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?
2007-03-21 05:07:49 · 3 answers · asked by Vane 2 in Business & Finance ➔ Renting & Real Estate
I dont think you can. If you can't take in your financial calculator you are pretty much screwed.
2007-03-21 05:14:45 · answer #1 · answered by GEE-GEE 5 · 0⤊ 0⤋
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.
2007-03-21 07:32:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The ol' psychological arithmetic is slightly rusty, i'm afraid, and anymore i take advantage of pencil and paper if i'm not applying a calculator... the two way, it took me approximately six or seven minutes each and each; checked 'em. Oh, nicely... howdy, over fifty, ok? we don't assume that form of psychological agility at my age...
2016-11-27 19:45:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