The iDeal Reader Rachel Carson, ‘‘The Obligation to Endure’’.docx

The iDeal Reader Rachel Carson, ‘‘The
Obligation to Endure’’
© The McGraw−Hill
Companies, 2000
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Rachel Louise Carson (1907–1964), professor, aquatic biologist,
editor, and writer,was born in Springfield, Pennsylvania, and
died in Silver Spring, Maryland. She received
a B.A. degree from the Pennsylvania College for Women in
1929 and an M.A. from Johns
Hopkins University in 1932 before pursuing further graduate
study at Marine Biological
Laboratory in Massachusetts. Carson was variously affiliated
with the University of Maryland,
on the zoology staff; with the U.S. Bureau of Fisheries; and
with Johns Hopkins University.
She held memberships in the American Ornithologists’ Union,
the National Institute of Arts
and Letters, the Royal Society of Literature, the Audubon
Society, and the Society of
Women Geographers. Her extensive awards and honors include
the George Westinghouse
Science Writing Award in 1950; the National Book Award in
1951 for The Sea Around Us, a
Guggenheim fellowship, and numerous medals, honorary
citations, and degrees. Carson’s
mother led her to a love of nature, which she successfully

combined with her desire to write.
She began publishing at the age of ten. Widely praised for her
vivid descriptions of the sea in
the nonfiction best-seller The Sea Around Us (1951; rev. ed.,
1966, reprinted, 1989) and in
The Edge of the Sea (1955; reprinted, 1980), Carson went on to
write her most influential and
controversial book, Silent Spring (1962; limited ed., 1980; 25th
anniversary ed., 1987), which
sold over 500,000 hardcover copies. Silent Spring criticizes
farmers for using environmentally
hazardous chemicals and illustrates the devastation these
chemicals wreak upon both animals
and humans. Heavily documented, Silent Spring precipitated
such public concern that
President John F. Kennedy subsequently launched a federal
investigation into the problem.
In May 1963, the President’s Science Advisory Committee
agreed with Carson and urged
more stringent controls and further research.
R
The Obligation to Endure
Rachel Carson
The history of life on earth has been a history of interaction
between living things
and their surroundings. To a large extent, the physical form and
the habits of the
earth’s vegetation and its animal life have been molded by the
environment.
Considering the whole span of earthly time, the opposite effect,
in which life actu-
ally modifies its surroundings, has been relatively slight. Only
within the moment of

time represented by the present century has one species—man—
acquired significant
power to alter the nature of his world.
During the past quarter century this power has not only
increased to one of
disturbing magnitude but it has changed in character. The most
alarming of all
man’s assaults upon the environment is the contamination of
air, earth, rivers, and
sea with dangerous and even lethal materials. This pollution is
for the most part
irrecoverable; the chain of evil it initiates not only in the world
that must support
life but in living tissues is for the most part irreversible. In this
now universal conta-
mination of the environment, chemicals are the sinister and
little recognized part-
ners of radiation in changing the very nature of the world—the
very nature of its
life. Strontium 90, released through nuclear explosions into the
air, comes to earth
“The Obligation to Endure” from Silent Spring by Rachel
Carson. Copyright © 1962 by Rachel L. Carson.
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in rain or drifts down as fallout, lodges in soil, enters the grass
or corn or wheat
grown there, and in time takes up its abode in the bones of a
human being, there to
remain until his death. Similarly, chemicals sprayed on
croplands or forests or
garden lie long in soil, entering into living organisms, passing
from one to another
in a chain of poisoning and death. Or they pass mysteriously by
underground streams
until they emerge and through the alchemy of air and sunlight,
combine into new
forms that kill vegetation, sicken cattle, and work unknown
harm on those who
drink from once pure wells. As Albert Schweitzer has said,
“Man can hardly even
recognize the devils of his own creation.”
It took hundreds of millions of years to produce the life that
now inhabits the
earth—eons of time in which that developing and evolving and
diversifying life
reached a state of adjustment and balance with its surroundings.
The environment,
rigorously shaping and directing the life it supported, contained
elements that were
hostile as well as supporting. Certain rocks gave out dangerous
radiation; even

