# TIME VALUE OF MONEY

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

A
B
C
FUTURE AND PRESENT VALUE FACTORS

Interest rate
Present value

Year
1
2
3
4

D

E

F

10%
1,000
First of
Year
Balance

Interest

1,000
1,100
1,210
1,331

100
110
121
133

End of
% of
Year
Initial
Balance Investment
1,100
1,210
1,331
1,464

110%
121%
133%
146%

% of Initial Investment ( Future Value Factor ) = ( 1 + Interest Rate ) ^ # of Years
Present Value Factor = 1 / ( 1 + Interest Rate ) ^ # of Years

Page 1

G

736 909 Plus Interest Less Payment 379 317 249 174 91 Page 2 (1.791 3. cash flow (payment) and discount rate (interest rate) on a five-year loan.736 909 0 .000) (1.791 Beginning Balance 3. Interest rate Payment Amount borrowed Year 1 2 3 4 5 10% 1.TIME VALUE OF MONEY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 A AMORTIZATON TABLE B C D E F G The following amortization table shows the link between the present value (amount borrowed).487 1.000) (1.487 1.170 2.000) (1.000 3.000) Ending Balance 3.000) (1.170 2.

6 7 Interest rate 10% 8 Payment 1.000 1.000 1.TIME VALUE OF MONEY A B C D E F G H 1 PRESENT VALUE CALCULATION 2 3 4 The following shows how to calculate the present value as the sum of the present values 5 of the cash flows.000 1.000 13 Present value factor 100% 91% 83% 75% 68% 62% 14 PV of payment 909 826 751 683 621 15 PV of all payments 3.000 1.791 Page 3 .000 9 10 Year 0 1 2 3 4 5 11 12 Payment 1.

any two of the following determine 4 the third: present value. Be careful about the signs! 5 6 1.000 1.000 19 PV of cash flows 3. cash flow.000 1.791) 12 13 14 2.000 1. 7 8 Discount rate 10% 9 Number of periods 5 10 Cash flow 1. series of cash flows).TIME VALUE OF MONEY A B C D E F G 1 SPREADSHEET FUNCTIONS 2 3 Given the number of periods (or number of payments). discount rate. present value).000 1.000 11 Present value (3. 31 32 Year 0 1 2 3 4 5 33 34 Cash flow (3. 23 24 Discount rate 10% 25 Number of periods 5 26 Present value 3791 27 Cash flow (1. The present value can also be computed as NPV(interest rate.000) 28 29 30 4.000 1. # of periods.000 35 Internal rate of return 10% Page 4 H .791 20 21 22 3. The discount rate is computed as IRR(series of present value and cash flows). 15 16 Year 0 1 2 3 4 5 17 18 Cash flow 1.000 1. The present value is computed as PV(interest rate.791) 1.000 1. The cash flow is computed as PMT(discount rate.000 1. cash flow). # of periods.

56 110.67 102.56% 110.47% Effective annual rate = FVF .52 103.67% 102.56 Interest 0.38 104.91 E ( Annual rate / 12 ) Ending Balance 100.89 0.88 0.75 108.90 0.52% 103.98 106.75 108.83 101.11% 105.85 0.24% 105.83 0.65% 109.65 109.100% Page 5 F .83% 101.38% 104.00 100.84 0.11 105.47% 10.87 0.88 0.86 107.52 103.83% Beginning Balance 1 2 3 4 5 6 7 8 9 10 11 12 C 100.67 102.86% 107.11 105.47 Future Value Factor 100.24 105.24 105.86 107.98% 106.65 109.83 101.91 0.75% 108.TIME VALUE OF MONEY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 A B MONTHLY COMPOUNDING Annual interest rate Monthly interest rate Month Effective annual rate D 10% 0.100% = ( 1 + Monthly Rate )^12 .86 0.85 0.98 106.38 104.

