Important Formulas:

Formula-1 (Single Cash Flow):

FV = PV*(1 + i)^n
PV = FV * [1/(1+i)^n]
In the case of Continuous Compunding then:
FV = PV * e^(i*n)

Formula-2:
m
 i 
i eff  1   1
 m 


Formula-3: (Periodic Cash Flow)

PVA = A*[(1+i)^n-1)] / [i*(1+i)^n]

Formula: (Periodic Cash Flow)

FVA = A * [(1+i)^n -1]/ i

Formula-4: Present Value of Growing Annuities

 Interest A g n
12% 5 5% #DIV/0!
5
PV = #DIV/0! 75
 n= time in years
i= rate of interest

where:
ieff = effective interest rate
i = nominal interest rate

 1 m = number of compounding periods ( for Quaterly m=4; Half yearly m=2; Monthly m =12 etc)

Quaterly = 3%
Annual Effective Rate= ?

PVA = Present value of an ordinary annuity (A)

i = annual effective rate

FVA = Future Value of an ordinary Annuity

i = Annual effective interest rate
n= investment period (in years)
A= Periodic Payment at 'end' (called "Annuity")

if 'n' = Infinte
PV = A*(1+g) / (r-g)

r = rate of interest
Time Value of Money Excel Financial Functions

Future Value FV(rate,nper,pmt,PV,Type)

Present value PV(rate,nper,pmt,FV,type)

Annuity payment/receipt PMT(rate,nper,PV,FV,type)

IRR (yield) of an annuity Rate(nper,pmt,PV,FV,type,guess)

Present value of uneven cash flows NPV(rate,value 1, value 2,…)

IRR (yield) of uneven cash flows IRR(Values)

ieff (effective interest rate ):

Beta (Systematic Risk):

NPER = ?
Question: Calculate Effectective Rate of Interest:
If Nominal Rate of Interest = 12%
Compounding Period Effective Rate
Annual 1 ?
Semi-annual 2 ?
Quarterly 4 ?
Monthly 12 ?
Daily 365 ?

Solution:
m where: ieff = effective interest rate
 i i = nominal interest rate
i eff  1    1 m = number of compounding periods
 m

If Nominal Rate of Interest = 12%

Compounding Period ieff = (1+i/m)m - 1 Effective Rate
Annual 1 (1 +0.12/1) -1 12.00%
Semi-annual 2 (1 + 0.12/2)2 -1 12.36%
Quarterly 4 (1 + 0.12/4)4 -1 12.55%
Monthly 12 (1 + 0.12/12)12 -1 12.68%
Daily 365 (1 + 0.12/365)365 - 1 12.75%
 ve interest rate
interest rate
r of compounding periods

Effective Rate
13.00%

12.80%
12.75%
12.68%
12.60%
12.55%
12.40% Effective Rate
12.36%
12.20%

12.00% 12.00%

11.80%

11.60%
1 2 4 12 365
Ques 1.You invest Rs,5,000 today. You will earn 8% interest.How much will you have in 4 years?

Answer: ?

Ques 2.You have Rs.4,50,000 to invest. If you think you can earn 7%, how much could you accumulate in 10 years?

Answer: ?

Ques 3.If a commodity costs Rs.500 now and inflation is expected to go up at the rate of 10% per year, how much will the commodity cost in 5 ye

Answer: ?

Ques 4.You invest Rs.2,000 in PPF each year for 5 years.If interest on these PPF is 4%, how much will you have at the end of those 5 years?

Answer: ?

Ques 5.If you deposit Rs.4,500.00 each year into an account paying 8% interest, how much will you have at the end of 3 years?

Answer: ?

Ques 6.If you want to have Rs.10,000 in 3 years and you can earn 8%, how much would you have to deposit today?
Answer: ?

Ques 7. If you think you can sell an asset for Rs.25,000 in five years and you think the appropriate discounting rate is 5%, how much would you b

Answer: ?

Ques 8.You borrow Rs.50,000 and will make monthly payments for 2 years at 12% interest.How much will those payments be?

