M–6MIIIIII IM/˙˙ q H     d ˙˙˙˙˙˙˙˙0˙˙˙˙˙˙˙˙ ˙˙˙˙˙# ˙˙˙˙˙g˙˙˙˙˙˙˙˙˙˙˙˙˙i(˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙ ˙˙˙˙˙˙˙˙f˙˙˙˙˙˙˙˙$%ň&ň'(đŽ@ŢcŰ$­<ŢcđŽƒ( LB)'*˙˙˙˙˙˙˙˙-ˇ˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙qqK˙'DCF_365.WK1 - Discounted Cash Flow analysis of Loan_365.WK1 - 8May01 ‚$˙'Copyright 2001, Joel Anderson ‚~'Initialize loan: ‚˙' Amount €' ‚˙' APR, nominal dec. ˙¤p= ףŔ?˙' <- "13.000% Annually" ‚˙' Term (mo) ˙0 ‚˙' Pmt, "monthly" [1] ˙= ףpÍp@˙' <- from lender's table ‚ ˙' First Period's interest ˙ ףp=š[@˙' <- calculated ‚˙' Last Pmt [1] ‚ÍĚĚĚĚlm@˙' <- from lender's table ‚ ‚ >˙ '1. Pmt amount is arbitrarily designed to over repay (on ‚ >˙ ' a straight amortization basis), then close-out with ‚ !˙ ' a smaller last payment. ‚  'Discounted Cash Flow: ‚ %˙'Calculate perPeriodRate (pPR):˙'Iterate guessRate into ‚*˙' NOTE: This loan uses a DAILY pPR.˙'discounted flow formula ‚!˙' pPR(daily)= APR/100/365= ˙'stack until the nullValue ‚˙'13/100/365 =˙É- arW7?  d m ˙'equals zero (0.000). ‚˙' APR = pPR*365*100 = ‚˙'(.000356*365*100) =˙*@€ţŸm d ‚'nullValue† ‘˝ €€€6€P ˙'Yield=!˙'100*((1+0.000356)^365-1) ='˙a"ľçŠÂ+@d€ýŸ m   ‚'timeBase= ‚m'guessRate ’ 5Đ:›+@-~'Amortization using days-between-dates:˙"XIRR*100?=˙'No @XIRR in old 123 ‚˙'na=not applicable‚"Discounted ˙"Pmt_# ˙^Date˙"DaysBtwn ˙"Pmt ˙"IntPd ˙"PrinPd˙"PrinBal˙"XIRR_flows ‚"Flows ˙"Init˙'10/15/97 ˙"na ˙"na ˙"na‚ˆĂ@ý€ęŸ˙ˆĂŔ˙€€;‚ˆĂŔ,˙€€€d ů€€Mů€M €   ˙˙'11/15/97˙?