Version x1 3-12-92
Version x2 5-20-92
  Added changes for new SI- complete rework of help file
Version x3 7-29-92
  Added change for yet another new version of SI.
Version x4 8-5-92
  Add changes from Bud-.1,.2,.3,.5,.6,.14-removed,.22,.25,.27,.30-.32,.36,.37,
  .38,.41,.42.45,.47.50,.53,.55,.56,.58,.60,.61.63-.68,.72,.76,.82,.83,.91,.93
  .99,.103,.105,.106&107-removed,.108,.109.110,.111.112,.114-.125
the following are open help screens 
51,52,78,79,80,92
Version x5 8-14-92 more changes from Bud.
Version x6 8-18-92 more changes from Bud.
Version x7 7-26-93 Changes for Version 1.11.
HELP SCREENS, SMART REAL ESTATE INVESTOR  
%%

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%%
.1
MOVING AROUND THE MENU BAR & MENUS
The Menu Bar at the top of the screen contains all of the principal actions and
the information for $mart Real Estate Investor. There are two ways to access
the Menu Bar: you can press the @76[Alt Key] together with the
@125[$mart Key] (the single marked letter within each Menu Bar title); or
you can move the highlight to any of the Menu Bar titles with the mouse and
"click" the left mouse button. The Menu box will then drop down from the
selected title. For example, ALT+A displays the "Action" Menu box; ALT+C
displays the Loan Calculator screen, etc.

Once the individual Menu boxes are pulled down, you can initiate the
individual actions shown by simply pressing the marked "$mart Key" letter
shown without also pressing the ALT key. For example: press ALT+A
(displays the Action Menu box), then simple press the "L" key to Load an
existing form; press "S" to Save a form or press "P" to Print the form.





                                              @2[More]


     @118[Index]              @-1[Previous Screen]               @0[Exit Help]    
.2
MOVING AROUND THE MENU BAR & MENUS continued
Once you are familiar with the operations of $mart Real Estate Investor,
you'll find an even faster way to use the $mart Keys for items in the "Action"
Menu box. Without bothering to display the pull down boxes first, simply
press ALT + the individual $mart Key for each action desired. For example:
to Load a new form without going to the Action Menu first, simply press
ALT+L and the Load Form box appears. To start Printing without first
pulling down the @75[Action] Box, press ALT+P and so on with each $mart
Key shown. Bypassing the pulling down of boxes first is available ONLY for
items shown in the "Action" Menu box and the Inflation Screen.













     @118[Index]              @-1[Previous Screen]               @0[Exit Help]  
.3
FIELDS
There are two kinds of fields in $mart Real Estate Investor, "Input" fields and
"Output" fields. Input fields are those fields into which you will type
information  which $mart Real Estate Investor will use to calculate it's
conclusions. Output fields are those into which $mart Real Estate Investor
will put it's calculations and conclusions. If you have a color monitor you can
readily distinguish between input and output fields. Input field entries are
colored light Teal blue. Output field entries are white. You cannot access any
of the "output" fields since they are for use by $mart Real Estate Investor
only and are ALL "protected". 













     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.4
SAVE CURRENT FORM
By highlighting this selection and clicking with the mouse or pressing 
@89[ENTER], $mart Real Estate Investor automatically saves the
@85[CURRENT FORM] with the same @93[filename] displayed in the top
right corner of the @82[menu bar]. You should use this option to save a form
you have already named. Also see @17[Save Current Form As]

















      @118[Index]             @-1[Previous Screen]               @0[Exit Help]
.5
ACTION
By highlighting this selection and clicking with the mouse or pressing 
@89[ENTER], the main ACTION MENU will be displayed. This menu
contains all of the principal actions you will need to use $mart Real Estate
Investor. For more information about each selection shown, use the arrow
keys to move the highlight to that item then press the @31[F1] function key
to display the "Help" information for that selection. 
















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.6
NEW FORM
By highlighting this selection and clicking with the mouse or pressing 
@89[ENTER], a new set of analysis "@91[forms]" for calculations will be 
displayed. These forms will be empty of any insertions, ready for you to fill 
in. You should note that IF you have a "form" already in use...in other 
words, one that you have been filling in and you don't want to LOSE the 
information...you MUST "@17[save]" the existing form before beginning a
new form. The "new form" REPLACES any form currently in use.















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.7
LOAD FORM
By highlighting this selection and clicking with the mouse or pressing
ENTER you are telling $mart Real Estate Investor that you want to "load" an
EXISTING form...one that you or someone else has already prepared... for
review, change or printing. A "load Form" screen will appear asking for the
name of the file you want to load. If you are not sure of the exact
@93[filename] of the form you plan to load, @36[scroll] up or down in the
"@36[Filename Directory]" list. Once you have found the file you want to
load, you can either type in the filename EXACTLY as you named it and
press ENTER or you can highlight your selection in the directory and load
directly from the directory by pressing ENTER or, using the mouse, click on
the filename. 











     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.8
AVERAGE INTEREST RATE ON TOTAL LOANS
This is the "Average" interest rate that you will pay on the total of all
the loans shown above considering each loans' amount and interest rate.




















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.9
TOTAL INITIAL INVESTMENT
This figure includes the sum of the amounts of the @38[Down Payment], the 
Closing Costs and Other Initial Costs and represents the total cash you will 
invest to acquire this property.



















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.10
TOTAL LOANS
This figure is the total principal sum of all loans shown in Form 1 and equals
the @37[Purchase Price] less the amount of the @38[Down Payment].




















     @118[Index]              @-1[Previous Screen]               @0[Exit Help] 
.11
CHANGE CURRENT FORM
If you want to change an item while you are working within an individual 
screen, highlight the item to be changed with the arrow keys or with the 
mouse. By simply typing new information into the same field, the existing 
information in that field is erased then the new information is used for 
the calculations. $mart Real Estate Investor will allow the changing of
MORE than one entry at a time, but it is NOT RECOMMENDED. The
reasoning is that changing  MORE than one entry at a time will mask the
effect that either change may independently make to the results of the
analysis. After typing in the change you want and pressing ENTER, $mart
Real Estate Investor will then recalculate all of the form values so you can
see what effect the change has made. If you want to make another change to
see the effect it might make, repeat the process, changing another single
entry.









     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.12
TOTAL LOAN PAYMENTS
This is the total of all monthly loan payments shown on Form 1.





















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.13
VALUE OF LAND
This is the portion of the total price of the property that is allocated to the
value of just the land without considering any value for the  improvements on
the land.



















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.14
CHANGING THE PURCHASE PRICE
If you change the amount of the @37[Purchase Price], the 
@10["Total loans"] will change as will the amount of one or more of the
individual loans shown. $mart Real Estate Investor will adjust the last loan
amount to equal the change in the Purchase Price. If you do not agree with
the adjustment $mart Real Estate Investor made, simply change any of the
loan amounts. Which of the individual loans that will change is up to you to
determine. If you show only one loan then it obviously is the one that will
change. If the new loan amount you insert does not match the amount of the
increase or decrease that you made in the  Purchase Price, then the total
amount of the individual loans will not total the amount shown at the bottom
in "Total Loans" and $mart Real Estate Investor will display an
@49[ERROR] message.  

                                              @15[More]








     @118[Index]              @-1[Previous Screen]               @0[Exit Help]    
.15
LOAN FIELDS
As you know from the manual, all loan calculations contain FOUR 
considerations, the @53[PV] or principal amount, the @45[RATE] or
interest rate, the @46[TERM] or years to amortize and the @47[PMT] or
monthly payment to amortize. For $mart Real Estate Investor to properly
calculate the exact value and insert it into the blank field, ONE of these
variables MUST be left blank as an "unknown". To calculate for this
unknown value simply highlight the field and press the "Delete" key once if
the field is blank and twice if there is a value currently in the field. $mart Real
Estate Investor will display three question marks (???) in the unknown field
to be calculated.












     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.16
DELETE FORM
By highlighting this selection and clicking with the mouse or pressing
ENTER, a screen will appear asking you to fill in the name of the file you
want to "Delete". If you are not sure of the exact @93[filename] of the form
you plan to Delete, @36[scroll] up or down in the 
"@36[Filename Directory]" list shown to the right of the name field, until you
locate the filename you are seeking. Type in the filename EXACTLY as you
named the file to "@17[save]" it and press ENTER or you can highlight your
selection in the directory and delete directly from the directory list by
pressing ENTER or, using the mouse, click on the filename. 













