l0l2g/g!g"g/g6ggg/ q H  d l0d # gi( f$%&'(( B)'*-qqJ'LOAN_365.WK1 - Amortization w/ daily periodic rate - 21Oct97/2May01$'Copyright 2001, Joel AndersonE'How lenders exploit fundamental weaknesses in Truth-in-LendingE'by maximizing the division of APR (Annual Percentage Rate) to ='charge more interest on the same nominal APR. Legally.G' If a lender observes the number of days (e.g: in a month),F' they can base a loan's periodic rate on days (rather thanI ' months), and payments on days between monthly payment dates.B ' Theoretically, lenders could observe the number ofD ' hours (minutes or seconds) between payment dates and= ' base a loan's periodic rate on hours (minutes2' or seconds) between payment dates.C' The advantage of more frequent division of APR, to theF' pPR (perPeriodRate) actually used in the loan, is that itE' permits a lender to receive more interest, more interestE' on the *same nominal APR* than the loan would yield with!' fewer APR divisions.A' 365 is about the largest practical optimum divisor.C' I have tried using 10,000: it doesn't add appreciablyD' to the amount of interest collected on a typical loan.?' Anything beyond 365 would be difficult to justifyE' to regulators. Since the return from larger divisors isE' small, no lender finds it worth antagonizing regulatorsG' (and borrowers). Though you can be sure, were the return =' significant, some if not all lenders would try. 'Initialize loan:!' Amount !'"' APR, nominal dec. "p= ף?"' <- "13.000% Annually"#' Term (mo) #0$' Pmt, "monthly" [1] $= ףpp@$' <- from lender's table %' First Period's interest % ףp=[@%' <- calculated&' Last Pmt [1] &lm@&' <- from lender's tableC('1. Pmt amount is arbitrary. It is designed to over repay (on>)' a straight amortization basis), then close-out with !*' a smaller last payment.%,'Calculate perPeriodRate (pPR)::-' NOTE: This loan uses a DAILY pPR, perPeriod Rate.!/' pPR(daily)= APR/100/365=/'13/100/365 =/- arW7?  d m %0' from the pPR, it follows:1' APR = pPR*365*100 =1'(.000356*365*100) =1*@m d 2' Yield, % =!2'100*((1+0.000356)^365-1) ='2a"+@d m   74'This amortization table uses days-between-dates:5'na=not applicable 6"Pmt_# 6^Date6"DaysBtwn 6"Pmt 6"IntPd 6"PrinPd6"PrinBal 7"Init7'10/15/97 7"na 7"na 7"na7@ 88'11/15/978?@MM  8= ףpp@&8I&M[@"m   8odc@  8An.8@   99'12/15/979>@MM  9= ףpp@&9KIJZ@"m   9$:#ud@  9XM@   ::'1/15/98:?@MM  := ףpp@&:GۯZ@"m   :Y?d@  :];s@   ;;'2/15/98;?@MM  ;= ףpp@&;+9DZ@"m   ;xd@  ;V`D@   <<'3/15/98<<@MM  <= ףpp@&<sPW@"m   <0tee@  <*F@   =='4/15/98=?@MM  == ףpp@&=wmTY@"m   =Erad@  =a@   >>'5/15/98>>@MM  >= ףpp@&>`ItX@"m   >J e@  >;9B@   ??'6/15/98??@MM  ?= ףpp@&?{dX@"m   ?he@  ?\@   @ @'7/15/98@>@MM  @= ףpp@&@oͧ%W@"m   @-Zf@  @'Fv@   A A'8/15/98A?@MM  A= ףpp@&AnW@"m   A$=e@  A<@   B B'9/15/98B?@MM  B= ףpp@&BV@"m   B":|!f@  BK(ȿ@   C C'10/15/98C>@MM  C= ףpp@&C 5U@"m   CwƼf@  C'j@   D D'11/15/98D?@MM  D= ףpp@&D`%U@"m   DJSaNf@  DD\]@   EE'12/15/98E>@MM  E= ףpp@&E@MM  J= ףpp@&J1=R@"m   Ju^|h@  J@Y@   KK'6/15/99K?@MM  K= ףpp@&K4W@MM  L= ףpp@&Ly/L1Q@"m   L9&/;i@  L>Hg\@   MM'8/15/99M?@MM  M= ףpp@&MSP١6Q@"m   MQ[h@  Mk"@   NN'9/15/99N?@MM  N= ףpp@&NhPP@"m   NF 8Fi@  NR%ɶ@   OO'10/15/99O>@MM  O= ףpp@&OrH\*O@"m   O^&i@  Oo@   PP'11/15/99P?@MM  P= ףpp@&Pr|O@"m   PN%i@  PF",@   QQ'12/15/99Q>@MM  Q= ףpp@&Q/:L@"m   Qo]j@  Q&irY@   RR'1/15/2000R?@MM  R= ףpp@&RGgL@"m   R,jj@  R ~@   SS'2/15/2000S?@MM  S= ףpp@&S']+K@"m   SV[ִj@  SxK Xװ@   TT'3/15/2000T=@MM  T= ףpp@&T' H@"m   TdDdmk@  T*5lձ@   UU'4/15/2000U?@MM  U= ףpp@&U j!4I@"m   UQMk@  U9n@   VV'5/15/2000V>@MM  V= ףpp@&V@9G@"m   VRgk@  V@   W W'6/15/2000W?@MM  W= ףpp@&WD#!F@"m   W@ýk@  W;z@   X!X'7/15/2000X>@MM  X= ףpp@&X/D@"m   XƘdl@  Xe;H@   Y"Y'8/15/2000Y?@MM  Y= ףpp@&Y$HD@"m   Y l@  Y@   Z#Z'9/15/2000Z?@MM  Z= ףpp@&Z5C@"m   ZS`gl@  Z z&@   [$['10/15/2000[>@MM  [= ףpp@&[Qr*-A@"m   [& ,Om@  [J(-I@   \%\'11/15/2000\?@MM  \= ףpp@&\²Xt@@"m   \gq}m@  \a4^Pq@   ]&]'12/15/2000]>@MM  ]= ףpp@&];'S=@"m   ]Snm@  ]tqI@   ^'^'1/15/2001^?@MM  ^= ףpp@&^-֨;@"m   ^[(k%n@  ^@ @   _(_'2/15/2001_?@MM  _= ףpp@&_ J#8@"m   _X:Pzn@  _53yz@   `)`'3/15/2001`<@MM  `= ףpp@&`cprV%4@"m   `njy6o@  `gތ@   a*a'4/15/2001a?@MM  a= ףpp@&auaPo3@"m   aK9)o@  a^]Tcȗ@   b+b'5/15/2001b>@MM  b= ףpp@&b0C0@"m   b[؏no@  bCYE֓@   c,c'6/15/2001c?@MM  c= ףpp@&cFr,@"m   cF)~Ro@  c~@   d-d'7/15/2001d>@MM  d= ףpp@&dh&Z%@"m   dަp@  dZ?@   e.e'8/15/2001e?@MM  e= ףpp@&e~g9 @"m   e :Gp@  eNs5@   f/f'9/15/2001f?@MM  f= ףpp@&f"@"m   f*xup@  fGm@   g0g'10/15/2001g>@MM  glm@&g;@"m   g*m@  g@6l   g'[2]Ei'2. The balance doesn't end in zero. It should. But it doesn't.Ij' This amortization table accurately reproduces a table furnishedGk' by a lender for an real loan. Why make things up when realityl' is more fun?