The Business Master (3rd Edition)

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******************************* * ** ** ** ** ** ** * * * * **** **** ** ** * * * * ** ** ** ** ** * * * * ** *** ** ** ** * * * * ** * ** ** ** ** ** * ******Mortgage Calculator****** V2.1 Copyright (c) 1985, 1986 PC Ware, Ed. Yentzen All rights reserved. PC Ware, Post Office Box 47142, Dallas, Texas 75247, (214) 554 8695 Please share copies of this user supported program with others. Any suggestions for improving the Mortgage Calculator program or manual would be appreciated. Contents Introduction ............................................................... 1 Installing and Starting Mortgage Calculator ................................ 2 Basic Concepts ............................................................. 3 Field Summary .............................................................. 4 Function Keys .............................................................. 5 Example solutions to common problems MORTGAGE (compound interest) Find: Monthly payment on a home loan ............................ 6 Find: Down payment required on home loan ........................ * Compare the payments of a loan at four different interest rates . * Compare the payments of a loan at four different interest rates and with different Points required ............................ * Find: Monthly payment on a variable interest rate home loan ..... * Find: Monthly payment of an auto loan ........................... * Find: Term of second mortgage ................................... * Find: Annual interest of an owner financed loan ................. * Find: Balloon payment (pay-off amount) due on a home loan ....... * Find: Amount of your last scheduled payment & exact totals ...... * See the effect of an accelerated mortgage payment plan .......... * Display and print monthly payment schedule ...................... * SIMPLE (simple interest) Find: The interest on a mortgage due at closing ................. * Find: The commission on the sale of a property .................. * PVALUE (present value) Find: The savings from refinancing, at 5 years and at 30 years .. * Find: The value of minimum lease payments ....................... * FVALUE (future value) Project the value of a house in 5 years ......................... * What is the value of a single investment at 5.25% for 20 years .. * What is the value of a single investment at 10% for 20 years .... * ANNUITY (simple annuity) Find: How much your retirement fund will be worth after 20 years of monthly contributions ......................... * Find: The monthly deposits necessary to match a lump-sum payment due in 5 years .................................... * Compare: Two retirement plans ................................... * Memory Find: The sum of the monthly payments on three loans ............ * Find: The selling price for a net sale .......................... * Messages ................................................................... * Index ...................................................................... * *Included in the registered users' printed manual Introduction 1 Real estate financing analysis is quick and easy with Mortgage Calculator. It speeds you through the common problems of: Compound interest (display and/or print payment schedules), Simple interest, Present values, Future values, Annuities, Variable interest rate, Odd payment amounts, Balloon payments (pay-offs), and Leases. A single calculation screen contains: Four independent calculators, All the calculation fields, A common memory value, and Online help. With four side-by-side calculators you will be able to: compare alternative solutions or combine different types of calculations into a single solution. The online help and calculation screen provide the basic information you will need to get started. This manual is intended to help you expand your use of Mortgage Calclator. Program support Program support is provided to registered users. The registration fee of twenty five dollars ($25.00) gives you: 1. A printed manual with example solutions to common problems; and for one year: 2. All additions made to the Mortgage Calculator program and printed manual (including new example solutions); and 3. Technical and "how to" support by telephone or mail. Registered users, if you encounter a problem using Mortgage Calculator please contact us by telephone or by mail. We will need the following information: Your registration number, Your version of DOS, and The type of hardware you have. Installing Mortgage Calculator 2 To run Mortgage Calculator you will need the following: Any IBM PC, PC-XT, PC-AT, or IBM compatible; At least 128K bytes of memory; PC DOS or MS DOS version 2.0 or greater; Any color or monochrome monitor; At least one diskette drive; and Any printer having at least 80 print positions per line. (a printer is needed only for printing payment schedules) To install Mortgage Calculator on a diskette system: Insert your original copy of Mortgage Calculator into drive A, Insert a formatted diskette into drive B, and type A: and press [ENTER] COPY MC.