     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.17
SAVE CURRENT FORM AS
By highlighting this selection and clicking with the mouse or pressing
ENTER a screen will appear asking you to insert the name under which you
want to store this "current" form as. Use any acceptable @87[DOS]
@93[filename] that is not a duplicate of an existing filename and does not
exceed eight characters. $mart Real Estate Investor adds the 3 letter DOS
extension of .SMT indicating that this is a $mart Real Estate Investor file.
(Example: ########.SMT)

If you are not sure of a filename you plan to use and feel that it may have 
been used before, @36[scroll] up and down in the @36[Filename Directory] 
list to the right of the filename field to see what similar filenames there 
may be in the $mart Real Estate Investor Forms Directory. Type in the new
filename and  press ENTER or, if you want to OVERWRITE an existing
filename with the current file then highlight the existing filename and press
ENTER or, using the mouse click on the filename you want to overwrite.
Also see @4[Save Current Form].






     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.18
VALUE OF IMPROVEMENTS
This is the portion of the total price of the property that is allocated
to the value of just the improvements without considering any value for
the underlying land.


















 
     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.19
CANCEL 
Pressing @89[ENTER] or clicking on this button with the mouse will cancel
the current action and take you back to the last screen displayed.




















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.20
PRINT CURRENT FORM                            
Before attempting to print a form, be sure that your printer is hooked up 
properly, is turned on and online. When you are ready, select "Print 
Current Form" and press @89[ENTER]. Your printer should begin printing.
If there are any printer problems an error message will appear. Fix the error
and try printing the Form again.

















     @118[Index]              @-1[Previous Screen]               @0[Exit Help] 
.21
QUIT 
Selecting this menu item will quit $mart Real Estate Investor returning you
back to @87[DOS]. Remember to save your current form before quitting.




















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.22
LOAN CALCULATIONS
By highlighting this selection and clicking with the @1[mouse] or pressing 
@89[ENTER], a screen will appear labeled "Loan Calculator". Using this
part of $mart Real Estate Investor you can find an "unknown" fact about an
amortized loan if you know three of the four factors about the loan. The four
principal factors of a loan are:
"PV",   this is the present value or today's unpaid principal amount of a 
        loan.
"RATE", the Annual interest rate to be paid or charged on the unpaid portion
        of a loan.
"TERM", the number of years required to fully amortize the principal balance
        of a loan.
"PMT",  the amount of the monthly payment required to fully amortize a loan
        over the term specified.
For $mart Real Estate Investor to properly calculate the exact value and
insert it into the blank field, ONE of these variables MUST be left blank as an
"unknown". The blank or "unknown" field will contain three question marks
(???), telling $mart Real Estate Investor that this is the field you want it to
calculate. By default, the PMT field shows the ??? unknown indicator. If you
want to move it to any other field, simply move the highlight to the field you
want using the arrow keys or the mouse then press the "Delete" key once. If
that field is already occupied, press "delete" once to clear the field and again
to move the ???  into that field.                @27[More]
     @118[Index]              @-1[Previous Screen]               @0[Exit Help]  
.23
ANNUAL COST RECOVERY
This figure represents the portion of the "improvements" part of the 
total property value that you can "depreciate" each year for tax purposes,
shown in dollars.



















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.24
TOTAL ANNUAL OPERATING EXPENSES
This figure is the sum of all of the individual Annual Operating Expenses 
shown on Form 3.

For All Income And Expense Items
Since inflation is a fact of life and virtually all of our expenses seem to
increase, your projected operating expenses as well as your income will
almost surely increase over your holding period. You should cover this
consideration by utilizing the "Inflation Factors" pull-down screen (Press
ALT + I) and filling in your best estimate for each of the various factors
shown there.  (See also @80[INFLATION FACTORS] section)












     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.25                                                    
NET OPERATING INCOME
This figure represents the "Gross Operating Income" MINUS the 
@24["Total Annual Operating Expenses"] as shown above. This  is a FIRST
YEAR figure as are all of the figure shown on "Forms 1 through 4".



















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.26
CASH FLOW BEFORE TAXES
This figure represents the @25["Net Operating Income"] shown on Form 3
MINUS the amount paid annually for "Annual Debt Service" (Loan Principal
and Interest Payments) on all of the loans shown on Form 1. 



















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.27
ADDITIONAL LOAN INFORMATION
Once you have determined all four facts about a loan as outlined, you can 
also find what effect these facts have on the amount of interest and principal 
you will pay over a given amount of time. This optional feature is 
particularly helpful in determining the amount of a future 
"@74[Balloon Payment]" provision of a loan. For example, if the terms of a 
loan provide that there is to be an @74[acceleration provision] or a 
"balloon payment" on a loan five years after the loan is made, you would 
simply insert the number 60 (for sixty months or five years) into the blank 
field labeled "At the end  of _____ Months the:", press ENTER and $mart 
Real Estate Investor will calculate the interest paid, the amount of the
principal reduction and the remaining unpaid principal balance at the end of
the 60th month.










     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.28
GO TO
By highlighting this selection and clicking with the @1[mouse] or pressing 
@89[ENTER], you will display several selections from which to choose. By 
selecting any one of them and clicking with the mouse or pressing ENTER
you will be transported to that specified part of $mart Real Estate Investor. 

TITLE SCREEN: takes you to the very first or Title screen of the form. This
        is where the preparer's name and the property address is inserted.
INFLATION FACTORS: highlighting this selection and pressing ENTER
        pulls down an input screen where you can insert your estimates of the
        percentage amounts of annual inflation that will affect various elements
        of the property you are considering
ANALYSIS FORM 1: takes you to the first analysis form input screen, called
       "Investment Property Analysis, Form 1" where the @37[Purchase Price]
        and other information about the property may be inserted.
ANALYSIS SUMMARY 1: takes you to the first of two "summary" screens
        that show the results of the analysis information you have input.  
ANALYSIS SUMMARY 2: takes you to the second and last of two
        "summary" screens that show the results of the analysis information you
         have input.  
@32[PROPERTY NOTES 1 and 2:] takes you to the property description
         notes that you input at the beginning of $mart Real Estate Investor so
         you may review the information.
     @118[Index]              @-1[Previous Screen]               @0[Exit Help]    
.29
MOVING AROUND IN $mart Real Estate Investor 
Moving around within $mart Real Estate Investor screens or @91["forms"]
follows most of the generally accepted conventions used by most other
programs and should be familiar to most computer users.  To review: the
"Highlight" can move to each "input" field indicating that $mart Real Estate
Investor is ready to accept the information you will type into the field, or,
when the highlight is moved to a button it means that pressing ENTER will
initiate the action indicated on the button.

Moving the highlight can be accomplished with the @81["Arrow"] keys, the 
@89["Enter"] key, the @52["Page Up" and "Page Down"] keys and of
course, with the @1[Mouse].











     @118[Index]              @-1[Previous Screen]               @0[Exit Help]  
.30
HELP
By highlighting this selection and clicking with the @1[mouse] or pressing 
@89[ENTER], you will display the following:

@118[HELP INDEX:] shows you an alphabetized index of all of the "Help" 
subjects within $mart Real Estate Investor. 

@125[$MART KEYS:] displays a list of "short cut" keys used to move
around in $mart Real Estate Investor. 

@95[USING HELP:] which describes the ways to get help when you need it
and how the "Help" library is designed.

$MART TOUR: takes you step by step through a sample property analysis
with explanations of each step including the use of the @22[Loan Calculator] 
screen.
                                             @31[More]






     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.31
THE "F1" FUNCTION KEY HELP 
At any point in $mart Real Estate Investor and on any screen, you may select
any "input" field, "menu" selection or "button" and press the "F1" function
key. A Help screen will then appear describing the function of that particular
item. Displayed at the bottom of each Help screen are the following list of
choices: 

@75[Activating] "Index" will display the @118[HELP INDEX], listing all of
the subjects that have Help messages. You may select any of these subjects
for viewing by @75[selecting] them and clicking with the mouse or pressing
ENTER.

Activating "More" will display additional help information about that subject.

Activating "Previous Screen" will return you to the Help screen you were just 
previously in.

Activating "Exit Help" will cause you to exit the Help screens and return to 
the place in the forms where you were when you asked for Help.




     @118[Index]              @-1[Previous Screen]               @0[Exit Help]  
.32
PROPERTY NOTES
Highlighting this item and pressing @89[ENTER] will display the first of two 
screens containing a number of descriptive items for property, much like the 
description you might find on a "listing" form. Each item has a blank field 
behind it for you to fill in if you choose, with any kind of short description 
that is meaningful to you. These items are pretty self explanatory and when 
you have finished the first screen, pressing ENTER on the highlighted MORE 
NOTES button will take you to the second screen which contains more fields
in which you can enter even more details about the property if you like. 

To EXIT the Property Notes screens, select the @28[Go To] menu selection
and go to any of the items listed.











