P
OCKET
R
EFERENCE
G
UIDE
— 19
ARM Payment —
Lifetime Cap
• Loan: $230,000
• Term: 30 years
• Interest: 7.25%
• Lifetime cap: 4%
• ARM Interest Adjustment: 1% per year
Find the adjusted ARM payments through
year six:
STEPS
KEYSTROKES
DISPLAY
Clear
o o
0.00
Enter loan
2 3 0 ) l
230,000.00
Enter term
3 0 T
30.00
Enter interest
7 • 2 5 ˆ
7.25
Find initial monthly P&I
payment
p
“run” 1,569.01
Enter interest
cap
4 s %
CAP 4.00
Enter ARM
parameters
1 : 1 A
1.00 - 1.00
Find 1st “adjusted”
payment
A
“run” 1 1,724.90
Find 2nd “adjusted”
payment
A
2 1,883.17
(Cont’d)
Summary of Contents for 3430
Page 43: ......