Answer: ?

Ques 9.You invest Rs.8,000 at 6% interest, which will be compounded semiannually. How much will you have in three years?

Answer: ?

Ques 10. Raman an IIM graduate wants to retire at age of 50.At present Raman age is 26.After retirement he donot want to work and wants to a
money for his expenses after retirement. For this he invest Rs.10000/- every month for 24 years at 12% returns. How much money will he accum

Answer: ?
the commodity cost in 5 years?

end of those 5 years?

5%, how much would you be willing to pay for the asset today?

ant to work and wants to accumulate good amount of

much money will he accumulate at the time of retirement?
Ques 1.You invest Rs,5,000 today. You will earn 8% interest.How much will you have in 4 years?

PV 5000
interest 0.08
Nper 4
FV 6,802.44

Ques 2.You have Rs.4,50,000 to invest. If you think you can earn 7%, how much could you accumulate in 10 years?

PV 450000
interest 0.07
Nper 10
FV 885,218.11

Ques 3.If a commodity costs Rs.500 now and inflation is expected to go up at the rate of 10% per year, how much will the commodity cost in 5 ye

PV 500
inflation 0.1
Nper 5
FV 805.26

Ques 4.You invest Rs.2,000 in PPF each year for 5 years.If interest on these PPF is 4%, how much will you have at the end of those 5 years?

PMT 2000 2000 2000 2000 2000 2000

Nper 5 0 1 2 3 4
interest 4.0%
FV $10,832.65 2000 2080 2163.2 2249.73 2339.72 10832.6

Ques 5.If you deposit Rs.4,500.00 each year into an account paying 8% interest, how much will you have at the end of 3 years?

PMT 4500
interest 0.08
Nper 3
FV $14,608.80

Ques 6.If you want to have Rs.10,000 in 3 years and you can earn 8%, how much would you have to deposit today?
FV 10000
Nper 3
interest 0.08
PV $7,938.32

Ques 7. If you think you can sell an asset for Rs.25,000 in five years and you think the appropriate discounting rate is 5%, how much would you b

FV 25000
Nper 5
rate 0.05
PV $19,588.15

Ques 8.You borrow Rs.50,000 and will make monthly payments for 2 years at 12% interest.How much will those payments be?

PV 50000
Nper 24
interest 0.01
FV $63,486.73

Ques 9.You invest Rs.8,000 at 6% interest, which will be compounded semiannually. How much will you have in three years?

PV 8000
interest 0.03
Nper 6
FV $9,552.42

Ques 10. Raman an IIM graduate wants to retire at age of 50.At present Raman age is 26.After retirement he donot want to work and wants to a
money for his expenses after retirement. For this he invest Rs.10000/- every month for 24 years at 12% returns. How much money will he accum
retirement?
PMT 10000
Nper 288
interest 0.01
FV $16,561,259.05
will the commodity cost in 5 years?

he end of those 5 years?

of 3 years?
is 5%, how much would you be willing to pay for the asset today?

yments be?

want to work and wants to accumulate good amount of

w much money will he accumulate at the time of
Ques.1: What is the present value of Rs.1000 due in 3 years at 6% per annum compounded quarterly ?

Ques 2:It is estimated that the population of India in 1980 will be 700 millions. What will be the population of India in the year 200
increase is (a) 2% (b) 1%.

Ques 3:Sanjay invested Rs.930000 for 8 yrs @ 9% where it was compounded annually for the 1st 3 yrs and compounded quartly for
What did he receives on maturity?

Ques 4.Ramesh wants to save up for the college cost of his child,Payal.The cost of attending college is Rs.140000 today.Payal is 8 y
College cost are expected to increase by 8%.If his rate of return is 11%.How much money will he need to save up eve
Ques 5.Anil invested Rs.250000 for 5 years @ 8% annually for 3 years and quartly for 2 years.How much did he received?