     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.33
PREPARED BY
If the Prepared By was filled in during the installation procedure, then these
fields will contain the individual users information. These fields can be
changed at any time, but if the information was entered during installation,
then these fields will always contain that information when $mart Real
Estate Investor is started for the first time. When a form is saved, the
information contained in these fields will be saved for that analysis.
















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.34
PREPARED FOR 
Fill in each blank field as requested if you want the information to be saved 
with the form, displayed on the screen and printed out on the actual print 
out of the finished form. If not, simply press @89[ENTER] on each
successive blank field to bypass it. 

                            PLEASE NOTE: 
If you  do not enter an investor's name here there will be NO record on the 
"@17[saved]" form as to for whom it was prepared. If you are preparing it
for your own use, then this information is not critical but if you are preparing 
it for a client it is important that you include his name and other 
information with the form for "saving".  











     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.35
PROPERTY LOCATION
Fill in carefully the Address, City and State for the property so you can 
correctly identify it later among a large number of files you may have 
accumulated over a period of time.



















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]  
.36
FILENAME DIRECTORY
This directory contains all of the $mart Real Estate Investor @93[filenames]
you have created, filed under the filename you created. These filenames will
be managed for you by the Disk Operating System of your computer, the
@87[DOS]. DOS systems allow both numerical and alphabetic sorting so will
accommodate almost any reasonable filing system you decide to use. 

Use the "Scroll" bar on the right side of the Filename Directory screen with 
a mouse by placing the mouse cursor on either arrow and clicking or
"dragging" the mouse holding the left key down, or use the up and down
arrow keys of your keyboard.












     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.37
PURCHASE PRICE 
The Purchase Price field should be filled in with the price the Investor is 
considering offering for the sake of this particular analysis. This can be his 
opinion of the fair market value for the property under consideration, the 
asking price, an appraisal price or simply an offering price. In the case 
where the preparer of this analysis already owns the property and is trying to 
analyze the returns based on an estimate of today's property values, the 
Purchase Price should reflect the investor's best estimate of the actual fair 
market value if the property were to be placed on the market for sale. 

The value you insert should have NO dollar signs, commas or periods. $mart
Real Estate Investor will insert the dollar sign and any appropriate commas or
periods. 

      Original Purchase Price (as shown on Summary Screen 1)
This is the Purchase or Offering price that was input in Form 1 of $mart 
Investor.






     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.38
DOWN PAYMENT 
Insert the amount of the cash Down Payment you propose to put down on
the property. Don't include any of the other cash expenses which may be
necessary such as closing costs, loan fees, etc. 

$mart Real Estate Investor will subtract this down payment from the
@37[Purchase Price] and display the amount remaining in two places. First in
the field called "Total loan(s)" indicating that this is the amount of the total
loan or loans required for this set of circumstances and the same figure will
show up as the amount of the "1st Loan".













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.39
CLOSING COSTS 
Insert the total of all of the so-called closing costs. These should include 
all of the Title and/or Escrow companies charges including Title Insurance,   
fees and charges from any lenders who make loans secured by the property
such as loan "points" or fees, credit checks, application fees, documents, etc.
If you are not sure about what to use for an estimate here, discuss it with
your real estate broker or the local title or escrow company.
















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.40
OTHER INITIAL COSTS 
This figure should include any other costs or expenses that you will incur at 
closing or immediately after such as repair or rehabilitation costs, termite 
repairs, new landscaping, repainting, new roof or any of the other things 
that you feel should be done to the property to make it ready to produce well 
as an investment property. These things all cost money and this money is a 
part of your initial cash  investment that will be considered by $mart 
Investor when it calculates your return on invested capital over the term you 
expect to hold this property as an investment. 

Please note: LATER costs and expenses for repairs or rehabilitation should
be placed under "maintenance" and are not considered a part of your initial 
investment for tax purposes.










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.41
LOAN PRINCIPAL
The number which appears in this field is the amount of the unpaid principal
@53[(PV)] of the loan for which you want to calculate one of the other loan 
factors, @45[(RATE)], @46[(TERM)] or @47[(PMT)].

After you enter the amount of the @38[Down Payment], $mart Real Estate
Investor subtracts the Down payment from the @37[Purchase Price] and
shows the balance as the amount of the "1st Loan" and also as the
@10["Total Loans"] below.  If there is to be only one loan for the difference
between the Purchase Price and the Down Payment, then this is a correct
figure.  Simply press @89[ENTER] to skip over to the "Interest" field for
that entry.  If however, you are assuming an existing loan or setting up a new
loan that is LESS than the figure shown, then type in the new figure right
over the existing one in the "1st Loan" field.


                                               @42[More]






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.42
LOAN PRINCIPAL continued
$mart Real Estate Investor now subtracts the amount of the first loan you just
inserted from the @10["Total loan(s)"] figure and inserts the balance into 2nd
loan amount field. If the amount shown in the 2nd loan field is correct, press 
ENTER. If it is not then insert the new  2nd loan amount and press ENTER. 
$mart Real Estate Investor keeps track of all the loan amounts. If there is a
difference in the loan amount and the Total Loans, then $mart Real Estate
Investor will insert the difference into the next loan amount field.

This procedure will continue, moving the remaining balance of loan principal 
from 2nd loan to 3rd loan to 4th loan, etc., until the TOTAL amount of ALL 
loans equals the difference between the @37[Purchase Price] and the 
@38[Down Payment] as shown in the "Total Loans" field. If you input loan 
amounts that EXCEED or will not match the "Total Loans" amount shown,
an @49[error message] will appear.








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.43
TAXABLE INCOME OR LOSS
This figure represents the "Net Operating Income" MINUS the "Annual
Interest" paid on all loans and MINUS the @23["Allowable Cost Recovery"]
or "depreciation" allowed.



















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.44
TAX SAVINGS OR LIABILITY
This figure is the result of the @43["Taxable Income or Loss"] multiplied 
times the @69["Investor's Tax Bracket"] and shows either the Tax savings
that can be applied against Investor's other income or the amount of the Tax 
liability. 


















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.45
WHAT IS THE INTEREST RATE (Rate)?
Insert the loan interest rate (RATE) for the new or existing loans as a whole 
number and decimals, ie; 9.75 instead of .0975. Do not insert the percentage 
sign "%%". As you know from the manual, all loan calculations contain
FOUR considerations, the @53[PV] or principal amount, the RATE or
interest rate, the @46[TERM] or years to amortize and the @47[PMT] or
monthly payment to amortize. For $mart Real Estate Investor to properly
calculate the exact value and insert it into the blank field, ONE of these
variables MUST be left blank as an "unknown". To calculate for this
unknown value simply highlight the field and press the "Delete" key once if
the field is blank and twice if there is a value currently in the field. $mart 
Real Estate Investor will display three question marks (???) in the unknown
field  to be calculated.








       
       
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.46
WHAT IS THE LENGTH OF THE LOAN (Term)?
Insert the term of the loan in years. Insert partial years as 7.50 or 15.75 
rather than 7 1/2 or 15 3/4. As you know from the manual, all loan 
calculations contain FOUR considerations, the @53[PV] or principal amount,
the @45[RATE] or interest rate, the TERM or years to amortize and the
@47[PMT] or monthly payment to amortize. For $mart Real Estate Investor
to properly calculate the exact value and insert it into the blank field, ONE of
these variables MUST be left blank as an "unknown". To calculate for this
unknown value simply highlight the field and press the "Delete" key once if
the field is blank and twice if there is a value currently in the field. $mart 
Real Estate Investor will display three question marks (???) in the unknown
field to be calculated.











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.47
WHAT ARE THE MONTHLY PAYMENTS (PMT)?
Insert the amount of the monthly loan payments NOT including dollar signs
or commas. $mart Real Estate Investor will insert the required dollar signs
and the commas.  As you know from the manual, all loan calculations contain
FOUR considerations, the @53[PV] or principal amount, the @45[RATE] or
interest rate, the @46[TERM] or years to amortize and the PMT or monthly
payment to amortize. For $mart Real Estate Investor to properly calculate the
exact value and insert it into the blank field, ONE of these variables MUST
be left blank as an "unknown". To calculate for this unknown value simply
highlight the field and press the "Delete" key once if the field is blank and
twice if there is a value currently in the field. $mart Real Estate Investor
will display three question marks (???) in the unknown field to be calculated.











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.48
CASH FLOW AFTER TAXES
This figure considers the "Cash Flow Before Taxes" and the effects of the
"Tax Savings" or "Tax Liability" to arrive at the "Cash Flow After Taxes".




