@˙€€M˙€˙ŸM  ‚= ףpÍp@&‚ĽI“&Mš[@˙€m ţ€€ €˙Ÿ ‚¨od´şÍc@ ţ€€˙€€ ‚An.É8Ă@ €˙Ÿ˙€€ ˙= ףpÍp@ü€€;‚ÂC vžp@,˙€€€d ů€€Mů€M €   ˙˙'12/15/97˙>@˙€€M˙€˙ŸM  ‚= ףpÍp@&‚Ź´KIJZ@˙€m ţ€€ €˙Ÿ ‚$:#ßud@ ţ€€˙€€ ‚XM˘˜ńćÂ@ €˙Ÿ˙€€ ˙= ףpÍp@ü€€;‚÷ąčŁ|qp@,˙€€€d ů€€Mů€M €   ˙˙'1/15/98˙?@˙€€M˙€˙ŸM  ‚= ףpÍp@&‚đGäŰŻśZ@˙€m ţ€€ €˙Ÿ ‚‚đťY‰?d@ ţ€€˙€€ ‚–];só•Â@ €˙Ÿ˙€€ ˙= ףpÍp@ü€€;‚Żv8ƒCp@,˙€€€d ů€€Mů€M €   ˙˙'2/15/98˙?@˙€€M˙€˙ŸM  ‚= ףpÍp@&‚Âë+9DZ@˙€m ţ€€ €˙Ÿ ‚™šÄxd@ ţ€€˙€€ ‚ýV`DÂ@ €˙Ÿ˙€€ ˙= ףpÍp@ü€€;‚>îtW p@,˙€€€d ů€€Mů€M €   ˙˙'3/15/98˙<@˙€€M˙€˙ŸM  ‚= ףpÍp@&‚”s°öPW@˙€m ţ€€ €˙Ÿ ‚0Štďeňe@ ţ€€˙€€ ‚ó*™ČFěÁ@ €˙Ÿ˙€€ ˙= ףpÍp@ü€€;‚Ü8ĄĘÚo@,˙€€€d ů€€Mů€M €   ˙˙'4/15/98˙?@˙€€M˙€˙ŸM  ‚= ףpÍp@&‚ëžwĚmTY@˙€m ţ€€ €˙Ÿ ‚EraŞđd@ ţ€€˙€€ ‚ßa„˜Á@ €˙Ÿ˙€€ ˙= ףpÍp@ü€€;‚&wˇlşo@,˙€€€d ů€€Mů€M €   ˙ ˙ '5/15/98˙ >@˙€€M˙€˙ŸM  ‚ = ףpÍp@&‚ `It˛X@˙€m ţ€€ €˙Ÿ ‚ JЉ ˆ’e@ ţ€€˙€€ ‚ ś;Ýţ9BÁ@ €˙Ÿ˙€€ ˙ = ףpÍp@ü€€;‚ k!>Őv,o@,˙€€€d ů€€Mů€M €   ˙!˙!'6/15/98˙!?@˙€€M˙€˙ŸM  ‚!= ףpÍp@&‚!ň{†ŁdX@˙€m ţ€€ €˙Ÿ ‚!ÖęőÓhe@ ţ€€˙€€ ‚!\Ż–ěŔ@ €˙Ÿ˙€€ ˙!= ףpÍp@ü€€;‚!”<ŃNŐn@,˙€€€d ů€€Mů€M €   ˙" ˙"'7/15/98˙">@˙€€M˙€˙ŸM  ‚"= ףpÍp@&‚"oͧŠŽ%W@˙€m ţ€€ €˙Ÿ ‚"Ă-Zf@ ţ€€˙€€ ‚"Ľ'üFv”Ŕ@ €˙Ÿ˙€€ ˙"= ףpÍp@ü€€;‚"sŒś݁n@,˙€€€d ů€€Mů€M €   ˙# ˙#'8/15/98˙#?@˙€€M˙€˙ŸM  ‚#= ףpÍp@&‚#ŹŽ‘‡nW@˙€m ţ€€ €˙Ÿ ‚#$=ăe@ ţ€€˙€€ ‚#°Ž˙Đç<Ŕ@ €˙Ÿ˙€€ ˙#= ףpÍp@ü€€;‚#äWţ>‘,n@,˙€€€d ů€€Mů€M €   ˙$ ˙$'9/15/98˙$?@˙€€M˙€˙ŸM  ‚$= ףpÍp@&‚$Şă‰ĘňV@˙€m ţ€€ €˙Ÿ ‚$Ľ"é:|!f@ ţ€€˙€€ ‚$K(ŔĂČż@ €˙Ÿ˙€€ ˙$= ףpÍp@ü€€;‚$ęžę3Řm@,˙€€€d ů€€Mů€M €   ˙% ˙%'10/15/98˙%>@˙€€M˙€˙ŸM  ‚%= ףpÍp@&‚%˝ áŸ5źU@˙€m ţ€€ €˙Ÿ ‚%œ˝wĆźf@ ţ€€˙€€ ‚%Ţ'jŒÝż@ €˙Ÿ˙€€ ˙%= ףpÍp@ü€€;‚% –Măo‡m@,˙€€€d ů€€Mů€M €   ˙& ˙&'11/15/98˙&?