Ques 6:You are likely to receive Rs.85000 and Rs.91000 at the end of 19 and 21 years and if the discount rate is 6%, what is the pr
n of India in the year 2005 if the compounded annual rate of

compounded quartly for the last 5 yrs.

40000 today.Payal is 8 yrs old & will be starting college in 10yrs.

ill he need to save up every year end.
d he received?

ate is 6%, what is the present value?

Ques.1: What is the present value of Rs.1000 due in 3 years at 6% per annum compounded quarterly ?

PV $836.39
FV 1000 836.387
Nper 12
Interest 0.015

Ques 2:It is estimated that the population of India in 1980 will be 700 millions. What will be the population of India in the year 200

PV 700
Nper 25
Interest 0.02 0.01
FV $1,148.42 $897.70

Ques 3:Sanjay invested Rs.930000 for 8 yrs @ 9% where it was compounded annually for the 1st 3 yrs and compounded quartly for

0 1 2 3 4 5 6 7 8
PV 930000
Nper 3
interest 0.09
FUTURE VALUE after 3 yrs-----------> $1,204,376.97
Nper 20
interest 0.0225
FV $1,879,441.34

Ques 4.Ramesh wants to save up for the college cost of his child,Payal.The cost of attending college is Rs.140000 today.Payal is 8 y
expected to increase by 8%.If his rate of return is 11%.How much money will he need to save up every year end.
0 1 2 3 4 5 6 7 8 9
PV of fee 140000
Fee growth 0.08 302249
FV of fee $302,249.50

Amount Rs.302249.50 , Ramesh wants to save every year at 11%

FV of fee $302,249.50
Nper 10 EMI
interest 11%
PMT $18,074.95

Ques 5.Anil invested Rs.250000 for 5 years @ 8% annually for 3 years and quartly for 2 years.How much did he received?

0 1 2 3 4 5
PV 250000
Nper 3
interest 0.08
FUTURE VALUE after 3 yrs-----------> $314,928.00
Nper 8
interest 0.02
FV $368,988.35

Ques 6:You are likely to receive Rs.85000 and Rs.91000 at the end of 19 and 21 years and if the discount rate is 6%, what is the pr

FV 85000 FV 91000
Nper 19 Nper 21
rate 0.06 rate 0.06
PV $28,093.61 PV $26,768.14

total value $54,861.75

n of India in the year 2005 if the compounded annual rate of increase is (a) 2% (b) 1%.

compounded quartly for the last 5 yrs.What did he receives on maturity?

40000 today.Payal is 8 yrs old & will be starting college in 10yrs.College cost are

10
d he received?

ate is 6%, what is the present value?

 Excel has several built-in functions for soving the time value of money problems. The following examples illu
that each example, has multiple problems (numbered as 1, 2… We have given solution for one problem; you s

CONCEPTS OF TIME VALUE OF MONEY

Excel has several built-in functions for soving the time value of money problems. The following example
Future Value of a Single Cash Flow
Ex. 1
Today you deposit Rs 10,000 in a 5 year fixed deposit
with the State Bank of India. You shall earn compond
interest rate of 6 per annum on your deposit. How much
amount will you receive after 5 years?

Present value (Rs) 50,000

Years 10
Interest rate 5%
Future value (Rs) ?

FV(rate,nper,pmt,-PV,0)

Present Value of a Single Cash Flow

Ex. 2 You expect to receive Rs 50,000 after 5 years as a
bonus from your employer. The interest rate is 6
percent. How much is Rs 50,000 worth today?
Future amount (Rs) 50,000
Period 5
Interest rate 6.00%
Present amount (Rs) ?

=PV(rate,nper,pmt,-FV,0)

Present Value of an Annuity

Ex. 3 You will receive Rs 10,000 each year for 5 years. The
interest rate is 9 percent. How much is the worth of
your receipts today?
Annual amount (Rs) 10,000
Number of payments 5
Interest rate 9%
Present value (Rs) ?