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.49
BALANCE TOO LARGE
You have inserted a @41["loan amount"] which is larger than the 
@10["Total loan(s)"] or, when combined with the @54[other loan(s)] is
larger than the "Total loan(s). The total of all loans CANNOT exceed the
difference between the @37[Purchase Price] and the @38[Down Payment]
which is shown in the "Total Loan(s)" field. Please review your entries into
all of the loan input fields to find the error and try again.
















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.50
???-UNKNOWN FIELDS TO BE CALCULATED
$mart Real Estate Investor displays these questions marks (???) in an input
field to indicate that this is the "unknown" field that you want to calculate.
To move the ??? unknown indicator to another field simply highlight the 
field into which you want the ??? to move and press the "delete" key. If 
there is already an entry in this field, then press the "delete" key once to 
clear the field and a second time to move the ??? into the field.
















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.51
GROSS OPERATING INCOME
This represents the total of all income, the @60["Gross Scheduled Income"]
MINUS the @62[vacancy allowance] per month or per year.

It should be noted that these figures show the income based on the FIRST
YEAR amounts only with no inflation added. If you utilize the "Inflation
Factors" screen and insert an inflationary factor for the property income then
the output calculations shown on the screens "Summary 1" and "Summary 2"
will calculate and reflect the results of this factor BUT the figures shown on
"Forms 1 through 4" will continue to show ONLY the first year figures.













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.52
PAGE UP-DOWN KEYS
PAGE UP KEY:  moves the highlight from its present position up to the first
input field of that particular screen.

PAGE DOWN KEY:  moves the highlight from its present position down to
the last active field or button on that particular screen.  With the exception 
of the "Preparer/Client/Property" screens, this will be to the "NEXT" or
"CONTINUE" button located at the bottom right of the form screen.















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.53
WHAT IS THE PRINCIPAL BALANCE OF THE LOAN (Present Value)?
Insert the principal amount of the loan in whole dollars and without
the dollar sign or commas. $mart Real Estate Investor will insert the required
dollar signs and the commas. As you know from the manual, all loan
calculations contain FOUR considerations, the PV or principal amount, the
@45[RATE] or interest rate, the @46[TERM] or years to amortize and the
@47[PMT] or monthly payment to amortize. For $mart Real Estate Investor
to properly calculate the exact value and insert it into the blank field, ONE of
these variables MUST be left blank as an "unknown". To calculate for this
unknown value simply highlight the field and press the "Delete" key once if
the field is blank and twice if there is a value currently in the field. $mart 
Real Estate Investor will display three question marks (???) in the unknown
field to be calculated.










     @118[Index]              @-1[Previous Screen]               @0[Exit Help]    
.54
OTHER LOANS 
Insert here the combined sum of ALL other loans which will be created or 
assumed on purchase. In the rare instance that there are more than six loans
then you must do a certain amount of manual calculation by adding up the
total amount of each remaining loan (the 7th, 8th, 9th, etc.) and inserting the
total amount in the "Other" field.

The total of the 1st loan through the 6th plus the Other loans MUST total the 
@10["TOTAL LOANS"] shown just below. If not, please review the 
@37[Purchase Price] less the @38[Down Payment] and the amount of each
loan to find the error.



                                            @55[More]








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.55
INTEREST RATE, OTHER LOANS
Since this item MAY contain MORE than one loan, and it was necessary to
place some limit on the size of $mart Real Estate Investor, it is necessary for
you to do a bit of manual calculation to arrive at the interest figure to insert
here. If there is more than one loan in this category, follow this procedure:
(1) Multiply the principal balance of each loan in the "Other" category by 
its interest rate to get an annual interest cost for each in dollars.  (2) 
Total the amount of the principal balance of all loans.  (3) Total the amount 
of the calculated annual interest for all loans.  (4) Divide the total 
interest amount by the total loan amount. The result is the AVERAGE
interest you'll pay on the loan total amount. SEE EXAMPLE BELOW:
 
      7th loan = $12,000 X Interest rate .09 (9%%)  =  $1,080 per Yr.
      8th loan = $ 5,000 X Interest rate .11 (11%%) =  $  550 per Yr.
      9th loan = $ 3,000 X Interest rate .155(15 1/2)=$  465 per Yr.
                __________                             ______________
    Total Other= $20,000       Total annual interest= $2,095 per Yr.

Total annual interest ($2,095) divided by the Total Other $20,000) equals 
a 10.48%% average interest rate. Insert this figure (10.48%%) into "Other",
"Interest rate".
                                            @56[More] 

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.56
TERM, OTHER LOANS 
DO NOT make any entry into the "Other" loan TERM field. This field MUST
be left blank with ??? and $mart Real Estate Investor will calculate the
"average" TERM for the total of all loans in the "Other" category. You
MUST move the unknown indicator @50[???] into the term field before
making any entries.

















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.57
MONTHLY PAYMENT, OTHER LOANS 
Insert the monthly payment for a single loan, if known, or the SUM of all of 
the payments if more than one loan. 








 











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.58
IMPROVEMENT ALLOCATION 
For purposes of determining available depreciation for tax purposes, consider 
that of the total @37[purchase price] of a property, a portion is allocated 
to the value of the improvements and the remainder is allocated to land 
value. Each property is different of course, as are valuations in different 
parts of the country. Insert here the percentage of the total price you feel
is realistically attributable to the improvement value, not including the 
land. In an investment property, this is the portion you can @59["depreciate"] 
over the term allowed by the @94[I.R.S.]. Naturally, you would like to see
the improvement value as high as possible so you can depreciate your costs
faster, however you should have your financial advisor or accountant advise
you as to the realistic maximum percentage you may use without risking a red
flag or possible audit by the I.R.S..










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.59
ECONOMIC LIFE 
This item relates to the previous item, the allocation of improvements value, 
and is the minimum number of years over which the @94[I.R.S.] will allow
you to depreciate the improvements of your property. You should get advice
from your accountant as to the current depreciation periods allowed for the
type of property you are considering. These terms vary as to types of
property and, because tax laws change, these terms change too so get good
advice.















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.60
GROSS SCHEDULED INCOME (Per Month) 
Insert here the sum of ALL scheduled income that the property will generate
such as rents, laundry, parking, signs, percentage incomes from leases, etc. In
order for you to obtain a realistic analysis of the property, you need to look
pretty carefully at this number and the source of the information. Since you
are trying to look at the performance of the property over the next several
years, you also need to look at the rental income over that same period. For
example, if the rents have not been increased for some time or old leases are
about to expire then you need to estimate what kinds of rental income will be
realistic for the near term future. Since inflation is also a real consideration,
think about your existing rentals; once they are set at realistic levels how
often will you plan to increase them and by how much. What is happening to
the rentals of other similar properties in like locations.  Insert the income
figure you feel you can expect to initially collect then utilize the "Inflation
Factors" pull-down screen to insert your estimate of the percentage amount
that inflation will affect your Gross Income during the Holding Period.

Tip: Don't be too optimistic for the sake of making a rosy analysis. 
The rental market is a competitive one and projections are better made a bit 
conservatively than optimistically.

                                                @61[More]

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.61
GROSS SCHEDULED INCOME (Per Year) 
Insert here the sum of ALL yearly scheduled income for the property such as 
rents, laundry, parking, signs, percentage incomes from leases, etc. In order 
for you to obtain a realistic analysis of the property, you need to look 
pretty carefully at this number and the source of the information. Since you 
are trying to look at the performance of the property for the next several 
years, you also need to look at the rental income over that same period. For 
example, if the rents have not been increased for some time or old leases are 
about to expire then you need to estimate what kinds of rental income will be 
realistic for the near term future. 

NOTE: Please review @60["Gross Scheduled Income"] (per month) for a
more extensive explanation you can apply to "Annual" income.

Tip: Don't be too optimistic for the sake of making a rosy analysis. 
The rental market is a competitive one and projections are better made a bit 
conservatively than optimistically.






     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.62
VACANCY FACTOR 
Any realistic investment property owner  knows that he will experience 
vacancies, even in long term leased buildings. Some will occur sooner than 
others but, occur they will at some point. Insert here the percentage of the 
properties income that you realistically feel should be set aside to cover 
your losses in the future from vacancies. For example, in a single family 
house, if you change tenants once a year and it takes you two weeks to   
renovate and re-rent the property your vacancy factor is figured like this:

  Vacant 2 weeks out of 52 = 2/52 = .0385 or 3.85%% vacancy factor

Tip: In residential properties in fairly competitive areas a figure of 5%% is 
considered reasonable. In a leased industrial building on the other hand you 
will have to take into consideration the remaining years of the lease, the 
nature of the improvements and how multipurpose they are and how long it 
might reasonably take you to find another satisfactory lessee.

