Ross, Westerfield, and Jordan's Spreadsheet Master

Essentials of Corporate Finance, 7th edition

by Brad Jordan and Joe Smolira
Version 7.0

Chapter 5

In these spreadsheets, you will learn how to use the following Excel f
SUM
NPV
PV of an annuity
PMT
Annuity interest rate
Annuity periods
FV of an annuity
Annuity due
EAR
APR
LoanExponential
amortization
function
worksheet
Nested function
The following conventions are used in these spreadsheets:
1) Given data in blue
2) Calculations in red
NOTE: Some functions used in these spreadsheets may require that
the "Analysis ToolPak" or "Solver Add-In" be installed in Excel.
To install these, click on the Office button
then "Excel Options," "Add-Ins" and select

"Go." Check "Analysis ToolPak" and

"Solver Add-In," then click "OK."

the following Excel functions:

adsheets:

Chapter 5 - Section 1
Present Value and Future Value of Multiple Cash Flows
Future Value of Multiple Unequal Cash Flows

Unfortunately, Excel does not have a function to calculate the future value of multiple cash flows when the cash flo
the future value of individual cash flows and sum them. Suppose we have the following set of cash flows:
t
1
2
3
4
5

Cash flow
$
10,000
15,000
2,000
19,000
16,500

Interest rate:

10%

What is the future value of these cash flows? We can set up a table to find the future value of each cash flow and s
year 5, we will use a simple trick. The number of years each cash flow will be compounded is 5 minus the year of th
number of periods and use the interest rate as an absolute reference. The future value of the cash flows is:
t
1
2
3
4
5
Total:

Future value
$ 14,641.00
19,965.00
2,420.00
20,900.00
16,500.00
$ 74,426.00

RWJ Excel Tip

To add the future values together, we used the SUM function. The SUM function is used so often that it has its own

Present Value of Multiple Unequal Cash Flows

To find the present value of multiple unequal cash flows, we will first discuss the same method we used to find the
Mark Teixeira's contract which was discussed in the chapter opener. What is the present value of the contract?
t
0
1
2
3

Cash flow
5,000,000
20,000,000
20,000,000
22,500,000

4
5
6
7
8
Interest rate:

22,500,000
22,500,000
22,500,000
22,500,000
22,500,000
12%

We can set up a table to find the present value of each cash flow similar to the table we used to find the future val
is:
t
0
1
2
3
4
5
6
7
8
Total:

Present value
$ 5,000,000
$ 17,857,143
$ 15,943,878
$ 16,015,056
$ 14,299,157
$ 12,767,104
$ 11,399,200
$ 10,177,857
$ 9,087,373
$ 112,546,767

Excel does have a function that can be utilized to find the present value of unequal cash flows, the NPV, or net pres
detail later, but for now, we will use it to find the present value of these cash flows. Using the NPV function, the pr
Present value:

$ 112,546,767

RWJ Excel Tip

The NPV function is located under the Financial functions. We used the following arguments:

While we could have entered each cash flow individually (Year 1 cash flow as Value 1, Year 2 cash flow as Value 2, e
Excel automatically places the cash flow one period apart when entered in this manner. Notice in cell C65, we had
discount that cash flow.

multiple cash flows when the cash flows are of different amounts. However, we can calculate
ollowing set of cash flows:

future value of each cash flow and sum the future values. Since we want the future value at
mpounded is 5 minus the year of the cash flow. So, we will use (5 - current year) as the
re value of the cash flows is:

n is used so often that it has its own button on the Home menu.

e same method we used to find the future value of multiple unequal cash flows. Let's look at
e present value of the contract?

table we used to find the future value of each cash flow. So, the present value of the contract

qual cash flows, the NPV, or net present value, function. We will discuss NPV in much more
ows. Using the NPV function, the present value of the contract is:

ng arguments:

alue 1, Year 2 cash flow as Value 2, etc.,) we chose to enter all of the cash flows as an array.
manner. Notice in cell C65, we had to add the cash flow at time o since we did not want to

Chapter 5 - Section 2
Valuing Level Cash Flows: Annuities and Perpetuities
Present Value for Annuity Cash Flows

Finding the present value of an annuity is a simple task in Excel. Remember the Pmt argument in the PV and FV fun
the annuity payment. Finding the present value of an annuity uses the PV function with the annuity payment in th

Suppose you just won the lottery. Based on the following assumptions, what is the present value of your winnings?
Annual payment:
Number of years for payments:
Interest rate:

Present value:

100,000
25
11%
842,174.47

RWJ Excel Tip

To find the present value of this annuity, we used the following arguments:

Rate is simply the interest rate, Nper is the number of periods, and Pmt is the annuity payment. Since there is no p
negative sign in front of the payment. Excel works like a calculator in that one of the cash flows must be positive an
payment as a positive number we would have gotten a negative answer. Since we prefer our answers to show as p

To find the annuity payment, Excel uses the PMT function. Suppose you are buying a house with the following term

Purchase price:
Number of months for repayment:
Monthly interest rate:

175,000
240
0.50%

Monthly payment:

1,253.75

RWJ Excel Tip

To find the annuity payment, we used the following arguments:

Rate is simply the interest rate, Nper is the number of periods, and Pv is the present value. Since there is no future
sign in front of the present value. Excel works like a calculator in that one of the cash flows must be positive and on
present value as a positive number we would have gotten a negative answer. Since we prefer our answers to show
value.

To find the interest rate for an annuity, Excel uses the RATE function. Suppose you are saving for retirement and kn
retirement balance. What interest rate is necessary for you to reach your goal?
Retirement goal:
Annual amount to save:
Number of years to save:

$
$

Interest rate:
RWJ Excel Tip
To find the interest rate, we used the following arguments:

1,500,000
3,000
35
12.62%

Nper is the number of periods, Pmt is the annuity payment, and Fv is the future value. Since there is no present val
sign in front of the payment. Excel requires that one of the cash flows be positive and one of the cash flows be neg
future value negative and would have received the same answer.

Example 5.6: Finding the Number of Payments

You ran a little short on spring break, so you charged on your credit card. With the following assumptions, how lon
Amount owed:
Monthly payment:
Monthly interest rate:

$
$

Number of months to pay off card:

Number of years to pay off card:
To find the number of periods, Excel uses the NPER function.
RWJ Excel Tip
To find the number of periods, we used the following arguments:

1,000
20
1.50%
93.11
7.76

Rate is the interest rate per period, Pmt is the annuity payment, and Pv is the present value. Since there is no futur
negative sign in front of the payment. Excel requires that one of the cash flows be positive and one of the cash flow
the future value negative and would have received the same answer.

