Ross, Westerfield, Jaffe, and Jordan's Spreadsheet Master

Corporate Finance, 13th edition

by Brad Jordan and Joe Smolira
Version 13.0

Chapter 4
In these spreadsheets, you will learn how to use the following Excel fu

FV
PV
Two-way data tables
RATE
NPER
FVSCHEDULE
NPV
EAR
APR
Exponential function
PV of an annuity
FV of an annuity
PMT
Annuity interest rate
Annuity periods
Nested function
Annuity due
Loan amortization worksheet
 Loan amortization worksheet

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 File tab
then "Excel Options," "Add-Ins" and select
"Go." Check "Analysis ToolPak" and
"Solver Add-In," then click "OK."
the following Excel functions:
eadsheets:

equire that
 Chapter 4 - Section 2
The Multiperiod Case

Excel contains numerous financial functions, many of which relate to the time value of money. We will begin by usin

Example 4.3: Interest on Interest

Suh-Pyng Ku has made the following deposit at the First National Bank of Kent. How much will she have at the

Number of periods 3
Initial investment $ 500
Interest rate per year 7.0%

At the end of the investment, she will have: $ 612.52

As shown in the textbook, the future value of $1 is found by the equation FV = $1 ´ (1 + r)t. In Excel, the carat ( ^ ) ra
occurs with compound interest, not simple interest. To see the difference between simple interest and compound i

Initial investment $500

Interest rate per year 10%

What is the value of the investment each year over the next 5 years? How much of the interest is simple interest an
question with the following table:

Beginning Simple Compound Total

Year Amount Interest Interest Interest
1 $ 500.00 $ 50.00 $ - $ 50.00
2 550.00 50.00 5.00 55.00
3 605.00 50.00 10.50 60.50
4 665.50 50.00 16.55 66.55
5 732.05 50.00 23.21 73.21
Totals $ 250.00 $ 55.26 $ 305.26

So what does simple interest look like compared to compound interest? We can use Excel to draw a graph for us. Fi
simple interest and the total compound interest.
 Amount with Total
Simple Compound
Year Interest Interest
1 $ 550.00 $ -
2 $ 600.00 $ 5.00
3 $ 650.00 $ 15.50
4 $ 700.00 $ 32.05
5 $ 750.00 $ 55.26

Now we can graph the contribution of compounding to the future value of our investment.

Future Value, Simple Interest, and Compound Interest

$900
$800 $55.26
$700 $32.05
$15.50
$600 $5.00
Future Value ($)

$-
$500
$400
$300
$200
$100
$-
1 2 3 4 5
Time (years)

To see the effect of compound interest, change the interest rate and see how the compound interest grows as the i

RWJ Excel Tip

To insert this bar chart, we highlighted the columns we wanted in the graph, went to the Insert tab, and then select
get the border shadowing effect, we right-clicked on the graph, selected Format Plot Area and chose the Shadow op

In the past, future value tables were very common. Future value tables calculated the future interest factor for a var
a future value table relatively quickly in Excel. By the way, we will show you a much more efficient method in the ne

Number of Interest Rate

Periods 0% 5% 10% 15%
0 1.000 1.000 1.000 1.000
 1 1.000 1.050 1.100 1.150
2 1.000 1.103 1.210 1.323
3 1.000 1.158 1.331 1.521
4 1.000 1.216 1.464 1.749
5 1.000 1.276 1.611 2.011
6 1.000 1.340 1.772 2.313
7 1.000 1.407 1.949 2.660
8 1.000 1.477 2.144 3.059
9 1.000 1.551 2.358 3.518
10 1.000 1.629 2.594 4.046

An important fact about compound interest is that it results in exponential growth. To see the exponential growth in
like this:

Future Value of $1 for Different Periods and Ra

$7

$6

$5
Future value of $1

$4

$3

$2

$1

$0
0 1 2 3 4 5 6 7 8
Time (years)

RWJ Excel Tip

There is a "bug" in Excel when graphing a table like the one above. If a table has text in the header row and column,
graph. However, when the header row and column are numbers, Excel will not use the numbers in the legend, but r
in the legend and on the vertical axis, try the following: First, just select the data and ignore the header row and colu
"Select Data." In the left hand column, highlight the data series you want to include a legend for (Series 1, Series 2, e
you to choose the "Series Name." To include the number in the legend, select the cell that has the header you want
in the table. To include the column with the number of years as the horizontal axis, go to the "Horizontal (Category)
has the correct values for the horizontal axis.
Now that we have calculated the future value of a lump sum with the equation, we will use Excel's FV function to ca
investment opportunity:

Interest rate per year 12%

Number of years 3
Initial investment $ 400

How much will you have at the end of the investment. Using the FV function, we find that you will have:

Future value $ 561.97

RWJ Excel Tip

To use the FV function, we entered the following:

Rate is the interest rate, Nper is the number if periods, and Pv is the present value. We left the payment and type bl
Notice also that we put a negative sign in front of the present value. Excel works like a calculator in that it expects ca
number we would have gotten a negative answer. Since we prefer our answers to show as positive, we entered a ne

Example 4.6: Seward's Folly?

U.S. Secretary of State William Seward negotiated the purchase of Alaska from Russia in 1867. The United Stat
miles of new land. Opponents of the deal mockingly labeled the transaction “Seward’s Folly” because they bel
Using the FV function, if the purchase price of Alaska was invested, how much would that investment be worth
 Purchase price $ 7,200,000
Interest rate 10%
Number of Years 155

Value today $ 18,758,525,412,210.80

RWJ Excel Tip

Two things about the above example. First, we did not want to change the column width for the entire spreadsheet
display, we merged 3 cells by using the merge icon: In merging cells, you select the cells you want merged in
if you notice, the future value has all zeroes in the last three digits of the dollar amount and in the cents. You might
while Excel is very precise, it only calculates to 15 significant digits. Although this generally does not create a proble
consider if you are using very large or very small numbers.

If for some reason you do need more accurate calculations, www.precisioncalc.com has an add-in to Excel available

Present Value and Discounting

Now that we have used the FV function, we will skip entering an equation to find the present value, but rather talk a
syntax.

Example 4.7: Multiperiod Discounting

Bernard Dumas will receive a lump sum payment in the future. What is the value of that payment today?

Future value $ 10,000

Number of periods 3
Interest rate 8%

Present value $ 7,938.32

RWJ Excel Tip

To use the PV function, we entered the following:
Rate is the interest rate, Nper is the number of periods, and Fv is the future value. We left the payment and type bla
also that we put a negative sign in front of the future value. Excel works like a calculator in that it expects cash flows
would have gotten a negative answer. Since we prefer our answers to show as positive, we entered a negative in fro

Suppose we want to create a table with the present value factors for different interest rates and periods. A two-way
up a basic PV problem, with $1 as the future value.

Future value $ 1
Number of periods 2
Interest rate 9%

Present value $ 0.8417

RWJ Excel Tip

To set up a two-way data table, first create the rows and columns for the table. Next, in the upper left-hand corner,
Next, select the cell with the equation you want to use in the data table, go to the Data tab, What-If Analysis, then D
your table that correspond to the row and column numbers you entered. For this data table , our entries were:

Notice that Excel made our choices absolute references by default. Just hit OK and the data table will be filled in aut
corner showing in this case, but remember we could hide this number by right-clicking, selecting Format Cells, choo
semicolon.

Interest Rate
$ 0.8417 0% 5% 10%
0
1
2
ber of Periods
 Number of Periods
3
4
5
6
7
8
9

RWJ Excel Tip

We have the legend on the left-hand side of the table running vertically. To do this, we merged the cells, typed in th
Cells." Using the "Alignment" option, we moved the "Text" wheel to vertical.

Graphically, the present value factors look like this:

Present Value of $1 for Different Periods and

$1.0000
$0.9000
$0.8000
$0.7000
Present value of $1

$0.6000
$0.5000
$0.4000
$0.3000
$0.2000
$0.1000
$-
1 2 3 4 5 6 7 8
Time (years)

Finding the Interest Rate

Finding the interest rate necessary for a present value to reach a desired future value in a desired time period is a re

Example 4.8: Finding the Rate

A customer of Chaffkin Corp. wants to buy a tugboat today. Rather than paying immediately, he will pay at som
Chaffkin Corp. charge to neither gain or lose on the sale?
 Present value $ 115,830
Future value $ 150,000
Number of periods 3

Interest rate 9.00%

RWJ Excel Tip

To find the interest rate, we used the RATE function and entered the following:

Nper is the number of periods, Pv is the present value, and Fv is the present value. We left the payment and type bl
also that we put a negative sign in front of the present value. Excel works like a calculator in that it expects cash flow
and the future value negative.

Finding the Number of Periods

Excel also has a built-in function to calculate the number of periods necessary for a lump sum today to reach a desir

Example 4.9: Waiting for Godot

You are saving up to buy the Godot Company and have the following information. How long must you wait to b

Present value $ 2,300,000

Future value $ 10,000,000
Interest rate 5%

Number of periods 30.12

RWJ Excel Tip
To find the number of periods, we used the NPER function and entered the following:

Rate is the interest rate, Pv is the present value, and Fv is the future value. We left the payment and type blank for n
we put a negative sign in front of the present value. Excel works like a calculator in that it expects cash flows. We co
future value negative.

Future Value with Changing Interest Rates

Suppose you are going to make a lump sum deposit today, and the interest rate you will receive will change every ye
have in 6 years?

Present value: $ 100

Year Interest rate
1 8%
2 6%
3 10%
4 15%
5 11%
6 9%

One way to calculate the future value is to compound the value each Year. In Year 1, we will receive the Year 1 inter
calculate the future value in Year 2 at the Year 2 interest rate, and so on. Doing this, we find that the value each yea
 Value at
Year year-end
1 $ 108.00
2 114.48
3 125.93
4 144.82
5 160.75
6 175.21

While this process is more repetitive than difficult, Excel has a function that will calculate the future value of this am
future value is:

Future value $ 175.21

RWJ Excel Tip

To use the FVSCHEDULE, we entered:

In this function, Principal is the beginning deposit and Schedule is an array that contains the interest rates for each p

Net Present Value

Net present value is the present value of all outflows, plus the present value of all inflows. Unfortunately, as we will
present value.

Example 4.11: NPV

Finance.com has the following investment opportunity for a new high-speed computer. Should Finance.com m

t Cash flow
0 $ (50,000)
 1 25,000
2 20,000
3 15,000

Return 7%

NPV $ 3,077.73

RWJ Excel Tip

To calculate the NPV of the project using the NPV function, we entered the following:

Notice one very important thing: We did not include the cash flow at Time 0 in the NPV function. The reason is simp
they did not truly create a function that calculated the NPV, but rather created a function that calculated the presen
of cash flows, we use the NPV function to calculate the present value of the cash flows beyond Time 0, then add the
this, go to the NPV cell above.

We can use the NPV function to find the present value of any series of cash flows. For example, to find the value tod
text, we would do something like the following:

Interest rate 12%

Salary
0 $ 10,825,000
1 $ 22,806,905
2 $ 29,450,000
3 $ 40,450,000
 4 $ 37,950,000
5 $ 41,950,000
6 $ 41,950,000
7 $ 59,950,000
8 $ 44,450,000
9 $ 44,950,000
10 $ 50,450,000
11 $ 52,450,000

Contract value today $ 245,233,858.97

value of money. We will begin by using equations before moving to Excel's functions.

Kent. How much will she have at the end of her savings period?

$1 ´ (1 + r)t. In Excel, the carat ( ^ ) raises a number to a power. Of course, compounding only
ween simple interest and compound interest, consider the following example:

h of the interest is simple interest and how much is compound interest? We will answer this

Amount
with
Ending Simple
Amount Interest
$ 550.00 $ 550.00
605.00 600.00
665.50 650.00
732.05 700.00
805.26 750.00

n use Excel to draw a graph for us. First, we need to set up a table that shows the value with
 investment.

rest, and Compound Interest

$55.26
$32.05
5.50

Compound interest
Amount with simple interest

3 4 5
rs)

the compound interest grows as the interest rate changes.

ent to the Insert tab, and then selected Column. We chose the 2-D Stacked Column option. To
at Plot Area and chose the Shadow option.

ted the future interest factor for a variety of interest rates and time periods. We can construct
much more efficient method in the next section.