Expected Vacancy Factor
This figure represents the annual vacancy factor "percentage" multiplied
times the @60["Gross Scheduled Income"] to show you the number of
dollars the vacancy costs each month or year based on the income.


     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.63
PROPERTY TAXES 
Enter the ANNUAL amount of taxes you will pay. In most areas of the
country today, a sale of property triggers a new appraisal by the Tax
Assessor and a subsequent tax bill that is generally based on your Purchase
Price. 

Tax rates will vary from state to state and depending on the tax area in which
your property is located. Again, get good advice from someone who is
knowledgeable about local tax rates and assessment practices or see your
local tax assessor's office.

Since inflation is a fact of life and virtually all of our expenses seem to
increase, your projected operating expenses as well as your income will
almost surely increase over your holding period. You should cover this
consideration by utilizing the @80["Inflation Factors"] pull-down screen
(Press ALT + I) and filling in your best estimate for each of the various
factors shown there.       






     @118[Index]              @-1[Previous Screen]               @0[Exit Help]    
.64
INSURANCE 
Insert here the ANNUAL amount you expect to spend for insurance on the 
property. Caution: There is more to insurance than the simple fire insurance 
which may be all that a lender will require of you. Consider all kinds of 
insurance and weigh their benefits against the cost. Comprehensive, Contents 
coverage, Loss of income, Earthquake, and more. Talk to a good insurance 
agent or broker and go over all of the potential loss exposures you may have 
in your area before you fill in this blank too quickly.

Since inflation is a fact of life and virtually all of our expenses seem to
increase, your projected operating expenses as well as your income will
almost surely increase over your holding period. You should cover this
consideration by utilizing the "Inflation Factors" pull-down screen (Press
ALT + I) and filling in your best estimate for each of the various factors
shown there.  








     @118[Index]              @-1[Previous Screen]               @0[Exit Help]    
.65
UTILITIES 
For the property you are considering you may have no utility costs at all. In 
that case leave this blank. You may only have outside safety lighting or you 
may pay all of the bills except phones. Get the accurate information and 
enter the ANNUAL total here.

Since inflation is a fact of life and virtually all of our expenses seem to
increase, your projected operating expenses as well as your income will
almost surely increase over your holding period. You should cover this
consideration by utilizing the "Inflation Factors" pull-down screen (Press
ALT + I) and filling in your best estimate for each of the various factors
shown there.











       @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.66
MAINTENANCE 
Enter here your best estimate of the ANNUAL costs of maintaining the 
property. Consider what your costs will be for gardening, cleanup of the 
property, equipment repairs as necessary, repainting and repairing interiors 
when tenants leave, exterior painting every few years, re-roofing 
intermittently and any other maintenance items you feel are appropriate. In 
almost all rental properties except for true NET rental commercial and 
industrial properties, an owner has certain  repair and maintenance 
responsibilities. A reasonable budget should set aside a maintenance fund to 
handle these and other kinds of maintenance when it becomes necessary.
That's the amount you should insert into this form. Tip: Some investors go
through a fairly extensive analysis of maintenance expense once, and then
arrive at a realistic percentage to apply against any given property they may
be considering in the future.

Since inflation is a fact of life and virtually all of our expenses seem to
increase, your projected operating expenses as well as your income will
almost surely increase over your holding period. You should cover this
consideration by utilizing the "Inflation Factors" pull-down screen (Press
ALT + I) and filling in your best estimate for each of the various factors
shown there.  


     @118[Index]              @-1[Previous Screen]               @0[Exit Help]    
.67
MANAGEMENT  
If you plan to manage the property yourself you may choose to leave this
item blank. If you are planning to use a professional property management
firm to handle all of the details of the property for you, you should talk
carefully to them first to determine exactly what services you can expect them
to handle for you and how much they will charge you for the services you
want. Remember, if you choose to, you can handle some of the management
work  yourself and reduce the amount you pay to the professional. Decide if
you would be comfortable handling some part of the detail such as collecting
the monthly rent checks and the bookkeeping and what effect that would
have on their fees then decide and enter the ANNUAL cost. 

Since inflation is a fact of life and virtually all of our expenses seem to
increase, your projected operating expenses as well as your income will
almost surely increase over your holding period. You should cover this
consideration by utilizing the "Inflation Factors" pull-down screen (Press
ALT + I) and filling in your best estimate for each of the various factors
shown there.  





     @118[Index]              @-1[Previous Screen]               @0[Exit Help]    
.68
OTHER OPERATING EXPENSES
Insert here any other ANNUAL expenses that you feel you are going to
incur. Discuss it with your financial advisor or your real estate broker and see
if he or she has any suggestions for operating expenses you may have missed.

Since inflation is a fact of life and virtually all of our expenses seem to
increase, your projected operating expenses as well as your income will
almost surely increase over your holding period. You should cover this
consideration by utilizing the "Inflation Factors" pull-down screen (Press
ALT + I) and filling in your best estimate for each of the various factors
shown there. 












     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.69
TAX BRACKET 
The positive or negative income from this property will be added to or 
subtracted from the highest portion of your other taxable income so you need 
to enter here your present TOP income tax bracket. If you're not sure about 
it, ask your accountant or tax advisor what your bracket is currently.


















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.70
CURRENTLY OBTAINABLE PRE-TAX INTEREST RATE 
Insert here the annual percentage return that is generally available to you 
for money you may have invested in such things as Savings accounts, C.D.s, 
Mutual funds, stock portfolio or other money holding accounts. $mart Real
Estate Investor will then use the "Annual After Tax Cash Flow" from the
property and compound it annually over the holding period at this selected
rate of return to show you the amount you will accumulate during the
@71[holding period]. It's as though you took the "after tax cash flow" from
the property each year and placed it into an interest bearing account. 

TIP: While everyone would like to earn 300 percent on invested capital, that's 
not too realistic. For your analysis of this property to be realistic, your 
expected return on investment should be realistic as well. So use a return 
that is comparable to that which you can reasonably expect from other 
investments.








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.71
HOLDING PERIOD 
Insert here the length of time in years you expect to hold this property as 
an investment. No one can see into the future but make your best estimate at 
this time. This Analysis can be revised at any time to reflect changes in 
your, the property's or the market's circumstances.

Projected Holding Period
This is the number of years the investor expects to hold the subject property 
as an investment before selling it.














     @118[Index]              @-1[Previous Screen]               @0[Exit Help]  
.72
PROPERTY APPRECIATION 
Insert here your estimate of the ANNUAL percentage of growth in value or 
appreciation that this property will enjoy during the time you own it. 
Granted, this is a tough estimate to make but it is a critical one to the 
building of your estate. Some properties grow in value at about the same rate 
as national inflation, others, because of their location or locale grow at a 
much faster rate. And yes, some areas of the country have a growth rate 
somewhat below the national rate of inflation. You are the only one who 
can make this decision but talk to your financial advisors and get their 
input for the kind of property and in the area you are considering.

Because financial conditions and local as well as national factors can affect 
property values you may want to consider a variable appreciation rate such as 
this for example: For a five year holding period: Suppose the market is 
slightly depressed now so the first year may just increase at slightly below 
national inflation of say 4%%, so for the 1st year use 3%%; 2nd year should 
improve a bit so use national rate of 4%%; the following year the new
highway should be finished so your location will get more visibility and
growth so use 5%%  for the 3rd, 4th & 5th years. SO: 3%% + 4%% + 5%%
+ 5%% + 5%% = 22%% divided by 5 = 4.40%% so that would be the figure
to insert.
                                @113[More]

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.73
COST OF SALE 
Insert here the percentage of the future sales price that you feel will cover 
the costs of selling the property at that time. For example, if you intend to 
use a real estate broker, he will charge you a fee, usually a percentage of 
the selling price, depending on the services you want him to provide. Then 
there will be some amount of title and escrow costs and perhaps loan pay off 
fees and other expenses. The largest portion of your future "Cost of Sale" 
will be the real estate commission if you use a broker. Unless you are faced 
with unusually large loan payoff fees or charges, the other expenses rarely 
exceed one percent of the sales price in most areas.













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.74
BALLOON PAYMENT
Also called an "Acceleration Provision", this is a clause or provision of 
some loans that provides that, as of a certain date in the future, the then 
unpaid principal balance of the loan will become due and payable in full. In 
the meantime the borrower usually pays payments of principal and interest 
until the "balloon payment is due. $mart Real Estate Investor will show you
what the amount of the balloon payment will be at the end of any selected
time period in months.















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.75
ACTIVATING A FIELD
Only "Input" fields may be activated. All "Output" fields are controlled by 
$mart Real Estate Investor itself and are not available to the user's control.
To activate a field means to select or "highlight" it by moving the cursor to
that field which will cause it to change color meaning that the field is ready 
to accept the user's input typing. You can accomplish this by using the 
arrow keys to move the cursor to the field or by using the mouse.
