Future Value for Annuities

We can find the future value of an annuity using the Pmt argument in the FV function. Suppose you are saving for r
will you have when you retire?
Annual savings:
Number of years to save:
Interest rate:

Future value:

3,000
30
11%
597,062.63

RWJ Excel Tip

To find the future value of this annuity, we used the following arguments:

Rate is simply the interest rate, Nper is the number of periods, and Pmt is the annuity payment. Since there is no p
negative sign in front of the payment. Excel works like a calculator in that one of the cash flows must be positive an
payment as a positive number we would have gotten a negative answer. Since we prefer our answers to show as p

The NPER and RATE functions can be used with the future value to find the number of periods or interest rate in th
value.

Of course, both the present value and future value functions can accommodate a lump sum value and annuity paym
equal annual amount for retirement, but you also have a little bit saved for retirement. With the following assump
Present value:
Annual savings:
Number of years to save:
Interest rate:

$
$

25,000
2,500
45
11%

Future value:

$ 5,204,852.44

RWJ Excel Tip

To find the future value of these cash flows, we used the following arguments:

Note that the payment and present value both have the same sign. This is because they are both the same type of
you are viewing the cash flows.

A Note On Annuities Due

So far, we have talked about ordinary annuities, that is, the payments occur at the end of the period. What about a
the period. Suppose you are going to save for retirement and the first deposit will be made today. With the followi
ready to retire?
Beginning of period annuity deposit:
Number of years:
Interest rate:

2,000
35
10%

Future value:

$ 596,253.61

RWJ Excel Tip

To calculate the future value of an annuity due, we use the FV function and set the type of payments to beginning

In the FV and PV functions, the Type represents the payment type. If this argument is left blank or a 0 (zero) is ente
entered, Excel uses beginning of period payments.

Pmt argument in the PV and FV functions that we left blank in Chapter 5? The Pmt stands for
on with the annuity payment in the Pmt argument.

he present value of your winnings?

nuity payment. Since there is no present value, we left this blank. Notice also that we put a
the cash flows must be positive and one of the cash flows must be negative. If we had left the
e prefer our answers to show as positive, we entered a negative in front of the payment.

ng a house with the following terms:

sent value. Since there is no future value, we left this blank. Notice also that we put a negative
cash flows must be positive and one of the cash flows must be negative. If we had left the
nce we prefer our answers to show as positive, we entered a negative in front of the present

ou are saving for retirement and know how much you will save every year, as well as a target

value. Since there is no present value, we left this blank. Notice also that we put a negative
e and one of the cash flows be negative. We could have made the payment positive and the

he following assumptions, how long will it take you to pay off your credit card?

esent value. Since there is no future value, we left this blank. Notice also that we put a
e positive and one of the cash flows negative. We could have made the payment positive and

ction. Suppose you are saving for retirement. Based on the following assumptions, how much

nuity payment. Since there is no present value, we left this blank. Notice also that we put a
the cash flows must be positive and one of the cash flows must be negative. If we had left the
e prefer our answers to show as positive, we entered a negative in front of the payment.

ber of periods or interest rate in the same manner we used these functions with the present

a lump sum value and annuity payment simultaneously. Suppose you are going to save an
ement. With the following assumptions, how much will you have when you retire?

se they are both the same type of cash flow, either an inflow or an outflow, depending on how

he end of the period. What about annuities due, where the payments occur at the beginning of
ll be made today. With the following assumptions, how much will you have when you are

he type of payments to beginning of period like this:

ent is left blank or a 0 (zero) is entered, Excel uses end of period payments. If a 1 (one) is

Chapter 5 - Section 3
Comparing Rates: The Effect of Compounding
Excel has functions to calculate the effective annual rate and the annual percentage rate.
Example 5.8: What's the EAR?

Suppose you make a deposit at a bank with the following APR and compounding periods. What is the effective ann
APR:
Compounding periods per year:
EAR:

12%
4
12.55%

RWJ Excel Tip

To calculate the effective annual rate, we can use the EFFECT function as follows:

In the EFFECT function, Nominal_rate is the APR and Npery is the number of compounding periods per year.

Example 5.9: Quoting a Rate

As a lender, you know the interest rate and the number of compounding periods per year. In order to earn this inte
EAR:
Compounding periods per year:
APR:
RWJ Excel Tip

18%
12
16.67%

To calculate the annual percentage rate, we can use the NOMINAL function as follows:

In the NOMINAL function, Effect_rate is the EAR and Npery is the number of compounding periods per year.

hat is the effective annual return (EAR) of your investment?

periods per year.

n order to earn this interest rate, what rate do you quote?

periods per year.

Chapter 5 - Section 4
Loan Types and Loan Amortization
Pure Discount Loans

Pure discount loans are relatively simple since they are nothing more than a lump sum. Suppose we have a pure di
Amount to be repaid:
Years until repayment:
Interest rate:

Present value:

25,000
7
12%
11,308.73

As you can see, we find the present value using the PV function.
Equal Principal Payment

Amortization tables are an excellent application of Excel's abilities. Because an amortization table is repetitive, onc
fill in the rest of the amortization table. Suppose we have the following 15 year loan that requires equal principal p
Loan amount:
Interest rate:

350,000
9%

This means that the equal annual principal payments will be:
Principal payments:

23,333.33

So, the equal principal payment amortization table will look like this:

1
2
3
4
5
6
7
8
9
10
11
12

Beginning
Total
Interest
Principal
Balance
Payment
Paid
Payment
$ 350,000.00 $ 54,833.33 $ 31,500.00 $ 23,333.33
326,666.67
52,733.33
29,400.00
23,333.33
303,333.33
50,633.33
27,300.00
23,333.33
280,000.00
48,533.33
25,200.00
23,333.33
256,666.67
46,433.33
23,100.00
23,333.33
233,333.33
44,333.33
21,000.00
23,333.33
210,000.00
42,233.33
18,900.00
23,333.33
186,666.67
40,133.33
16,800.00
23,333.33
163,333.33
38,033.33
14,700.00
23,333.33
140,000.00
35,933.33
12,600.00
23,333.33
116,666.67
33,833.33
10,500.00
23,333.33
93,333.33
31,733.33
8,400.00
23,333.33

13
14
15
Total

70,000.00
46,666.67
23,333.33

29,633.33
6,300.00
23,333.33
27,533.33
4,200.00
23,333.33
25,433.33
2,100.00
23,333.33
$ 602,000.00 $ 252,000.00 $ 350,000.00

RWJ Excel Tip

To create the table, we first set up the header row and column. The beginning balance references the loan amount
earlier calculation of the principal payment, and the interest paid is the beginning balance multiplied by the interes
this for the second period, except that the beginning balance in period 2 is the ending balance in period 1. Since we
and interest rate, we can copy and paste the second row to fill in the table. To find the total payments, total intere
sum button.