within the light of the sun, from which all life draws its energy,
there were short-
wave radiations with power to injure. Given time—time not in
years but in millen-
nia—life adjusts, and a balance has been reached. For time is
the essential
ingredient; but in the modern world there is no time.
The rapidity of change and the speed with which new situations
are created
follow the impetuous and heedless pace of man rather than the
deliberate pace of
nature. Radiation is no longer merely the background radiation
of rocks, the
bombardment of cosmic rays, the ultraviolet of the sun that have
existed before
there was any life on earth; radiation is now the unnatural
creation of man’s tamper-
ing with the atom. The chemicals to which life is asked to make
its adjustment are
no longer merely the calcium and silica and copper and all the
rest of the minerals
washed out of the rocks and carried in rivers to the sea; they are
the synthetic
creations of man’s inventive mind, brewed in his laboratories,
and having no coun-
terparts in nature.
To adjust to these chemicals would require time on the scale
that is nature’s; it
would require not merely the years of a man’s life but the life of
generations. And
even this, were it by some miracle possible, would be futile, for
the new chemicals
come from our laboratories in an endless stream; almost five
hundred annually find

their way into actual use in the United States alone. The figure
is staggering and its
implications are not easily grasped—500 new chemicals to
which the bodies of men
and animals are required somehow to adapt each year, chemicals
totally outside the
limits of biologic experience.
Among them are many that are used in man’s war against
nature. Since the
mid-1940s over 200 basic chemicals have been created for use
in killing insects,
weeds, rodents, and other organisms described in the modern
vernacular as “pests”;
and they are sold under several thousand different brand names.
These sprays, dusts, and aerosols are now applied almost
universally to farms,
gardens, forests, and homes—nonselective chemicals that have
the power to kill
every insect, the “good” and the “bad,” to still the song of birds
and the leaping of fish
in the streams, to coat the leaves with a deadly film, and to
linger on in soil—all this
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though the intended target may be only a few weeds or insects.
Can anyone believe it
is possible to lay down such a barrage of poisons on the surface
of the earth without
making it unfit for all life? They should not be called
“insecticides,” but “biocides.”
The whole process of spraying seems caught up in an endless
spiral. Since DDT
was released for civilian use, a process of escalation has been
going on in which ever
more toxic materials must be found. This has happened because
insects, in a
triumphant vindication of Darwin’s principle of the survival of
the fittest, have
evolved super races immune to the particular insecticide used,
hence a deadlier one
has always to be developed—and then a deadlier one than that.
It has happened also
because destructive insects often undergo a “flareback,” or
resurgence, after spraying,
in numbers greater than before. Thus the chemical war is never
won, and all life is
caught in its violent crossfire.
Along with the possibility of the extinction of mankind by
nuclear war, the

central problem of our age has therefore become the
contamination of man’s total
environment with such substances of incredible potential for
harm—substances that
accumulate in the tissues of plants and animals and even
penetrate the germ cells to
shatter or alter the very material of heredity upon which the
shape of the future
depends.
Some would-be architects of our future look toward a time when
it will be possi-
ble to alter the human germ plasm by design. But we may easily
be doing so now by
inadvertence for many chemicals, like radiation, bring about
gene mutations. It is
ironic to think that man might determine his own future by
something so seemingly
trivial as the choice of an insect spray.
All this has been risked—for what? Future historians may well
be amazed by our
distorted sense of proportion. How could intelligent beings seek
to control a few
unwanted species by a method that contaminated the entire
environment and
brought the threat of disease and death even to their own kind?
Yet this is precisely
what we have done. We have done it, moreover, for reasons that
collapse the
moment we examine them. We are told that the enormous and
expanding use of
pesticides is necessary to maintain farm production. Yet is our
real problem not one
of overproduction? Our farms, despite measures to remove
acreages from production

