User guide

Income Required and Allowable Monthly Debt
— Sales Price & Down Payment
Using 28%:36% ratios, what income must
a buyer earn to purchase a $245,000
home if they put down 20%? (Use 8%
interest for 30 years.)
Steps/Keystrokes Display
1. Clear calculator:
[On/C] [On/C] 0.00
2. Enter annual interest:
8 [Int] 8.00
3. Enter term in years then enter sales
price:
30 [Term] 30.00
245,000 [Price] 245,000.00
4. Enter down payment percent and find
loan amount:
20 [Dn Pmt] 20.00
[L/A] 196,000.00
5. Display qualifying ratios, find income
required and maximum allowable
monthly debts:
[Qual 1] 28.00 – 36.00
[Qual 1] “run” 61,636.22
[Qual 1] “run” 410.91
User’s Guide — 57