Equal Payment

Creating an equal payment amortization schedule is similar to the equal principal amortization schedule. First, we n
which we can calculate using the PMT function we discussed earlier. The loan payment will be:
Loan amount:
Interest rate:

350,000
9%

This means that the equal annual payments will be:

Equal payments:

43,420.61

So, the equal annual payment amortization table will look like this:

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Beginning
Total
Interest
Principal
Balance
Payment
Paid
Payment
$ 350,000.00 $ 43,420.61 $ 31,500.00 $ 11,920.61
338,079.39
43,420.61
30,427.15
12,993.46
325,085.93
43,420.61
29,257.73
14,162.88
310,923.05
43,420.61
27,983.07
15,437.53
295,485.52
43,420.61
26,593.70
16,826.91
278,658.61
43,420.61
25,079.27
18,341.33
260,317.27
43,420.61
23,428.55
19,992.05
240,325.22
43,420.61
21,629.27
21,791.34
218,533.88
43,420.61
19,668.05
23,752.56
194,781.32
43,420.61
17,530.32
25,890.29
168,891.03
43,420.61
15,200.19
28,220.42
140,670.61
43,420.61
12,660.35
30,760.25
109,910.36
43,420.61
9,891.93
33,528.68
76,381.68
43,420.61
6,874.35
36,546.26
39,835.42
43,420.61
3,585.19
39,835.42

$ 651,309.13 $ 301,309.13 $ 350,000.00

RWJ Excel Tip

To create the table, we first set up the header row and column. The beginning balance referenced the loan amoun
calculation of the payment amount, the interest payment is the beginning balance multiplied by the interest rate (w
is the total payment minus the interest paid. The ending balance is the beginning balance minus the principal paym
that the beginning balance in period 2 is the ending balance in period 1. Since we have used absolute references fo
paste the second row to fill in the table. To find the total payments, total interest payments, and total principal pay

RWJ Excel Tip

Loan amortization tables are so common that Excel has a built-in worksheet to calculate a loan amortization. To fin
select Insert, then the Spreadsheet Solutions tab. Below you will see the built-in spreadsheet options. We selected
Loan Amortization worksheet. We entered the values in the table at the top and the entire loan amortization table

"Balloon" or "Bullet" Loans

Balloon loans are loans that are amortized over a relatively long schedule, but at some point during the life of the l
going to be a little fancier here and set up the problem so that it works with any repayment schedule, whether ann
loan with the following characteristics:

Loan amount:
Amortization period (years):
Time balloon payment due (years):
Payments per year:
Interest rate (APR):

250,000
30
8
12
9.00%

So, based on the original amortization schedule, the payments will be:
Monthly payment:

2,011.56

The balloon payment is the present value of the remaining payments, so the balloon payment will be:
Balloon payment:

$ 230,901.73

RWJ Excel Tip

Of course, we could solve this question with one calculation cell. Excel allows you to "nest" one function inside ano
present value function to calculate the balloon payment in one cell without the intermediate step of calculating th
to know the monthly payments due before the balloon payment, but we will be using nested functions more often

Balloon payment:

$ 230,901.73

mp sum. Suppose we have a pure discount loan with the following characteristics:

amortization table is repetitive, once we get the first couple of rows, we can copy and paste to
loan that requires equal principal payments each year:

Ending
Balance
$ 326,666.67
303,333.33
280,000.00
256,666.67
233,333.33
210,000.00
186,666.67
163,333.33
140,000.00
116,666.67
93,333.33
70,000.00

46,666.67
23,333.33
-

balance references the loan amount, the principal payment is an absolute reference to the
ng balance multiplied by the interest rate (which is an absolute reference.) We then repeated
ending balance in period 1. Since we have used absolute references for the principal payment
ind the total payments, total interest payments, and total principal payments, we used the

al amortization schedule. First, we need to calculate the loan payment for the 15 year loan,
ayment will be:

Ending
Balance
$ 338,079.39
325,085.93
310,923.05
295,485.52
278,658.61
260,317.27
240,325.22
218,533.88
194,781.32
168,891.03
140,670.61
109,910.36
76,381.68
39,835.42
0.00

balance referenced the loan amount, the total payment is an absolute reference to the earlier
nce multiplied by the interest rate (which is an absolute reference,) and the principal payment
ng balance minus the principal payment. We then repeated this for the second period, except
we have used absolute references for the total payment and interest rate, we can copy and
st payments, and total principal payments over the life of the loan, we used the sum button.

calculate a loan amortization. To find this worksheet, right-click on one of the worksheet tabs,
n spreadsheet options. We selected the Loan Amortization worksheet and Excel inserted the
d the entire loan amortization table was constructed automatically.

at some point during the life of the loan, the remaining principal of the loan is repaid. We are
y repayment schedule, whether annually, monthly, or any other period. Suppose we have a

lloon payment will be:

ou to "nest" one function inside another. Below, we nested the payment calculation inside the
intermediate step of calculating the monthly payment. In this case, we would probably want
e using nested functions more often.

Loan Amortization Schedule

Loan amount $
Annual interest rate
Loan period in years
Number of payments per year
Start date of loan
Optional extra payments $

Enter values
250,000.00
5.20 %
30
12
7/1/2009
-

Loan summary
Scheduled payment
Scheduled number of payments
Actual number of payments
Total early payments
Total interest

Lender name:
Pmt.
No.
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

Payment Date
8/1/2009
9/1/2009
10/1/2009
11/1/2009
12/1/2009
1/1/2010
2/1/2010
3/1/2010
4/1/2010
5/1/2010
6/1/2010
7/1/2010
8/1/2010
9/1/2010
10/1/2010
11/1/2010
12/1/2010
1/1/2011
2/1/2011
3/1/2011
4/1/2011
5/1/2011
6/1/2011
7/1/2011
8/1/2011
9/1/2011
10/1/2011
11/1/2011
12/1/2011
1/1/2012
2/1/2012
3/1/2012
4/1/2012
5/1/2012
6/1/2012
7/1/2012
8/1/2012

Scheduled
Payment

Beginning Balance
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

250,000.00
249,710.56
249,419.86
249,127.90
248,834.68
248,540.18
248,244.41
247,947.36
247,649.02
247,349.39
247,048.46
246,746.23
246,442.69
246,137.83
245,831.65
245,524.14
245,215.30
244,905.12
244,593.60
244,280.73
243,966.50
243,650.91
243,333.96
243,015.63
242,695.92
242,374.82
242,052.34
241,728.45
241,403.16
241,076.47
240,748.36
240,418.82
240,087.86
239,755.46
239,421.63
239,086.34
238,749.61