916.609.27) (23.75) (797.19) (366.60) (232.001.05) (54.34) (7.89 8.73) (58.19) (366.92) (1.19) (366.897.23) (137.93) (774.77) (345.74) (1.98) (61.055.56 3.19) (366.248.83) (39.374.29 11.196.19) (366.927.998.68) (190. the monthly payment and the following amortization table will automatically recalculate.19) (366.59) (998.56) (158.83) (123.68 1.784.63) (72.78) (83.021.021.81 14.17) (17.533.19) (366.19) (366.19) (366.88) (117.640.19) (366.63) (7.19) (366.19) (366.19) (366.80 47.98 51.85) (119.19) (366.465.646.23 7.20) (41.924.333.77) (4.73) (82.063.53) (68.58 2.710.107.19) (366.681.54) (41.79) (46.19) (366.86) (531.89) (556.19) (366.587.38) (24.19) (366.90) (165.19) (97.19) (366.12) Page 6 G .19) (366.19) (366.160.34 6.156.399.19) (366.228.234.14) (154.19) (366.81) (8.19) (366.069.81) (331.27) (23.228.853.19) (366.79) (18.14) (105.71) (67.19) (366.02) (186.09) (701.225.83) (151.53 13.88) (121.19) (366.04 5.65) (63.723.74) (1.843.19) (366.96 5.987.70) (110.27) (66.952.72) (52.19) (366.113.539.132.714.806.699.00% 4 \$366.19) (366.717.998.70) (277.64) (25.99 8.19) (366.916.903.777.985.649.08 9.62) (132.75) (83.60) (23.84) (56.67) (117.855.795.19) (366.89 8.56) (118.85) (11.308.48) (350.04) (35.884.240.50) (166.81) (53.32) (136.19) (366.37) (399.19) (366.95) (94.83) (91.57) (140.99 8.85) (17.08) (43.26 10.44) (666.871.66) (152.21) (134.756.68) (485.533.19) (366.53) (68.19) (366.39) (33.784.16) (213.19) (366.42) (29.52) (49.821.47) (508.134.568.649.714.102.84 14.26) (36.651.19) (366.93) (632.49) (44.760.69 45.77) (27.161.97) (113.00) (216.66) (88.62) (44.63) (1.00 (366.80) (111.646.232.777.19) (366.773.95) (137.67) (155.19) (366.06) (71.88) (98.479.19) (366.19) (366.723.19) (366.843.74 7.439.61) (989.55) (2.05) (8.19) (366.94) (295.64) (71.33) (389.71) (151.58) (153.200.490.19) (366.384.99) (468.13) (45.62 11.289.49) (782.77 (0.52 2.72) (62.55) (28.51) (36.922.035.22) (75.19) (366.86) (50.09 12.80) (111.794.533.485.43 41.19) (366.906.25) (59.40) (885.19) (366.77 100.01) (3.42) (379.19) (366.83) (151.19) (366.19) (366.69) (252.58) (435.19) (366.412.34) (28.19) (366.63) (24.17 13.879.19) (366.19) (366.06) (105.714.27) (66.90) (737.07 9.084.56) (118.107.98 13.73) (58.60) (63.04) (129.186.924.19) (366.19) (366.31) (430.77) (69.58) (48.20) (41.685.12 9.57) (205.42) (46.867.096.19) (366.69) (89.806.200.19) (366.57) (25.59) (103.121.19) (366.37) (86.952.96 16.41) (927.81) Month 0.20) (2.23) (148.18 64.645.537.72) (18.02) (15.697.91) (9.19) (366.19) (366.19) (366.794.19) (366.19) (366.155.61) (1.370.795.19) (366.116.009.63) (72.34 6.15) (568.19) (366.209.354.806.31) (66.19) (366.71 6.086.57) (751.820.19) (366.77) (69.03) (962.541.35) (612.33 85.624.43) (49.75) (35.02) (74.02) (820.773.00) (54.370.165.013.695.173.19) (366.29) (98.98) (936.80) (141.134.19) (366.40) (1.64) (71.81) (13.44 94.57) (9.83 91.62) (248.19) (366.85) (37.70 4.57) (9.419.116.225.16) (877.112.881.375.67) (5.19) (366.18 62.97) (163.92) (1.39) (1.539.196.466.573.70) (110.24) (77.83 2.19) (366.99) (22.19) (366.452.531.19) (366.77) (179.17) (69.084.40) (93.23) (108.56 3.09) (519.153.17 10.19) (366.970.03) (85.993.91) (64.09 725.19) (366.396.15) (593.19) (366.63) (24.19) (366.13) (76.10) (42.19) (366.013.634.75) (21.89) (441.79) (256.13) (115.01) (31.09) (135.76) (86.82) (95.19) (366.110.313.19) (366.07 9.26 10.815.86) (13.625.054.026.92) (261.81 14.318.79 1.54 21.238.99) (21.55) (409.303.04) (457.670.09) (135.20) (645.43) (49.187.60) (143.19) (366.650.26) (42.30 28.147.927.85) (17.322.19) (366.325.78) (59.46) (70.19) (366.001.092.04 8.A 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 B Principal Interest rate Number