20%
1.000
 1.200
1.440
1.728
2.074
2.488
2.986
3.583
4.300
5.160
6.192

wth. To see the exponential growth in practice, we can graph the future value table. It looks

Different Periods and Rates

0%
5%
10%
15%
20%

5 6 7 8 9 10
e (years)

s text in the header row and column, Excel will automatically use the text in the legend of the
use the numbers in the legend, but rather include them in the graph. To include the numbers
ta and ignore the header row and column. Next, right-click on the entire chart and choose
clude a legend for (Series 1, Series 2, etc.,) then select "Edit." This brings up a box that allows
the cell that has the header you want to include. You will need to repeat this for every column
axis, go to the "Horizontal (Category) Axis Labels," select "Edit", then highlight the array that
n, we will use Excel's FV function to calculate the future value. Suppose you have the following

we find that you will have:

alue. We left the payment and type blank for now, but we will discuss this in more detail later.
ks like a calculator in that it expects cash flows. If we had left the present value as a positive
s to show as positive, we entered a negative in front of the present value.

from Russia in 1867. The United States paid $7.2 million in exchange for 586,412 square
on “Seward’s Folly” because they believed the newly acquired land was a useless icebox.
much would that investment be worth today?
umn width for the entire spreadsheet to display the future value. To get the future value to
u select the cells you want merged into one cell and click on the icon. The second thing is that
amount and in the cents. You might think this is strange, and indeed it is. The reason is that
his generally does not create a problem in most calculations, it is something that you should

.com has an add-in to Excel available that will calculate to 32,767 digits.

nd the present value, but rather talk about the PV function. The PV syntax is similar to the FV

he value of that payment today?

 ue. We left the payment and type blank for now, but we will discuss these later on. Notice
calculator in that it expects cash flows. If we had left the future value as a positive number we
positive, we entered a negative in front of the future value.

interest rates and periods. A two-way data table allows us to do this very easily. First, we'll set

. Next, in the upper left-hand corner, enter the equation you would like to use into the cell.
the Data tab, What-If Analysis, then Data Table. Excel will prompt you to enter the variables in
his data table , our entries were:

and the data table will be filled in automatically. We left the calculation in the upper left-hand
-clicking, selecting Format Cells, choosing Custom, and entering the custom type as a

e
15% 20%
 this, we merged the cells, typed in the text, right-clicked on the cells and selected "Format

for Different Periods and Rates

0%
5%
10%
15%
20%

5 6 7 8 9 10
Time (years)

e value in a desired time period is a relatively simple problem using Excel.

paying immediately, he will pay at some point in the future. What interest rate would the
:

lue. We left the payment and type blank for now, but we will discuss these later on. Notice
a calculator in that it expects cash flows. We could have also made the present value positive

for a lump sum today to reach a desired amount in the future.

rmation. How long must you wait to buy the company?

 owing:

left the payment and type blank for now, but we will discuss these later on. Notice also that
or in that it expects cash flows. We could have also made the present value positive and the

e you will receive will change every year. With the following assumptions, how much will you

ear 1, we will receive the Year 1 interest rate. We will use the value at the end of Year 1 to
g this, we find that the value each year is:
ll calculate the future value of this amount. Using the FVSCHEDULE function, we find that the

contains the interest rates for each period.

all inflows. Unfortunately, as we will see, computer programmers don't understand net

eed computer. Should Finance.com make this investment? What is the net present value?
owing:

the NPV function. The reason is simple. When the programmers created the NPV function,
a function that calculated the present value of cash flows. So, to calculate the NPV of a series
sh flows beyond Time 0, then add the cash flow at Time 0 to the result. To see how we did

ws. For example, to find the value today of the Patrick Mahomes contract we discussed in the
 Chapter 4 - Section 3
Compounding Periods

Excel has functions to calculate the effective annual rate and the annual percentage rate.

Example 4.12: EARs

Suppose Vicki Bogan makes a deposit in an account with the following stated annual interest rate and compou
account?

APR 24%
Compounding periods per year 12

EAR 26.82%

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.

Of course, you may have the EAR and need to find the APR. Remember that the APR is the legally quoted interest ra

As a lender, you know the interest rate and the number of compounding periods per year. In order to earn this inter

EAR 18%
Compounding periods per year 12
 APR 16.67%

RWJ Excel Tip

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.

Continuous Compounding

Excel does not have a function for continuous compounding, but it does have a function that calculates the exponen

Example 4.15: Continuous Compounding

Suppose Katharina Lewellen makes a deposit into an account with the following APR. The account has continuous co

APR 10.00%

EAR ###

RWJ Excel Tip

To calculate the exponential function, we use EXP, found under the Math & Trig functions, as follows:
The sole argument of this Excel function is Number, which is the number we want to calculate the exponential value
this case. Since we are dealing with interest rates, we need to calculate the exponential function for the interest rat
nterest rate and compounding periods per year. What is the EAR of this

periods per year.

legally quoted interest rate on loans.

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

periods per year.

at calculates the exponential function (e).

ccount has continuous compounding. What is the EAR of this account?

as follows:
ate the exponential value. If you notice, the function returns 1.105170918 in
nction for the interest rate and then subtract 1 (one).
 Chapter 4 - Section 4
Simplifications

Excel does not have built-in functions for perpetuities, growing perpetuities, or growing annuities. Each of these can
cell. We'll leave this up to you and instead concentrate on the broad array of annuity calculations in this section.

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 func
the annuity payment. Finding the present value of an annuity uses the PV function with the annuity payment in the

Example 4.20: Lottery Valuation

Mark Young won the state lottery and will receive the following set of equal payments beginning one year from now

Annual payment $ 50,000

Number of years for payments 20
Interest rate 8%

Present value $ 490,907.37

RWJ Excel Tip

To find the present value of this annuity, we used the following arguments:
Rate is the interest rate, Nper is the number of periods, and Pmt is the annuity payment. Since there is no present v
sign in front of the payment. Excel works like a calculator in that one of the cash flows must be positive and one of t
payment as a positive number we would have gotten a negative answer. Since we prefer our answers to show as po

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 re
will you have when you retire?

Example 4.21: Retirement Investing

Suppose you make the following deposits into a Roth IRA for retirement. How much will you have in your account w

Annual savings $ 3,000

Number of years to save 30
Interest rate 6%

Future value $ 237,174.56

RWJ Excel Tip

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

Rate is the interest rate, Nper is the number of periods, and Pmt is the annuity payment. Since there is no present v
sign in front of the payment. Excel works like a calculator in that one of the cash flows must be positive and one of t
payment as a positive number we would have gotten a negative answer. Since we prefer our answers to show as po
Finding the Annuity Payment
To find the annuity payment, Excel uses the PMT function. Suppose you are buying a house with the following terms

Purchase price $ 175,000

Number of months for repayment 240
Monthly interest rate 0.50%

Monthly payment $ 1,253.75

RWJ Excel Tip

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

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

Finding the Interest Rate

To find the interest rate for an annuity, Excel uses the RATE function. Suppose you are saving for retirement and kno
retirement balance. What interest rate is necessary for you to reach your goal?

Retirement goal $ 1,500,000

 Annual amount to save $ 4,000
Number of years to save 35

Interest rate 11.40%

RWJ Excel Tip

To find the interest rate, we used the following arguments:

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

Finding the Number of Payments

You ran a little short on your vacation, so you charged on your credit card. With the following assumptions, how lon

Amount owed $ 3,000

Monthly payment $ 50
Monthly interest rate 1.50%

Number of months to pay off card 154.65

Number of years to pay off card 12.89

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:

Rate is the interest rate per period, Pmt is the annuity payment, and Pv is the present value. Since there is no future
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.

Trick 1: A Delayed Annuity

One of the tricks of annuities is getting the timing right. When we are dealing with a delayed annuity, there are a co

Example 4.22 Delayed Annuities

Suppose Danielle Caravello will receive the following annuity payments. What is the value of the payments today?

Number of payments 4
Amount of each payment $ 500
Date of first payment 6
Interest rate 10%

First, we can find the present value of the annuity payments, which is:

Annuity present value $ 1,584.93

Now that we have the lump sum value, we can find the present value of the lump sum. We also need to remember
the first payment, so we need to subtract one from the date of the first payment. So, the value of the annuity today

Value today $ 984.12

RWJ Excel Tip
Of course, we could solve this question with one calculation cell. Excel allows you to "nest" one function inside anot
calculation inside the present value of the lump sum without the intermediate step of calculating the present value
also results in a cleaner looking spreadsheet.

Value today $ 984.12

Of course, there is another way to calculate the value of this annuity today. Suppose we set up the cash flows in a ta
Beginning
Year Amount
1 $ -
2 $ -
3 $ -
4 $ -
5 $ -
6 $ 500
7 $ 500
8 $ 500
9 $ 500
10 $ -

Interest rate 10%

With the cash flows set up like this, we can use the NPV function to find the value of the cash flows today, which wil

Value today $ 984.12

Trick 2: Annuity Due

So far, we have talked about ordinary annuities, that is, the payments occur at the end of the period. What about an
of the period?

Example 4.23: Annuity Due

Suppose Mark DeYoung, who won the lottery in a previous example, still wins the lottery but now the payments are
winnings today?

Beginning of period annuity deposit $ 50,000

Number of years 20
Interest rate 8%

Present value $ 530,179.96

RWJ Excel Tip
To calculate the present value of an annuity due, we use the PV 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 enter
entered, Excel uses beginning of period payments.

Example 4.24: Infrequent Annuities

Ann Chen is going to receive the following annuity payments. What is the value of the payments today?

Annuity payment $ 450

Years between payments 2
Years for payments 20
EAR 6%

We can answer this problem in two steps. First, we need to find the effective rate for the years between the annuity

Effective multiyear rate 12.36%

Now we can use this rate to find the value today, which is:

Value today $ 2,505.57

Of course, we could always nest the functions to calculate the value today in one cell:

Value today $ 2,505.57

growing annuities. Each of these can be calculated by inputting the equations directly into a
nuity calculations in this section.

Pmt argument in the PV and FV functions that we left blank in Section 4.2? The Pmt stands for
on with the annuity payment in the Pmt argument.

yments beginning one year from now. What is the value of the payments today?
payment. Since there is no present value, we left this blank. Notice also that we put a negative
h flows must be positive and one of the cash flows must be negative. If we had left the
we prefer our answers to show as positive, we entered a negative in front of the payment.

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

much will you have in your account when your golden years start?

payment. Since there is no present value, we left this blank. Notice also that we put a negative
h flows must be positive and one of the cash flows must be negative. If we had left the
we prefer our answers to show as positive, we entered a negative in front of the payment.
ing a house with the following terms. What is your monthly mortgage payment?