@˙€€M˙€˙ŸM  ‚&= ףpÍp@&‚&`‚Ě%őU@˙€m ţ€€ €˙Ÿ ‚&JS­aN f@ ţ€€˙€€ ‚&D˝\Ű]ž@ €˙Ÿ˙€€ ˙&= ףpÍp@ü€€;‚&Şé*@ŕ4m@,˙€€€d ů€€Mů€M €   ˙'˙''12/15/98˙'>@˙€€M˙€˙ŸM  ‚'= ףpÍp@&‚'ů@˙€€M˙€˙ŸM  ‚,= ףpÍp@&‚,í1¤=R@˙€m ţ€€ €˙Ÿ ‚,„űŞu^|h@ ţ€€˙€€ ‚,@ĺYĎçš@ €˙Ÿ˙€€ ˙,= ףpÍp@ü€€;‚,Œ˜ƒdk@,˙€€€d ů€€Mů€M €   ˙-˙-'6/15/99˙-?@˙€€M˙€˙ŸM  ‚-= ףpÍp@&‚-Ö4W@˙€€M˙€˙ŸM  ‚.= ףpÍp@&‚.ƒÜy/L1Q@˙€m ţ€€ €˙Ÿ ‚.9&ń/;i@ ţ€€˙€€ ‚.>HÓg\¸@ €˙Ÿ˙€€ ˙.= ףpÍp@ü€€;‚.:J›Îj@,˙€€€d ů€€Mů€M €   ˙/˙/'8/15/99˙/?@˙€€M˙€˙ŸM  ‚/= ףpÍp@&‚/S´PŮĄ6Q@˙€m ţ€€ €˙Ÿ ‚/Qş[˙h@ ţ€€˙€€ ‚/kűä"”ˇ@ €˙Ÿ˙€€ ˙/= ףpÍp@ü€€;‚/šS‚Чƒj@,˙€€€d ů€€Mů€M €   ˙0˙0'9/15/99˙0?@˙€€M˙€˙ŸM  ‚0= ףpÍp@&‚0hęŮPŠP@˙€m ţ€€ €˙Ÿ ‚0F šÚ8Fi@ ţ€€˙€€ ‚0R%ńÉś@ €˙Ÿ˙€€ ˙0= ףpÍp@ü€€;‚0öe(߅9j@,˙€€€d ů€€Mů€M €   ˙1˙1'10/15/99˙1>@˙€€M˙€˙ŸM  ‚1= ףpÍp@&‚1rH\ę*O@˙€m ţ€€ €˙Ÿ ‚1^Á&Đi@ ţ€€˙€€ ‚1ščoűľ@ €˙Ÿ˙€€ ˙1= ףpÍp@ü€€;‚1AšBŁňi@,˙€€€d ů€€Mů€M €   ˙2˙2'11/15/99˙2?@˙€€M˙€˙ŸM  ‚2= ףpÍp@&‚2r|‰O@˙€m ţ€€ €˙Ÿ ‚2ô÷N%ŸÖi@ ţ€€˙€€ ‚2F"ňîş,ľ@ €˙Ÿ˙€€ ˙2= ףpÍp@ü€€;‚2/:ŠŞi@,˙€€€d ů€€Mů€M €   ˙3˙3'12/15/99˙3>@˙€€M˙€˙ŸM  ‚3= ףpÍp@&‚3¸/:ÚĆőL@˙€m ţ€€ €˙Ÿ ‚3Œˆ‘o]j@ ţ€€˙€€ ‚3&irĎY´@ €˙Ÿ˙€€ ˙3= ףpÍp@ü€€;‚3dřŃądi@,˙€€€d ů€€Mů€M €   ˙4˙4'1/15/2000˙4?@˙€€M˙€˙ŸM  ‚4= ףpÍp@&‚4G“ĽgŃÂL@˙€m ţ€€ €˙Ÿ ‚4¨ŻÄí,jj@ ţ€€˙€€ ‚4…ű ~†ł@ €˙Ÿ˙€€ ˙4= ףpÍp@ü€€;‚41WsžŽi@,˙€€€d ů€€Mů€M €   ˙5˙5'2/15/2000˙5?