of years Monthly payment C D E F \$15.43) (19.19) (366.40) (93.86) (12.55) (2.19) (366.914.19) (366.771.31) (147.19) (366.924.918.02) (74.97) (156.32) (111.19) (366.19) (366.19) (366.514.318.26) (131.78) (852.461.19) (366.993.105.897.19) (366.98) (61.19) (366.210.45) (10.072.315.66) (228.756.81) (53.56) (31.52) (374.072.70) (980.47 83.19) (366.009.385.55) (56.19) (366.51) (36.545.28) (16.021.57) (20.19) (366.113.90 49.03) (37.358.83) (160.19) (366.240.496.92) (12.86) (220.291.637.80) (6.49) (159.08) (10.19) (366.16) (708.19) (366.31 11.73) (80.172.51) (599.11) (33.19) (366.95) (94.19) (366.653.29) (98.85) (49.19) (366.026.904.57) (20.617.53 30.50) (462.43 (366.96) (102.19) (366.19) (366.410.35) (60.17 87.19) (366.03) (139.19) (366.72) (52.926.19) (366.916.05) (124.19) (366.37 12.17 13.25) (269.671.406.974.788.795.17) (57.815.309.537.19) (366.10 56.835.803.72) (18.11) (2.09) (4.098.645.37) (14.62) (452.871.044.82) (549.904.086.19) (366.440.96) (525.277.855.80) (96.02) (15.541.581.879.96) (74.234.92) (12.879.19) (366.161.19) (366.32) (491.53 13.97) (282.43) (766.539.573.397.412.09 9.754.39) (53.793.70) (11.72) (62.05 72.95 5.19) (366.835.78) (59.07) (197.924.708.73) (80.98) (29.50) (366.70) (38.581.16) (680.04 5.959.955.79) (836.235.806.11) (126.19) (366.19) (366.733.74) (81.514.17 3.57 4.37) (25.75) (224.651.410.928.993.05) (8.76) (116.448.19) (366.248.333.11) (2.32) (299.79 1.23 7. Beginning Balance Plus Interest Less Payment Ending Balance 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 15.19) (366.85) (49.092.039.25) (47.073.10) (40.98) (29.04) (129.85) (37.52) (78.163.86) (109.888.249.529.013.86) (50.993.225.971.627.615.385.11) (33.941.04) (149.406.554.98 74.74 32.65) (16.531.96) (34.62) (44.21) (112.452.19) (366.10) (42.209.952.49) (1.37) (25.19) (366.693.86) (109.483.90) (606.19) (366.826.419.640.843.37) (22.58) (153.69) (894.98) (869.771.521.19) (366.671.75) (35.81) (26.19) (366.00) (562.483.79) (77.17 10.13) (317.669.798.46) (70.37) (9.37) (92.19) (366.19) (366.00) (55.159.32) (145.28) (52.627.58) (48.112.325.19) (366.93) (12.07) (168.19) (366.888.77 11.04 8.38) (24.760.885.83) (3.514.249.339.97 9.19) (366.00) (54.879.19) (366.19) (366.19) (366.959.633.35) (71.08) (9.19) (366.81) (201.65) (729.00 14.114.138.19) (366.86) (420.77) (107.09 725.19) (366.65) (659.09) (789.587.62) (130.319.60 7.19) (366.57 4.19) (366.452.71) (43.12) (125.63) (162.19) (66.879.05 53.37) (86.295.952.42) (106.155.113.79) (18.01) (31.820.34) (394.08 9.72) (39.19) (366.91 1.172.83) (1.06) (425.35) (127.76) (116.105.83) (1.71) (43.19) (366.43) (121.19) (366.793.25) (59.672.58 2.633.112.37 12.19) (366.83) (39.19) (366.000.19) (366.03) (902.81) (26.19) (366.55) (165.89) (919.821.81) (13.97) (163.46) (20.80) (141.365.19) (366.43) (336.448.563.19) (366.881.19) (366.160.07) (95.75) (21.06) (161.03) (139.19) (366.098.95 5.09) (4.37) (6.62 11.250.165.156.19) (366.112.63) (7.13) (99.000 8.19) (366.24) (102.11 36.67) (5.19) (366.87) (22.83) (3.826.196.25) (47.18) (175.19) (366.19) (366.19) (366.79) (77.507.19) (366.80) (14.19) (366.36) (384.00) (55.19) (366.786.91) (64.32) (136.399.85) (11.19) (366.781.90) (87.24 4.971.64) (25.309.91 75.19) (366.44) (26.19) (366.88) (104.297.400.00) 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 0.56) (31.29) (954.19) (366.039.918.514.09) (144.19) (366.188.76) (89.41 10.52 2.19) (366.669.06) (127.08 13.859.47) (63.021.19) (366.19) (366.19) (366.146.11) (1.653.650.09) (19.27) (715.17 66.51) (73.90) (165.634.07) (694.19) (366.339.303.74 7.19) (366.843.77) (107.19) (366.19) (366.83) (160.397.52) (78.99) (21.08) (340.19) (366.83) (84.490.70 