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.76
ALT KEY
The "Alt" key is a "shortcut" key to initiate action and to move you to other 
places within $mart Real Estate Investor. By holding the ALT key down
TOGETHER with another key, the action is initiated. For example, pressing
the ALT key + A (for Action) moves you to the Action item on the Menu
Bar. ALT + C (for Calculations) takes you to the Loan Calculation Pull
Down screen; ALT + G to the Go To menu; ALT + H for the Help Menu.
 See @125[$MART KEYS] for a complete list of "shortcut" keys.















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.77
AMORTIZATION TERM
This is the period of time it will take to fully pay off the principal and 
accrued interest of a loan given a specified amount of principal, a fixed 
interest rate and a fixed monthly payment (the payments may be monthly, 
quarterly, semiannual or annual, however because of the prevailing common 
practice in real estate today, $mart Real Estate Investor is set up to calculate
monthly payment schedules only).  
















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.78
FILENAME continue
The FILENAME section above explains why you need to assign a unique
filename to each file you want to save. These names are the only way your
computer can find a file for you once it is placed into its cavernous memory
along with everything else the computer has to keep track of.  

Because the @87[DOS] part of your computer only allows you to use
EIGHT letters or characters for your filename, you should consider carefully
what kind of abbreviations or code you want to use to set up your filenames.
If you start getting any substantial number of files in memory you'll need
some system so you can easily retrieve them, having an idea of which
property is involved.

For an individual investor, it's not so much of a problem because he is not 
trying to keep track of a huge number of properties at the same time. Further, 
he can @16["delete"] a file if he chooses, to keep his total list of files to 
a usable number, once he is sure he will no longer need the information.

For a business user however, the problem is more complex. There will
naturally be a much larger of number of properties for a variety of clients and
then there may be several other people in the office using $mart Real Estate
Investor to provide information for each of their own clients. In this set of
circumstances the number of  files could grow fairly quickly.      @79[More] 
     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.79
FILENAME continue
Things you might consider are assigning each person who may use $mart
Real Estate Investor an initial (P for Jason Powers, B for Marge Blackman,
etc.): Abbreviate the Street name and City; An abbreviation to indicate
whether the property is residential, commercial or industrial and so on. You
should develop a system that is easy for you to work with and that you'll be
able to relate to the  properties involved. An example might be:

     Jason Powers created an analysis for a property at 2769 Central  
     Avenue and it was a commercial property: P_CENT-C or, you might  
     use the first 3 numbers of the address and the first letter of  
     the street such as: P_276C_C. In either case, $mart Real Estate Investor  
     will add the Extension ".SMT" so the full filename would be:
               
               P_CENT_C.SMT   or   P_276C_C.SMT

These are just a couple of ideas you might use in creating your own filing 
system.  





     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.80
INFLATION FACTORS SCREEN
$mart Real Estate Investor includes a special "Pull Down" screen where you
should insert your estimates of the percentages that inflation will affect the
various elements of the particular property you are considering. You reach
the INFLATION FACTORS screen through the "Go To" Menu by clicking
with the mouse or by pressing "ALT+I". 
You  fill in your best estimate for each of the various "Inflation Factors"  
shown. $mart Real Estate Investor then takes this percentage together with
the "initial value" entries you place into  the various fields and arrives at 
the value CALCULATED OVER THE HOLDING PERIOD you select.
If you DO NOT fill in ANY of the blanks, then the results you will see at the
conclusion of the Analysis will indicate that NO GROWTH was projected
and the property will have the same value at the END of the Holding Period
as it had the day you bought it. You should AT LEAST estimate the rate of
NATIONAL/REGIONAL inflation.
If you leave any or all of the other factors blank then it is assumed that you
want $mart Real Estate Investor to use the NATIONAL/REGIONAL rate 
as the default and apply it to any others you did not fill in.
The best practice is to fill in each of the factors with the rate you feel is
most accurate. For example, the Property Tax rate will not generally increase
as fast as the labor costs to maintain the property. The Gross Income may
exceed the inflation rate depending on how you handle rentals and so on.
                                               @112[More]
     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.81
ARROW KEYS
The four arrow keys on your keyboard will move the cursor in the direction 
shown by each key...Up, Down, Left and Right.  When you want to change
the @75["active field"]  or move the "Highlight" from one location to another
simply press the appropriate arrow key. There are a few locations in $mart 
Investor where the arrow keys cannot move to. These are calculated fields by 
$mart Real Estate Investor and are @3["Protected"] from any user input. 
















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.82
MENU BAR
The Menu Bar is your guide and transportation to all of the different 
activities and information available within  $mart Real Estate Investor.  Along 
the top of the screen are four available selections: @5[Action], 
@22[Loan Calculations], @28[Go To] and @30[Help]. These are the "Menu
Bar" selections and each selection contains one letter which is brighter than
the other letters which is the @125["$mart Key"] for that selection. To use
the "$mart Key" simply press the @76["Alt"] key and the appropriate $mart
Key TOGETHER to go to that item. Under each of the four bar selections is
a further "Pull Down Menu" which contains selections that, when activated,
start specific actions, move you to different locations in $mart Real Estate
Investor or show information which you can select. 
Also see @1["Moving around the Menu Bar"].

Under "Action" are: @6[New Form]; @7[Load Form]; 
               @4[Save Current Form]; @17[Save Current Form AS];
             @20[Print Current Form]; @16[Delete Form]; @21[Quit ].

Under "Loan Calculations" is a separate loan calculation section which will 
calculate various "unknowns" about a loan given certain "Known" factors.
                                
                                @83[More]

     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.83 
MENU BAR continued
Under "Go To" are @28[Title Screen]; @80[Inflation Factors];
@28[Analysis Form 1]; @28[Analysis Summary 1];
@28[Analysis Summary 2]; @32[Property Notes 1]; 
@32[Property Notes 2].

Under "Help" are @30[Help Index]; @125[$mart Keys]; @95[Using Help]; 
@110[$mart Tour]. 















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.84
CONTINUE-NEXT-PREVIOUS BUTTONS
By highlighting any one of these buttons and pressing @89[ENTER], or
clicking with the mouse you proceed to the next active field ready for your
input or you are returned to where you were in $mart Real Estate Investor.



















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.85
CURRENT FORM
The "Current Form" is the Form that is presently being displayed or on which 
you are now working. When you recall a Form from disk (from the 
@36[Filename Directory]) and it is displayed, it becomes the "Current Form".



















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.86
DIALOGUE BOX
These are "message boxes" which appear asking you to fill in information or 
answer questions, in other words, furnish dialogue to $mart Real Estate
Investor so it can act.



















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.87
DOS 
This abbreviation stands for "Disk Operating System". This is the software 
program that you have in your computer that makes it perform as it does. In 
other words, the underlying program within your computer that makes this
and all of your other programs work.


















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.88
DOS ERROR MESSAGES
When the Disk Operating System within your computer senses that
something is wrong or is not proceeding as it should according to the
procedures built into the DOS system, it will display an "error message"
telling you what is wrong. You must then correct the problem before the
DOS will let you proceed.

















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.89
ENTER KEY
This is the key labeled "ENTER" and showing a bent arrow pointing to the 
left. Pressing this key initiates action, completes a command, or passes you 
to another place in $mart Real Estate Investor, depending on the instruction
or command you are working on. For example, when you arrive at an
@75[active field] containing a 0 or that is blank and you DO NOT want to
type anything into the field, pressing ENTER will pass you to the next active
field, leaving the subject field blank or with the 0 in it.















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.90
EXISTING FORM
This is the Form on which you are now working (the Current Form) or one
which is in the Form @36[Directory] ...in other words, it already exists.




















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.91
FORM SCREENS  
A "Form' contains ten "screens" that are displayed for you at different times
in $mart Real Estate Investor. You may not choose to use all of them each
time you prepare an analysis on a piece of property, for example, the
"Property Notes, Screens 1 and 2". 

The "screens" are:
    
    The Title screen containing the "Prepared For: and By:"
    Property Notes Screens 1 and 2
    Analysis Form Screens 1 through 4 for your input
    Summary Form Screens 1 and 2 containing the results
    The Inflation Factors screen










     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.92
RATE OF RETURN (YIELD) ON INVESTED CAPITAL continued
The figures you have input into $mart Real Estate Investor indicate that, over
the @71[Holding Period], you will lose ALL of your original investment and,
to hold the property through the Holding Period, you may have to contribute
additional sums monthly to pay all of your expenses and losses. 


















