P
OCKET
R
EFERENCE
G
UIDE
— 37
APR and Total Finance Charges,
Including Mortgage Insurance
• Loan: $250,000
• Term: 30 years
• Interest: 6.25%
• Cost: 1.5 $550
• Mortgage Ins./MI: $1,200/year
STEPS
KEYSTROKES
DISPLAY
Clear
o o
0.00
Enter Loan
2 5 0 ) l
250,000.00
Enter Term
3 0 T
30.00
Enter Interest
6 • 2 5 ˆ
6.25
Find P&I Pmt.
p
1,539.29
Enter MI
1 2 0 0 Â
1,200.00
Find Loan Costs:
Recall Loan
® l
250,000.00
Find points
x 1 • 5 % =
3,750.00
Add fees and
find total
+ 5 5 0 =
4,300.00
Find APR
s ˆ
7.03
Find ttl chgs.
ˆ
344,445.48
Amt. financed
ˆ
245,700.00
Total cost
ˆ
590,145.48
P&I Payment
ˆ
1,539.29
Monthly MI
ˆ
100.00
PIMI Payment
ˆ
1,639.29
3420PRG-E-A 7/2/04 9:07 AM Page 37