4.19) (366.114.121.308.19) (366.73) (1.483.32) (145.903.64) (6.105.19) (366.19) (366.83) (57.80) (96.19) (366.13 363.916.19) (366.60) (143.08) (9.26) (131.46) (20.49) (159.05) (124.79) (14.69) (89.41) (65.19) (366.86) (13.91 11.68 3.08) (10.07) (95.20) (2.93) (12.092.625.49) (44.18) (108.974.24 4.65) (63.55) (28.21) (134.73) (82.78) (120.955.798.539.03) (89.76) (100.84 14.19) (366.922.09 9.196.364.624.01) (3.56) (158.238.35) (71.91) (5.83) (619.19) (366.972.85) (860.13 363.186.81) (364.400.147.19) (366.34) (147.319.165.56) (240.81) (8.85) (119.649.17) (33.71) (502.19) (366.19) (366.73) (90.971.391.82) (80.09 12.693.125.83) (84.781.19) (366.013.19) (366.57) (580.83) (91.00) (359.90) (652.19) (366.17) (17.77 11.470.055.83) (123.256.256.803.10 70.914.24) (77.19) (366.12 9.867.23 4.19) (366.73) (304.059.016.49) (1.67) (79.12) (4.34) (574.19) (366.19) (366.19) (366.74) (81.57) (236.77) (4.733.13) (99.24) (102.49) (114.191.41) (65.19) (366.29 11.235.62) (132.64) (6.483.09) (130.67) (79.374.184.163.19) (366.09) (144.19) (366.681.89) (17.43) (121.19) (366.67) (155.26) (514.794.277.57 43.19) (366.19) (366.91) (5.19) (366.19) (366.529.48) (51.916.466.699.19) (366.289.971.97) (759.03) (37.76) (51.19) (366.19) (366.941.507.75) (83.19) (366.03) (85.37) (6.81) (537.19) (366.717.19) (366.09) (19.191.19) (66.17) (33.00 98.496.794.71 6.17 3.322.685.34) (147.19) (366.110.568.365.91) (9.72) (39.563.007.19) (366.77) (30.19) (366.90) (7.66) (88.11) (126.73) (38.231.681.91 11.60 81.19) (366.113.210.06) (127.23) (108.670.48) (51.19) (366.45) (805.609.19) (366.496.125.35) (209.374.39) (53.53 7.14 58.637.28) (16.19) (366.10) (40.184.19 If the principal or interest rate are changed.479.381.82 77.105.19) (366.225.396.559.059.66) (152.09) (130.03) (89.09) (687.77) (27.19) (366.87) (15.951.978.470.84) (587.64 14.36) (625.978.231.681.617.07) (265.138.93 34.68 3.26) (286.19) (366.60) (23.88) (77.28 39.026.11) (124.14 68.19) (366.381.41 10.859.64) (60.37) (22.88) (117.92) (134.93) (144.985.19) (366.73) (38.853.19) 14.63) (140.19) (734.12) (125.80) (14.24) (446.375.13) (76.972.91) (13.250.19) (366.34) (7.188.97) (113.19) (366.04) (149.187.461.697.13) (115.364.13) (45.26) (42.795.970.911.35 2.25) (30.297.885.78) (92.165.19) (734.58) (290.73) (90.19) (366.496.19) (366.70) (11.63) (140.38) (41.35) (60.21) (813.615.928.19) (366.06 25.14) (105.88) (828.173.38) (183.19) (366.53 7.19) (366.19) (366.66) (322.19) (366.25) (30.19) (366.88) (104.64 92.64) (313.96) (34.92) (32.84) (56.069.879.91 1.146.232.19) (366.52) (474.19) (366.79) (14.34) (28.76) (844.89) (1.81 23.61) (945.19) (366.19) (366.25) (30.949.17 60.11) (34.45) (10.55) (56.295.44) (4.374.19) (366.19) (366.78) (120.19) (97.42) (29.65) (369.96 5.427.358.59) (103.710.695.64) (19.46) (273.19) (366.19) (366.22) (355.315.71 79.19) (366.649.19) (366.21) (112.19) (366.92) (32.143.465.19) (366.84 6.926.559.159.153.291.19) (366.19) (366.80) (6.37) (92.22) (75.97) (156.68) (414.19) (366.19) (366.533.26 18.19) (366.54) (639.44) (404.132.19) (366.54) (41.19) (366.949.19) (366.105.685.21) (744.43) (722.672.65) (16.96 12.96 12.42) (46.23 96.14) (1.42) (106.08) (479.427.708.17) (308.082.440.485.313.714.58) (244.987.06) (46.63) (162.35 2.19) (366.911.91) (13.80) (543.884.391.685.384.25) (30.906.12) (4.425.22) (326.26) (36.68 1.00 (2.87) (22.84) (971.439.95) (137.90) (87.788.01 89.08 13.554.61) (172.19) (366.16) (27.71) (67.64) (19.06) (46.143.425.98 13.19) (366.545.354.60) (63.19) (366.58) (158.76) (100.17) (57.19) (366.36) (194.19) (366.44) (26.11) (34.14) (1.916.19) (366.51) (73.44) (910.754.87) (15.19) (366.521.452.28) (673.19) (366.793.105.096.76) (51.00) (496.951.23) (148.84 6.793.