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78

Extra Payment
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

Total Payment
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78

Principal
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

289.44
290.70
291.96
293.22
294.49
295.77
297.05
298.34
299.63
300.93
302.23
303.54
304.86
306.18
307.51
308.84
310.18
311.52
312.87
314.23
315.59
316.96
318.33
319.71
321.09
322.49
323.88
325.29
326.70
328.11
329.53
330.96
332.40
333.84
335.28
336.74
338.20

Interest
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,083.33
1,082.08
1,080.82
1,079.55
1,078.28
1,077.01
1,075.73
1,074.44
1,073.15
1,071.85
1,070.54
1,069.23
1,067.92
1,066.60
1,065.27
1,063.94
1,062.60
1,061.26
1,059.91
1,058.55
1,057.19
1,055.82
1,054.45
1,053.07
1,051.68
1,050.29
1,048.89
1,047.49
1,046.08
1,044.66
1,043.24
1,041.81
1,040.38
1,038.94
1,037.49
1,036.04
1,034.58

Ending Balance
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

249,710.56
249,419.86
249,127.90
248,834.68
248,540.18
248,244.41
247,947.36
247,649.02
247,349.39
247,048.46
246,746.23
246,442.69
246,137.83
245,831.65
245,524.14
245,215.30
244,905.12
244,593.60
244,280.73
243,966.50
243,650.91
243,333.96
243,015.63
242,695.92
242,374.82
242,052.34
241,728.45
241,403.16
241,076.47
240,748.36
240,418.82
240,087.86
239,755.46
239,421.63
239,086.34
238,749.61
238,411.41

Pmt.
No.
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

Payment Date
9/1/2012
10/1/2012
11/1/2012
12/1/2012
1/1/2013
2/1/2013
3/1/2013
4/1/2013
5/1/2013
6/1/2013
7/1/2013
8/1/2013
9/1/2013
10/1/2013
11/1/2013
12/1/2013
1/1/2014
2/1/2014
3/1/2014
4/1/2014
5/1/2014
6/1/2014
7/1/2014
8/1/2014
9/1/2014
10/1/2014
11/1/2014
12/1/2014
1/1/2015
2/1/2015
3/1/2015
4/1/2015
5/1/2015
6/1/2015
7/1/2015
8/1/2015
9/1/2015
10/1/2015
11/1/2015
12/1/2015
1/1/2016
2/1/2016
3/1/2016
4/1/2016
5/1/2016
6/1/2016
7/1/2016
8/1/2016
9/1/2016
10/1/2016
11/1/2016

Scheduled
Payment

Beginning Balance
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

238,411.41
238,071.75
237,730.62
237,388.00
237,043.91
236,698.32
236,351.24
236,002.65
235,652.55
235,300.93
234,947.79
234,593.12
234,236.92
233,879.17
233,519.87
233,159.01
232,796.59
232,432.59
232,067.02
231,699.87
231,331.13
230,960.78
230,588.84
230,215.28
229,840.10
229,463.30
229,084.86
228,704.79
228,323.06
227,939.68
227,554.65
227,167.94
226,779.56
226,389.49
225,997.73
225,604.28
225,209.12
224,812.25
224,413.66
224,013.34
223,611.29
223,207.49
222,801.95
222,394.65
221,985.58
221,574.74
221,162.12
220,747.71
220,331.51
219,913.50
219,493.68

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78

Extra Payment
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

Total Payment
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78

Principal
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

339.66
341.13
342.61
344.10
345.59
347.08
348.59
350.10
351.62
353.14
354.67
356.21
357.75
359.30
360.86
362.42
363.99
365.57
367.15
368.74
370.34
371.95
373.56
375.18
376.80
378.44
380.08
381.72
383.38
385.04
386.71
388.38
390.07
391.76
393.45
395.16
396.87
398.59
400.32
402.05
403.79
405.54
407.30
409.07
410.84
412.62
414.41
416.20
418.01
419.82
421.64

Interest
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,033.12
1,031.64
1,030.17
1,028.68
1,027.19
1,025.69
1,024.19
1,022.68
1,021.16
1,019.64
1,018.11
1,016.57
1,015.03
1,013.48
1,011.92
1,010.36
1,008.79
1,007.21
1,005.62
1,004.03
1,002.43
1,000.83
999.22
997.60
995.97
994.34
992.70
991.05
989.40
987.74
986.07
984.39
982.71
981.02
979.32
977.62
975.91
974.19
972.46
970.72
968.98
967.23
965.48
963.71
961.94
960.16
958.37
956.57
954.77
952.96
951.14

Ending Balance
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

238,071.75
237,730.62
237,388.00
237,043.91
236,698.32
236,351.24
236,002.65
235,652.55
235,300.93
234,947.79
234,593.12
234,236.92
233,879.17
233,519.87
233,159.01
232,796.59
232,432.59
232,067.02
231,699.87
231,331.13
230,960.78
230,588.84
230,215.28
229,840.10
229,463.30
229,084.86
228,704.79
228,323.06
227,939.68
227,554.65
227,167.94
226,779.56
226,389.49
225,997.73
225,604.28
225,209.12
224,812.25
224,413.66
224,013.34
223,611.29
223,207.49
222,801.95
222,394.65
221,985.58
221,574.74
221,162.12
220,747.71
220,331.51
219,913.50
219,493.68
219,072.05

Pmt.
No.
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

Payment Date
12/1/2016
1/1/2017
2/1/2017
3/1/2017
4/1/2017
5/1/2017
6/1/2017
7/1/2017
8/1/2017
9/1/2017
10/1/2017
11/1/2017
12/1/2017
1/1/2018
2/1/2018
3/1/2018
4/1/2018
5/1/2018
6/1/2018
7/1/2018
8/1/2018
9/1/2018
10/1/2018
11/1/2018
12/1/2018
1/1/2019
2/1/2019
3/1/2019
4/1/2019
5/1/2019
6/1/2019
7/1/2019
8/1/2019
9/1/2019
10/1/2019
11/1/2019
12/1/2019
1/1/2020
2/1/2020
3/1/2020
4/1/2020
5/1/2020
6/1/2020
7/1/2020
8/1/2020
9/1/2020
10/1/2020
11/1/2020
12/1/2020
1/1/2021
2/1/2021