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

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

the 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
be positive and one of the cash flows negative. We could have made the payment positive and

th a delayed annuity, there are a couple of ways to handle the calculation in Excel.

the value of the payments today?

mp sum. We also need to remember that the present value of an annuity is one period before
t. So, the value of the annuity today is:
ou to "nest" one function inside another. Below, we nested the present value of the annuity
tep of calculating the present value of the annuity. Although this is a little more difficult, it

pose we set up the cash flows in a table like this:

ue of the cash flows today, which will be:

he end of the period. What about annuities due, where the payments occur at the beginning

he lottery but now the payments are in the form of an annuity due. What is the value of his
t the 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

of the payments today?

te for the years between the annuity payments, which is:

e cell:
 Chapter 4 - Section 5
Loan Amortization

Equal Principal Payment

Amortization tables are an excellent application of Excel's abilities. Because an amortization table is repetitive, once
to fill in the rest of the amortization table. Suppose we have the following 15-year loan that requires equal principal

Loan amount $ 350,000

Interest rate 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:

Beginning Total Interest Principal

Balance Payment Paid Payment
1 $ 350,000.00 $ 54,833.33 $ 31,500.00 $ 23,333.33
2 326,666.67 52,733.33 29,400.00 23,333.33
3 303,333.33 50,633.33 27,300.00 23,333.33
4 280,000.00 48,533.33 25,200.00 23,333.33
5 256,666.67 46,433.33 23,100.00 23,333.33
6 233,333.33 44,333.33 21,000.00 23,333.33
7 210,000.00 42,233.33 18,900.00 23,333.33
8 186,666.67 40,133.33 16,800.00 23,333.33
9 163,333.33 38,033.33 14,700.00 23,333.33
10 140,000.00 35,933.33 12,600.00 23,333.33
11 116,666.67 33,833.33 10,500.00 23,333.33
12 93,333.33 31,733.33 8,400.00 23,333.33
13 70,000.00 29,633.33 6,300.00 23,333.33
14 46,666.67 27,533.33 4,200.00 23,333.33
15 23,333.33 25,433.33 2,100.00 23,333.33
Total $ 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 interest
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 interes
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 $ 350,000

Interest rate 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:

Beginning Total Interest Principal

Balance Payment Paid Payment
1 $ 350,000.00 $ 43,420.61 $ 31,500.00 $ 11,920.61
2 338,079.39 43,420.61 30,427.15 12,993.46
3 325,085.93 43,420.61 29,257.73 14,162.88
4 310,923.05 43,420.61 27,983.07 15,437.53
5 295,485.52 43,420.61 26,593.70 16,826.91
6 278,658.61 43,420.61 25,079.27 18,341.33
7 260,317.27 43,420.61 23,428.55 19,992.05
8 240,325.22 43,420.61 21,629.27 21,791.34
9 218,533.88 43,420.61 19,668.05 23,752.56
10 194,781.32 43,420.61 17,530.32 25,890.29
11 168,891.03 43,420.61 15,200.19 28,220.42
12 140,670.61 43,420.61 12,660.35 30,760.25
13 109,910.36 43,420.61 9,891.93 33,528.68
14 76,381.68 43,420.61 6,874.35 36,546.26
15 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 amount,
calculation of the payment amount, the interest payment is the beginning balance multiplied by the interest rate (w
payment is the total payment minus the interest paid. The ending balance is the beginning balance minus the princi
period, except that the beginning balance in Period 2 is the ending balance in Period 1. Since we have used absolute
can copy and paste the second row to fill in the table. To find the total payments, total interest payments, and total
sum button.

RWJ Excel Tip

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

"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 lo
going to be a little fancier here and set up the problem so that it works with any repayment schedule, whether annu
loan with the following characteristics:

Example 4.28: Partial Amortization, or "Bite the Bullet"

Suppose we have a commercial mortgage with the following characteristics. What will the monthly payment be? Ho
 Loan amount $ 100,000
Amortization period (years) 20
Time balloon payment due (years) 5
Payments per year 12
Interest rate (APR) 12.00%

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

Monthly payment $ 1,101.09

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

Balloon payment $ 91,744.33

Of course, we could have nested the functions to find the balloon payment as well like this:

Balloon payment $ 91,744.33

amortization table is repetitive, once we get the first couple of rows, we can copy and paste
ear 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
ing 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
find the total payments, total interest payments, and total principal payments, we used the

pal amortization schedule. First, we need to calculate the loan payment for the 15 year loan,
payment 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
-
 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
e beginning balance minus the principal payment. We then repeated this for the second
Period 1. Since we have used absolute references for the total payment and interest rate, we
ts, total interest payments, and total principal payments over the life of the loan, we used the

calculate a loan amortization. To find this worksheet, right-click on one of the worksheet
built-in spreadsheet options. We selected the Loan Amortization worksheet and Excel inserted
p and 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

hat will the monthly payment be? How big will the balloon payment be?
alloon payment will be:

well like this:

Loan Amortization Schedule

Enter values Loan summary

Loan amount $ 250,000.00 Scheduled payment $ 1,244.53
Annual interest rate 4.35 % Scheduled number of payments 360
Loan period in years 30 Actual number of payments 360
Number of payments per year 12 Total early payments $ -
Start date of loan 12/1/2021 Total interest $ 198,030.61
Optional extra payments

Lender name:

Pmt. Payment Date Beginning Balance Scheduled Extra Payment Total Payment Principal Interest Ending Balance Cumulative Interest
No. Payment

1 1/1/2022 $ 250,000.00 $ 1,244.53 $ - $ 1,244.53 $ 338.28 $ 906.25 $ 249,661.72 $ 906.25

2 2/1/2022 $ 249,661.72 $ 1,244.53 $ - $ 1,244.53 $ 339.51 $ 905.02 $ 249,322.21 $ 1,811.27
3 3/1/2022 $ 249,322.21 $ 1,244.53 $ - $ 1,244.53 $ 340.74 $ 903.79 $ 248,981.48 $ 2,715.07
4 4/1/2022 $ 248,981.48 $ 1,244.53 $ - $ 1,244.53 $ 341.97 $ 902.56 $ 248,639.51 $ 3,617.62
5 5/1/2022 $ 248,639.51 $ 1,244.53 $ - $ 1,244.53 $ 343.21 $ 901.32 $ 248,296.30 $ 4,518.94
6 6/1/2022 $ 248,296.30 $ 1,244.53 $ - $ 1,244.53 $ 344.46 $ 900.07 $ 247,951.84 $ 5,419.02
7 7/1/2022 $ 247,951.84 $ 1,244.53 $ - $ 1,244.53 $ 345.70 $ 898.83 $ 247,606.14 $ 6,317.84
8 8/1/2022 $ 247,606.14 $ 1,244.53 $ - $ 1,244.53 $ 346.96 $ 897.57 $ 247,259.18 $ 7,215.41
9 9/1/2022 $ 247,259.18 $ 1,244.53 $ - $ 1,244.53 $ 348.21 $ 896.31 $ 246,910.96 $ 8,111.73
10 10/1/2022 $ 246,910.96 $ 1,244.53 $ - $ 1,244.53 $ 349.48 $ 895.05 $ 246,561.49 $ 9,006.78
11 11/1/2022 $ 246,561.49 $ 1,244.53 $ - $ 1,244.53 $ 350.74 $ 893.79 $ 246,210.74 $ 9,900.57
12 12/1/2022 $ 246,210.74 $ 1,244.53 $ - $ 1,244.53 $ 352.02 $ 892.51 $ 245,858.73 $ 10,793.08
13 1/1/2023 $ 245,858.73 $ 1,244.53 $ - $ 1,244.53 $ 353.29 $ 891.24 $ 245,505.44 $ 11,684.32
14 2/1/2023 $ 245,505.44 $ 1,244.53 $ - $ 1,244.53 $ 354.57 $ 889.96 $ 245,150.86 $ 12,574.28
15 3/1/2023 $ 245,150.86 $ 1,244.53 $ - $ 1,244.53 $ 355.86 $ 888.67 $ 244,795.01 $ 13,462.95
16 4/1/2023 $ 244,795.01 $ 1,244.53 $ - $ 1,244.53 $ 357.15 $ 887.38 $ 244,437.86 $ 14,350.33
17 5/1/2023 $ 244,437.86 $ 1,244.53 $ - $ 1,244.53 $ 358.44 $ 886.09 $ 244,079.42 $ 15,236.42
18 6/1/2023 $ 244,079.42 $ 1,244.53 $ - $ 1,244.53 $ 359.74 $ 884.79 $ 243,719.67 $ 16,121.20
19 7/1/2023 $ 243,719.67 $ 1,244.53 $ - $ 1,244.53 $ 361.05 $ 883.48 $ 243,358.63 $ 17,004.69
20 8/1/2023 $ 243,358.63 $ 1,244.53 $ - $ 1,244.53 $ 362.35 $ 882.18 $ 242,996.27 $ 17,886.86
21 9/1/2023 $ 242,996.27 $ 1,244.53 $ - $ 1,244.53 $ 363.67 $ 880.86 $ 242,632.61 $ 18,767.72
22 10/1/2023 $ 242,632.61 $ 1,244.53 $ - $ 1,244.53 $ 364.99 $ 879.54 $ 242,267.62 $ 19,647.27
23 11/1/2023 $ 242,267.62 $ 1,244.53 $ - $ 1,244.53 $ 366.31 $ 878.22 $ 241,901.31 $ 20,525.49
24 12/1/2023 $ 241,901.31 $ 1,244.53 $ - $ 1,244.53 $ 367.64 $ 876.89 $ 241,533.67 $ 21,402.38
25 1/1/2024 $ 241,533.67 $ 1,244.53 $ - $ 1,244.53 $ 368.97 $ 875.56 $ 241,164.70 $ 22,277.94
26 2/1/2024 $ 241,164.70 $ 1,244.53 $ - $ 1,244.53 $ 370.31 $ 874.22 $ 240,794.40 $ 23,152.16
27 3/1/2024 $ 240,794.40 $ 1,244.53 $ - $ 1,244.53 $ 371.65 $ 872.88 $ 240,422.75 $ 24,025.04
28 4/1/2024 $ 240,422.75 $ 1,244.53 $ - $ 1,244.53 $ 373.00 $ 871.53 $ 240,049.75 $ 24,896.57
29 5/1/2024 $ 240,049.75 $ 1,244.53 $ - $ 1,244.53 $ 374.35 $ 870.18 $ 239,675.40 $ 25,766.75
30 6/1/2024 $ 239,675.40 $ 1,244.53 $ - $ 1,244.53 $ 375.71 $ 868.82 $ 239,299.69 $ 26,635.58
31 7/1/2024 $ 239,299.69 $ 1,244.53 $ - $ 1,244.53 $ 377.07 $ 867.46 $ 238,922.63 $ 27,503.04
32 8/1/2024 $ 238,922.63 $ 1,244.53 $ - $ 1,244.53 $ 378.43 $ 866.09 $ 238,544.19 $ 28,369.13
33 9/1/2024 $ 238,544.19 $ 1,244.53 $ - $ 1,244.53 $ 379.81 $ 864.72 $ 238,164.38 $ 29,233.86
34 10/1/2024 $ 238,164.38 $ 1,244.53 $ - $ 1,244.53 $ 381.18 $ 863.35 $ 237,783.20 $ 30,097.20
35 11/1/2024 $ 237,783.20 $ 1,244.53 $ - $ 1,244.53 $ 382.57 $ 861.96 $ 237,400.63 $ 30,959.17
 Pmt. Payment Date Beginning Balance Scheduled Extra Payment Total Payment Principal Interest Ending Balance Cumulative Interest
No. Payment

36 12/1/2024 $ 237,400.63 $ 1,244.53 $ - $ 1,244.53 $ 383.95 $ 860.58 $ 237,016.68 $ 31,819.74