=PV(Rate,Nper,Pmt,-FV,0)

Future Value of an Annuity

Ex. 4 You deposit Rs 10,000 each year for 10 years in a
bank. The interest rate is 10 percent. How much is the
worth of your deposits at the end of term?
Annual amount (Rs) 10,000
Number of payments 10
Interest rate 10%
Future Value (Rs) ?
 =FV(Rate,Nper,PMT,-PV,0)

Annuity Payment for a Future Value

Ex. 5
You wish to receive Rs 10,000 at the end of 10 years
from your fixed deposit in a bank. The interest rate is 10
percent. How much payment should you make each
year in your fixed deposit account to accumulate Rs
10,000 after five years?
Future value (Rs) 10,000
Number of periods 10
Interest rate 10%
Present value 0
Annual payment (Rs) ?

=PMT(Rate,NPer,PV,FV,Type)

Interest Rate in an Annuity

Ex. 6 You are thinking of investing Rs 10,000 today in a fund
that promises you Rs 1,600 each year for 10 years. How
much is your annual return (interest) from this
investment?
Present value (Rs) 10,000
Future value 0
Annual amount (Rs) 1,800
Number of years 10
Interest rate ?

=RATE(NPer,PMT, PV,FV,Type,guess)

Number of Periods in an Annuity

Ex. 7 You have a choice with regard payments. Either you can
pay Rs 10,000 in the future or pay an annuity of Rs 627.
If the discount rate is 10%, how long will you pay the
annuity?
Present value (Rs) 0
Future value (Rs) -10,000
Annual amount (Rs) 627
Interest rate 10.00%
Number of periods ?

=Nper(Rate,Pmt,0,-FV,0)

Annuity Due (Deferred Annuity)

Ex. 8 You will receive an annuity of Rs 10,000 in the
beginning of the year. The discount rate is 9%. What is
the present value of the annuity?
Annual amount (rs) 10000
Number of payments 10
Interest rate 9%
 Present value ?

=PV(Rate,Nper,Pmt,-FV,1)

Present Value of Uneven cash flows

Ex. 9 In this example, we show the calculation of NPV, XNPV,
IRR, XIRR when the cash flows are uneven.
Interest rate 12%
23-Jun-14
Year 0
Cash flows -10,000
Net Present value ?
=NPV(Values) XNPV = ?
=XNPV(Values) IRR= ?
=IRR(Values) XIRR= ?
=XIRR(Values)

Multiperiod compounding
Ex. 10 This example shows the calculation of the effective
interest rate under multiperiod compounding. Investment (Rs) 1,000
Simple interest rate 12%
Compounding/year 1
Years 1
Future value (Rs) ?
Effective Interest Rate ?
. The following examples illustrates this. Notice
lution for one problem; you solve otheres.

ONEY
blems. The following examples illustrates this.

50,000 50,000 50,000 50,000

15 5 10 15
5% 5% 10% 4%
? ? ? ?

50,000 50,000 50,000 50,000

15 5 10 15
6.00% 6.00% 10% 4%
? ? ? ?

10,000 10,000 10,000 10,000

15 5 10 15
9% 9% 12% 6%
? ? ? ?

10,000 10,000 10,000 10,000

15 5 10 15
10% 10% 12% 6%
? ? ? ?
10,000 10,000 10,000 10,000
15 5 10 15
10% 10% 12% 6%
0 0 0 0
? ? ? ?

10,000 10,000 10,000 10,000

0 0 0 0
1,800 1,800 1,500 2,000
15 5 10 15
? ? ? ?

0 0 0 0
-10,000 -10,000 -10,000 -10,000
1,800 3,600 1,500 2,000
15% 5% 10% 15%
? ? ? ?

10000 10000 10000 10000

15 5 10 15
9% 9% 12% 6%
 ? ? ? ?

