Im taking my loan originating exam but they dont let me take in my calculator and its set up to find the principle and interest. Everyone i know uses calyx? how can u do it without a calculator?
I dont think you can. If you can’t take in your financial calculator you are pretty much screwed.
How do u figure out the principle and interest without using calyx? just with a pencil and paper or calculator
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I dont think you can. If you can’t take in your financial calculator you are pretty much screwed.
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I think you are being unrealistic given the exam.
1. You can compute the interest only payments as there is no loan reduction taking place.
2. A good originator’s exam will include partial payoff estimates and other details where you really need to know how to compute the loan pay down. That amount changes each month. It can be calculated by hand but you would be wasting a lot of time.
Check with the exam organization. See what they allow. I suspect they will say they expect the students to have a financial calculator that quickly produces mortgage details.
I happen to use an HP 12c and have done so for close to 20 years. It is the standard for the industry. There are other models from HP and from other manufactures. A financial calculator really is a standard tool for the industry so I suspect you will be expected to bring one to the test.
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John Corey - Real estate investor, 20+ years – multiple states and countries. Check my blog - http://johncorey.wordpress.com/ – advice for real estate investors.