95 146.050.618.84 944.262.89 970.542.54 992.131.88 139.68 439.51 424.37) (1.61 542.38 132.153.327.153.48 1.82 64.48 1.37) (1.427.488.37) (1.531.153.316.89 151.85 980.96 987.37) (1.396.41 140.41 108.629.35 1.37) (1.745.146.389.153.153.153.82 808.90 37.38 912.153.37) (1.37) (1.33 125.87 935.74 127.42 122.17 139.153.022.37 20.04 902.927.12 33.163.024.153.89 96.388.604.62 47.856.036.37) (1.298.93 138.82 75.75 137.153.24 148.96 29.87 767.530.37) (1.153.37) (1.58 371.153.517.546.550.35 141.75 1.02 63.37) (1.36 818.52 16.42 113.604.27 900.618.79 403.37) (1.37) (1.021.63 110.320.29 147.00 137.37) (1.153.153.153.39 419.609.388.90 938.141.969.23 114.601.153.37) (1.94 107.46 146.37) (1.316.871.03 148.153.431.153.51 135.32 48.917.165.87 108.184.004.876.08 28.47 146.51 120.005.23 30.40 59.24 148.147.84 127.194.19 948.51 135.88 511.469.153.002.738.69 134.37) (1.153.06 117.153.004.327.862.37) (1.153.04 8.86 307.153.12 33.153.09 753.37) (1.12 31.47 141.32 55.153.323.02 94.61 115.153.37) (1.06 981.45 141.13 1.956.93 295.37) (1.153.910.445.56 887.37) (1.910.37) (1.37) (1.478.93 31.95 93.40 658.860.37) (1.37) (1.24 147.144.37) (1.15 97.553.77 86.153.37) (1.24 843.75 89.903.26 983.37) (1.37) (1.228.65 116.86 41.153.153.153.153.37 125.28 665.826.034.37) (1.41 140.37) (1.37) (1.17 780.02 129.42 100.37) (1.482.153.85 148.047.153.687.90 147.153.419.078.37) (1.55 125.785.85 21.386.795.352.153.153.474.945.419.45 149.054.17 121.099.94 587.64 149.153.450.817.82 143.71 52.37) (1.125.96 90.530.01 142.565.62 6.62 50.048.73 126.97 111.63 319.844.93 31.346.153.793.153.153.137.86 41.153.37) (1.37) (1.37) (1.158.37 942.37) (1.060.40 86.61 68.934.450.37) (1.153.320.82 43.85 132.37) (1.32 15.153.697.86 1.609.37) (1.530.153.41 108.39 917.153.67 2.516.07 91.52 81.816.43 973.153.37) (1.93 138.37) (1.404.903.37) (1.59 478.76 149.02 720.37) (1.573.94 975.943.08 111.781.153.787.687.23 930.49 103.780.935.645.153.153.77 313.264.023.153.054.60 1.02 94.002.44 98.153.153.019.006.809.37) (1.736.04 94.10 145.084.37) (1.02 92.026.36 785.11 137.941.50 925.019.040.153.37) (1.967.85 117.270.153.153.57 118.52 141.849.829.744.153.23 149.79 121.39 39.37) (1.48 105.49 103.153.153.08 893.37) (1.388.153.258.36 144.207.440.37) (1.153.03 110.128.62 149.37) (1.597.056.153.335.79 932.10 213.37) (1.633.37) (1.50 1.153.65 145.029.592.121.92 575.153.45 953.70 119.153.153.632.153.017.82 132.243.01 117.72 38.22 1.030.66 119.053.934.85 474.624.25 870.936.08 239.37) (1.153.76 134.37) (1.482.37) (1.21 143.48 123.62 144.37) (1.43 93.86 137.37) (1.40 143.37) (1.153.54 112.340.914.37) (1.61 1.488.37) (1.87 36.153.73 708.87 145.37) (1.00 140.37) (1.27 102.37) (1.37) (1.95 354.21 1.153.70 896.37) (1.165.94 72.153.98 717.36 49.50 135.37) (1.99 138.018.153.306.876.969.871.90 1.567.674.37) (1.49 622.37) (1.07 146.153.373.34 112.94 107.24 106.918.139.19 1.87 126.85 143.37) (1.37) (1.597.711.03 110.44 125.40 1.96 90.37) (1.153.515.434.738.03 104.350.153.153.82 283.974.37) (1.153.411.45 149.640.62 957.55 59.37) (1.207.37) (1.567.60 47.153.37) (1.153.316.76 149.37) (1.306.37) (1.03 919.71 140.37) (1.153.37) (1.153.42 651.80 986.38 136.58 127.37) (1.26 (0.014.37) (1.62 47.153.66 434.745.47 1.90 147.892.02 730.15 120.194.37) (1.640.153.11 24.97 144.15 130.153.153.38 136.00 1.26 101.38 87.153.106.90 37.34 134.95 144.300.369.83 165.82 502.37) (1.38 1.592.77 83.137.37) (1.37) (1.97 337.46 1.07 80.153.153.153.539.254.153.153.420.909.75 128.388.816.04 724.37) (1.153.153.153.153.79 121.158.153.22 611.37) (1.91 735.88 70.139.11 144.37) (1.059.387.358.87 23.37) (1.732.96 95.82 84.153.66 147.049.749.89 756.76 134.059.12 550.37) (1.37) (1.046.23 331.153.252.153.37) (1.563.846.17 115.87 