37 1/1/2025 $ 237,016.68 $ 1,244.53 $ - $ 1,244.53 $ 385.34 $ 859.19 $ 236,631.34 $ 32,678.93
38 2/1/2025 $ 236,631.34 $ 1,244.53 $ - $ 1,244.53 $ 386.74 $ 857.79 $ 236,244.60 $ 33,536.72
39 3/1/2025 $ 236,244.60 $ 1,244.53 $ - $ 1,244.53 $ 388.14 $ 856.39 $ 235,856.45 $ 34,393.10
40 4/1/2025 $ 235,856.45 $ 1,244.53 $ - $ 1,244.53 $ 389.55 $ 854.98 $ 235,466.90 $ 35,248.08
41 5/1/2025 $ 235,466.90 $ 1,244.53 $ - $ 1,244.53 $ 390.96 $ 853.57 $ 235,075.94 $ 36,101.65
42 6/1/2025 $ 235,075.94 $ 1,244.53 $ - $ 1,244.53 $ 392.38 $ 852.15 $ 234,683.56 $ 36,953.80
43 7/1/2025 $ 234,683.56 $ 1,244.53 $ - $ 1,244.53 $ 393.80 $ 850.73 $ 234,289.76 $ 37,804.53
44 8/1/2025 $ 234,289.76 $ 1,244.53 $ - $ 1,244.53 $ 395.23 $ 849.30 $ 233,894.53 $ 38,653.83
45 9/1/2025 $ 233,894.53 $ 1,244.53 $ - $ 1,244.53 $ 396.66 $ 847.87 $ 233,497.87 $ 39,501.70
46 10/1/2025 $ 233,497.87 $ 1,244.53 $ - $ 1,244.53 $ 398.10 $ 846.43 $ 233,099.77 $ 40,348.13
47 11/1/2025 $ 233,099.77 $ 1,244.53 $ - $ 1,244.53 $ 399.54 $ 844.99 $ 232,700.23 $ 41,193.11
48 12/1/2025 $ 232,700.23 $ 1,244.53 $ - $ 1,244.53 $ 400.99 $ 843.54 $ 232,299.24 $ 42,036.65
49 1/1/2026 $ 232,299.24 $ 1,244.53 $ - $ 1,244.53 $ 402.44 $ 842.08 $ 231,896.79 $ 42,878.74
50 2/1/2026 $ 231,896.79 $ 1,244.53 $ - $ 1,244.53 $ 403.90 $ 840.63 $ 231,492.89 $ 43,719.36
51 3/1/2026 $ 231,492.89 $ 1,244.53 $ - $ 1,244.53 $ 405.37 $ 839.16 $ 231,087.52 $ 44,558.53
52 4/1/2026 $ 231,087.52 $ 1,244.53 $ - $ 1,244.53 $ 406.84 $ 837.69 $ 230,680.68 $ 45,396.22
53 5/1/2026 $ 230,680.68 $ 1,244.53 $ - $ 1,244.53 $ 408.31 $ 836.22 $ 230,272.37 $ 46,232.43
54 6/1/2026 $ 230,272.37 $ 1,244.53 $ - $ 1,244.53 $ 409.79 $ 834.74 $ 229,862.58 $ 47,067.17
55 7/1/2026 $ 229,862.58 $ 1,244.53 $ - $ 1,244.53 $ 411.28 $ 833.25 $ 229,451.30 $ 47,900.42
56 8/1/2026 $ 229,451.30 $ 1,244.53 $ - $ 1,244.53 $ 412.77 $ 831.76 $ 229,038.53 $ 48,732.19
57 9/1/2026 $ 229,038.53 $ 1,244.53 $ - $ 1,244.53 $ 414.26 $ 830.26 $ 228,624.27 $ 49,562.45
58 10/1/2026 $ 228,624.27 $ 1,244.53 $ - $ 1,244.53 $ 415.77 $ 828.76 $ 228,208.50 $ 50,391.21
59 11/1/2026 $ 228,208.50 $ 1,244.53 $ - $ 1,244.53 $ 417.27 $ 827.26 $ 227,791.23 $ 51,218.47
60 12/1/2026 $ 227,791.23 $ 1,244.53 $ - $ 1,244.53 $ 418.79 $ 825.74 $ 227,372.44 $ 52,044.21
61 1/1/2027 $ 227,372.44 $ 1,244.53 $ - $ 1,244.53 $ 420.30 $ 824.23 $ 226,952.14 $ 52,868.44
62 2/1/2027 $ 226,952.14 $ 1,244.53 $ - $ 1,244.53 $ 421.83 $ 822.70 $ 226,530.31 $ 53,691.14
63 3/1/2027 $ 226,530.31 $ 1,244.53 $ - $ 1,244.53 $ 423.36 $ 821.17 $ 226,106.95 $ 54,512.31
64 4/1/2027 $ 226,106.95 $ 1,244.53 $ - $ 1,244.53 $ 424.89 $ 819.64 $ 225,682.06 $ 55,331.95
65 5/1/2027 $ 225,682.06 $ 1,244.53 $ - $ 1,244.53 $ 426.43 $ 818.10 $ 225,255.63 $ 56,150.05
66 6/1/2027 $ 225,255.63 $ 1,244.53 $ - $ 1,244.53 $ 427.98 $ 816.55 $ 224,827.65 $ 56,966.60
67 7/1/2027 $ 224,827.65 $ 1,244.53 $ - $ 1,244.53 $ 429.53 $ 815.00 $ 224,398.12 $ 57,781.60
68 8/1/2027 $ 224,398.12 $ 1,244.53 $ - $ 1,244.53 $ 431.09 $ 813.44 $ 223,967.04 $ 58,595.04
69 9/1/2027 $ 223,967.04 $ 1,244.53 $ - $ 1,244.53 $ 432.65 $ 811.88 $ 223,534.39 $ 59,406.92
70 10/1/2027 $ 223,534.39 $ 1,244.53 $ - $ 1,244.53 $ 434.22 $ 810.31 $ 223,100.17 $ 60,217.23
71 11/1/2027 $ 223,100.17 $ 1,244.53 $ - $ 1,244.53 $ 435.79 $ 808.74 $ 222,664.38 $ 61,025.97
72 12/1/2027 $ 222,664.38 $ 1,244.53 $ - $ 1,244.53 $ 437.37 $ 807.16 $ 222,227.01 $ 61,833.13
73 1/1/2028 $ 222,227.01 $ 1,244.53 $ - $ 1,244.53 $ 438.96 $ 805.57 $ 221,788.05 $ 62,638.70
74 2/1/2028 $ 221,788.05 $ 1,244.53 $ - $ 1,244.53 $ 440.55 $ 803.98 $ 221,347.50 $ 63,442.68
75 3/1/2028 $ 221,347.50 $ 1,244.53 $ - $ 1,244.53 $ 442.14 $ 802.38 $ 220,905.36 $ 64,245.07
76 4/1/2028 $ 220,905.36 $ 1,244.53 $ - $ 1,244.53 $ 443.75 $ 800.78 $ 220,461.61 $ 65,045.85
77 5/1/2028 $ 220,461.61 $ 1,244.53 $ - $ 1,244.53 $ 445.36 $ 799.17 $ 220,016.25 $ 65,845.02
78 6/1/2028 $ 220,016.25 $ 1,244.53 $ - $ 1,244.53 $ 446.97 $ 797.56 $ 219,569.28 $ 66,642.58
79 7/1/2028 $ 219,569.28 $ 1,244.53 $ - $ 1,244.53 $ 448.59 $ 795.94 $ 219,120.69 $ 67,438.52
80 8/1/2028 $ 219,120.69 $ 1,244.53 $ - $ 1,244.53 $ 450.22 $ 794.31 $ 218,670.48 $ 68,232.83
81 9/1/2028 $ 218,670.48 $ 1,244.53 $ - $ 1,244.53 $ 451.85 $ 792.68 $ 218,218.63 $ 69,025.52
82 10/1/2028 $ 218,218.63 $ 1,244.53 $ - $ 1,244.53 $ 453.49 $ 791.04 $ 217,765.14 $ 69,816.56
83 11/1/2028 $ 217,765.14 $ 1,244.53 $ - $ 1,244.53 $ 455.13 $ 789.40 $ 217,310.01 $ 70,605.96
84 12/1/2028 $ 217,310.01 $ 1,244.53 $ - $ 1,244.53 $ 456.78 $ 787.75 $ 216,853.23 $ 71,393.71
 Pmt. Payment Date Beginning Balance Scheduled Extra Payment Total Payment Principal Interest Ending Balance Cumulative Interest
No. Payment

85 1/1/2029 $ 216,853.23 $ 1,244.53 $ - $ 1,244.53 $ 458.44 $ 786.09 $ 216,394.79 $ 72,179.80

86 2/1/2029 $ 216,394.79 $ 1,244.53 $ - $ 1,244.53 $ 460.10 $ 784.43 $ 215,934.69 $ 72,964.23
87 3/1/2029 $ 215,934.69 $ 1,244.53 $ - $ 1,244.53 $ 461.77 $ 782.76 $ 215,472.93 $ 73,746.99
88 4/1/2029 $ 215,472.93 $ 1,244.53 $ - $ 1,244.53 $ 463.44 $ 781.09 $ 215,009.49 $ 74,528.08
89 5/1/2029 $ 215,009.49 $ 1,244.53 $ - $ 1,244.53 $ 465.12 $ 779.41 $ 214,544.37 $ 75,307.49
90 6/1/2029 $ 214,544.37 $ 1,244.53 $ - $ 1,244.53 $ 466.81 $ 777.72 $ 214,077.56 $ 76,085.21
91 7/1/2029 $ 214,077.56 $ 1,244.53 $ - $ 1,244.53 $ 468.50 $ 776.03 $ 213,609.06 $ 76,861.25
92 8/1/2029 $ 213,609.06 $ 1,244.53 $ - $ 1,244.53 $ 470.20 $ 774.33 $ 213,138.87 $ 77,635.58
93 9/1/2029 $ 213,138.87 $ 1,244.53 $ - $ 1,244.53 $ 471.90 $ 772.63 $ 212,666.97 $ 78,408.21
94 10/1/2029 $ 212,666.97 $ 1,244.53 $ - $ 1,244.53 $ 473.61 $ 770.92 $ 212,193.35 $ 79,179.12
95 11/1/2029 $ 212,193.35 $ 1,244.53 $ - $ 1,244.53 $ 475.33 $ 769.20 $ 211,718.02 $ 79,948.33
96 12/1/2029 $ 211,718.02 $ 1,244.53 $ - $ 1,244.53 $ 477.05 $ 767.48 $ 211,240.97 $ 80,715.80
97 1/1/2030 $ 211,240.97 $ 1,244.53 $ - $ 1,244.53 $ 478.78 $ 765.75 $ 210,762.19 $ 81,481.55
98 2/1/2030 $ 210,762.19 $ 1,244.53 $ - $ 1,244.53 $ 480.52 $ 764.01 $ 210,281.68 $ 82,245.57
99 3/1/2030 $ 210,281.68 $ 1,244.53 $ - $ 1,244.53 $ 482.26 $ 762.27 $ 209,799.42 $ 83,007.84
100 4/1/2030 $ 209,799.42 $ 1,244.53 $ - $ 1,244.53 $ 484.01 $ 760.52 $ 209,315.41 $ 83,768.36
101 5/1/2030 $ 209,315.41 $ 1,244.53 $ - $ 1,244.53 $ 485.76 $ 758.77 $ 208,829.65 $ 84,527.13
102 6/1/2030 $ 208,829.65 $ 1,244.53 $ - $ 1,244.53 $ 487.52 $ 757.01 $ 208,342.13 $ 85,284.13
103 7/1/2030 $ 208,342.13 $ 1,244.53 $ - $ 1,244.53 $ 489.29 $ 755.24 $ 207,852.84 $ 86,039.38
104 8/1/2030 $ 207,852.84 $ 1,244.53 $ - $ 1,244.53 $ 491.06 $ 753.47 $ 207,361.78 $ 86,792.84
105 9/1/2030 $ 207,361.78 $ 1,244.53 $ - $ 1,244.53 $ 492.84 $ 751.69 $ 206,868.93 $ 87,544.53
106 10/1/2030 $ 206,868.93 $ 1,244.53 $ - $ 1,244.53 $ 494.63 $ 749.90 $ 206,374.30 $ 88,294.43
107 11/1/2030 $ 206,374.30 $ 1,244.53 $ - $ 1,244.53 $ 496.42 $ 748.11 $ 205,877.88 $ 89,042.53
108 12/1/2030 $ 205,877.88 $ 1,244.53 $ - $ 1,244.53 $ 498.22 $ 746.31 $ 205,379.66 $ 89,788.84
109 1/1/2031 $ 205,379.66 $ 1,244.53 $ - $ 1,244.53 $ 500.03 $ 744.50 $ 204,879.63 $ 90,533.34
110 2/1/2031 $ 204,879.63 $ 1,244.53 $ - $ 1,244.53 $ 501.84 $ 742.69 $ 204,377.79 $ 91,276.03
111 3/1/2031 $ 204,377.79 $ 1,244.53 $ - $ 1,244.53 $ 503.66 $ 740.87 $ 203,874.13 $ 92,016.90
112 4/1/2031 $ 203,874.13 $ 1,244.53 $ - $ 1,244.53 $ 505.49 $ 739.04 $ 203,368.64 $ 92,755.95
113 5/1/2031 $ 203,368.64 $ 1,244.53 $ - $ 1,244.53 $ 507.32 $ 737.21 $ 202,861.33 $ 93,493.16
114 6/1/2031 $ 202,861.33 $ 1,244.53 $ - $ 1,244.53 $ 509.16 $ 735.37 $ 202,352.17 $ 94,228.53
115 7/1/2031 $ 202,352.17 $ 1,244.53 $ - $ 1,244.53 $ 511.00 $ 733.53 $ 201,841.17 $ 94,962.06
116 8/1/2031 $ 201,841.17 $ 1,244.53 $ - $ 1,244.53 $ 512.86 $ 731.67 $ 201,328.31 $ 95,693.73
117 9/1/2031 $ 201,328.31 $ 1,244.53 $ - $ 1,244.53 $ 514.71 $ 729.82 $ 200,813.60 $ 96,423.54
118 10/1/2031 $ 200,813.60 $ 1,244.53 $ - $ 1,244.53 $ 516.58 $ 727.95 $ 200,297.02 $ 97,151.49
119 11/1/2031 $ 200,297.02 $ 1,244.53 $ - $ 1,244.53 $ 518.45 $ 726.08 $ 199,778.56 $ 97,877.57
120 12/1/2031 $ 199,778.56 $ 1,244.53 $ - $ 1,244.53 $ 520.33 $ 724.20 $ 199,258.23 $ 98,601.77
121 1/1/2032 $ 199,258.23 $ 1,244.53 $ - $ 1,244.53 $ 522.22 $ 722.31 $ 198,736.01 $ 99,324.08
122 2/1/2032 $ 198,736.01 $ 1,244.53 $ - $ 1,244.53 $ 524.11 $ 720.42 $ 198,211.90 $ 100,044.50
123 3/1/2032 $ 198,211.90 $ 1,244.53 $ - $ 1,244.53 $ 526.01 $ 718.52 $ 197,685.89 $ 100,763.02
124 4/1/2032 $ 197,685.89 $ 1,244.53 $ - $ 1,244.53 $ 527.92 $ 716.61 $ 197,157.97 $ 101,479.63
125 5/1/2032 $ 197,157.97 $ 1,244.53 $ - $ 1,244.53 $ 529.83 $ 714.70 $ 196,628.14 $ 102,194.32
126 6/1/2032 $ 196,628.14 $ 1,244.53 $ - $ 1,244.53 $ 531.75 $ 712.78 $ 196,096.39 $ 102,907.10
127 7/1/2032 $ 196,096.39 $ 1,244.53 $ - $ 1,244.53 $ 533.68 $ 710.85 $ 195,562.71 $ 103,617.95
128 8/1/2032 $ 195,562.71 $ 1,244.53 $ - $ 1,244.53 $ 535.61 $ 708.91 $ 195,027.09 $ 104,326.87
129 9/1/2032 $ 195,027.09 $ 1,244.53 $ - $ 1,244.53 $ 537.56 $ 706.97 $ 194,489.54 $ 105,033.84
130 10/1/2032 $ 194,489.54 $ 1,244.53 $ - $ 1,244.53 $ 539.50 $ 705.02 $ 193,950.03 $ 105,738.86
131 11/1/2032 $ 193,950.03 $ 1,244.53 $ - $ 1,244.53 $ 541.46 $ 703.07 $ 193,408.57 $ 106,441.93
132 12/1/2032 $ 193,408.57 $ 1,244.53 $ - $ 1,244.53 $ 543.42 $ 701.11 $ 192,865.15 $ 107,143.04
133 1/1/2033 $ 192,865.15 $ 1,244.53 $ - $ 1,244.53 $ 545.39 $ 699.14 $ 192,319.75 $ 107,842.17
 Pmt. Payment Date Beginning Balance Scheduled Extra Payment Total Payment Principal Interest Ending Balance Cumulative Interest
No. Payment