and to pay farmers not to produce, have yielded such a
staggering excess of crops that
the American taxpayer in 1962 is paying out more than one
billion dollars a year as
the total carrying cost of the surplus-food storage program. And
is the situation
helped when one branch of the Agriculture Department tries to
reduce production
while another states, as it did in 1958, “It is believed generally
that reduction of crop
acreages under provisions of the Soil Bank will stimulate
interest in use of chemicals
to obtain maximum production on the land retained in crops.”
All this is not to say there is no insect problem and no need of
control. I am
saying, rather, that control must be geared to realities, not to
mythical situations,
and that the methods employed must be such that they do not
destroy us along with
the insects.
The problem whose attempted solution has brought such a train
of disaster in its
wake is an accompaniment of our modern way of life. Long
before the age of man,
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insects inhabited the earth—a group of extraordinarily varied
and adaptable beings.
Over the course of time since man’s advent, a small percentage
of the more than half
a million species of insects have come into conflict with human
welfare in two prin-
cipal ways: as competitors for the food supply and as carriers of
human disease.
Disease-carrying insects become important where human beings
are crowded
together, especially under conditions where sanitation is poor,
as in time of natural
disaster or war or in situations of extreme poverty and
deprivation. Then control of
some sort becomes necessary. It is a sobering fact, however,
that the method of
massive chemical control has had only limited success, and also
threatens to worsen
the very conditions it is intended to curb.
Under primitive agricultural conditions the farmer had few
insect problems.
These arose with the intensification of agriculture—the
devotion of immense
acreages to a single crop. Such a system set the stage for
explosive increases in

specific insect populations. Single-crop farming does not take
advantage of the prin-
ciples by which nature works; it is agriculture as an engineer
might conceive it to be.
Nature has introduced great variety into the landscape, but man
has displayed a
passion for simplifying it. Thus he undoes the built-in checks
and balances by which
nature holds the species within bounds. One important natural
check is a limit on
the amount of suitable habitat for each species. Obviously then,
an insect that lives
on wheat can build up its population to much higher levels on a
farm devoted to
wheat than on one in which wheat is intermingled with other
crops to which the
insect is not adapted.
The same thing happens in other situations. A generation or
more ago, the
towns of large areas of the United States lined their streets with
the noble elm tree.
Now the beauty they hopefully created is threatened with
complete destruction as
disease sweeps through the elms, carried by a beetle that would
have only limited
chance to build up large populations and to spread from tree to
tree if the elms were
only occasional trees in a richly diversified planting.
Another factor in the modern insect problem is one that must be
viewed
against a background of geologic and human history: the
spreading of thousands of
different kinds of organisms from their native homes to invade
new territories. This

worldwide migration has been studied and graphically described
by the British ecol-
ogist Charles Elton in his recent book The Ecology of
Invasions. During the
Cretaceous Period, some hundred million years ago, flooding
seas cut many land
bridges between continents and living things found themselves
confined in what
Elton calls “colossal separate nature reserves.” There, isolated
from others of their
kind, they developed many new species. When some of the land
masses were joined
again, about 15 million years ago, these species began to move
out into new territo-
ries—a movement that is not only still in progress but is now
receiving considerable
assistance from man.
The importation of plants is the primary agent in the modern
spread of species,
for animals have almost invariably gone along with the plants,
quarantine being a
comparatively recent and not completely effective innovation.
The United States
Office of Plant Introduction alone has introduced almost
200,000 species and vari-
eties of plants from all over the world. Nearly half of the 180 or
so major insect
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enemies of plants in the United States are accidental imports
from abroad, and most
of them have come as hitchhikers on plants.
In new territory, out of reach of the restraining hand of the
natural enemies
that kept down its numbers in its native land, an invading plant
or animal is able to
become enormously abundant. Thus it is no accident that our
most troublesome
insects are introduced species.
These invasions, both the naturally occurring and those
dependent on human
assistance, are likely to continue indefinitely. Quarantine and
massive chemical
campaigns are only extremely expensive ways of buying time.
We are faced, accord-
ing to Dr. Elton, “with a life-and-death need not just to find
new technological
means of suppressing this plant or that animal”; instead we need
the basic knowl-
edge of animal populations and their relations to their

surroundings that will
“promote an even balance and damp down the explosive power
of outbreaks and
new invasions.”
Much of the necessary knowledge is now available but we do
not use it. We
train ecologists in our universities and even employ them in our
government agen-
cies but we seldom take their advice. We allow the chemical
death rain to fall as
though there were no alternative, whereas in fact there are
many, and our ingenuity
could soon discover many more if given opportunity.
Have we fallen into a mesmerized state that makes us accept as
inevitable that
which is inferior or detrimental, as though having lost the will
or the vision to
demand that which is good? Such thinking, in the words of the
ecologist Paul
Shepard, “idealizes life with only its head out of the water,
inches above the limits of
toleration of the corruption of its own environment. . . . Why
should we tolerate a
diet of weak poisons, a home in insipid surroundings, a circle of
acquaintances who
are not quite our enemies, the noise of motors with just enough
relief to prevent
insanity? Who would want to live in a world which is just not
quite fatal?”
Yet such a world is pressed upon us. The crusade to create a
chemically sterile,
insect-free world seems to have engendered a fanatic zeal on the
part of many special-