126.052.37) (1.434.153.37) (1.18 976.039.356.153.474.85 19.20 126.45 747.781.153.153.24 1.99 996.918.85 387.62 110.144.435.85 954.601.92 714.37) (1.61 130.567.902.54 98.153.87 124.153.62 116.77 783.81 10.25 87.153.085.709.70 129.624.56 58.37) (1.203.41 834.37) (1.966.153.631.56 80.68 137.07 137.411.43 130.37) (1.153.423.37) (1.83 711.72 1.04 94.34 1.153.153.17 16.70 277.57 139.02 129.23 810.23 46.37) (1.153.86 571.66 7.41 978.629.388.12 144.153.87 36.553.07 128.581.520.909.243.033.37) (1.153.11 107.37) (1.069.69 144.288.50 73.60 139.323.98 1.57 769.424.82 143.833.63 813.064.41 123.75 947.800.050.751.527.028.153.82 43.715.86 143.49 148.153.93 81.561.88 96.37) (1.23 149.699.814.72 12.646.369.366.424.068.34 644.70 129.153.153.846. Month 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 Beginning Principal Plus Interest Less Payment Ending Principal 150.153.37 78.99 63.50 559.258.163.52 81.60 1.153.297.122.24 147.06 117.340.139.144.153.466.74 118.153.73 126.09 45.37) (1.153.02 92.37) (1.773.46 105.27 990.07 682.096.96 579.084.454.40 132.25 87.30 483.462.25 85.487.02 408.37) (1.87 100.538.37) (1.530.216.182.03 149.379.153.781.25 891.843.001.47 1.153.061.153.153.96 79.42 57.856.300.04 1.61 149.61 108.02 11.903.153.306.42 88.153.37) (1.153.153.153.16 1.67 220.153.921.517.37) (1.12 31.415.37) (1.37) (1.694.17 146.45 141.30 137.153.37) (1.92 139.632.913.36 506.528.14 131.584.069.28 130.94 53.39 105.37) (1.37) (1.09 927.55 125.43 1.90 131.54 98.153.637.37) (1.814.153.263.153.08 997.72 38.153.31 25.37) (1.37) (1.442.377.19 141.450.19 874.37) (1.72 94.21 134.45 984.61 1.125.97 111.82 133.153.26 868.37) (1.153.153.08 111.953.21 1.27 699.37) (1.31 124.254.50 73.37) (1.720.00 880.69 669.51 398.07 365.292.31 968.55 148.79 904.37) (1.26 138.28 115.85 5.08 28.950.27 1.345.87 61.91 301.027.09 45.76 75.01 855.153.26 464.66 233.59 744.153.37) (1.939.153.836.716.37) (1.437.37) (1.927.153.34 22.58 127.69 104.784.37) (1.29 133.04 53.054.461.153.247.83 147.282.37) (1.153.22 148.94 147.715.37) (1.37) (1.262.37) (1.047.82 14.849.37) (1.153.054.54 112.37) (1.466.55 1.503.93 65.02 11.026.153.30 122.37) (1.56 80.37) (1.63 55.389.37) (1.37) (1.921.62 110.138.327.674.20 392.454.07 1.37) (1.043.097.72 741.025.184.32 15.18 135.55 136.02 34.83 200.86 1.61 101.37) (1.29 133.04 951.24 144.849.64 836.037.10 135.045.875.29 85.950.82 14.13 193.63 103.98 145.366.56 62.37) (1.246.153.14 876.53 122.37) (1.86 692.78 123.854.37) (1.440.88 96.91 51.37) (1.08 142.81 113.37) (1.88 546.153.00 140.153.19 136.042.98 909.950.153.26 148.153.849.737.956.153.94 53.153.62 144.82 139.37) (1.69 885.153.153.536.37) (1.781.00 121.153.81 883.153.145.37) (1.287.93 788.37) (1.153.43 134.04 1.828.95 144.047.37) (1.693.203.153.37) (1.570.699.59 35.84 124.700.37) (1.143.153.37) (1.153.30 4.57 95.943.239.153.37) (1.124.153.94 102.37) (1.84 124.87 100.937.153.153.88 147.153.75 106.15 148.46 54.93 81.43 44.711.82 84.282.37) (1.469.153.37) (1.020.37) (1.02 798.27 62.30 137.37) (1.01 142.04 53.37) (1.61 68.28 1.40 939.02 63.51 133.609.653.096.37) (1.350.23 1.37) (1.25 118.31 42.80 142.54 67.153.737.153.153.563.37) (1.771.37) (1.37) (1.88 139.37) (1.304.15 148.93 3.953.292.69 910.30 945.40 59.46 145.57 603.37) (1.153.114.78 50.153.48 119.67 2.08 142.000.41 40.224.34 141.179.445.69 104.153.67 921.032.828.006.941.335.741.38 87.37) (1.31 25.49 1.64 122.153.19 112.96 123.49 206.48 84.609.37) (1.915.32 48.37) (1.082.75 69.29 922.17 127.573.37) (1.091.000.37) (1.153.320.17 999.223.584.98 145.86 140.04 727.37) (1.153.153.10 135.53 905.047.22 414.311.153.660.34 82.55 148.943.07 77.42 88.153.37 20.153.47 146.153.153.37) (1.93 143.91 88.38 74.153.20 126.55 777.153.62 146.002.17 149.37) (1.86 