(Rs 000)
23-Jun-15 23-Jun-16 23-Jun-17 23-Jun-18 23-Jun-19
1 2 3 4 5
5,000 4,000 2,000 1,500 915

1,000 1,000 1,000 1,000 1,000

12% 12% 12% 12% 12%
2 4 12 52 365
1 1 1 1 1
? ? ? ? ?
? ? ? ? ?
 Excel has several built-in functions for soving the time value of money problems. The following examples ill
that each example, has multiple problems (numbered as 1, 2… We have given solution for one problem; you

CONCEPTS OF TIME VALUE OF MONEY

Excel has several built-in functions for soving the time value of money problems. The following examp
Future Value of a Single Cash Flow
Ex. 1
Today you deposit Rs 10,000 in a 5 year fixed deposit
with the State Bank of India. You shall earn compond
interest rate of 6 per annum on your deposit. How much
amount will you receive after 5 years?

Present value (Rs) 50,000

Years 10
Interest rate 5%
Future value (Rs) 81,445

FV(rate,nper,pmt,-PV,0)

Present Value of a Single Cash Flow

Ex. 2 You expect to receive Rs 50,000 after 5 years as a
bonus from your employer. The interest rate is 6
percent. How much is Rs 50,000 worth today?
Future amount (Rs) 50,000
Period 5
Interest rate 6.00%
Present amount (Rs) 37,363

=PV(rate,nper,pmt,-FV,0)

Present Value of an Annuity

Ex. 3 You will receive Rs 10,000 each year for 5 years. The
interest rate is 9 percent. How much is the worth of
your receipts today?
Annual amount (Rs) 10,000
Number of payments 5
Interest rate 9%
Present value (Rs) 38,897

=PV(Rate,Nper,Pmt,-FV,0)

Future Value of an Annuity

Ex. 4 You deposit Rs 10,000 each year for 10 years in a
bank. The interest rate is 10 percent. How much is the
worth of your deposits at the end of term?
Annual amount (Rs) 10,000
Number of payments 10
Interest rate 10%
Future Value (Rs) 159,374
 =FV(Rate,Nper,PMT,-PV,0)

Annuity Payment for a Future Value

Ex. 5
You wish to receive Rs 10,000 at the end of 10 years
from your fixed deposit in a bank. The interest rate is 10
percent. How much payment should you make each
year in your fixed deposit account to accumulate Rs
10,000 after five years?
Future value (Rs) 10,000
Number of periods 10
Interest rate 10%
Present value 0
Annual payment (Rs) 627

=PMT(Rate,NPer,PV,FV,Type)

Interest Rate in an Annuity

Ex. 6 You are thinking of investing Rs 10,000 today in a fund
that promises you Rs 1,600 each year for 10 years. How
much is your annual return (interest) from this
investment?
Present value (Rs) 10,000
Future value 0
Annual amount (Rs) 1,800
Number of years 10
Interest rate 12.41%

=RATE(NPer,PMT, PV,FV,Type,guess)

Number of Periods in an Annuity

Ex. 7 You have a choice with regard payments. Either you can
pay Rs 10,000 in the future or pay an annuity of Rs 627.
If the discount rate is 10%, how long will you pay the
annuity?
Present value (Rs) 0
Future value (Rs) -10,000
Annual amount (Rs) 627
Interest rate 10.00%
Number of periods 10.00

=Nper(Rate,Pmt,0,-FV,0)

Annuity Due (Deferred Annuity)

Ex. 8 You will receive an annuity of Rs 10,000 in the
beginning of the year. The discount rate is 9%. What is
the present value of the annuity?
Annual amount (rs) 10000
Number of payments 10
Interest rate 9%
 Present value 69952

=PV(Rate,Nper,Pmt,-FV,1)

Present Value of Uneven cash flows

Ex. 9 In this example, we show the calculation of NPV, XNPV,
IRR, XIRR when the cash flows are uneven.
Interest rate 12%
23-Jun-14
Year 0
Cash flows -10,000
Net Present value 549.09
=NPV(Values) XNPV = 547.21
=XNPV(Values) IRR= 15.00%
=IRR(Values) XIRR= 14.99%
=XIRR(Values)

Multiperiod compounding
Ex. 10 This example shows the calculation of the effective
interest rate under multiperiod compounding. Investment (Rs) 1,000
Simple interest rate 12%
Compounding/year 1
Years 1
Future value (Rs) 1,120.00
Effective Interest Rate 12.00%
. The following examples illustrates this. Notice
lution for one problem; you solve otheres.