Scheduled
Payment

Beginning Balance
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

219,072.05
218,648.58
218,223.28
217,796.14
217,367.14
216,936.29
216,503.57
216,068.98
215,632.50
215,194.13
214,753.86
214,311.68
213,867.59
213,421.57
212,973.62
212,523.73
212,071.89
211,618.09
211,162.32
210,704.58
210,244.86
209,783.14
209,319.43
208,853.70
208,385.95
207,916.18
207,444.38
206,970.52
206,494.62
206,016.65
205,536.61
205,054.50
204,570.29
204,083.98
203,595.57
203,105.04
202,612.38
202,117.59
201,620.66
201,121.57
200,620.32
200,116.90
199,611.29
199,103.50
198,593.50
198,081.30
197,566.87
197,050.22
196,531.33
196,010.19
195,486.79

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78

Extra Payment
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

Total Payment
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78

Principal
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

423.47
425.30
427.14
428.99
430.85
432.72
434.60
436.48
438.37
440.27
442.18
444.09
446.02
447.95
449.89
451.84
453.80
455.77
457.74
459.72
461.72
463.72
465.73
467.74
469.77
471.81
473.85
475.90
477.97
480.04
482.12
484.21
486.31
488.41
490.53
492.66
494.79
496.93
499.09
501.25
503.42
505.60
507.79
510.00
512.21
514.42
516.65
518.89
521.14
523.40
525.67

Interest
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

949.31
947.48
945.63
943.78
941.92
940.06
938.18
936.30
934.41
932.51
930.60
928.68
926.76
924.83
922.89
920.94
918.98
917.01
915.04
913.05
911.06
909.06
907.05
905.03
903.01
900.97
898.93
896.87
894.81
892.74
890.66
888.57
886.47
884.36
882.25
880.12
877.99
875.84
873.69
871.53
869.35
867.17
864.98
862.78
860.57
858.35
856.12
853.88
851.64
849.38
847.11

Ending Balance
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

218,648.58
218,223.28
217,796.14
217,367.14
216,936.29
216,503.57
216,068.98
215,632.50
215,194.13
214,753.86
214,311.68
213,867.59
213,421.57
212,973.62
212,523.73
212,071.89
211,618.09
211,162.32
210,704.58
210,244.86
209,783.14
209,319.43
208,853.70
208,385.95
207,916.18
207,444.38
206,970.52
206,494.62
206,016.65
205,536.61
205,054.50
204,570.29
204,083.98
203,595.57
203,105.04
202,612.38
202,117.59
201,620.66
201,121.57
200,620.32
200,116.90
199,611.29
199,103.50
198,593.50
198,081.30
197,566.87
197,050.22
196,531.33
196,010.19
195,486.79
194,961.12

Pmt.
No.
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

Payment Date
3/1/2021
4/1/2021
5/1/2021
6/1/2021
7/1/2021
8/1/2021
9/1/2021
10/1/2021
11/1/2021
12/1/2021
1/1/2022
2/1/2022
3/1/2022
4/1/2022
5/1/2022
6/1/2022
7/1/2022
8/1/2022
9/1/2022
10/1/2022
11/1/2022
12/1/2022
1/1/2023
2/1/2023
3/1/2023
4/1/2023
5/1/2023
6/1/2023
7/1/2023
8/1/2023
9/1/2023
10/1/2023
11/1/2023
12/1/2023
1/1/2024
2/1/2024
3/1/2024
4/1/2024
5/1/2024
6/1/2024
7/1/2024
8/1/2024
9/1/2024
10/1/2024
11/1/2024
12/1/2024
1/1/2025
2/1/2025
3/1/2025
4/1/2025
5/1/2025

Scheduled
Payment

Beginning Balance
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

194,961.12
194,433.17
193,902.94
193,370.41
192,835.57
192,298.41
191,758.93
191,217.11
190,672.94
190,126.41
189,577.51
189,026.24
188,472.57
187,916.51
187,358.04
186,797.15
186,233.82
185,668.06
185,099.84
184,529.17
183,956.02
183,380.38
182,802.25
182,221.62
181,638.47
181,052.79
180,464.58
179,873.81
179,280.49
178,684.59
178,086.12
177,485.04
176,881.37
176,275.08
175,666.16
175,054.60
174,440.40
173,823.53
173,203.98
172,581.76
171,956.83
171,329.20
170,698.85
170,065.77
169,429.95
168,791.36
168,150.02
167,505.89
166,858.97
166,209.25
165,556.71

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78

Extra Payment
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

Total Payment
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78

Principal
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

527.95
530.23
532.53
534.84
537.16
539.48
541.82
544.17
546.53
548.90
551.27
553.66
556.06
558.47
560.89
563.32
565.76
568.22
570.68
573.15
575.63
578.13
580.63
583.15
585.68
588.22
590.76
593.32
595.90
598.48
601.07
603.68
606.29
608.92
611.56
614.21
616.87
619.54
622.23
624.92
627.63
630.35
633.08
635.83
638.58
641.35
644.13
646.92
649.72
652.54
655.36

Interest
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

844.83
842.54
840.25
837.94
835.62
833.29
830.96
828.61
826.25
823.88
821.50
819.11
816.71
814.30
811.88
809.45
807.01
804.56
802.10
799.63
797.14
794.65
792.14
789.63
787.10
784.56
782.01
779.45
776.88
774.30
771.71
769.10
766.49
763.86
761.22
758.57
755.91
753.24
750.55
747.85
745.15
742.43
739.70
736.95
734.20
731.43
728.65
725.86
723.06
720.24
717.41

Ending Balance
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

194,433.17
193,902.94
193,370.41
192,835.57
192,298.41
191,758.93
191,217.11
190,672.94
190,126.41
189,577.51
189,026.24
188,472.57
187,916.51
187,358.04
186,797.15
186,233.82
185,668.06
185,099.84
184,529.17
183,956.02
183,380.38
182,802.25
182,221.62
181,638.47
181,052.79
180,464.58
179,873.81
179,280.49
178,684.59
178,086.12
177,485.04
176,881.37
176,275.08
175,666.16
175,054.60
174,440.40
173,823.53
173,203.98
172,581.76
171,956.83
171,329.20
170,698.85
170,065.77
169,429.95
168,791.36
168,150.02
167,505.89
166,858.97
166,209.25
165,556.71
164,901.35

Pmt.
No.
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

Payment Date
6/1/2025
7/1/2025
8/1/2025
9/1/2025
10/1/2025
11/1/2025
12/1/2025
1/1/2026
2/1/2026
3/1/2026
4/1/2026
5/1/2026
6/1/2026
7/1/2026
8/1/2026
9/1/2026
10/1/2026
11/1/2026
12/1/2026
1/1/2027
2/1/2027
3/1/2027
4/1/2027
5/1/2027
6/1/2027
7/1/2027
8/1/2027
9/1/2027
10/1/2027
11/1/2027
12/1/2027
1/1/2028
2/1/2028
3/1/2028
4/1/2028
5/1/2028
6/1/2028
7/1/2028
8/1/2028
9/1/2028
10/1/2028
11/1/2028
12/1/2028
1/1/2029
2/1/2029
3/1/2029
4/1/2029
5/1/2029
6/1/2029
7/1/2029
8/1/2029