ists and most of the so-called control agencies. On every hand
there is evidence that
those engaged in spraying operations exercise a ruthless power.
“The regulatory ento-
mologist . . . function as prosecutor, judge and jury, tax
assessor and collector and
sheriff to enforce their own orders,” said Connecticut
entomologist Neely Turner.
The most flagrant abuses go unchecked in both state and federal
agencies.
It is not my contention that chemical insecticides must never be
used. I do
contend that we have put poisonous and biologically potent
chemicals indiscrimi-
nately into the hands of persons largely or wholly ignorant of
their potentials for
harm. We have subjected enormous numbers of people to
contact with these
poisons, without their consent and often without their
knowledge. If the Bill of
Rights contains no guarantee that a citizen shall be secure
against lethal poisons
distributed either by private individuals or by public officials, it
is surely only
because our forefathers, despite their considerable wisdom and
foresight, could
conceive of no such problem.
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I contend, furthermore, that we have allowed these chemicals to
be used with
little or no advance investigation of their effect on soil, water,
wildlife, and man
himself. Future generations are unlikely to condone our lack of
prudent concern for
the integrity of the natural world that supports all life.
There is still very limited awareness of the nature of the threat.
This is an era of
specialists, each of whom sees his own problem and is unaware
of or intolerant of
the larger frame into which it fits. It is also an era dominated by
industry, in which
the right to make a dollar at whatever cost is seldom challenged.
When the public
protests, confronted with some obvious evidence of damaging
results of pesticide
applications, it is fed little tranquilizing pills of half truth. We
urgently need an end
to these false assurances, to the sugar coating of unpalatable
facts. It is the public
that is being asked to assume the risks that the insect controllers
calculate. The
public must decide whether it wishes to continue on the present
road, and it can do
so only when in full possession of the facts. In the words of
Jean Rostand, “The
obligation to endure gives us the right to know.”
Questions for Discussion

1. How did DDT come to be so depended upon in the United
States and Canada?
Why were alternative pesticides not used?
2. Why is time a key factor in dealing with the effects of
pesticides?
3. According to Carson, what are the central problems of our
age? Why are these
problems central? Why is Carson so concerned about these
problems?
4. What problems did pesticides solve? What new problems
were created when
pesticides began to be used?
5. How does Carson balance alarmist phrases such as “chain of
evil” (paragraph 2)
and “impetuous and heedless pace of man” (paragraph 4) with
the calm language
of a scientist?
6. Describe Carson’s tone: Is it calm? demanding? concerned?
Point to words and
phrases that exhibit this tone.
7. Is Carson an alarmist? Is this essay, first published in 1962,
still relevant today?
Questions for Reflection and Writing
1. List Carson’s main and supporting points, writing an outline
if you want. Study
how she puts together her argument, and consider how you
might apply a similar
technique to an argumentative paper.

2. What is your reaction to Carson’s essay? What pesticides
should be used, if any?
Should all pesticides be banned? How should farmers ensure
that their crops are
not destroyed by insects and disease? How should
environmentalists ensure that
the environment is not destroyed?
3. What countries continue to use DDT? What is being done in
those countries to
curb the use of this and other dangerous pesticides? Or do you
think no pesticides
should be banned? Research the use and subsequent banning of
DDT and other
pesticides in the United States. Report objectively on your
findings, or take a
stand and write a documented opinion essay.
Group InfoREAL 320 Principles of Real EstateAssignment
#1PROJECT PROFILEGroup 1Adults in Household1Children in
Household-Desire to have childrenNoneWorking
Adults1Household Income (Annual)72,000Credit
ScoreGoodStudent Loans60,000Car Loans20,0005 year loan =
333.33 per monthCondition of Cars1 GoodCredit Card
Bills8,000Amount in Savings50,00035,000 from parents + 5,000
from savings = $40,000 down payment for 200,000 house.Gift
from Parent for use to purchase home35,000Total Savings &
Parent Gift
(Cash On Hand)85,000As long as you have 6-9months worth of
cash in your savings (if shit hits the fan) then we are good.
Assignment One Suggested Budget–Housing (20%-35%): Rent
or Ownership Expenses–Food (15%-30%): Groceries & Eating
out–Transportation (6%-20%): Car Payment, Insurance, Gas,
Maintenance–Medical Costs (2%-6%):