134 2/1/2033 $ 192,319.75 $ 1,244.53 $ - $ 1,244.53 $ 547.37 $ 697.16 $ 191,772.38 $ 108,539.33

135 3/1/2033 $ 191,772.38 $ 1,244.53 $ - $ 1,244.53 $ 549.35 $ 695.17 $ 191,223.03 $ 109,234.51
136 4/1/2033 $ 191,223.03 $ 1,244.53 $ - $ 1,244.53 $ 551.35 $ 693.18 $ 190,671.68 $ 109,927.69
137 5/1/2033 $ 190,671.68 $ 1,244.53 $ - $ 1,244.53 $ 553.34 $ 691.18 $ 190,118.34 $ 110,618.88
138 6/1/2033 $ 190,118.34 $ 1,244.53 $ - $ 1,244.53 $ 555.35 $ 689.18 $ 189,562.99 $ 111,308.06
139 7/1/2033 $ 189,562.99 $ 1,244.53 $ - $ 1,244.53 $ 557.36 $ 687.17 $ 189,005.62 $ 111,995.22
140 8/1/2033 $ 189,005.62 $ 1,244.53 $ - $ 1,244.53 $ 559.38 $ 685.15 $ 188,446.24 $ 112,680.37
141 9/1/2033 $ 188,446.24 $ 1,244.53 $ - $ 1,244.53 $ 561.41 $ 683.12 $ 187,884.83 $ 113,363.48
142 10/1/2033 $ 187,884.83 $ 1,244.53 $ - $ 1,244.53 $ 563.45 $ 681.08 $ 187,321.38 $ 114,044.57
143 11/1/2033 $ 187,321.38 $ 1,244.53 $ - $ 1,244.53 $ 565.49 $ 679.04 $ 186,755.89 $ 114,723.61
144 12/1/2033 $ 186,755.89 $ 1,244.53 $ - $ 1,244.53 $ 567.54 $ 676.99 $ 186,188.35 $ 115,400.60
145 1/1/2034 $ 186,188.35 $ 1,244.53 $ - $ 1,244.53 $ 569.60 $ 674.93 $ 185,618.76 $ 116,075.53
146 2/1/2034 $ 185,618.76 $ 1,244.53 $ - $ 1,244.53 $ 571.66 $ 672.87 $ 185,047.09 $ 116,748.40
147 3/1/2034 $ 185,047.09 $ 1,244.53 $ - $ 1,244.53 $ 573.73 $ 670.80 $ 184,473.36 $ 117,419.19
148 4/1/2034 $ 184,473.36 $ 1,244.53 $ - $ 1,244.53 $ 575.81 $ 668.72 $ 183,897.55 $ 118,087.91
149 5/1/2034 $ 183,897.55 $ 1,244.53 $ - $ 1,244.53 $ 577.90 $ 666.63 $ 183,319.65 $ 118,754.54
150 6/1/2034 $ 183,319.65 $ 1,244.53 $ - $ 1,244.53 $ 580.00 $ 664.53 $ 182,739.65 $ 119,419.07
151 7/1/2034 $ 182,739.65 $ 1,244.53 $ - $ 1,244.53 $ 582.10 $ 662.43 $ 182,157.55 $ 120,081.50
152 8/1/2034 $ 182,157.55 $ 1,244.53 $ - $ 1,244.53 $ 584.21 $ 660.32 $ 181,573.34 $ 120,741.82
153 9/1/2034 $ 181,573.34 $ 1,244.53 $ - $ 1,244.53 $ 586.33 $ 658.20 $ 180,987.02 $ 121,400.03
154 10/1/2034 $ 180,987.02 $ 1,244.53 $ - $ 1,244.53 $ 588.45 $ 656.08 $ 180,398.57 $ 122,056.11
155 11/1/2034 $ 180,398.57 $ 1,244.53 $ - $ 1,244.53 $ 590.58 $ 653.94 $ 179,807.98 $ 122,710.05
156 12/1/2034 $ 179,807.98 $ 1,244.53 $ - $ 1,244.53 $ 592.73 $ 651.80 $ 179,215.26 $ 123,361.85
157 1/1/2035 $ 179,215.26 $ 1,244.53 $ - $ 1,244.53 $ 594.87 $ 649.66 $ 178,620.38 $ 124,011.51
158 2/1/2035 $ 178,620.38 $ 1,244.53 $ - $ 1,244.53 $ 597.03 $ 647.50 $ 178,023.35 $ 124,659.01
159 3/1/2035 $ 178,023.35 $ 1,244.53 $ - $ 1,244.53 $ 599.19 $ 645.33 $ 177,424.16 $ 125,304.34
160 4/1/2035 $ 177,424.16 $ 1,244.53 $ - $ 1,244.53 $ 601.37 $ 643.16 $ 176,822.79 $ 125,947.51
161 5/1/2035 $ 176,822.79 $ 1,244.53 $ - $ 1,244.53 $ 603.55 $ 640.98 $ 176,219.24 $ 126,588.49
162 6/1/2035 $ 176,219.24 $ 1,244.53 $ - $ 1,244.53 $ 605.73 $ 638.79 $ 175,613.51 $ 127,227.28
163 7/1/2035 $ 175,613.51 $ 1,244.53 $ - $ 1,244.53 $ 607.93 $ 636.60 $ 175,005.58 $ 127,863.88
164 8/1/2035 $ 175,005.58 $ 1,244.53 $ - $ 1,244.53 $ 610.13 $ 634.40 $ 174,395.44 $ 128,498.28
165 9/1/2035 $ 174,395.44 $ 1,244.53 $ - $ 1,244.53 $ 612.35 $ 632.18 $ 173,783.10 $ 129,130.46
166 10/1/2035 $ 173,783.10 $ 1,244.53 $ - $ 1,244.53 $ 614.57 $ 629.96 $ 173,168.53 $ 129,760.42
167 11/1/2035 $ 173,168.53 $ 1,244.53 $ - $ 1,244.53 $ 616.79 $ 627.74 $ 172,551.74 $ 130,388.16
168 12/1/2035 $ 172,551.74 $ 1,244.53 $ - $ 1,244.53 $ 619.03 $ 625.50 $ 171,932.71 $ 131,013.66
169 1/1/2036 $ 171,932.71 $ 1,244.53 $ - $ 1,244.53 $ 621.27 $ 623.26 $ 171,311.43 $ 131,636.92
170 2/1/2036 $ 171,311.43 $ 1,244.53 $ - $ 1,244.53 $ 623.53 $ 621.00 $ 170,687.91 $ 132,257.92
171 3/1/2036 $ 170,687.91 $ 1,244.53 $ - $ 1,244.53 $ 625.79 $ 618.74 $ 170,062.12 $ 132,876.66
172 4/1/2036 $ 170,062.12 $ 1,244.53 $ - $ 1,244.53 $ 628.05 $ 616.48 $ 169,434.07 $ 133,493.14
173 5/1/2036 $ 169,434.07 $ 1,244.53 $ - $ 1,244.53 $ 630.33 $ 614.20 $ 168,803.74 $ 134,107.34
174 6/1/2036 $ 168,803.74 $ 1,244.53 $ - $ 1,244.53 $ 632.62 $ 611.91 $ 168,171.12 $ 134,719.25
175 7/1/2036 $ 168,171.12 $ 1,244.53 $ - $ 1,244.53 $ 634.91 $ 609.62 $ 167,536.21 $ 135,328.87
176 8/1/2036 $ 167,536.21 $ 1,244.53 $ - $ 1,244.53 $ 637.21 $ 607.32 $ 166,899.00 $ 135,936.19
177 9/1/2036 $ 166,899.00 $ 1,244.53 $ - $ 1,244.53 $ 639.52 $ 605.01 $ 166,259.48 $ 136,541.20
178 10/1/2036 $ 166,259.48 $ 1,244.53 $ - $ 1,244.53 $ 641.84 $ 602.69 $ 165,617.64 $ 137,143.89
179 11/1/2036 $ 165,617.64 $ 1,244.53 $ - $ 1,244.53 $ 644.17 $ 600.36 $ 164,973.48 $ 137,744.25
180 12/1/2036 $ 164,973.48 $ 1,244.53 $ - $ 1,244.53 $ 646.50 $ 598.03 $ 164,326.98 $ 138,342.28
181 1/1/2037 $ 164,326.98 $ 1,244.53 $ - $ 1,244.53 $ 648.84 $ 595.69 $ 163,678.13 $ 138,937.97
182 2/1/2037 $ 163,678.13 $ 1,244.53 $ - $ 1,244.53 $ 651.20 $ 593.33 $ 163,026.94 $ 139,531.30
 Pmt. Payment Date Beginning Balance Scheduled Extra Payment Total Payment Principal Interest Ending Balance Cumulative Interest
No. Payment