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.93
FILENAME
Generally you will want to save these @91["forms"] and their information.
You can then refer to any one of them in the future and perhaps compare it to
a different set of circumstances or to a different piece of property. To do this 
@4["saving"] you need to create a "filename" under which to file the form in 
the $mart Real Estate Investor directory. You must follow certain rules in
creating filenames so @87[DOS] will understand what you want to do. A
filename can contain ONLY eight (8) letters or numbers. These are followed
by a period and three more letters called an extension which $mart Real
Estate Investor puts into place for you, ie: .SMT, indicating that the filename
preceding the .SMT extension is a $mart Real Estate Investor file and should
be filed with the rest of these kinds of files. You can make up any kind of
filename that is meaningful to you but you should set up a system which is
easy to use and helps you to quickly find a file later among many in the
@36[Filename Directory].

    Examples are: 

                FILENAME.SMT     A_RES274.SMT    MCARTHUR.SMT  
                       INDUS_3.SMT      B_247M_C.SMT

                                @78[More]

     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.94
I.R.S.
These are the initials of the Internal Revenue Service, the tax collection 
agency of the Federal Government. This agency formulates and enforces the 
revenue taxation codes which determine on what you pay taxes and how
much you should pay.


















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.95
USING HELP
$mart Real Estate Investor provides complete, routine-oriented and context
sensitive Help at all screens throughout $mart Real Estate Investor. To get
Help for a field that is highlighted (an active field), press F1. To display the
Help Menu on the Menu Bar at the top of the screen press @76[Alt] plus the
letter H together, or by clicking with the @1[mouse] on the word Help on
the Menu Bar. The Help menu that will be displayed below the Help title
allows you to go directly to the Help Index which contains a complete listing
of all Help subjects that you may access directly without going first to the
subject of the help.  Highlighting a Help subject in the index then pressing
enter or clicking with the mouse will display the contents of that individual
Help message.

Once you are in the Help Library you then have four options buttons, Index,
More, Previous Screen And Exit Help. Activating Index will display the 
HELP INDEX, listing all of the subjects that have Help messages. Selecting
More will take you to an additional help screen for that subject. Activating
Previous Screen will return you to the help screen you were just previously  
in. Activating Exit Help will cause you to exit the Help Library and return
the place in the forms where you were when you asked for help. The Help
Library also has an extensive cross reference infrastructure. If a word is
displayed in yellow text the you can select it and the cross reference screen
will be displayed.
     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.96
DOS PROMPT
This is the combination of characters that your computer's operating system 
displays on your screen when it is looking for instructions from you on what 
to do next. It first shows the "drive" it is using (A:, B:, C:, etc.) and the 
prompt looks like this A:\> or C:\> .


















     @118[Index]              @-1[Previous Screen]               @0[Exit Help] 
.98
PROJECTED FUTURE SALES PRICE
This figure represents the "Original @37[Purchase Price]" compounded
annually over the @71["Holding Period"] at the 
@72["Projected Property Appreciation Rate"] to give you the
stimated future selling price of the property.


















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.99
PROJECTED SALES COSTS
This figure represents the "@73[Expected Cost of Sale] at the end of the 
@71[Holding Period]" percentage that was input earlier multiplied times the 
@98["Projected Future Sales Price"] and is the sellers' projected cost of 
selling the property at the end of the Holding period.


















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.100
ADJUSTED BASIS
This figure represents the Investors' original cost for the property 
MINUS the "depreciation" or @23[Cost Recovery] that will accumulate over
the @71[Holding Period].  



















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.101
TAXABLE GAIN ON SALE
This figure represents the amount of "Taxable Gain" the Investor will have 
after closing a sale based on the figures entered in Analysis Summary
Screen 1.  



















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.102
TAX DUE ON SALE
This figure represents the amount of Federal Income Tax that will be due 
at the time of a sale, based on the @101["Taxable Gain"] and the Investors 
@69 ["Tax Bracket]" as shown on Analysis Summary Screen 1.



















      @118[Index]             @-1[Previous Screen]               @0[Exit Help]
.103
AFTER TAX PROCEEDS FROM SALE
This figure represents the @98["Projected Future Sales Price"] MINUS the 
@99[Sales Costs], any mortgage balance(s) due and the 
@102[Tax Due from Sale].



















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]  
.104
ACCUMULATE OVER THE HOLDING PERIOD
This figure takes the @48["Cash Flow After Taxes"] from the property each
year over the @71[holding period] and compounds it annually at the
Investors' @70["Currently Obtainable After Tax Interest Rate"].



















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]  
.105
TOTAL ACCUMULATED OVER THE HOLDING PERIOD
This figure is the SUM of the "amount accumulated over the holding period"
from annual compounding of the @48["Cash Flow After Taxes"] PLUS the
@103["After Tax Proceeds from the Sale"] of the property.

In the event that this figure is a "negative" amount, then the following
message will be displayed in the lower right corner of the 
@28[Analysis Summary 2 Screen].

                    "Calculations now show that
                      you have LOST ALL of your
                        Original Investment"

The figures you have input into $mart Real Estate Investor indicate that, over
the @71[Holding Period], you will lose ALL of your original investment and,
to hold the property through the Holding Period, you may have to contribute
additional sums monthly to pay all of your expenses and losses. 






     @118[Index]              @-1[Previous Screen]               @0[Exit Help]  
.106
RATE OF RETURN (YIELD) ON INVESTED CAPITAL
      Before Tax Yield  
This figure represents the "Before Tax" yield from this property with the 
facts and projections as shown on the Analysis Summary Screen 2, and based
on the @69[Tax Bracket] of the Investor as shown on Analysis Form 4.

                    *****  PLEASE NOTE  *****

     Since the "BEFORE" Tax yield is the one most commonly quoted 
     as the "return" on a given property or other type of investment, 
     this "Before Tax" yield is probably the one you will want to use  
                  for the most useful comparison.

      After Tax Yield
This figure represents the "After Tax" return or Yield on the cash 
originally invested in the property and which can be used to compare 
the "After-Tax" yield from alternative properties or forms of investment.

In the event that this figure is a "negative" amount, then the following
message will be displayed in the lower right corner of the 
@28[Analysis Summary 2 Screen].

                                           @107[More]
     @118[Index]              @-1[Previous Screen]               @0[Exit Help]  
.107
RATE OF RETURN (YIELD) ON INVESTED CAPITAL continued
                        
                        "Calculations now show that 
                          you have LOST A PORTION 
                        of your Original Investment"

Based on the figures you have input into $mart Real Estate Investor, the
calculations show that a portion of your original investment will be lost over
the term of the @71[Holding Period]. Unless all of the income and expense
figures you have used are completely inflexible, you may want to change one
or more of them to see what effect it may have on the 
@105["Total Accumulated Over the Holding Period"] shown on the
@28[Analysis Summary Screen 2].

In the event that this figure is "negative" and the "Amount Accumulated Over 
the Holding Period" is also "negative", then the following message will be 
displayed in the lower right corner of the Analysis Summary 2 Screen.

                       "Calculations now show that
                         you have LOST ALL of your
                           Original Investment"

                                          @92[More]
     @118[Index]              @-1[Previous Screen]               @0[Exit Help]  
.108
PREVIOUS BUTTON
Selecting this button will display the last screen that was displayed by $mart 
Real Estate Investor, in other words, the previously displayed screen.




















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]  
.109
AT THE END OF ____ MONTHS
This section of the Loan Calculations screen is included to show you the 
amount of principal and interest you'll pay on the specified loan over any 
given number of months you select. It also shows you the remaining unpaid 
principal balance at the end of the term you select, ie: the required 
"Balloon Payment" that would be due at that time in the event of a payoff.
The field normally shows "12" months (which is the default) but when the
field is highlighted, you can simply type in any number of months you choose,
then press ENTER and you'll see the appropriate information displayed. 














     @118[Index]              @-1[Previous Screen]               @0[Exit Help]  
.110
$MART TOUR
The $mart Tour is an interesting guided tutorial that takes you through a 
complete sample property analysis with explanations of each step including
the use of the @22[Loan Calculator].

         ************ P L E A S E     N O T E ************
  
  The FIRST step for any new user should be to go through the "$mart
Tour". This Tutorial "Tour" takes just a few minutes but it quickly shows you
all of the key features of $mart Real Estate Investor, the Loan Calculator
section and the extensive Help Library.

$mart Real Estate Investor is very straight forward and logically functioning
so you won't find yourself referring to the User's Manual very often. Please
read through the manual carefully at least once so you won't miss some of the 
available features built into $mart Real Estate Investor.







