Texas Instruments BA Real Estate Manuel utilisateur
BA Real Estate™
Financial Calculator Guidebook
10”
7.5”
BUSINESS ANALYST
ON/C
OFF
PITI
AMORT
CPT
2nd
TERM
I%
LOAN PMT
FV
QUAL INC
QUAL LA
PRICE
BI-WKLY
ARM APR
STO
RCL
NP/Y
CLR TVM
V1
V2
#PD
APPREC
TAX&INS$
NOM
EFF
PDS/YR
INS %
TAX %
DEBT %
INC %
ROUND
FIX
BGN/END
789
456
123
0000
쎵
앥
쎹
앦
쏁
폷
쎵앛앥
x
%
x
2
84
88 85 46 29 84
16 17 17 16
16 16 16 16 16
69 69 69 69 89
53 90 89
72 72 72
89 40 32 74 89
18
92
89
18
92
18
87
18
87
91 86
89
89
29
52 29
89
Key Index
To find information about a specific key, refer to the page
number next to the key.
BA Real Estateé
FINANCIAL CALCULATOR
GUIDEBOOK
Guidebook Developed by:
The staff of Texas Instruments Instructional
Communications
With Contributions by:
Dave Caldwell
Charlotte Clark
Bob Fedorisko
Mike Keller
Jackie Quiram
Tammy Richards
Gary Rouse
This digital apparatus does not exceed the Class B limits
for radio noise emissions from digital apparatus set out in
the Radio Interference Regulations of the Canadian
Department of Communications.
© 1993, 1996 Texas Instruments
3
BEAR-TOC.DOC BA Real Estate Guidebook Bob Fedorisko Revised: 08/29/96 9:20 AM Printed: 09/28/99 1:22 PM
Page 3 of 2
Getting Started ....................................................................... 5
FInding the Monthly Payment on a Loan ............................ 6
Calculating Total Payment (PITI) ........................................ 7
Amortization for the First Year ............................................ 8
Finding a Pay-off Balance ..................................................... 9
Changing the Conditions of the Loan ................................ 10
Estimating Appreciation...................................................... 11
Qualifying a Buyer for a Loan............................................. 12
Going Further ....................................................................... 14
The Time-Value-of-Money (TVM) Model ........................... 16
Changing TVM Settings ....................................................... 17
Setting Default Rates for Your Area .................................. 18
Calculating Down Payments............................................... 19
Computing a Monthly Mortgage Payment......................... 20
Finding the Unpaid Balance on a Mortgage...................... 22
Paying Off a Loan with Larger Payments.......................... 24
Calculating a Balloon Payment .......................................... 26
Finding the Payment for a Mortgage with a Balloon ....... 28
Total Payment Including Taxes and Insurance (PITI)..... 29
Computing Total Payment (PITI)....................................... 30
Adjustable-Rate Mortgage (ARM) ...................................... 32
Finding Periodic Payments for an ARM ............................ 33
Comparing an ARM to a Fixed-Rate Mortgage................. 36
Bi-Weekly Mortgage Payments........................................... 40
Calculating a Mortgage with Bi-Weekly Payments .......... 42
Finding the Balance on a Canadian Loan.......................... 44
Amortization (AMORT) ....................................................... 46
Finding the Principal and Interest Paid............................. 47
Buyer Qualification: Maximum Loan Amount .................. 52
Buyer Qualification: Minimum Income Required............. 53
Finding the Qualifying Loan Amount................................. 54
Finding the Minimum Income Required............................ 56
Finding the Maximum Allowable Debt.............................. 58
Finding the Net Cost of Housing ........................................ 60
Table of Contents
This guidebook begins with a section designed to help
you quickly learn about the BA Real EstateTM calculator
and its capabilities. The remainder of the book contains
examples of and information about specific kinds of
financial calculations. General calculator operation and
service information are discussed in the Appendix.
Getting Started
Chapter 1:
Mortgages and
Amortization
Chapter 2:
Buyer
Qualification
4
BEAR-TOC.DOC BA Real Estate Guidebook Bob Fedorisko Revised: 09/28/99 3:32 PM Printed: 09/28/99 3:33 PM
Page 4 of 2
Finding the Future Value of a Lump Sum.......................... 64
Saving for the Future with Regular Deposits.................... 66
Percent Change and Appreciation Model.......................... 69
Calculating Percent Change and Appreciation................. 70
Interest Conversion Model.................................................. 72
Annual Percentage Rate (APR) .......................................... 74
Finding the APR of a Refinanced Loan.............................. 76
Pricing a Note to Meet a Required Yield ........................... 78
Calculating the Yield of a Discounted Mortgage .............. 80
Finding the Net Selling Price after Commission .............. 82
Effects of Turning the Calculator On and Off................... 84
The Display and Indicators ................................................. 85
Setting the Fixed-Decimal Format..................................... 86
Entering Numbers and Clearing the Calculator ............... 87
Calculations .......................................................................... 88
Basic Arithmetic................................................................... 89
Percent Calculations............................................................ 90
Rounding Results ................................................................. 91
Using Memory....................................................................... 92
Battery Information ............................................................. 93
Support and Service Information....................................... 94
Warranty Information .......................................................... 95
Chapter 3:
Other Financial
Tools
Appendix
Gettmg Started 5
BEAR-CH0.DOC BA Real Estate Guidebook Jackie Quiram Revised: 09/28/99 1:17 PM Printed: 09/28/99 1:20 PM
Page 5 of 10
The #,key sequence lets you alternate between
beginning-of-period and end-of-period payments. For
example, a savings or lease situation may require
payments at the beginning of each payment period, while
most loans have payments at the end of each period. These
settings affect how interest is calculated.