* B: and press [ENTER] on a hard disk system: Insert your original copy of Mortgage Calculator into drive A and type C: and press [ENTER] CD\ and press [ENTER] MKDIR MC and press [ENTER] CD\MC and press [ENTER] COPY A:MC.* and press [ENTER] You should see the following files copied: MC.EXE - the Mortgage Calculator program, MC.HLP - the help text, and MC.DOC - this documentation text Starting Mortgage Calculator To start Mortgage Calculator on a diskette system: Insert your working copy of Mortgage Calculator into drive A and type A: and press [ENTER] MC and press [ENTER] on a hard disk system: type C: and press [ENTER] CD\MC and press [ENTER] MC and press [ENTER] Basic Concepts 3 The first screen you will see, after starting Mortgage Calculator, is the MC Logo screen. From this screen you can: Press the End key to return to DOS or Press the [ENTER] key to display the calculation screen. The calculation screen is the second screen you will see. It contains four independent calculators arranged into four side-by-side columns. Each column contains all the fields you will need to solve any type of calculation. From this screen you will be able to: compare alternative solutions; combine different types of calculations into a single solution; solve all types of calculations in a single calculation column; move freely from field to field up or down within a column; move freely from calculator to calculator left or right; copy the data in one column into the next column left or right; get help for the field at the cursor; or display and/or print a monthly payment schedule. When the calculation screen is first displayed: The cursor is positioned to "Original amount" in the first column; The fields in the first column are set to their default values; and The fields in the other columns are blank. To calculate: Move (see Function Keys) the cursor to a field, Input (see Field Summary) your value, and After the required values have been entered, Press the [=] key. Each type of calculation requires that you input at least three numeric values. If nothing happens when you press the calculation key; make sure that you have input the minimum number of required fields for the chosen type of calculation. The calculation screen contains one additional calculation field. This is the Memory value. It is located on the top line and is displayed as a blank when not used. You can access the Memory value from any of the four columns. To use the Memory value: Move the cursor to the input amount or percent you want to use; Press the Alt key (line 25 will contain a selection menu); and Press the key corresponding to the action you want. At the bottom of the calculation screen, on line 25, is the status line. This line may contain: A list of Function keys and their use (normal setting); A list of Memory keys and their use (if the Alt key is pressed); A list of the field's valid input (if a input error is made); or An informational message. Field Summary 4 Field Input/Output Must be Default ******************* ************ ******************************* *********** Type of calculation* Input MORTGAGE,SIMPLE,FVALUE,PVALUE, MORTGAGE ANNUITY Compounding peroid Input ANNUALLY,SEMIANNLY,QUARTERLY, MONTHLY MONTHLY,DAILY360,DAILY365 Original amount Input&Output 0 to 9,999,999.99 Percent down Input&Output -99.999 to 99.999 Down payment Input&Output 0 to 9,999,999.99 Mortgage amount Input&Output 0 to 9,999,999.99 Page Output 1 to 10 Term (number) Input&Output 0 to 999 (units) Input YEARS,MONTHS,DAYS YEARS Annual % rate Input 0 to 99.999 Payment per period Input&Output 0 to 9,999,999.99 Total amount Input&Output 0 to 9,999,999.99 Total interest Output 0 to 9,999,999.99 Total payments Output 0 to 999 First payment date Input A valid date in MM/DD/YY format System date Balloon due date Output A valid date in MM/DD/YY format Balloon payment Output 0 to 9,999,999.99 ******************* ************ ******************************* *********** *"Type" Calculation Required input ******** ***************** ************************************************** MORTGAGE Compound interest Mortgage amount, Term, Annual % rate, or Payment per period (any 3 of the 4) SIMPLE Simple interest Term, Annual % rate, and Mortgage amount FVALUE Future value Term, Annual % rate, and Mortgage amount PVALUE Present value Term, Annual % rate, and Payment per period or Total amount ANNUITY Simple annuity Term, Annual % rate, and Payment per period or Total amount ******** ***************** ************************************************** Note: Lowercase letters are converted to uppercase letters as you type. Numeric values may be typed with or without commas. Dates may be input with or without "/". A Numeric field with a value of zero is displayed as blank. Function Keys 5 Key Action **************************** ************************************************ (For ALL screens) Esc Exit to the previous screen or to DOS End Same as Esc (For the active calculator) F1 Display help for the field at the cursor F2 Clear numeric values & reset: Type of calculation to MORTGAGE Compounding period to MONTHLY Term to YEARS First payment date to PC's current date F3 Display payment schedule F4 Print payment schedule F7 Move the cursor left one column F8 Move the cursor right one column F9 Copy left all the values in the active column F10 Copy right all the values in the active column [=] Calculate [ENTER], [TAB], [DOWN ARROW] Move forward one field (down the column) [SHIFT-TAB], [UP ARROW] Move back one field (up the column) [LEFT ARROW], [RIGHT ARROW] Move cursor within a field [BACKSPACE] Erase the last character typed PgUp Move forward one Term-%-Payment page PgDn Move back one Term-%-Payment page Home Move to the first field in the column Ins Insert character at cursor Del Delete character at cursor Ctl-End Erase to the end of field (For Payment Schedule screen) F4 Print payment schedule PgUp Move to the previous payment schedule page PgDn Move to the next payment schedule page (For the MEMORY value) Alt-A Add to MEMORY the value at the cursor Alt-S Subtract from MEMORY the value at the cursor Alt-M Multiply to MEMORY the value at the cursor Alt-D Divide to MEMORY the value at the cursor Alt-P Percent to MEMORY the value at the cursor Alt-C Clear MEMORY Alt-I Insert MEMORY into the field at the cursor **************************** ************************************************ FIND: Monthly payment on a home loan 6 Your are buying a $100,000 house, putting down 5% and financing the rest at 12% annual interest for 30 years. Excluding taxes and insurance what will be the monthly payments on your loan? Action Input ***************************************************************** ************ 1 Select the compound interest type of calculation mortgage 2 Indicate the payment interval and compounding period monthly 3 Enter the price of the house you are buying 100000 4 Enter your percent down 5 5 In the first of these two fields enter the number and then the uints that make up the length of your loan 30 years 6 Enter the loan's annual interest rate 12 ************************************************************************************ ************************************************************* Mortgage Calculator ** 1 * Type of calculation: MORTGAGE * 2 * Compounding period : MONTHLY * * * 3 * Original amount ...: 100,000.00 * 4 * Percent down ......: 5.00% * * Down payment ......: * * Mortgage amount ...: * * * * Page:01************* ************* ************* ************* * 5 * Term ..............:* 30 YEARS ** ** ** * * 6 * Annual % rate .....:* 12.000% ** ** ** * * * Payment per period :* ** ** ** * * * ************************************************************ * * * * Total amount ......: * * Total interest ....: * * Total payments ....: * * * * First payment date : 02/01/85 * * * * Balloon due date ..: * * Balloon payment ...: * * ******************************************************************************** * * Esc=End F1=Help F2=Clear F3=Dsply F4=Prnt F7/F8=Move F9/F10=Copy [=]=Cal. * ************************************************************************************ Input display screen Press the [=] key to calculate. 7 Solution Output ***************************************************************** ************ 1 Your monthly payment will be 977.10 2 Your down payment will be 5,000.00 3 Your loan amount will be 95,000.00 4 Total paid after 360 payments 351,784.80 5 Interest paid after 360 payments 256,784.80 6 Over 30 years you will make 360 payments ************************************************************************************ ************************************************************* Mortgage Calculator ** * Type of calculation: MORTGAGE * * Compounding period : MONTHLY * * * * Original amount ...: 100,000.00 * * Percent down ......: 5.00% * 2 * Down payment ......: 5,000.00 * 3 * Mortgage amount ...: 95,000.00 * * * * Page:01************* ************* ************* ************* * * Term ..............:* 30 YEARS ** ** ** * * * Annual % rate .....:* 12.000% ** ** ** * * 1 * Payment per period :* 977.18 ** ** ** * * * ************************************************************ * * * 4 * Total amount ......: 351,784.80 * 5 * Total interest ....: 256,784.80 * 6 * Total payments ....: 360 * * * * First payment date : 02/01/85 * * * * Balloon due date ..: * * Balloon payment ...: * * ******************************************************************************** * * Esc=End F1=Help F2=Clear F3=Dsply F4=Prnt F7/F8=Move F9/F10=Copy [=]=Cal. * ************************************************************************************ To recalculate the monthly payment at 10%: 1. type zero into the "Payment per period" field, 2. type 10 into the "Annual % rate" field, and 3. press the [=] key.