Medical/Dental/Vision/Chiropractor Office Visits, Rx, Glasses–
Insurance (4%-6%): Life, Disability, Renters, Umbrella–
Utilities (4%-7%): Water, Power, Cable, Internet, Phone, Cell–
Clothing (3%-10%): Professional, Casual–Personal Care (2%-
4%): WalMart/Target Supplies–Miscellaneous (1%-4%):
Recreation, Travel, Vacation, Culture, Furniture–Savings
(10%+)–Charitable Giving (10%)–Child Care and/or Private
Education for Children–Debt Repayment (Credit Cards, Other
Debt)http://www.trulia.com/property/3106204684-4180-
Louisiana-St-1H-San-Diego-CA-92104#photo-18Our Budget -
Year OneAnnualMonthlyAllocation ofAfter Tax
IncomeIncome72,0006,0000Post Tax
Income49,8604,1550Housing11,96699724%Food9,97283120%T
ransportation4,98641610%Med.
Cost1,9941664%Insurace2,4932085%Utilites2,4932085%Clothi
ng1,4961253%Personal
Care1,4961253%Miscellaneous1,4961253%Savings4,98641610
%Charity2,4932085%Debt
Payment1,4961253%Expenses47,3673,94794%Money
remaining2,4932085%reimbursement4,761.12Our Budget - Year
Two-3.5% Increase in SalaryAnnualMonthlyAllocation ofAfter
Tax IncomeIncome74,5206,2100Post Tax
Income51,6054,3000Housing11,96699723%Food9,97283183%T
ransportation4,98641650%Med.
Cost1,99416640%Insurace2,493208125%Utilites2,493208100%
Clothing1,49612560%Personal
%Charity2,49320825%Debt
remaining4,2383538%reimbursement4,761.12Our Budget - Year
Three-3.5% Increase in Salary - Lets do
vacation?AnnualMonthlyAllocation ofAfter Tax
IncomeIncome77,1286,4271726.4025Post Tax
Income53,4114,4511,036Housing11,96699722%Food9,9728318
3%Transportation4,98641650%Med.

6333%Charity2,49320850%Debt
remaining6,04550411%reimbursement4,761.25Our Budget -
Year Four-10% Increase (Job Promotion) - Vacation for
sureeAnnualMonthlyAllocation ofAfter Tax
IncomeIncome84,8417,0703452.805Post Tax
remaining11,38694919%reimbursement4,761.50Our Budget -
Year Five-3.5% Increase - VacationAnnualMonthlyAllocation
ofAfter Tax IncomeIncome87,8107,3183452.805Post Tax
remaining13,4421,12022%reimbursement4,760.53http://www.va
luepenguin.com/average-cost-of-homeowners-
insuranceHomeowners Insurance: 80.85*Increase 2% each year-
estimationhttp://www.welcometosandiego.com/for-
buyers/california-property-tax-info/Property
Tax183.3333333333*Increase 2% each
yearhttp://budgeting.about.com/od/budget_home/a/How-Much-
Should-You-Budget-For-Home-Maintenance-And-
Repairs.htmMaintenance166.6666666667Principle+Int740Housi
ng Cost1170.85http://www.valuepenguin.com/average-cost-of-
insuranceCar insurance164Tax Notes -3,950 exemption per