ONEY
blems. The following examples illustrates this.

50,000 50,000 50,000 50,000

15 5 10 15
5% 5% 10% 4%
103,946 63,814 129,687 90,047

50,000 50,000 50,000 50,000

15 5 10 15
6.00% 6.00% 10% 4%
20,863 37,363 19,277 27,763

10,000 10,000 10,000 10,000

15 5 10 15
9% 9% 12% 6%
80,607 38,897 56,502 97,122

10,000 10,000 10,000 10,000

15 5 10 15
10% 10% 12% 6%
317,725 61,051 175,487 232,760
10,000 10,000 10,000 10,000
15 5 10 15
10% 10% 12% 6%
0 0 0 0
315 1,638 570 430

10,000 10,000 10,000 10,000

0 0 0 0
1,800 1,800 1,500 2,000
15 5 10 15
16.08% -3.41% 8.14% 18.42%

0 0 0 0
-10,000 -10,000 -10,000 -10,000
1,800 3,600 1,500 2,000
15% 5% 10% 15%
4.34 2.67 5.36 4.00

10000 10000 10000 10000

15 5 10 15
9% 9% 12% 6%
 87862 42397 63282 102950

(Rs 000)
23-Jun-15 23-Jun-16 23-Jun-17 23-Jun-18 23-Jun-19
1 2 3 4 5
5,000 4,000 2,000 1,500 915

1,000 1,000 1,000 1,000 1,000

12% 12% 12% 12% 12%
2 4 12 52 365
1 1 1 1 1
1,123.60 1,125.51 1,126.83 1,127.34 1,127.47
12.36% 12.55% 12.68% 12.73% 12.75%
Question:

A stock caries the following returns over a five year period : R1 = 0.20, R2 = -0.10, R3 = 0.18, R4 =
Calculate the following :
A. Arithmetic mean return,
B. Cumulative wealth index &
C. Geometric mean return.

a) 11.5%, 1.4557, 18.61%

b) 11.2%, 1.5557, 10.25%
c) 11.2%, 1.3457, 10.51%
d) 11.2%, 1.6557, 10.61%
Soln:
a) Arithmetic mean

R = .20 - .10 + .18 + .12 +.16 / 5 = .112 or 11.2%

b) Cumulative Wealth Index :

CW15 = 1 (1.20 + .90 +1.18 + 1.12 +1.16)= 1.6557

c) Geometric Mean Return=

GM = (1.20 * .90 * 1.18 * 1.12 * 1.16) 1/5 - 1 = 10.61%

= -0.10, R3 = 0.18, R4 = 0.12, R5 = 0.16.
Question:
If a 3 month bond has a 8% EAR, how much interest will I earn over the life of the bond?

Solution:

Since the EAR quote does include interest on interest and since a 3 month bond can be reinvested 4 times during the year,

1  r  4  1.08
 r  4 1.08  1  1.94%
d 4 times during the year,
Loan Schedule (Mortgage): Principal for EMI38= ?
Loan = 5000000 Interest for EMI38= ?
Interest Ra 14% 1.167% Total Interest paid during EMI 21 - EMI 92 ?
Term = 10 120 Total Principal paid during EMI 21 - EMI 92 ?
EMI = ($77,633.22) 77633

