M
M
M
M
M
M
M
M
M
USERS GUIDE 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
calculators 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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Calculated Industries Canadian Qualifier Plus 4x 3423 User manual

Category
Calculators
Type
User manual
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