person (1)Itemized vs. Standard DeductionHome mortgage
interestState and local income taxes or sales taxes (but not
both)Real estate and personal property taxesGifts to
charitiesor6,100 (standard deduction for a single
TP)Income72,000<Exclusions>Gross Income72,000<Deductions
for AGI>(interest on student loans)AGIXLess--Greater of:(1)
<Itemized Deductions>; or(8,856.96 hml+2,493 char+183.33
prop tax (x 2% each year)11,533.29(2) <Regular SD +
Additional SD><Exemptions>-3,950Taxable
Income56,516.71*.692517,378.88 in taxes for Yr 1Year one tax
reimburssement = 72,000- 17,378.88 = 54,62154,621-
498604,761.12 positive differenceYear two = 74520 - 18,153.88
= 56,36656,366 - 51,6054,761.12 positive differenceYear three
= 77,128 - 18,955.75 = 58,172.2558,172.25 -
53,4114,761.25Year four = 84,841 - 21,327.50 = 63,51363,513-
58,7524,761.50Year Five = 87,810 - 22,240 =
65,569.5465,569.54 -
60,8094,760.53http://www.trulia.com/property/3106204684-
4180-Louisiana-St-1H-San-Diego-CA-
92104http://www.valuepenguin.com/average-cost-of-
homeowners-insurancehttp://www.welcometosandiego.com/for-
buyers/california-property-tax-
info/http://budgeting.about.com/od/budget_home/a/How-Much-
Should-You-Budget-For-Home-Maintenance-And-
Repairs.htmhttp://www.valuepenguin.com/average-cost-of-
insurance
320 LP05 Assignment #1 - BUY YOUR FIRST HOME.docx
REAL 320 – Principles of Real Estate
ASSIGNMENT #1 – Buy Your First Home
Its time to buy your first home in San Diego. You’ve
graduated, have landed your first job, and are anxious to
become the owner of a new home. Your task is to work with
your group to find a feasible purchase, if possible.

You believing that home ownership will provide you with a way
to stay in your beloved San Diego. You may want to consider
homes less than the average price – but if you wouldn’t want
your mother, sister or grandmother living in your neighborhood
of choice, then justify your neighborhood of choice.
1. You should prepare a spreadsheet detailing your household
budget, being sure to compare your expenses to your income.
You should also demonstrate that you qualify for a conforming
loan. Don’t eliminate all recreational spending from your
budget just to force the purchase – life needs to be lived in
balance. But, that balance might involve scaling back spending
and coming up with a plan to eliminate debt. Maybe your
purchase will be delayed a year or two. You should also verify
and confirm your ability to maintain the property over a five
year period of time – and show how you will pay for
unanticipated repairs.
2. In addition to the budget spreadsheet, you will also
provide a written analysis of your financial situation, which
should detail the facts and circumstances surrounding your
lifestyle and the impact your purchase will make. You should
be able to show a market rate of interest, an appropriate loan
amount, the cost of PMI (Private Mortgage Insurance) if you do
not make a down payment of 20%, and your ability to show
your ability to repay the loan using appropriate debt-income
ratios.
3. You will need to tell me what your first starter home will
look like. You should focus on a “starter” home, and your
space should reflect any changes in lifestyle for a five year
period of time. You should provide a sample home and explain
how that home will be used. Don’t tell me you are going to
home-school three children in a studio apartment with 600
square feet alongside your work-from-home job. Be realistic!

Use internet sources, talk with real estate agents, network
among industry professionals and use course materials to
provide your answer. Be you’re your personal situation can be
applied to your group’s setting before finalizing your answer.
Please submit your answer using the Written Submissions
criteria outlined in the Syllabus.
You should expect the length of your analysis (in addition to the
spreadsheet) to be between 2-3 pages. Be sure to attach any
backup you use, including printouts of internet sites, articles
and other information you have accumulated for your analysis.
Show me how you are backing up your assertions. Also,
individually complete the Comprehensive Peer Evaluation.
320 LP05 Assignment #1 Amortization Schedule.xlsx
Sample Investment Amort SchAssumptions for Using this
Amortization ScheduleFull Amortized LoanFixed Rate
MortgageNot a Revolving Line of Credit [not a HELOC - Home
Equity Line of Credit]No Loan Acquisition Costs Included
(Points, Loan Fees, Costs)No Balloon PaymentsNo Loan Payoff
Costs Included (Prepayment Penalty, Demand Fee,
Reconveyance Fee)Annual Principal & Interest
CalculationsBeginning of Period 1, 13, 25, (+12 etc) is January
1, a legal holiday Ending of Period 12, 24, 36, (+12 etc) is
December 3130 Years Maximum Allowed without having to
alter formulasFormula for Calculating Payment: =PMT(rate,
nper, pv, [fv], [type])FV: Enter only to enter a Balloon
Payment; End Balance at end of NPER will be Balloon
PmtTYPE: Default is Payments in Arrears; Change Type for
Payments in advanceHINT: Rate is the Promissory Note Rate,
NOT the APR (which takes into account other fees)HINT: if you
want a monthly PMT, then RATE and NPER should also be
monthlyLoan
Amount400,000.00AnnualMonthlyTerm30360Interest
Rate6.00%0.50%Payment(28,778.40)(2,398.20)Add as