Scheduled
Payment

Beginning Balance
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

164,901.35
164,243.14
163,582.09
162,918.16
162,251.37
161,581.68
160,909.09
160,233.58
159,555.15
158,873.78
158,189.46
157,502.17
156,811.90
156,118.64
155,422.38
154,723.10
154,020.79
153,315.43
152,607.02
151,895.54
151,180.98
150,463.32
149,742.55
149,018.66
148,291.63
147,561.45
146,828.10
146,091.58
145,351.87
144,608.95
143,862.81
143,113.44
142,360.82
141,604.94
140,845.78
140,083.34
139,317.59
138,548.52
137,776.12
137,000.37
136,221.26
135,438.78
134,652.90
133,863.62
133,070.92
132,274.78
131,475.20
130,672.15
129,865.61
129,055.59
128,242.05

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78

Extra Payment
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

Total Payment
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78

Principal
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

658.20
661.06
663.92
666.80
669.69
672.59
675.50
678.43
681.37
684.32
687.29
690.27
693.26
696.26
699.28
702.31
705.35
708.41
711.48
714.56
717.66
720.77
723.89
727.03
730.18
733.34
736.52
739.71
742.92
746.14
749.37
752.62
755.88
759.16
762.45
765.75
769.07
772.40
775.75
779.11
782.49
785.88
789.28
792.70
796.14
799.59
803.05
806.53
810.03
813.54
817.06

Interest
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

714.57
711.72
708.86
705.98
703.09
700.19
697.27
694.35
691.41
688.45
685.49
682.51
679.52
676.51
673.50
670.47
667.42
664.37
661.30
658.21
655.12
652.01
648.88
645.75
642.60
639.43
636.26
633.06
629.86
626.64
623.41
620.16
616.90
613.62
610.33
607.03
603.71
600.38
597.03
593.67
590.29
586.90
583.50
580.08
576.64
573.19
569.73
566.25
562.75
559.24
555.72

Ending Balance
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

164,243.14
163,582.09
162,918.16
162,251.37
161,581.68
160,909.09
160,233.58
159,555.15
158,873.78
158,189.46
157,502.17
156,811.90
156,118.64
155,422.38
154,723.10
154,020.79
153,315.43
152,607.02
151,895.54
151,180.98
150,463.32
149,742.55
149,018.66
148,291.63
147,561.45
146,828.10
146,091.58
145,351.87
144,608.95
143,862.81
143,113.44
142,360.82
141,604.94
140,845.78
140,083.34
139,317.59
138,548.52
137,776.12
137,000.37
136,221.26
135,438.78
134,652.90
133,863.62
133,070.92
132,274.78
131,475.20
130,672.15
129,865.61
129,055.59
128,242.05
127,424.99

Pmt.
No.
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

Payment Date
9/1/2029
10/1/2029
11/1/2029
12/1/2029
1/1/2030
2/1/2030
3/1/2030
4/1/2030
5/1/2030
6/1/2030
7/1/2030
8/1/2030
9/1/2030
10/1/2030
11/1/2030
12/1/2030
1/1/2031
2/1/2031
3/1/2031
4/1/2031
5/1/2031
6/1/2031
7/1/2031
8/1/2031
9/1/2031
10/1/2031
11/1/2031
12/1/2031
1/1/2032
2/1/2032
3/1/2032
4/1/2032
5/1/2032
6/1/2032
7/1/2032
8/1/2032
9/1/2032
10/1/2032
11/1/2032
12/1/2032
1/1/2033
2/1/2033
3/1/2033
4/1/2033
5/1/2033
6/1/2033
7/1/2033
8/1/2033
9/1/2033
10/1/2033
11/1/2033

Scheduled
Payment

Beginning Balance
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

127,424.99
126,604.39
125,780.23
124,952.50
124,121.18
123,286.27
122,447.73
121,605.56
120,759.74
119,910.25
119,057.09
118,200.22
117,339.65
116,475.34
115,607.29
114,735.48
113,859.89
112,980.50
112,097.31
111,210.29
110,319.42
109,424.70
108,526.09
107,623.59
106,717.19
105,806.85
104,892.57
103,974.33
103,052.10
102,125.89
101,195.65
100,261.39
99,323.08
98,380.70
97,434.24
96,483.68
95,529.00
94,570.18
93,607.21
92,640.06
91,668.73
90,693.18
89,713.41
88,729.39
87,741.10
86,748.54
85,751.67
84,750.48
83,744.96
82,735.08
81,720.82

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78

Extra Payment
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

Total Payment
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78

Principal
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

820.60
824.16
827.73
831.32
834.92
838.54
842.17
845.82
849.49
853.17
856.86
860.58
864.31
868.05
871.81
875.59
879.38
883.20
887.02
890.87
894.73
898.60
902.50
906.41
910.34
914.28
918.24
922.22
926.22
930.23
934.26
938.31
942.38
946.46
950.56
954.68
958.82
962.97
967.15
971.34
975.55
979.77
984.02
988.28
992.57
996.87
1,001.19
1,005.53
1,009.88
1,014.26
1,018.65

Interest
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

552.17
548.62
545.05
541.46
537.86
534.24
530.61
526.96
523.29
519.61
515.91
512.20
508.47
504.73
500.96
497.19
493.39
489.58
485.76
481.91
478.05
474.17
470.28
466.37
462.44
458.50
454.53
450.56
446.56
442.55
438.51
434.47
430.40
426.32
422.22
418.10
413.96
409.80
405.63
401.44
397.23
393.00
388.76
384.49
380.21
375.91
371.59
367.25
362.89
358.52
354.12

Ending Balance
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

126,604.39
125,780.23
124,952.50
124,121.18
123,286.27
122,447.73
121,605.56
120,759.74
119,910.25
119,057.09
118,200.22
117,339.65
116,475.34
115,607.29
114,735.48
113,859.89
112,980.50
112,097.31
111,210.29
110,319.42
109,424.70
108,526.09
107,623.59
106,717.19
105,806.85
104,892.57
103,974.33
103,052.10
102,125.89
101,195.65
100,261.39
99,323.08
98,380.70
97,434.24
96,483.68
95,529.00
94,570.18
93,607.21
92,640.06
91,668.73
90,693.18
89,713.41
88,729.39
87,741.10
86,748.54
85,751.67
84,750.48
83,744.96
82,735.08
81,720.82
80,702.16

