U
SER
’
S
G
UIDE
— 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.