@˙€€M˙€˙ŸM  ‚5= ףpÍp@&‚5'Ë]ą+˜K@˙€m ţ€€ €˙Ÿ ‚5°ĄV[Ö´j@ ţ€€˙€€ ‚5xK X×°˛@ €˙Ÿ˙€€ ˙5= ףpÍp@ü€€;‚5ŽĺE V×h@,˙€€€d ů€€Mů€M €   ˙6˙6'3/15/2000˙6=@˙€€M˙€˙ŸM  ‚6= ףpÍp@&‚6žů' ôľH@˙€m ţ€€ €˙Ÿ ‚6dDdmk@ ţ€€˙€€ ‚6Ç*ý5lŐą@ €˙Ÿ˙€€ ˙6= ףpÍp@ü€€;‚6ĐŰW–h@,˙€€€d ů€€Mů€M €   ˙7˙7'4/15/2000˙7?@˙€€M˙€˙ŸM  ‚7= ףpÍp@&‚7Ĺ Żj!4I@˙€m ţ€€ €˙Ÿ ‚7ÉQíŘMk@ ţ€€˙€€ ‚79•nýú°@ €˙Ÿ˙€€ ˙7= ףpÍp@ü€€;‚7-،ƒ˜Qh@,˙€€€d ů€€Mů€M €   ˙8˙8'5/15/2000˙8>@˙€€M˙€˙ŸM  ‚8= ףpÍp@&‚8ćÍ@9G@˙€m ţ€€ €˙Ÿ ‚8ÁRg‘Ěk@ ţ€€˙€€ ‚8ŁÝńĺ˜°@ €˙Ÿ˙€€ ˙8= ףpÍp@ü€€;‚80/ˇČh@,˙€€€d ů€€Mů€M €   ˙9 ˙9'6/15/2000˙9?@˙€€M˙€˙ŸM  ‚9= ףpÍp@&‚9çDÁ#!ĹF@˙€m ţ€€ €˙Ÿ ‚9@Ă˝ţ˜ék@ ţ€€˙€€ ‚9ß÷;˜zŽ@ €˙Ÿ˙€€ ˙9= ףpÍp@ü€€;‚9;h‚Ěg@,˙€€€d ů€€Mů€M €   ˙:!˙:'7/15/2000˙:>@˙€€M˙€˙ŸM  ‚:= ףpÍp@&‚:Đî™/ą×D@˙€m ţ€€ €˙Ÿ ‚:ƘÇűôdl@ ţ€€˙€€ ‚:†e;ěH´Ź@ €˙Ÿ˙€€ ˙:= ףpÍp@ü€€;‚:‹iťÄŒg@,˙€€€d ů€€Mů€M €   ˙;"˙;'8/15/2000˙;?@˙€€M˙€˙ŸM  ‚;= ףpÍp@&‚;ź•$…HD@˙€m ţ€€ €˙Ÿ ‚; ď¤Ŕˆl@ ţ€€˙€€ ‚;•ÁëźëŞ@ €˙Ÿ˙€€ ˙;= ףpÍp@ü€€;‚;ő0 DJg@,˙€€€d ů€€Mů€M €   ˙<#˙<'9/15/2000˙<?@˙€€M˙€˙ŸM  ‚<= ףpÍp@&‚<˜5ĺčC@˙€m ţ€€ €˙Ÿ ‚<SŽ`gŮl@ ţ€€˙€€ ‚<° Űz&Š@ €˙Ÿ˙€€ ˙<= ףpÍp@ü€€;‚<]šŽ& g@,˙€€€d ů€€Mů€M €   ˙=$˙='10/15/2000˙=>@˙€€M˙€˙ŸM  ‚== ףpÍp@&‚=Qr*-A@˙€m ţ€€ €˙Ÿ ‚=& ,Ť–Om@ ţ€€˙€€ ‚=ŢJ(-I§@ €˙Ÿ˙€€ ˙== ףpÍp@ü€€;‚=kšĎĘf@,˙€€€d ů€€Mů€M €   ˙>%˙>'11/15/2000˙>?@˙€€M˙€˙ŸM  ‚>= ףpÍp@&‚>²ňźXt@@˙€m ţ€€ €˙Ÿ ‚>ĘgqË}m@ ţ€€˙€€ ‚>a4Ą^PqĽ@ €˙Ÿ˙€€ ˙>= ףpÍp@ü€€;‚>Ž)Űä‹f@,˙€€€d ů€€Mů€M €   ˙?&˙?'12/15/2000˙?>@˙€€M˙€˙ŸM  ‚?= ףpÍp@&‚?;ń'§“S=@˙€m ţ€€ €˙Ÿ ‚?SÉŇnđm@ ţ€€˙€€ ‚?ü˘tqI’Ł@ €˙Ÿ˙€€ ˙?= ףpÍp@ü€€;‚?öŠNf@,˙€€€d ů€€Mů€M €   ˙@'˙@'1/15/2001˙@?@˙€€M˙€˙ŸM  ‚@= ףpÍp@&‚@ţĹ-äÖ¨;@˙€m ţ€€ €˙Ÿ ‚@ş[(kĆ%n@ ţ€€˙€€ ‚@@Â íŻĄ@ €˙Ÿ˙€€ ˙@= ףpÍp@ü€€;‚@že"ˇf@,˙€€€d ů€€Mů€M €   ˙A(˙A'2/15/2001˙A?