Pmt.
No.
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

Payment Date
12/1/2033
1/1/2034
2/1/2034
3/1/2034
4/1/2034
5/1/2034
6/1/2034
7/1/2034
8/1/2034
9/1/2034
10/1/2034
11/1/2034
12/1/2034
1/1/2035
2/1/2035
3/1/2035
4/1/2035
5/1/2035
6/1/2035
7/1/2035
8/1/2035
9/1/2035
10/1/2035
11/1/2035
12/1/2035
1/1/2036
2/1/2036
3/1/2036
4/1/2036
5/1/2036
6/1/2036
7/1/2036
8/1/2036
9/1/2036
10/1/2036
11/1/2036
12/1/2036
1/1/2037
2/1/2037
3/1/2037
4/1/2037
5/1/2037
6/1/2037
7/1/2037
8/1/2037
9/1/2037
10/1/2037
11/1/2037
12/1/2037
1/1/2038
2/1/2038

Scheduled
Payment

Beginning Balance
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

80,702.16
79,679.10
78,651.60
77,619.64
76,583.22
75,542.30
74,496.87
73,446.92
72,392.41
71,333.33
70,269.67
69,201.39
68,128.49
67,050.93
65,968.71
64,881.80
63,790.17
62,693.82
61,592.72
60,486.84
59,376.17
58,260.69
57,140.38
56,015.21
54,885.16
53,750.22
52,610.36
51,465.56
50,315.80
49,161.06
48,001.32
46,836.55
45,666.73
44,491.84
43,311.86
42,126.77
40,936.54
39,741.15
38,540.59
37,334.82
36,123.83
34,907.59
33,686.08
32,459.27
31,227.15
29,989.69
28,746.87
27,498.66
26,245.05
24,986.00
23,721.49

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78

Extra Payment
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

Total Payment
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78

Principal
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,023.07
1,027.50
1,031.95
1,036.43
1,040.92
1,045.43
1,049.96
1,054.51
1,059.08
1,063.67
1,068.28
1,072.90
1,077.55
1,082.22
1,086.91
1,091.62
1,096.35
1,101.10
1,105.88
1,110.67
1,115.48
1,120.31
1,125.17
1,130.04
1,134.94
1,139.86
1,144.80
1,149.76
1,154.74
1,159.75
1,164.77
1,169.82
1,174.89
1,179.98
1,185.09
1,190.23
1,195.39
1,200.57
1,205.77
1,210.99
1,216.24
1,221.51
1,226.80
1,232.12
1,237.46
1,242.82
1,248.21
1,253.62
1,259.05
1,264.50
1,269.98

Interest
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

349.71
345.28
340.82
336.35
331.86
327.35
322.82
318.27
313.70
309.11
304.50
299.87
295.22
290.55
285.86
281.15
276.42
271.67
266.90
262.11
257.30
252.46
247.61
242.73
237.84
232.92
227.98
223.02
218.04
213.03
208.01
202.96
197.89
192.80
187.68
182.55
177.39
172.21
167.01
161.78
156.54
151.27
145.97
140.66
135.32
129.96
124.57
119.16
113.73
108.27
102.79

Ending Balance
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

79,679.10
78,651.60
77,619.64
76,583.22
75,542.30
74,496.87
73,446.92
72,392.41
71,333.33
70,269.67
69,201.39
68,128.49
67,050.93
65,968.71
64,881.80
63,790.17
62,693.82
61,592.72
60,486.84
59,376.17
58,260.69
57,140.38
56,015.21
54,885.16
53,750.22
52,610.36
51,465.56
50,315.80
49,161.06
48,001.32
46,836.55
45,666.73
44,491.84
43,311.86
42,126.77
40,936.54
39,741.15
38,540.59
37,334.82
36,123.83
34,907.59
33,686.08
32,459.27
31,227.15
29,989.69
28,746.87
27,498.66
26,245.05
24,986.00
23,721.49
22,451.51

Pmt.
No.
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360

Payment Date
3/1/2038
4/1/2038
5/1/2038
6/1/2038
7/1/2038
8/1/2038
9/1/2038
10/1/2038
11/1/2038
12/1/2038
1/1/2039
2/1/2039
3/1/2039
4/1/2039
5/1/2039
6/1/2039
7/1/2039

Scheduled
Payment

Beginning Balance
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

22,451.51
21,176.02
19,895.01
18,608.44
17,316.30
16,018.56
14,715.20
13,406.19
12,091.50
10,771.12
9,445.02
8,113.17
6,775.55
5,432.13
4,082.90
2,727.81
1,366.85

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78

Extra Payment
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

Total Payment
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,372.78
1,366.85

Principal
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,275.49
1,281.01
1,286.57
1,292.14
1,297.74
1,303.36
1,309.01
1,314.68
1,320.38
1,326.10
1,331.85
1,337.62
1,343.42
1,349.24
1,355.08
1,360.96
1,360.93

Interest
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

97.29
91.76
86.21
80.64
75.04
69.41
63.77
58.09
52.40
46.67
40.93
35.16
29.36
23.54
17.69
11.82
5.92

Ending Balance
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

21,176.02
19,895.01
18,608.44
17,316.30
16,018.56
14,715.20
13,406.19
12,091.50
10,771.12
9,445.02
8,113.17
6,775.55
5,432.13
4,082.90
2,727.81
1,366.85
-

$
$

Loan summary
1,372.78
360
360
244,199.79

Cumulative Interest
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,083.33
2,165.41
3,246.23
4,325.79
5,404.07
6,481.08
7,556.80
8,631.24
9,704.39
10,776.23
11,846.78
12,916.01
13,983.93
15,050.53
16,115.80
17,179.74
18,242.34
19,303.59
20,363.50
21,422.05
22,479.23
23,535.05
24,589.50
25,642.57
26,694.25
27,744.54
28,793.44
29,840.93
30,887.01
31,931.67
32,974.91
34,016.73
35,057.11
36,096.05
37,133.54
38,169.58
39,204.17

Cumulative Interest
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

40,237.28
41,268.93
42,299.09
43,327.77
44,354.96
45,380.66
46,404.85
47,427.52
48,448.69
49,468.32
50,486.43
51,503.00
52,518.03
53,531.50
54,543.42
55,553.78
56,562.56
57,569.77
58,575.39
59,579.43
60,581.86
61,582.69
62,581.91
63,579.51
64,575.48
65,569.83
66,562.53
67,553.58
68,542.98
69,530.72
70,516.79
71,501.18
72,483.89
73,464.92
74,444.24
75,421.86
76,397.76
77,371.95
78,344.41
79,315.13
80,284.12
81,251.35
82,216.82
83,180.53
84,142.47
85,102.63
86,061.00
87,017.57
87,972.34
88,925.30
89,876.44