Month Beginning Amount EMI Interest Principal Outstanding Bal

0 5000000 77,633 0 0 5000000
1 5000000 77,633 58333.3333 19,300 4,980,700
2 4,980,700 77,633 58,108.17 19,525 4,961,175
3 4,961,175 77,633 57,880.38 19,753 4,941,422
4 4,941,422 77,633 57,649.93 19,983 4,921,439
5 4,921,439 77,633 57,416.79 20,216 4,901,223
6 4,901,223 77,633 57,180.93 20,452 4,880,770
7 4,880,770 77,633 56,942.32 20,691 4,860,079
8 4,860,079 77,633 56,700.93 20,932 4,839,147
9 4,839,147 77,633 56,456.72 21,177 4,817,971
10 4,817,971 77,633 56,209.66 21,424 4,796,547
11 4,796,547 77,633 55,959.71 21,674 4,774,873
12 4,774,873 77,633 55,706.86 21,926 4,752,947
13 4,752,947 77,633 55,451.05 22,182 4,730,765
14 4,730,765 77,633 55,192.26 22,441 4,708,324
15 4,708,324 77,633 54,930.45 22,703 4,685,621
16 4,685,621 77,633 54,665.58 22,968 4,662,654
17 4,662,654 77,633 54,397.62 23,236 4,639,418
18 4,639,418 77,633 54,126.54 23,507 4,615,911
19 4,615,911 77,633 53,852.30 23,781 4,592,130
20 4,592,130 77,633 53,574.85 24,058 4,568,072
21 4,568,072 77,633 53,294.17 24,339 4,543,733
22 4,543,733 77,633 53,010.22 24,623 4,519,110
23 4,519,110 77,633 52,722.95 24,910 4,494,200
24 4,494,200 77,633 52,432.33 25,201 4,468,999
25 4,468,999 77,633 52,138.32 25,495 4,443,504
26 4,443,504 77,633 51,840.88 25,792 4,417,712
27 4,417,712 77,633 51,539.97 26,093 4,391,618
28 4,391,618 77,633 51,235.55 26,398 4,365,221
29 4,365,221 77,633 50,927.57 26,706 4,338,515
30 4,338,515 77,633 50,616.01 27,017 4,311,498
31 4,311,498 77,633 50,300.81 27,332 4,284,165
32 4,284,165 77,633 49,981.93 27,651 4,256,514
33 4,256,514 77,633 49,659.33 27,974 4,228,540
34 4,228,540 77,633 49,332.97 28,300 4,200,240
35 4,200,240 77,633 49,002.80 28,630 4,171,610
36 4,171,610 77,633 48,668.78 28,964 4,142,645
37 4,142,645 77,633 48,330.86 29,302 4,113,343
38 4,113,343 77,633 47,989.00 29,644 4,083,699
39 4,083,699 77,633 47,643.15 29,990 4,053,708
40 4,053,708 77,633 47,293.27 30,340 4,023,369
41 4,023,369 77,633 46,939.30 30,694 3,992,675
42 3,992,675 77,633 46,581.20 31,052 3,961,623
43 3,961,623 77,633 46,218.93 31,414 3,930,208
44 3,930,208 77,633 45,852.43 31,781 3,898,428
45 3,898,428 77,633 45,481.65 32,152 3,866,276
46 3,866,276 77,633 45,106.55 32,527 3,833,749
47 3,833,749 77,633 44,727.07 32,906 3,800,843
48 3,800,843 77,633 44,343.17 33,290 3,767,553
49 3,767,553 77,633 43,954.79 33,678 3,733,875
50 3,733,875 77,633 43,561.87 34,071 3,699,803
51 3,699,803 77,633 43,164.37 34,469 3,665,334
52 3,665,334 77,633 42,762.24 34,871 3,630,463
53 3,630,463 77,633 42,355.41 35,278 3,595,186
54 3,595,186 77,633 41,943.83 35,689 3,559,496
55 3,559,496 77,633 41,527.46 36,106 3,523,391
56 3,523,391 77,633 41,106.22 36,527 3,486,864
57 3,486,864 77,633 40,680.07 36,953 3,449,910
58 3,449,910 77,633 40,248.95 37,384 3,412,526
59 3,412,526 77,633 39,812.80 37,820 3,374,706