143.37) (1.76 641.153.62 6.784.37) (1.153.24 955.64 1.37) (1.153.54 271.37) (1.004.15 764.67 1.920.153.153.62 449.37) (1.49 56.817.085.51 136.802.15 119.37) (1.179.94 72.773.235.153.38 74.25 85.37) (1.85 132.01 117.28 750.950.875.33 77.153.153.478.404.37) (1.153.153.950.022.37 78.561.89 96.37) (1.61 115.932.239.38 132.26 138.45 325.08 695.48 135.287.64 97.364.46 105.30 26.153.37) (1.153.33 142.47 145.03 822.37) (1.088.744.93 65.645.37) (1.62 146.320.153.37) (1.153.14 1.474.34 82.92 1.24 66.37) (1.81 145.89 107.92 139.037.153.37) (1.192.153.532.37) (1.874.527.37) (1.87 145.053.41 459.37) (1.153.032.153.59 91.00 109.44 70.153.153.530.239.419.67 86.917.334.327.37) (1.037.80 252.352.919.153.999.153.74 126.68 133.153.93 3.046.81 520.971.099.29 85.37) (1.153.200.005.609.37) (1.153.64 122.37) (1.47 382.98 146.153.37) (1.660.914.153.37) (1.223.54 109.37) (1.153.346.00 137.99 958.751.424.153.37) (1.516.057.24 497.37) (1.53 1.153.58 1.37) (1.18 135.16 60.435.37) (1.264.153.38 1.44 71.11 107.36 144.153.953.767.028.37 If the principal or interest rate are changed.104.153.52 101.010.25 118.192.96 95.57 1.51 24.37) (1.37) (1.37) (1.158.732.082.03 148.091.71 147.97 13.153.37) (1.34 141.05 143.37) (1.614.445.37) (1.84 113.44 125.530.96 123.81 10.37) (1.23 114.37) (1.474.271.482.352.24 144.144.736.56 1.95 803.431.642.364.41 607.15 120.37) (1.386.044.12 93.153.725.69 849.153.66 119.00) Page 7 G .37) (1.37) (1.860.121.420.17 149.20 862.153.32 555.153.57 95.37) (1.37) (1.07 56.37) (1.528.153.48 135.70 599.44 98.37) (1.153.917.77 86.75 69.054.720.963.37) (1.153.153.247.37) (1.37) (1.153.153.973.913.64 1.053.153.65 563.715.787.364.320.85 19.941.86 137.37) (1.46 99.423.96 1.963.153.42 100.37) (1.061.87 124.487.26 866.742.69 129.89 648.04 962.37) (1.470.153.524.69 144.37) (1.34 134.038.42 57.71 147.77 83.37) (1.71 52.47 146.104.48 17.85 138.515.153.76 66.153.153.11 144.446.37) (1.77 147.07 128.68 128.37) (1.153.37) (1.53 633.11 (1.246.56 90.37) (1.37) (1.87 23.937.25 83.67 444.941.445.35 141.13 149.07 91.72 12.35 959.37) (1.37) (1.39 39.153.37) (1.14 131.00 149.46 1.37) (1.800.50 135.37) (1.37) (1.33 125.309.153.19 141.15 140.153.37) (1.373.82 851.30 4.200.07 672.97 733.153.653.935.019.54 67.919.153.53 454.153.200.697.86 131.27 1.700.96 583.153.37) (1.37) (1.822.37) (1.561.006.43 93.073.91 775.24 106.90 924.785.37) (1.19 112.37) (1.74 126.153.81 595.91 882.78 148.59 91.69 134.43 44.411.49 114.096.30 132.37) (1.781.63 103.37) (1.37) (1.37) (1.153.153.37) (1.04 376.23 30.82 132.126.37) (1.809.63 74.62 492.06 129.427.37 964.31 124.214.33 933.536.153.131.298.058.446.63 985.288.10 145.780.37) (1.153.70 1.442.642.28 131.446.484.153.83 32.153.99 32.153.37) (1.47 141.153.153.37) (1.98 533.415.32 1.20 1.97 144.716.37) (1.07 56.035.54 1.74 127.51 133.950.37) (1.271.096.577.37) (1.37) (1.82 738.00 109.145.37) (1.24 78.26 148.153.484.82 75.70 119.37) (1.943.153.85 21.829.153.153.019.37) (1.51 136.153.82 138.94 40.153.37) (1.153.470.767.487.728.228.047.224.58 1.94 102.37) (1.37) (1.866.774.89 591.86 1.646.153.55 59.153.37) (1.37) (1.635.71 120.82 138.73 1.694.153.181.567.153.82 109.61 101.78 145.37) (1.200.18 226.37) (1.09 258.37) (1.781.06 129.28 115.153.97 13.153.06 840.06 148.38 186.153.12 988.153.822.15 119.37) (1.60 115.334.76 679.74 118.153.76 619.89 133.37) (1.46 92.37) (1.16 60.055.37) (1.153.92 655.973.62 116.86 838.46 146.153.35 114.032.37) (1.37) (1.40 143.153.24 18.939.26 1.34 22.364.36 686.37) (1.667.028.44 71.24 524.24 78.37) (1.078.902.37) (1.05 143.503.61 136.41 845.062.37) (1.90 289.153.520.064.62 50.778.78 994.63 827.37) (1.270.37) (1.91 829.37) (1.153.577.71 120.34 112.153.487.153.478.153.40 132.43 130.61 