183 3/1/2037 $ 163,026.94 $ 1,244.53 $ - $ 1,244.53 $ 653.56 $ 590.97 $ 162,373.38 $ 140,122.27

184 4/1/2037 $ 162,373.38 $ 1,244.53 $ - $ 1,244.53 $ 655.93 $ 588.60 $ 161,717.45 $ 140,710.88
185 5/1/2037 $ 161,717.45 $ 1,244.53 $ - $ 1,244.53 $ 658.30 $ 586.23 $ 161,059.15 $ 141,297.10
186 6/1/2037 $ 161,059.15 $ 1,244.53 $ - $ 1,244.53 $ 660.69 $ 583.84 $ 160,398.46 $ 141,880.94
187 7/1/2037 $ 160,398.46 $ 1,244.53 $ - $ 1,244.53 $ 663.09 $ 581.44 $ 159,735.37 $ 142,462.39
188 8/1/2037 $ 159,735.37 $ 1,244.53 $ - $ 1,244.53 $ 665.49 $ 579.04 $ 159,069.89 $ 143,041.43
189 9/1/2037 $ 159,069.89 $ 1,244.53 $ - $ 1,244.53 $ 667.90 $ 576.63 $ 158,401.98 $ 143,618.06
190 10/1/2037 $ 158,401.98 $ 1,244.53 $ - $ 1,244.53 $ 670.32 $ 574.21 $ 157,731.66 $ 144,192.26
191 11/1/2037 $ 157,731.66 $ 1,244.53 $ - $ 1,244.53 $ 672.75 $ 571.78 $ 157,058.91 $ 144,764.04
192 12/1/2037 $ 157,058.91 $ 1,244.53 $ - $ 1,244.53 $ 675.19 $ 569.34 $ 156,383.72 $ 145,333.38
193 1/1/2038 $ 156,383.72 $ 1,244.53 $ - $ 1,244.53 $ 677.64 $ 566.89 $ 155,706.08 $ 145,900.27
194 2/1/2038 $ 155,706.08 $ 1,244.53 $ - $ 1,244.53 $ 680.09 $ 564.43 $ 155,025.99 $ 146,464.70
195 3/1/2038 $ 155,025.99 $ 1,244.53 $ - $ 1,244.53 $ 682.56 $ 561.97 $ 154,343.42 $ 147,026.67
196 4/1/2038 $ 154,343.42 $ 1,244.53 $ - $ 1,244.53 $ 685.03 $ 559.49 $ 153,658.39 $ 147,586.17
197 5/1/2038 $ 153,658.39 $ 1,244.53 $ - $ 1,244.53 $ 687.52 $ 557.01 $ 152,970.87 $ 148,143.18
198 6/1/2038 $ 152,970.87 $ 1,244.53 $ - $ 1,244.53 $ 690.01 $ 554.52 $ 152,280.86 $ 148,697.70
199 7/1/2038 $ 152,280.86 $ 1,244.53 $ - $ 1,244.53 $ 692.51 $ 552.02 $ 151,588.35 $ 149,249.72
200 8/1/2038 $ 151,588.35 $ 1,244.53 $ - $ 1,244.53 $ 695.02 $ 549.51 $ 150,893.33 $ 149,799.23
201 9/1/2038 $ 150,893.33 $ 1,244.53 $ - $ 1,244.53 $ 697.54 $ 546.99 $ 150,195.79 $ 150,346.21
202 10/1/2038 $ 150,195.79 $ 1,244.53 $ - $ 1,244.53 $ 700.07 $ 544.46 $ 149,495.72 $ 150,890.67
203 11/1/2038 $ 149,495.72 $ 1,244.53 $ - $ 1,244.53 $ 702.61 $ 541.92 $ 148,793.11 $ 151,432.60
204 12/1/2038 $ 148,793.11 $ 1,244.53 $ - $ 1,244.53 $ 705.15 $ 539.38 $ 148,087.96 $ 151,971.97
205 1/1/2039 $ 148,087.96 $ 1,244.53 $ - $ 1,244.53 $ 707.71 $ 536.82 $ 147,380.25 $ 152,508.79
206 2/1/2039 $ 147,380.25 $ 1,244.53 $ - $ 1,244.53 $ 710.28 $ 534.25 $ 146,669.97 $ 153,043.04
207 3/1/2039 $ 146,669.97 $ 1,244.53 $ - $ 1,244.53 $ 712.85 $ 531.68 $ 145,957.12 $ 153,574.72
208 4/1/2039 $ 145,957.12 $ 1,244.53 $ - $ 1,244.53 $ 715.43 $ 529.09 $ 145,241.68 $ 154,103.82
209 5/1/2039 $ 145,241.68 $ 1,244.53 $ - $ 1,244.53 $ 718.03 $ 526.50 $ 144,523.66 $ 154,630.32
210 6/1/2039 $ 144,523.66 $ 1,244.53 $ - $ 1,244.53 $ 720.63 $ 523.90 $ 143,803.02 $ 155,154.22
211 7/1/2039 $ 143,803.02 $ 1,244.53 $ - $ 1,244.53 $ 723.24 $ 521.29 $ 143,079.78 $ 155,675.50
212 8/1/2039 $ 143,079.78 $ 1,244.53 $ - $ 1,244.53 $ 725.87 $ 518.66 $ 142,353.92 $ 156,194.17
213 9/1/2039 $ 142,353.92 $ 1,244.53 $ - $ 1,244.53 $ 728.50 $ 516.03 $ 141,625.42 $ 156,710.20
214 10/1/2039 $ 141,625.42 $ 1,244.53 $ - $ 1,244.53 $ 731.14 $ 513.39 $ 140,894.28 $ 157,223.59
215 11/1/2039 $ 140,894.28 $ 1,244.53 $ - $ 1,244.53 $ 733.79 $ 510.74 $ 140,160.49 $ 157,734.33
216 12/1/2039 $ 140,160.49 $ 1,244.53 $ - $ 1,244.53 $ 736.45 $ 508.08 $ 139,424.05 $ 158,242.41
217 1/1/2040 $ 139,424.05 $ 1,244.53 $ - $ 1,244.53 $ 739.12 $ 505.41 $ 138,684.93 $ 158,747.83
218 2/1/2040 $ 138,684.93 $ 1,244.53 $ - $ 1,244.53 $ 741.80 $ 502.73 $ 137,943.13 $ 159,250.56
219 3/1/2040 $ 137,943.13 $ 1,244.53 $ - $ 1,244.53 $ 744.49 $ 500.04 $ 137,198.65 $ 159,750.60
220 4/1/2040 $ 137,198.65 $ 1,244.53 $ - $ 1,244.53 $ 747.18 $ 497.35 $ 136,451.46 $ 160,247.95
221 5/1/2040 $ 136,451.46 $ 1,244.53 $ - $ 1,244.53 $ 749.89 $ 494.64 $ 135,701.57 $ 160,742.58
222 6/1/2040 $ 135,701.57 $ 1,244.53 $ - $ 1,244.53 $ 752.61 $ 491.92 $ 134,948.96 $ 161,234.50
223 7/1/2040 $ 134,948.96 $ 1,244.53 $ - $ 1,244.53 $ 755.34 $ 489.19 $ 134,193.62 $ 161,723.69
224 8/1/2040 $ 134,193.62 $ 1,244.53 $ - $ 1,244.53 $ 758.08 $ 486.45 $ 133,435.54 $ 162,210.14
225 9/1/2040 $ 133,435.54 $ 1,244.53 $ - $ 1,244.53 $ 760.83 $ 483.70 $ 132,674.72 $ 162,693.85
226 10/1/2040 $ 132,674.72 $ 1,244.53 $ - $ 1,244.53 $ 763.58 $ 480.95 $ 131,911.13 $ 163,174.79
227 11/1/2040 $ 131,911.13 $ 1,244.53 $ - $ 1,244.53 $ 766.35 $ 478.18 $ 131,144.78 $ 163,652.97
228 12/1/2040 $ 131,144.78 $ 1,244.53 $ - $ 1,244.53 $ 769.13 $ 475.40 $ 130,375.65 $ 164,128.37
229 1/1/2041 $ 130,375.65 $ 1,244.53 $ - $ 1,244.53 $ 771.92 $ 472.61 $ 129,603.73 $ 164,600.98
230 2/1/2041 $ 129,603.73 $ 1,244.53 $ - $ 1,244.53 $ 774.72 $ 469.81 $ 128,829.02 $ 165,070.80
231 3/1/2041 $ 128,829.02 $ 1,244.53 $ - $ 1,244.53 $ 777.52 $ 467.01 $ 128,051.49 $ 165,537.80
 Pmt. Payment Date Beginning Balance Scheduled Extra Payment Total Payment Principal Interest Ending Balance Cumulative Interest
No. Payment

232 4/1/2041 $ 128,051.49 $ 1,244.53 $ - $ 1,244.53 $ 780.34 $ 464.19 $ 127,271.15 $ 166,001.99