When the calculator is set to beginning-of-period, the BGN
indicator is displayed. There is no indicator for the end-of-
period setting.
Note: All of the examples in this section assume end-of-
period payments.
To set the payment timing to end-of-period, press
#,until the BGN indicator is turned off.
(BGN/END is the second function of the 3key.)
The #+key sequence lets you enter the number of
payments (P/Y) per year and the number of compounding
periods (C/Y) per year.
Most loans have an equal number of payment periods and
compounding periods per year. Other Time Value of
Money (TVM) situations, however, may have differing
periods. For example, a savings account may receive
regular monthly deposits (P/Y = 12), but have daily
compounding (C/Y = 365).
All of the examples in this section have 12 payment
periods and 12 compounding periods per year.
Before starting these examples, be sure that P/Y and C/Y
are set to 12. Press #+12 jj. (P/Y is the second
function of the 1key.)
All of the examples in this section (and, in general,
throughout the guidebook) are shown with the decimal set
to two places. To set two decimal places, press
#o2.
Getting Started
The examples on the following eight pages introduce you
quickly to the major features of the BA Real EstateTM
calculator. Try working the examples to find out how easy
it is to solve real estate calculations! Before starting,
however, perform the settings shown on this page to
ensure that the examples give the expected results.
Setting
Beginning- or
End-of-Period
Payments
Setting
Payment and
Compounding
Periods
Setting the
Number of
Decimal Places
6 Getting Started
BEAR-CH0.DOC BA Real Estate Guidebook Jackie Quiram Revised: 09/28/99 1:17 PM Printed: 09/28/99 1:20 PM
Page 6 of 10
1. Clear any previous TVM values.
Press #-.0.00
2. Enter the term of the loan
(30 years).
Press 30 0.TRM= 30.00
3. Enter the 8% interest rate
(annual percentage rate).
Press 8 1.I% = 8.00
4. Enter the $130,000 loan
amount.
Press 130 q2.LN = 130,000.00
5. Compute the payment
amount.
Press $3.PMT= -953.89
Note: PMT is displayed as a negative number because it is a cash outflow
(an amount you pay).
Finding the Monthly Payment on a Loan
The TVM keys make it easy to enter at least three known
values in a TVM (Time Value of Money) problem and then
compute the unknown value. Suppose, for example, you
want to know the monthly payment required for a 30-year,
$130,000 mortgage loan at an annual percentage rate of
8%.
Gettmg Started 7
BEAR-CH0.DOC BA Real Estate Guidebook Jackie Quiram Revised: 09/28/99 1:17 PM Printed: 09/28/99 1:20 PM
Page 7 of 10
Assume that the local property-tax
rate is 1.5% annually and the annual
insurance rate is 0.5%. If the selling
price of the house is $153,000, what
will be the total monthly payment?
1. Enter the local property-tax rate.
Press 1.5 #Z.TX%= 1.50
2. Enter the annual insurance rate.
Press .5 #Q.IS% = 0.50
3. Enter the selling price.
Press 153 q@.PRC= 153,000.00
4. Compute PITI.
Press $&.PITI= -1,208.89
Note: The P&I payment was calculated on the previous page. The property
tax rate (Z) and the insurance rate (Q) will remain in the calculator
until you change them or remove the batteries. Turning the calculator off
does not clear this information.
Calculating Total Payment (PITI)
Monthly house payments often include not only principal
and interest (the payback on the loan), but also property
taxes and insurance. Using the data you entered in the
previous example, you can compute the total payment
including principal, interest, taxes, and insurance (PITI).
8 Getting Started
BEAR-CH0.DOC BA Real Estate Guidebook Jackie Quiram Revised: 09/28/99 1:17 PM Printed: 09/28/99 1:20 PM
Page 8 of 10
1. To start Amortization, press
%.P1 = 1.00
2. Enter the number of the first
payment period (P1).
Press 1 jto enter the value for
P1 and advance to P2. P2 = 1.00
3. Enter the number of the last
payment (P2), and compute
balance, principal, and interest.
Press 12 jto change P2 and
start the list of results. The loan
balance after P2 is displayed. P2 = 12.00
BAL= 128,914.07
4. Advance to the amount of
principal paid in the first 12
payments.
Press j.PRN= -1,085.93
5. Advance to the amount of
interest paid in the first 12
payments.
Press j.INT= -10,360.75
To leave Amortization, press !.
Amortization for the First Year
The Amortization model prompts you for the starting and
ending payment numbers to define a range of payment
periods. You can then use the TVM values you entered
earlier to find the loan balance after the last payment and
the total principal and interest paid in the range. Find the
balance, principal, and interest after 12 payments.
Gettmg Started 9
BEAR-CH0.DOC BA Real Estate Guidebook Jackie Quiram Revised: 09/28/99 1:17 PM Printed: 09/28/99 1:20 PM
Page 9 of 10
1. To start Amortization, press
%.P1 = 1.00
2. Enter the number of the first
payment period (P1).
Press 1 jto enter the value for
P1 and advance to P2. P2 = 1.00
3. Calculate the number of
payments in 3½ years , enter as
P2, and compute balance,
principal, and interest.
Press 12 O3.5 jto calculate
and enter P2 and start the list of
results. The loan balance after
P2 is displayed. P2 = 42.00
BAL= 125,788.43
4. Show the amount of principal
paid in 3½ years.
Press jPRN= -4,211.57
5. Show the amount of interest
paid in 3½ years.
Press j.INT= -35,851.81
To leave Amortization, press !.
Finding a Pay-off Balance
If the property is sold after 3.5 years, what amount will be
required to pay off the loan? Use the Amortization model
to find the balance after 3.5 years of payments.
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