Cumulative Interest
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

90,825.75
91,773.23
92,718.86
93,662.65
94,604.57
95,544.63
96,482.81
97,419.11
98,353.52
99,286.02
100,216.62
101,145.31
102,072.07
102,996.89
103,919.78
104,840.72
105,759.69
106,676.71
107,591.74
108,504.80
109,415.86
110,324.92
111,231.97
112,137.00
113,040.01
113,940.98
114,839.90
115,736.77
116,631.58
117,524.32
118,414.98
119,303.55
120,190.02
121,074.39
121,956.63
122,836.76
123,714.74
124,590.59
125,464.28
126,335.80
127,205.16
128,072.33
128,937.31
129,800.09
130,660.67
131,519.02
132,375.14
133,229.03
134,080.66
134,930.04
135,777.15

Cumulative Interest
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

136,621.98
137,464.52
138,304.77
139,142.71
139,978.33
140,811.62
141,642.58
142,471.19
143,297.43
144,121.32
144,942.82
145,761.93
146,578.65
147,392.95
148,204.84
149,014.29
149,821.30
150,625.87
151,427.96
152,227.59
153,024.73
153,819.38
154,611.53
155,401.15
156,188.25
156,972.81
157,754.83
158,534.28
159,311.16
160,085.46
160,857.17
161,626.27
162,392.76
163,156.62
163,917.84
164,676.41
165,432.31
166,185.55
166,936.10
167,683.95
168,429.10
169,171.53
169,911.22
170,648.17
171,382.37
172,113.80
172,842.45
173,568.31
174,291.36
175,011.60
175,729.02

Cumulative Interest
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

176,443.59
177,155.31
177,864.16
178,570.14
179,273.23
179,973.42
180,670.69
181,365.04
182,056.44
182,744.90
183,430.38
184,112.89
184,792.41
185,468.93
186,142.42
186,812.89
187,480.31
188,144.68
188,805.98
189,464.19
190,119.31
190,771.32
191,420.20
192,065.95
192,708.55
193,347.98
193,984.23
194,617.30
195,247.16
195,873.79
196,497.20
197,117.36
197,734.25
198,347.88
198,958.21
199,565.24
200,168.95
200,769.32
201,366.35
201,960.02
202,550.31
203,137.21
203,720.71
204,300.79
204,877.43
205,450.62
206,020.34
206,586.59
207,149.34
207,708.58
208,264.30

Cumulative Interest
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

208,816.47
209,365.09
209,910.14
210,451.60
210,989.46
211,523.70
212,054.30
212,581.26
213,104.55
213,624.16
214,140.08
214,652.28
215,160.75
215,665.48
216,166.44
216,663.63
217,157.02
217,646.61
218,132.36
218,614.27
219,092.32
219,566.50
220,036.78
220,503.14
220,965.59
221,424.08
221,878.62
222,329.17
222,775.73
223,218.28
223,656.79
224,091.26
224,521.66
224,947.97
225,370.19
225,788.28
226,202.24
226,612.05
227,017.68
227,419.12
227,816.35
228,209.35
228,598.11
228,982.61
229,362.82
229,738.73
230,110.32
230,477.57
230,840.47
231,198.98
231,553.11

Cumulative Interest
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

231,902.82
232,248.09
232,588.92
232,925.27
233,257.13
233,584.48
233,907.30
234,225.57
234,539.27
234,848.38
235,152.88
235,452.75
235,747.98
236,038.53
236,324.40
236,605.55
236,881.98
237,153.65
237,420.55
237,682.66
237,939.96
238,192.42
238,440.03
238,682.76
238,920.60
239,153.51
239,381.49
239,604.51
239,822.54
240,035.58
240,243.58
240,446.54
240,644.43
240,837.23
241,024.91
241,207.46
241,384.85
241,557.06
241,724.07
241,885.86
242,042.39
242,193.66
242,339.63
242,480.29
242,615.61
242,745.56
242,870.13
242,989.29
243,103.02
243,211.30
243,314.09

Cumulative Interest
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

243,411.38
243,503.14
243,589.35
243,669.99
243,745.03
243,814.44
243,878.21
243,936.30
243,988.70
244,035.37
244,076.30
244,111.46
244,140.82
244,164.36
244,182.05
244,193.87
244,199.79

Chapter 5 - Master it!

Excel is a tool for solving problems, but with many time value of money problems, you may still need to draw

This is a classic retirement problem. A friend is celebrating her birthday and wants to start saving for her antic
retirement and retirement spending goals:
Years until retirement:
Amount to withdraw each year:
Years to withdraw in retirement:
Interest rate:

$
$

30
90,000
20
8%

Because your friend is planning ahead, the first withdrawal will not take place until one year after she retires.
for her retirement fund.
a.

If she starts making these deposits in one year and makes her last deposit on the day she retires, what amoun
withdrawals at retirement?

b.

Suppose your friend has just inherited a large sum of money. Rather than making equal annual payments, she
cover her retirement needs. What amount does she have to deposit today?

c.

Suppose your friend's employer will contribute to the account each year as part of the company's profit shari
a family trust several years from now. What amount must she deposit annually now to be able to make the d
Employer's annual contribution:
Years until trust fund distribution:
Amount of trust fund distribution:

$
$

1,500
20
25,000

oblems, you may still need to draw a time line.

nd wants to start saving for her anticipated retirement. She has the following years to

lace until one year after she retires. She wants to make equal annual deposits into her account

on the day she retires, what amount must she deposit annually to be able to make the desired

making equal annual payments, she has decided to make one lump sum deposit today to
y?

s part of the company's profit sharing plan. In addition, your friend expects a distribution from
nually now to be able to make the desired withdrawals at retirement?

Master it! Solution

In order to answer any of these questions, first we need to know how much your friend will need when she is
each of the parts of the problem, we will solve for this amount now, which will be:
Amount needed at retirement:
a.

The amount your friend must save each year to fund her retirement is:
Amount to save each year:

b.

The lump sum your friend must deposit today to fund her retirement is:
Lump sum deposited today:

c.

To find the amount of the annual deposit now, it is easier to break down the components of the problem. Do
deposit, we get:
Value of employer's contribution at retirement:
Value of trust fund at retirement:
Amount to save each year now:

ch your friend will need when she is ready to retire. Since this amount will be the same for
h will be:

he components of the problem. Doing so for each of the following to find your friend's annual