233 5/1/2041 $ 127,271.15 $ 1,244.53 $ - $ 1,244.53 $ 783.17 $ 461.36 $ 126,487.98 $ 166,463.35
234 6/1/2041 $ 126,487.98 $ 1,244.53 $ - $ 1,244.53 $ 786.01 $ 458.52 $ 125,701.97 $ 166,921.87
235 7/1/2041 $ 125,701.97 $ 1,244.53 $ - $ 1,244.53 $ 788.86 $ 455.67 $ 124,913.11 $ 167,377.54
236 8/1/2041 $ 124,913.11 $ 1,244.53 $ - $ 1,244.53 $ 791.72 $ 452.81 $ 124,121.39 $ 167,830.35
237 9/1/2041 $ 124,121.39 $ 1,244.53 $ - $ 1,244.53 $ 794.59 $ 449.94 $ 123,326.80 $ 168,280.29
238 10/1/2041 $ 123,326.80 $ 1,244.53 $ - $ 1,244.53 $ 797.47 $ 447.06 $ 122,529.33 $ 168,727.35
239 11/1/2041 $ 122,529.33 $ 1,244.53 $ - $ 1,244.53 $ 800.36 $ 444.17 $ 121,728.97 $ 169,171.51
240 12/1/2041 $ 121,728.97 $ 1,244.53 $ - $ 1,244.53 $ 803.26 $ 441.27 $ 120,925.71 $ 169,612.78
241 1/1/2042 $ 120,925.71 $ 1,244.53 $ - $ 1,244.53 $ 806.17 $ 438.36 $ 120,119.53 $ 170,051.14
242 2/1/2042 $ 120,119.53 $ 1,244.53 $ - $ 1,244.53 $ 809.10 $ 435.43 $ 119,310.44 $ 170,486.57
243 3/1/2042 $ 119,310.44 $ 1,244.53 $ - $ 1,244.53 $ 812.03 $ 432.50 $ 118,498.41 $ 170,919.07
244 4/1/2042 $ 118,498.41 $ 1,244.53 $ - $ 1,244.53 $ 814.97 $ 429.56 $ 117,683.43 $ 171,348.63
245 5/1/2042 $ 117,683.43 $ 1,244.53 $ - $ 1,244.53 $ 817.93 $ 426.60 $ 116,865.51 $ 171,775.23
246 6/1/2042 $ 116,865.51 $ 1,244.53 $ - $ 1,244.53 $ 820.89 $ 423.64 $ 116,044.62 $ 172,198.87
247 7/1/2042 $ 116,044.62 $ 1,244.53 $ - $ 1,244.53 $ 823.87 $ 420.66 $ 115,220.75 $ 172,619.53
248 8/1/2042 $ 115,220.75 $ 1,244.53 $ - $ 1,244.53 $ 826.85 $ 417.68 $ 114,393.89 $ 173,037.20
249 9/1/2042 $ 114,393.89 $ 1,244.53 $ - $ 1,244.53 $ 829.85 $ 414.68 $ 113,564.04 $ 173,451.88
250 10/1/2042 $ 113,564.04 $ 1,244.53 $ - $ 1,244.53 $ 832.86 $ 411.67 $ 112,731.18 $ 173,863.55
251 11/1/2042 $ 112,731.18 $ 1,244.53 $ - $ 1,244.53 $ 835.88 $ 408.65 $ 111,895.30 $ 174,272.20
252 12/1/2042 $ 111,895.30 $ 1,244.53 $ - $ 1,244.53 $ 838.91 $ 405.62 $ 111,056.39 $ 174,677.82
253 1/1/2043 $ 111,056.39 $ 1,244.53 $ - $ 1,244.53 $ 841.95 $ 402.58 $ 110,214.44 $ 175,080.40
254 2/1/2043 $ 110,214.44 $ 1,244.53 $ - $ 1,244.53 $ 845.00 $ 399.53 $ 109,369.44 $ 175,479.93
255 3/1/2043 $ 109,369.44 $ 1,244.53 $ - $ 1,244.53 $ 848.07 $ 396.46 $ 108,521.38 $ 175,876.39
256 4/1/2043 $ 108,521.38 $ 1,244.53 $ - $ 1,244.53 $ 851.14 $ 393.39 $ 107,670.24 $ 176,269.78
257 5/1/2043 $ 107,670.24 $ 1,244.53 $ - $ 1,244.53 $ 854.22 $ 390.30 $ 106,816.01 $ 176,660.09
258 6/1/2043 $ 106,816.01 $ 1,244.53 $ - $ 1,244.53 $ 857.32 $ 387.21 $ 105,958.69 $ 177,047.30
259 7/1/2043 $ 105,958.69 $ 1,244.53 $ - $ 1,244.53 $ 860.43 $ 384.10 $ 105,098.26 $ 177,431.40
260 8/1/2043 $ 105,098.26 $ 1,244.53 $ - $ 1,244.53 $ 863.55 $ 380.98 $ 104,234.71 $ 177,812.38
261 9/1/2043 $ 104,234.71 $ 1,244.53 $ - $ 1,244.53 $ 866.68 $ 377.85 $ 103,368.03 $ 178,190.23
262 10/1/2043 $ 103,368.03 $ 1,244.53 $ - $ 1,244.53 $ 869.82 $ 374.71 $ 102,498.21 $ 178,564.94
263 11/1/2043 $ 102,498.21 $ 1,244.53 $ - $ 1,244.53 $ 872.97 $ 371.56 $ 101,625.24 $ 178,936.49
264 12/1/2043 $ 101,625.24 $ 1,244.53 $ - $ 1,244.53 $ 876.14 $ 368.39 $ 100,749.10 $ 179,304.89
265 1/1/2044 $ 100,749.10 $ 1,244.53 $ - $ 1,244.53 $ 879.31 $ 365.22 $ 99,869.79 $ 179,670.10
266 2/1/2044 $ 99,869.79 $ 1,244.53 $ - $ 1,244.53 $ 882.50 $ 362.03 $ 98,987.29 $ 180,032.13
267 3/1/2044 $ 98,987.29 $ 1,244.53 $ - $ 1,244.53 $ 885.70 $ 358.83 $ 98,101.59 $ 180,390.96
268 4/1/2044 $ 98,101.59 $ 1,244.53 $ - $ 1,244.53 $ 888.91 $ 355.62 $ 97,212.68 $ 180,746.58
269 5/1/2044 $ 97,212.68 $ 1,244.53 $ - $ 1,244.53 $ 892.13 $ 352.40 $ 96,320.54 $ 181,098.97
270 6/1/2044 $ 96,320.54 $ 1,244.53 $ - $ 1,244.53 $ 895.37 $ 349.16 $ 95,425.17 $ 181,448.13
271 7/1/2044 $ 95,425.17 $ 1,244.53 $ - $ 1,244.53 $ 898.61 $ 345.92 $ 94,526.56 $ 181,794.05
272 8/1/2044 $ 94,526.56 $ 1,244.53 $ - $ 1,244.53 $ 901.87 $ 342.66 $ 93,624.69 $ 182,136.71
273 9/1/2044 $ 93,624.69 $ 1,244.53 $ - $ 1,244.53 $ 905.14 $ 339.39 $ 92,719.55 $ 182,476.10
274 10/1/2044 $ 92,719.55 $ 1,244.53 $ - $ 1,244.53 $ 908.42 $ 336.11 $ 91,811.13 $ 182,812.21
275 11/1/2044 $ 91,811.13 $ 1,244.53 $ - $ 1,244.53 $ 911.71 $ 332.82 $ 90,899.42 $ 183,145.02
276 12/1/2044 $ 90,899.42 $ 1,244.53 $ - $ 1,244.53 $ 915.02 $ 329.51 $ 89,984.40 $ 183,474.53
277 1/1/2045 $ 89,984.40 $ 1,244.53 $ - $ 1,244.53 $ 918.34 $ 326.19 $ 89,066.06 $ 183,800.73
278 2/1/2045 $ 89,066.06 $ 1,244.53 $ - $ 1,244.53 $ 921.67 $ 322.86 $ 88,144.39 $ 184,123.59
279 3/1/2045 $ 88,144.39 $ 1,244.53 $ - $ 1,244.53 $ 925.01 $ 319.52 $ 87,219.39 $ 184,443.11
280 4/1/2045 $ 87,219.39 $ 1,244.53 $ - $ 1,244.53 $ 928.36 $ 316.17 $ 86,291.03 $ 184,759.28
 Pmt. Payment Date Beginning Balance Scheduled Extra Payment Total Payment Principal Interest Ending Balance Cumulative Interest
No. Payment

281 5/1/2045 $ 86,291.03 $ 1,244.53 $ - $ 1,244.53 $ 931.72 $ 312.80 $ 85,359.31 $ 185,072.09

282 6/1/2045 $ 85,359.31 $ 1,244.53 $ - $ 1,244.53 $ 935.10 $ 309.43 $ 84,424.20 $ 185,381.52
283 7/1/2045 $ 84,424.20 $ 1,244.53 $ - $ 1,244.53 $ 938.49 $ 306.04 $ 83,485.71 $ 185,687.55
284 8/1/2045 $ 83,485.71 $ 1,244.53 $ - $ 1,244.53 $ 941.89 $ 302.64 $ 82,543.82 $ 185,990.19
285 9/1/2045 $ 82,543.82 $ 1,244.53 $ - $ 1,244.53 $ 945.31 $ 299.22 $ 81,598.51 $ 186,289.41
286 10/1/2045 $ 81,598.51 $ 1,244.53 $ - $ 1,244.53 $ 948.73 $ 295.79 $ 80,649.77 $ 186,585.21
287 11/1/2045 $ 80,649.77 $ 1,244.53 $ - $ 1,244.53 $ 952.17 $ 292.36 $ 79,697.60 $ 186,877.56
288 12/1/2045 $ 79,697.60 $ 1,244.53 $ - $ 1,244.53 $ 955.63 $ 288.90 $ 78,741.97 $ 187,166.47
289 1/1/2046 $ 78,741.97 $ 1,244.53 $ - $ 1,244.53 $ 959.09 $ 285.44 $ 77,782.89 $ 187,451.91
290 2/1/2046 $ 77,782.89 $ 1,244.53 $ - $ 1,244.53 $ 962.57 $ 281.96 $ 76,820.32 $ 187,733.87
291 3/1/2046 $ 76,820.32 $ 1,244.53 $ - $ 1,244.53 $ 966.06 $ 278.47 $ 75,854.26 $ 188,012.34
292 4/1/2046 $ 75,854.26 $ 1,244.53 $ - $ 1,244.53 $ 969.56 $ 274.97 $ 74,884.70 $ 188,287.31
293 5/1/2046 $ 74,884.70 $ 1,244.53 $ - $ 1,244.53 $ 973.07 $ 271.46 $ 73,911.63 $ 188,558.77
294 6/1/2046 $ 73,911.63 $ 1,244.53 $ - $ 1,244.53 $ 976.60 $ 267.93 $ 72,935.03 $ 188,826.70
295 7/1/2046 $ 72,935.03 $ 1,244.53 $ - $ 1,244.53 $ 980.14 $ 264.39 $ 71,954.89 $ 189,091.09
296 8/1/2046 $ 71,954.89 $ 1,244.53 $ - $ 1,244.53 $ 983.69 $ 260.84 $ 70,971.20 $ 189,351.93
297 9/1/2046 $ 70,971.20 $ 1,244.53 $ - $ 1,244.53 $ 987.26 $ 257.27 $ 69,983.94 $ 189,609.20
298 10/1/2046 $ 69,983.94 $ 1,244.53 $ - $ 1,244.53 $ 990.84 $ 253.69 $ 68,993.10 $ 189,862.89
299 11/1/2046 $ 68,993.10 $ 1,244.53 $ - $ 1,244.53 $ 994.43 $ 250.10 $ 67,998.67 $ 190,112.99
300 12/1/2046 $ 67,998.67 $ 1,244.53 $ - $ 1,244.53 $ 998.03 $ 246.50 $ 67,000.64 $ 190,359.48
301 1/1/2047 $ 67,000.64 $ 1,244.53 $ - $ 1,244.53 $ 1,001.65 $ 242.88 $ 65,998.99 $ 190,602.36
302 2/1/2047 $ 65,998.99 $ 1,244.53 $ - $ 1,244.53 $ 1,005.28 $ 239.25 $ 64,993.70 $ 190,841.61
303 3/1/2047 $ 64,993.70 $ 1,244.53 $ - $ 1,244.53 $ 1,008.93 $ 235.60 $ 63,984.78 $ 191,077.21
304 4/1/2047 $ 63,984.78 $ 1,244.53 $ - $ 1,244.53 $ 1,012.58 $ 231.94 $ 62,972.19 $ 191,309.15
305 5/1/2047 $ 62,972.19 $ 1,244.53 $ - $ 1,244.53 $ 1,016.26 $ 228.27 $ 61,955.94 $ 191,537.43
306 6/1/2047 $ 61,955.94 $ 1,244.53 $ - $ 1,244.53 $ 1,019.94 $ 224.59 $ 60,936.00 $ 191,762.02
307 7/1/2047 $ 60,936.00 $ 1,244.53 $ - $ 1,244.53 $ 1,023.64 $ 220.89 $ 59,912.36 $ 191,982.91
308 8/1/2047 $ 59,912.36 $ 1,244.53 $ - $ 1,244.53 $ 1,027.35 $ 217.18 $ 58,885.01 $ 192,200.09
309 9/1/2047 $ 58,885.01 $ 1,244.53 $ - $ 1,244.53 $ 1,031.07 $ 213.46 $ 57,853.94 $ 192,413.55
310 10/1/2047 $ 57,853.94 $ 1,244.53 $ - $ 1,244.53 $ 1,034.81 $ 209.72 $ 56,819.13 $ 192,623.27
311 11/1/2047 $ 56,819.13 $ 1,244.53 $ - $ 1,244.53 $ 1,038.56 $ 205.97 $ 55,780.57 $ 192,829.24
312 12/1/2047 $ 55,780.57 $ 1,244.53 $ - $ 1,244.53 $ 1,042.32 $ 202.20 $ 54,738.25 $ 193,031.45
313 1/1/2048 $ 54,738.25 $ 1,244.53 $ - $ 1,244.53 $ 1,046.10 $ 198.43 $ 53,692.15 $ 193,229.87
314 2/1/2048 $ 53,692.15 $ 1,244.53 $ - $ 1,244.53 $ 1,049.90 $ 194.63 $ 52,642.25 $ 193,424.51
315 3/1/2048 $ 52,642.25 $ 1,244.53 $ - $ 1,244.53 $ 1,053.70 $ 190.83 $ 51,588.55 $ 193,615.34
316 4/1/2048 $ 51,588.55 $ 1,244.53 $ - $ 1,244.53 $ 1,057.52 $ 187.01 $ 50,531.03 $ 193,802.34
317 5/1/2048 $ 50,531.03 $ 1,244.53 $ - $ 1,244.53 $ 1,061.35 $ 183.17 $ 49,469.67 $ 193,985.52
318 6/1/2048 $ 49,469.67 $ 1,244.53 $ - $ 1,244.53 $ 1,065.20 $ 179.33 $ 48,404.47 $ 194,164.85
319 7/1/2048 $ 48,404.47 $ 1,244.53 $ - $ 1,244.53 $ 1,069.06 $ 175.47 $ 47,335.41 $ 194,340.31
320 8/1/2048 $ 47,335.41 $ 1,244.53 $ - $ 1,244.53 $ 1,072.94 $ 171.59 $ 46,262.47 $ 194,511.90
321 9/1/2048 $ 46,262.47 $ 1,244.53 $ - $ 1,244.53 $ 1,076.83 $ 167.70 $ 45,185.64 $ 194,679.60
322 10/1/2048 $ 45,185.64 $ 1,244.53 $ - $ 1,244.53 $ 1,080.73 $ 163.80 $ 44,104.91 $ 194,843.40
323 11/1/2048 $ 44,104.91 $ 1,244.53 $ - $ 1,244.53 $ 1,084.65 $ 159.88 $ 43,020.26 $ 195,003.28
324 12/1/2048 $ 43,020.26 $ 1,244.53 $ - $ 1,244.53 $ 1,088.58 $ 155.95 $ 41,931.68 $ 195,159.23
325 1/1/2049 $ 41,931.68 $ 1,244.53 $ - $ 1,244.53 $ 1,092.53 $ 152.00 $ 40,839.15 $ 195,311.23
326 2/1/2049 $ 40,839.15 $ 1,244.53 $ - $ 1,244.53 $ 1,096.49 $ 148.04 $ 39,742.66 $ 195,459.28
327 3/1/2049 $ 39,742.66 $ 1,244.53 $ - $ 1,244.53 $ 1,100.46 $ 144.07 $ 38,642.20 $ 195,603.34
328 4/1/2049 $ 38,642.20 $ 1,244.53 $ - $ 1,244.53 $ 1,104.45 $ 140.08 $ 37,537.75 $ 195,743.42
329 5/1/2049 $ 37,537.75 $ 1,244.53 $ - $ 1,244.53 $ 1,108.46 $ 136.07 $ 36,429.30 $ 195,879.50
 Pmt. Payment Date Beginning Balance Scheduled Extra Payment Total Payment Principal Interest Ending Balance Cumulative Interest
No. Payment