60 3,374,706 77,633 39,371.57 38,262 3,336,444
61 3,336,444 77,633 38,925.18 38,708 3,297,736
62 3,297,736 77,633 38,473.59 39,160 3,258,576
63 3,258,576 77,633 38,016.72 39,616 3,218,960
64 3,218,960 77,633 37,554.53 40,079 3,178,881
65 3,178,881 77,633 37,086.95 40,546 3,138,335
66 3,138,335 77,633 36,613.91 41,019 3,097,316
67 3,097,316 77,633 36,135.35 41,498 3,055,818
68 3,055,818 77,633 35,651.21 41,982 3,013,836
69 3,013,836 77,633 35,161.42 42,472 2,971,364
70 2,971,364 77,633 34,665.91 42,967 2,928,397
71 2,928,397 77,633 34,164.63 43,469 2,884,928
72 2,884,928 77,633 33,657.49 43,976 2,840,952
73 2,840,952 77,633 33,144.44 44,489 2,796,464
74 2,796,464 77,633 32,625.41 45,008 2,751,456
75 2,751,456 77,633 32,100.32 45,533 2,705,923
76 2,705,923 77,633 31,569.10 46,064 2,659,859
77 2,659,859 77,633 31,031.69 46,602 2,613,257
78 2,613,257 77,633 30,488.00 47,145 2,566,112
79 2,566,112 77,633 29,937.97 47,695 2,518,417
80 2,518,417 77,633 29,381.53 48,252 2,470,165
81 2,470,165 77,633 28,818.59 48,815 2,421,350
82 2,421,350 77,633 28,249.09 49,384 2,371,966
83 2,371,966 77,633 27,672.94 49,960 2,322,006
84 2,322,006 77,633 27,090.07 50,543 2,271,463
85 2,271,463 77,633 26,500.40 51,133 2,220,330
86 2,220,330 77,633 25,903.85 51,729 2,168,601
87 2,168,601 77,633 25,300.34 52,333 2,116,268
88 2,116,268 77,633 24,689.79 52,943 2,063,324
 89 2,063,324 77,633 24,072.12 53,561 2,009,763
90 2,009,763 77,633 23,447.24 54,186 1,955,577
91 1,955,577 77,633 22,815.07 54,818 1,900,759
92 1,900,759 77,633 22,175.52 55,458 1,845,301
93 1,845,301 77,633 21,528.52 56,105 1,789,197
94 1,789,197 77,633 20,873.96 56,759 1,732,438
95 1,732,438 77,633 20,211.77 57,421 1,675,016
96 1,675,016 77,633 19,541.85 58,091 1,616,925
97 1,616,925 77,633 18,864.12 58,769 1,558,156
98 1,558,156 77,633 18,178.48 59,455 1,498,701
99 1,498,701 77,633 17,484.84 60,148 1,438,553
100 1,438,553 77,633 16,783.11 60,850 1,377,702
101 1,377,702 77,633 16,073.19 61,560 1,316,142
102 1,316,142 77,633 15,354.99 62,278 1,253,864
103 1,253,864 77,633 14,628.42 63,005 1,190,859
104 1,190,859 77,633 13,893.36 63,740 1,127,119
105 1,127,119 77,633 13,149.73 64,483 1,062,636
106 1,062,636 77,633 12,397.42 65,236 997,400
107 997,400 77,633 11,636.34 65,997 931,403
108 931,403 77,633 10,866.37 66,767 864,636
109 864,636 77,633 10,087.43 67,546 797,091
110 797,091 77,633 9,299.39 68,334 728,757
111 728,757 77,633 8,502.16 69,131 659,626
112 659,626 77,633 7,695.63 69,938 589,688
113 589,688 77,633 6,879.70 70,754 518,935
114 518,935 77,633 6,054.24 71,579 447,356
115 447,356 77,633 5,219.15 72,414 374,942
116 374,942 77,633 4,374.32 73,259 301,683
117 301,683 77,633 3,519.63 74,114 227,569
118 227,569 77,633 2,654.97 74,978 152,591
119 152,591 77,633 1,780.23 75,853 76,738
120 76,738 77,633 895.28 76,738 (0)
($29,644.22) PPMT
($47,989.00) IPMT
-2866821.12859 CUMIPMT
-2722770.53288 CUMPRINC