@˙€€M˙€˙ŸM  ‚A= ףpÍp@&‚A ŃîJ#˙8@˙€m ţ€€ €˙Ÿ ‚AX:PŢüzn@ ţ€€˙€€ ‚A53şyzŸ@ €˙Ÿ˙€€ ˙A= ףpÍp@ü€€;‚AcTŕ‡Ňe@,˙€€€d ů€€Mů€M €   ˙B)˙B'3/15/2001˙B<@˙€€M˙€˙ŸM  ‚B= ףpÍp@&‚BcprV%4@˙€m ţ€€ €˙Ÿ ‚BnŚjy6o@ ţ€€˙€€ ‚BgŢŒŞł­›@ €˙Ÿ˙€€ ˙B= ףpÍp@ü€€;‚BćUćše@,˙€€€d ů€€Mů€M €   ˙C*˙C'4/15/2001˙C?@˙€€M˙€˙ŸM  ‚C= ףpÍp@&‚CuaPořŽ3@˙€m ţ€€ €˙Ÿ ‚CKÄ9)o@ ţ€€˙€€ ‚C^]Tc“Č—@ €˙Ÿ˙€€ ˙C= ףpÍp@ü€€;‚CP…cW~^e@,˙€€€d ů€€Mů€M €   ˙D+˙D'5/15/2001˙D>@˙€€M˙€˙ŸM  ‚D= ףpÍp@&‚Dű0Şž•C0@˙€m ţ€€ €˙Ÿ ‚D[Î؏n’o@ ţ€€˙€€ ‚D“CY‘E֓@ €˙Ÿ˙€€ ˙D= ףpÍp@ü€€;‚DŤšŞ$e@,˙€€€d ů€€Mů€M €   ˙E,˙E'6/15/2001˙E?@˙€€M˙€˙ŸM  ‚E= ףpÍp@&‚EFłţrë,@˙€m ţ€€ €˙Ÿ ‚EF)~RÚo@ ţ€€˙€€ ‚EŐü’~öľ@ €˙Ÿ˙€€ ˙E= ףpÍp@ü€€;‚E XŠ˜Œéd@,˙€€€d ů€€Mů€M €   ˙F-˙F'7/15/2001˙F>@˙€€M˙€˙ŸM  ‚F= ףpÍp@&‚FÝh&ZŻ%@˙€m ţ€€ €˙Ÿ ‚FöŢŚŇőp@ ţ€€˙€€ ‚FZ?•űĽ‡@ €˙Ÿ˙€€ ˙F= ףpÍp@ü€€;‚F$‰!žô°d@,˙€€€d ů€€Mů€M €   ˙G.˙G'8/15/2001˙G?@˙€€M˙€˙ŸM  ‚G= ףpÍp@&‚G~Ëg9íľ @˙€m ţ€€ €˙Ÿ ‚GáË :ÁGp@ ţ€€˙€€ ‚GÓNsđ5@ €˙Ÿ˙€€ ˙G= ףpÍp@ü€€;‚G:(“Öwd@,˙€€€d ů€€Mů€M €   ˙H/˙H'9/15/2001˙H?@˙€€M˙€˙ŸM  ‚H= ףpÍp@&‚H"Ń÷ËĘę@˙€m ţ€€ €˙Ÿ ‚Hř*§xĹup@ ţ€€˙€€ ‚HśG˜ďŕm@ €˙Ÿ˙€€ ˙H= ףpÍp@ü€€;‚HçÂoŽâ=d@,˙€€€d ů€€Mů€M €   ˙I"[2] 48˙I'10/15/2001˙I>@˙€€M˙€˙ŸM  ‚IÍĚĚĚĚlm@&‚I„;‹č@˙€m ţ€€ €˙Ÿ ‚IŕŸ*m@ ţ€€˙€€ ‚I@6l‚ż €˙Ÿ˙€€ ‚IÍĚĚĚĚlm@ü€€;‚Iڂ7ˆ]‰a@,˙€€€d ů€€Mů€M €   ‚JE˙K'2. The balance doesn't end in zero. It should. But it doesn't. ‚KI˙L' This amortization table accurately reproduces a table furnished ‚LG˙M' by a lender for an real loan. Why make things up when reality ‚M