     @118[Index]              @-1[Previous Screen]               @0[Exit Help]  
.111
VARIABLE FACTORS AND MULTIPLIERS
Certain factors involved in a properties value, its operating income expenses
and its growth in value are variables that are affected by its' 
location, the neighborhood, the whims of the local planning board and other 
regulatory agencies, the economic conditions of the local as well as the 
regional areas and of course, national inflationary conditions.

There is no practical way we could include in $mart Real Estate Investor a
device that would accommodate each of these varying conditions in every
area across the country. YOU are the only one who can decide what kind of
factor is appropriate for the particular property you are considering.  

You may already be confident of the factors involved but if not, get the best 
advice you can from your accountant, attorney and real estate advisors then 
make your own decision as to what factor to use. Odds are very strong you'll 
be very close to the best answer for the property involved.







     @118[Index]              @-1[Previous Screen]               @0[Exit Help]    
.112
INFLATION FACTORS SCREEN continue
YOU are the only one who can decide what kind of factors are appropriate
for the particular property you are considering. You may already be confident
of the factors involved but if not, get the best advice you can from your
accountant, attorney and real estate advisors then, make your own decision as
to what factors to use. Odds are very strong you'll be very close to the best
answer for the property involved.
Once you have finished with the "Inflation Factors" screen, select the
"Continue" button and press ENTER. You will be returned to where you
were when you selected the Inflation Factors screen.













     @118[Index]              @-1[Previous Screen]               @0[Exit Help]  
.113
PROJECTED PROPERTY APPRECIATION RATE
This is the percentage rate per year that the Investor feels the property
will appreciate in value each year during the @71["Holding Period"]. This 
figure should be based on a careful evaluation taking into consideration the 
general and projected rate of inflation, the type and location of the 
particular property and the expected competition for buyers for this kind of 
property at the time of the projected sale.  
















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.114
NOT ENOUGH RAM
Some computers use a variety of TSR's in the RAM portion of their memory
and do not have enough remaining memory to run the "$mart Tour" tutorial.
If you received the message "Sorry, not enough RAM memory" on your
screen  when you selected "$mart Tour", it just means that you should run the
$mart Tour from the DOS prompt instead of running it within $mart Real
Estate Investor. 
Simply exit $mart Real Estate Investor by selecting "Quit" under the Action
Menu or press ALT+Q. Normally you will then see the DOS prompt
C:\$mart>. If not, following the prompt you do see, type CD \$mart, then
type TUTOR <return> and the $mart Tour will begin.












     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.115
INTERNAL RATE of  RETURN
Internal Rate of Return (IRR) is an interest rate that equates the present 
value of a set of cash flows with an initial investment. It is the interest rate
that is obtained when the calculated net present value of a series of cash 
flows is zero.

When "RATE OF RETURN (YIELD) ON INVESTED CAPITAL OVER THE
HOLDING PERIOD" is less than "ZERO", NO "IRR" will be shown.















     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.116























     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.117























     @118[Index]              @-1[Previous Screen]               @0[Exit Help]
.118
HELP INDEX, $mart Real Estate Investor 
@50[??? Fields]
@41[1st Loan Principal] 
@45[1st Loan Interest Rate]
@47[1st Loan Monthly Payments]
@46[1st Loan Term]
@74[Acceleration]
@5[Action Menu]
@75[Activating a Field]
@104[Accumulate Over the Holding Period]
@100[Adjusted Basis]
@27[Additional Loan Information]
@103[After Tax Proceeds From Sale]
@106[After Tax Yield]
@76[Alt Key]
@77[Amortization Term]
@28[Analysis Form 1]
@28[Analysis Summary Screen 1]
@28[Analysis Summary Screen 2]
@23[Annual Cost Recovery]
@8[Average Interest Rate on Total Loans]
@81[Arrow Keys]
@49[Balance Too Large]
     @119[More]     @-1[Previous Screen]     @118[Index]     @0[Exit Help]
.119
HELP INDEX, $mart Real Estate Investor 
@74[Balloon Payment]
@106[Before Tax Yield]
@19[Cancel]
@48[Cash Flow After Taxes]
@26[Cash Flow Before Taxes]
@11[Changing the Current Form]
@14[Changing the Purchase Price]
@39[Closing Costs]
@84[Continue]
@73[Cost of Sale]
@70[Currently Obtainable Pre-Tax Interest Rate]
@85[Current Form]
@16[Delete Form]
@59[Depreciate]
@86[Dialogue Boxes]
@87[DOS]
@88[DOS Error Messages]  
@96[DOS Prompt]
@38[Down Payment]
@59[Economic Life (by I.R.S.)]
@89[ENTER Key]
@90[Existing Form]
     @120[More]     @-1[Previous Screen]     @118[Index]     @0[Exit Help]
.120
HELP INDEX, $mart Real Estate Investor 
@73[Expected Cost of Sale]
@71[Expected Holding Period]
@72[Expected Property Appreciation]
@62[Expected Vacancy Factor]
@31[F1]
@3[Fields]
@93[Filename]
@36[Filename Directory]
@91[Form Screens]
@91[Forms]  
@28[Go To Menu]
@51[Gross Operating Income]
@60[Gross Scheduled Income]
@30[Help Index]
@30[Help Menu]
@71[Holding Period]
@58[Improvements Allocation]
@3[Input Fields]
@64[Insurance]
@45[Interest Rate] 
@55[Interest Rate, Other Loans]
@115[Internal Rate of Return (IRR)]
     @121[More]     @-1[Previous Screen]     @118[Index]     @0[Exit Help]
.121
HELP INDEX, $mart Real Estate Investor 
@69[Investor's I.R.S. Tax Bracket]
@94[I.R.S.]
@7[Load Form]
@22[Loan Calculations Menu]
@15[Loan Fields]
@66[Maintenance]
@67[Management]  
@47[Monthly Payment]
@57[Monthly Payment, Other Loans]
@32[More Notes]
@1[Mouse]
@1[Moving around the Bar Menu] 
@29[Moving around in $mart Real Estate Investor]
@82[Menu Bar]
@25[Net Operating Income]
@6[New Form]
@84[Next Screen]
@37[Original Purchase Price]
@40[Other Initial Costs]
@54[Other Loans]
@68[Other Operating Expenses]
@3[Output Fields]
     @122[More]     @-1[Previous Screen]     @118[Index]     @0[Exit Help]
.122
HELP INDEX, $mart Real Estate Investor 
@52[Page Up-Down Keys]
@47[PMT]  
@33[Prepared by]
@33[Prepared by Phone Number]
@34[Prepared For]
@53[Present Value]
@84[Previous Screen]
@20[Print Current Form]
@35[Property Address]
@72[Property Appreciation]
@35[Property Location]
@32[Property Notes]
@63[Property Taxes]
@98[Projected Future Sales Price]
@71[Projected Holding Period]
@113[Projected Property Appreciation Rate]
@99[Projected Sales Costs]
@3[Protected Fields]
@1[Pull Down Menus]
@37[Purchase Price]
@53[PV]
@21[Quit $mart Real Estate Investor]
     @123[More]     @-1[Previous Screen]     @118[Index]     @0[Exit Help]
.123
HELP INDEX, $mart Real Estate Investor 
@45[RATE]
@106[Rate of Return (Yield) on Invested Capital]
@4[Save Current Form]
@17[Save Current Form AS]
@36[Scroll]
@75[Selecting an Item]
@102[Tax Due on Sale]
@101[Taxable Gain on Sale]
@43[Taxable Income or (Loss)]
@69[Tax Bracket]
@44[Tax Savings or Liability]
@46[TERM]
@56[TERM, Other loans]
@28[Title Screen]
@105[Total Accumulated Over the Holding Period]
@24[Total Annual Operating Expenses]
@9[Total Initial Investment]
@10[Total Loans]
@12[Total Loan Payments]
@95[Using Help]
@65[Utilities]
@62[Vacancy Factor]
     @124[More]     @-1[Previous Screen]     @118[Index]     @0[Exit Help]
.124
HELP INDEX, $mart Real Estate Investor 
@18[Value of Improvements]
@13[Value of Land]
@111[Variable Factors and Multipliers]
@47[What are the Monthly Payments?]
@45[What is the Interest Rate?]
@46[What is the Length of the Loan?]
@53[What is the Principal Balance?]
@125[$mart Keys]
@110[$mart Tour]













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.125
$MART KEYS  
To use a $mart Key, press the @76["ALT"] key together with one of the 
following the $mart Keys.

Action Menu                 ALT-A
Delete Form                 ALT-D
Go To  Menu                 ALT-G
Help Menu                   ALT-H
Inflation Factors           ALT-I
Load Form                   ALT-L
Loan Calculations           ALT-C
New Form                    ALT-N
Print Current Form          ALT-P
Quit                        ALT-Q
Save Current Form           ALT-S








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