1.320.844.019.539.67 342.82 133.399.153.36 515.54 27.86 140.45 1.37) (1.153.153.37) (1.37) (1.153.78 148.65 116.37) (1.088.19 123.37) (1.025.024.025.510.46 145.096.84 113.016.63 74.91 88.728.66 147.153.37) (1.89 158.621.85 138.52 1.64 1.88 147.633.48 17.77 1.37) (1.59 35.25 1.61 142.306.94 72.631.37) (1.17 127.008.531.67 929.37) (1.37) (1.012.00 68.399.88 100.304.73 916.37) (1.80 142.538.51 24.47 146.37) (1.964.95 146.816.411.37 125.974.78 123.33 77.765.765.275.37) (1.862.966.75 89.570.23 872.28 130.85 662.153.17 8.032.24 864.275.19 123.07 80.37) (1.561.802.37) (1.953.843.39 105.153.78 145.89 941.37) (1.153.01 966.052.48 140.96 29.356.07 469.37) (1.609.37) (1.82 139. the monthly payment and the following amortization table will automatically recalculate.60 139.445.003.749.89 107.37) (1.774.153.36 49.122.614.920.33 142.046.114.56 62.55 1.37) (1.437.16 860.153.51 138.153.446.967.158.153.56 847.90 131.56 58.153.37) (1.153.153.69 965.715.546.153.57 118.35 114.24 18.37) (1.214.153.46 1.30 26.379.37) (1.94 147.37) (1.932.85 5.153.659.358.08 878.37) (1.46 99.532.778.15 140.03 103.93 143.42 1.60 705.171.007.068.65 145.76 75.216.024.33 348.153.25 83.51 120.49 56.352.27 62.81 145.141.92 853.19 136.945.153.34 825.31 42.461.22 148.153.309.153.373.64 979.37) (1.013.52 796.61 108.95 1.A 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 B Principal Interest rate Number of years Monthly payment C D E F \$150.64 149.815.153.022.153.581.053.009.84 142.00 121.37) (1.37) (1.288.153.66 758.153.128.874.005.153.061.153.24 66.478.153.37) (1.83 32.47 790.253.48 105.37) (1.37) (1.041.742.69 129.153.85 143.81 113.17 146.691.39 936.136.147.164.00 68.153.77 567.37) (1.171.37) (1.153.54 27.30 132.153.153.37) (1.450.023.326.58 76.37) (1.61 149.388.63 110.29 147.741.41 889.34 265.153.892.168.48 119.30 122.53 1.37) (1.17 146.316.13 149.153.17 45.055.153.153.196.637.37) (1.81 130.42 113.46 54.153.288.37) (1.136.37) (1.153.60 969.95 93.40 86.37) (1.87 61.77 147.153.06 1.815.388.37) (1.53 122.037.826.03 103.999.49 114.48 123.00 615.53 141.524.41 991.153.20 1.62 149.54 109.07 137.37) (1.63 529.37) (1.37) (1.153.139.70 820.153.441.37) 149.153.153.816.793.377.07 146.99 138.37) (1.37) (1.39 116.66 7.03 149.94 72.419.153.61 142.445.836.124.026.510.719.06 914.49 148.971.866.88 630.37) (1.23 99.90 895.37) (1.16 78.37) (1.024.635.138.43 134.57 142.146.03 104.11 137.153.37) (1.659.23 99.297.044.78 50.153.76 128.252.00 815.153.85 148.68 128.62 689.61 429.37) (1.01 793.771.153.82 64.46 92.75 128.70 961.21 134.153.37) (1.42 122.86 131.621.153.76 128.37) (1.37) (1.153.09 858.23 46.49 801.143.81 130.37) (1.37) (1.68 137.98 488.50 898.373.153.48 84.76 66.153.53 359.424.000 8.311.46 246.42 761.21 143.72 94.02 34.88 70.60 115.387.85 1.85 1.86 64.667.196.84 142.37) (1.91 51.482.153.17 121.153.41 1.07 77.153.37) (1.06 148.678.678.53 141.37) (1.153.37) (1.441.37) (1.43 676.57 142.153.693.58 179.153.57 139.795.82 109.37) (1.51 138.567.37) (1.45 702.047.691.17 971.709.55 136.153.061.58 76.833.26 101.239.47 145.153.98 146.96 79.56 1.71 140.903.73 172.44 70.83 39.86 64.75 106.168.52 16.015.73 130.917.097.04 8.153.31 537.253.052.126.39 116.25 772.915.37) (1.153.17 45.50% 30 \$1.719.83 147.073.48 140.153.396.85 144.94 40.057.90 1.37) (1.37) (1.153.011.17 831.051.15 130.565.182.37) (1.388.023.153.73 130.153.63 55.61 136.462.37) (1.041.20 626.153.88 100.153.153.52 141.106.153.17 139.12 144.153.16 637.41 40.964.64 97.153.84 127.854.69 974.550.936.37) (1.153.62 950.725.164.326.60 70.67 993.153.37) (1.37) (1.28 131.345.15 97.37) (1.031.89 133.235.37) (1.86 1.17 146.181.153.567.153.153.27 102.263.68 133.153.37) (1.542.89 995.40 805.37) (1.85 117.37) (1.096.56 90.26 907.