330 6/1/2049 $ 36,429.30 $ 1,244.53 $ - $ 1,244.53 $ 1,112.47 $ 132.06 $ 35,316.82 $ 196,011.55

331 7/1/2049 $ 35,316.82 $ 1,244.53 $ - $ 1,244.53 $ 1,116.51 $ 128.02 $ 34,200.32 $ 196,139.57
332 8/1/2049 $ 34,200.32 $ 1,244.53 $ - $ 1,244.53 $ 1,120.55 $ 123.98 $ 33,079.76 $ 196,263.55
333 9/1/2049 $ 33,079.76 $ 1,244.53 $ - $ 1,244.53 $ 1,124.62 $ 119.91 $ 31,955.15 $ 196,383.47
334 10/1/2049 $ 31,955.15 $ 1,244.53 $ - $ 1,244.53 $ 1,128.69 $ 115.84 $ 30,826.46 $ 196,499.30
335 11/1/2049 $ 30,826.46 $ 1,244.53 $ - $ 1,244.53 $ 1,132.78 $ 111.75 $ 29,693.67 $ 196,611.05
336 12/1/2049 $ 29,693.67 $ 1,244.53 $ - $ 1,244.53 $ 1,136.89 $ 107.64 $ 28,556.78 $ 196,718.69
337 1/1/2050 $ 28,556.78 $ 1,244.53 $ - $ 1,244.53 $ 1,141.01 $ 103.52 $ 27,415.77 $ 196,822.21
338 2/1/2050 $ 27,415.77 $ 1,244.53 $ - $ 1,244.53 $ 1,145.15 $ 99.38 $ 26,270.62 $ 196,921.59
339 3/1/2050 $ 26,270.62 $ 1,244.53 $ - $ 1,244.53 $ 1,149.30 $ 95.23 $ 25,121.33 $ 197,016.82
340 4/1/2050 $ 25,121.33 $ 1,244.53 $ - $ 1,244.53 $ 1,153.46 $ 91.06 $ 23,967.86 $ 197,107.88
341 5/1/2050 $ 23,967.86 $ 1,244.53 $ - $ 1,244.53 $ 1,157.65 $ 86.88 $ 22,810.21 $ 197,194.77
342 6/1/2050 $ 22,810.21 $ 1,244.53 $ - $ 1,244.53 $ 1,161.84 $ 82.69 $ 21,648.37 $ 197,277.45
343 7/1/2050 $ 21,648.37 $ 1,244.53 $ - $ 1,244.53 $ 1,166.05 $ 78.48 $ 20,482.32 $ 197,355.93
344 8/1/2050 $ 20,482.32 $ 1,244.53 $ - $ 1,244.53 $ 1,170.28 $ 74.25 $ 19,312.04 $ 197,430.18
345 9/1/2050 $ 19,312.04 $ 1,244.53 $ - $ 1,244.53 $ 1,174.52 $ 70.01 $ 18,137.51 $ 197,500.18
346 10/1/2050 $ 18,137.51 $ 1,244.53 $ - $ 1,244.53 $ 1,178.78 $ 65.75 $ 16,958.73 $ 197,565.93
347 11/1/2050 $ 16,958.73 $ 1,244.53 $ - $ 1,244.53 $ 1,183.05 $ 61.48 $ 15,775.68 $ 197,627.41
348 12/1/2050 $ 15,775.68 $ 1,244.53 $ - $ 1,244.53 $ 1,187.34 $ 57.19 $ 14,588.34 $ 197,684.60
349 1/1/2051 $ 14,588.34 $ 1,244.53 $ - $ 1,244.53 $ 1,191.65 $ 52.88 $ 13,396.69 $ 197,737.48
350 2/1/2051 $ 13,396.69 $ 1,244.53 $ - $ 1,244.53 $ 1,195.97 $ 48.56 $ 12,200.72 $ 197,786.04
351 3/1/2051 $ 12,200.72 $ 1,244.53 $ - $ 1,244.53 $ 1,200.30 $ 44.23 $ 11,000.42 $ 197,830.27
352 4/1/2051 $ 11,000.42 $ 1,244.53 $ - $ 1,244.53 $ 1,204.65 $ 39.88 $ 9,795.77 $ 197,870.15
353 5/1/2051 $ 9,795.77 $ 1,244.53 $ - $ 1,244.53 $ 1,209.02 $ 35.51 $ 8,586.75 $ 197,905.66
354 6/1/2051 $ 8,586.75 $ 1,244.53 $ - $ 1,244.53 $ 1,213.40 $ 31.13 $ 7,373.35 $ 197,936.78
355 7/1/2051 $ 7,373.35 $ 1,244.53 $ - $ 1,244.53 $ 1,217.80 $ 26.73 $ 6,155.54 $ 197,963.51
356 8/1/2051 $ 6,155.54 $ 1,244.53 $ - $ 1,244.53 $ 1,222.22 $ 22.31 $ 4,933.33 $ 197,985.82
357 9/1/2051 $ 4,933.33 $ 1,244.53 $ - $ 1,244.53 $ 1,226.65 $ 17.88 $ 3,706.68 $ 198,003.71
358 10/1/2051 $ 3,706.68 $ 1,244.53 $ - $ 1,244.53 $ 1,231.09 $ 13.44 $ 2,475.59 $ 198,017.14
359 11/1/2051 $ 2,475.59 $ 1,244.53 $ - $ 1,244.53 $ 1,235.56 $ 8.97 $ 1,240.03 $ 198,026.12
360 12/1/2051 $ 1,240.03 $ 1,244.53 $ - $ 1,240.03 $ 1,235.54 $ 4.50 $ - $ 198,030.61
361 1/1/2052 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
362 2/1/2052 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
363 3/1/2052 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
364 4/1/2052 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
365 5/1/2052 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
366 6/1/2052 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
367 7/1/2052 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
368 8/1/2052 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
369 9/1/2052 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
370 10/1/2052 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
371 11/1/2052 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
372 12/1/2052 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
373 1/1/2053 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
374 2/1/2053 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
375 3/1/2053 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
376 4/1/2053 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
377 5/1/2053 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
378 6/1/2053 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
 Pmt. Payment Date Beginning Balance Scheduled Extra Payment Total Payment Principal Interest Ending Balance Cumulative Interest
No. Payment

379 7/1/2053 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61

380 8/1/2053 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
381 9/1/2053 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
382 10/1/2053 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
383 11/1/2053 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
384 12/1/2053 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
385 1/1/2054 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
386 2/1/2054 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
387 3/1/2054 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
388 4/1/2054 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
389 5/1/2054 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
390 6/1/2054 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
391 7/1/2054 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
392 8/1/2054 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
393 9/1/2054 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
394 10/1/2054 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
395 11/1/2054 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
396 12/1/2054 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
397 1/1/2055 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
398 2/1/2055 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
399 3/1/2055 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
400 4/1/2055 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
401 5/1/2055 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
402 6/1/2055 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
403 7/1/2055 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
404 8/1/2055 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
405 9/1/2055 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
406 10/1/2055 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
407 11/1/2055 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
408 12/1/2055 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
409 1/1/2056 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
410 2/1/2056 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
411 3/1/2056 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
412 4/1/2056 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
413 5/1/2056 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
414 6/1/2056 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
415 7/1/2056 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
416 8/1/2056 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
417 9/1/2056 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
418 10/1/2056 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
419 11/1/2056 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
420 12/1/2056 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
421 1/1/2057 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
422 2/1/2057 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
423 3/1/2057 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
424 4/1/2057 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
425 5/1/2057 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
426 6/1/2057 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
427 7/1/2057 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
 Pmt. Payment Date Beginning Balance Scheduled Extra Payment Total Payment Principal Interest Ending Balance Cumulative Interest
No. Payment

428 8/1/2057 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61

429 9/1/2057 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
430 10/1/2057 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
431 11/1/2057 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
432 12/1/2057 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
433 1/1/2058 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
434 2/1/2058 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
435 3/1/2058 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
436 4/1/2058 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
437 5/1/2058 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
438 6/1/2058 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
439 7/1/2058 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
440 8/1/2058 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
441 9/1/2058 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
442 10/1/2058 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
443 11/1/2058 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
444 12/1/2058 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
445 1/1/2059 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
446 2/1/2059 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
447 3/1/2059 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
448 4/1/2059 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
449 5/1/2059 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
450 6/1/2059 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
451 7/1/2059 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
452 8/1/2059 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
453 9/1/2059 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
454 10/1/2059 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
455 11/1/2059 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
456 12/1/2059 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
457 1/1/2060 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
458 2/1/2060 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
459 3/1/2060 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
460 4/1/2060 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
461 5/1/2060 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
462 6/1/2060 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
463 7/1/2060 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
464 8/1/2060 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
465 9/1/2060 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
466 10/1/2060 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
467 11/1/2060 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
468 12/1/2060 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
469 1/1/2061 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
470 2/1/2061 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
471 3/1/2061 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
472 4/1/2061 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
473 5/1/2061 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
474 6/1/2061 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
475 7/1/2061 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
476 8/1/2061 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
 Pmt. Payment Date Beginning Balance Scheduled Extra Payment Total Payment Principal Interest Ending Balance Cumulative Interest
No. Payment

477 9/1/2061 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61

478 10/1/2061 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
479 11/1/2061 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
480 12/1/2061 $ - $ 1,244.53 $ - $ - $ - $ - $ - $ 198,030.61
 Chapter 4 - Master It!

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

This is a classic retirement problem. A friend is celebrating her birthday and wants to start saving for her antici
retirement and retirement spending goals:

Years until retirement 30

Amount to withdraw each year $ 90,000
Years to withdraw in retirement $ 20
Investment rate 8%

Because your friend is planning ahead, the first withdrawal will not take place until one year after she retires. S
account 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 amount
desired 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 sharin
from a family trust several years from now. What amount must she deposit annually now to be able to make th

Employer's annual contribution $ 1,500

Years until trust fund distribution 20
Amount of trust fund distribution $ 25,000
roblems, you may still need to draw a time line.

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

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

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

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

as part of the company's profit sharing plan. In addition, your friend expects a distribution
sit annually 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 r
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. Doin
annual 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:

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