Negative
NumberPerBeginning BalInterestPrincipalPaymentAddt
PymtEnd BalAnnual
PrincipalAnnual
Interest1400,000.00(2,000.00)(398.20)(2,398.20)0.00399,601.80
2399,601.80(1,998.01)(400.19)(2,398.20)0.00399,201.613399,2
01.61(1,996.01)(402.19)(2,398.20)0.00398,799.424398,799.42(1
,994.00)(404.20)(2,398.20)0.00398,395.225398,395.22(1,991.98
)(406.22)(2,398.20)0.00397,989.006397,989.00(1,989.95)(408.2
5)(2,398.20)0.00397,580.757397,580.75(1,987.90)(410.30)(2,39
8.20)0.00397,170.458397,170.45(1,985.85)(412.35)(2,398.20)0.
00396,758.109396,758.10(1,983.79)(414.41)(2,398.20)0.00396,
343.6910396,343.69(1,981.72)(416.48)(2,398.20)0.00395,927.2
111395,927.21(1,979.64)(418.56)(2,398.20)0.00395,508.651239
5,508.65(1,977.54)(420.66)(2,398.20)0.00395,087.99(4,912.01)(
23,866.39)13395,087.99(1,975.44)(422.76)(2,398.20)0.00394,66
5.2314394,665.23(1,973.33)(424.87)(2,398.20)0.00394,240.361
5394,240.36(1,971.20)(427.00)(2,398.20)0.00393,813.3616393,
813.36(1,969.07)(429.13)(2,398.20)0.00393,384.2317393,384.2
3(1,966.92)(431.28)(2,398.20)0.00392,952.9518392,952.95(1,96
4.76)(433.44)(2,398.20)0.00392,519.5119392,519.51(1,962.60)(
435.60)(2,398.20)0.00392,083.9120392,083.91(1,960.42)(437.7
8)(2,398.20)0.00391,646.1321391,646.13(1,958.23)(439.97)(2,3
98.20)0.00391,206.1622391,206.16(1,956.03)(442.17)(2,398.20)
0.00390,763.9923390,763.99(1,953.82)(444.38)(2,398.20)0.003
90,319.6124390,319.61(1,951.60)(446.60)(2,398.20)0.00389,87
3.01(5,214.98)(23,563.42)25389,873.01(1,949.37)(448.83)(2,39
8.20)0.00389,424.1826389,424.18(1,947.12)(451.08)(2,398.20)0
.00388,973.1027388,973.10(1,944.87)(453.33)(2,398.20)0.0038
8,519.7728388,519.77(1,942.60)(455.60)(2,398.20)0.00388,064.
1729388,064.17(1,940.32)(457.88)(2,398.20)0.00387,606.29303
87,606.29(1,938.03)(460.17)(2,398.20)0.00387,146.1231387,14
6.12(1,935.73)(462.47)(2,398.20)0.00386,683.6532386,683.65(1
,933.42)(464.78)(2,398.20)0.00386,218.8733386,218.87(1,931.0
9)(467.11)(2,398.20)0.00385,751.7634385,751.76(1,928.76)(46
9.44)(2,398.20)0.00385,282.3235385,282.32(1,926.41)(471.79)(

2,398.20)0.00384,810.5336384,810.53(1,924.05)(474.15)(2,398.
20)0.00384,336.38(5,536.63)(23,241.77)37384,336.38(1,921.68)
(476.52)(2,398.20)0.00383,859.8638383,859.86(1,919.30)(478.9
0)(2,398.20)0.00383,380.9639383,380.96(1,916.90)(481.30)(2,3
98.20)0.00382,899.6640382,899.66(1,914.50)(483.70)(2,398.20)
0.00382,415.9641382,415.96(1,912.08)(486.12)(2,398.20)0.003
81,929.8442381,929.84(1,909.65)(488.55)(2,398.20)0.00381,44
1.2943381,441.29(1,907.21)(490.99)(2,398.20)0.00380,950.304
4380,950.30(1,904.75)(493.45)(2,398.20)0.00380,456.8545380,
456.85(1,902.28)(495.92)(2,398.20)0.00379,960.9346379,960.9
3(1,899.80)(498.40)(2,398.20)0.00379,462.5347379,462.53(1,89
7.31)(500.89)(2,398.20)0.00378,961.6448378,961.64(1,894.81)(
503.39)(2,398.20)0.00378,458.25(5,878.13)(22,900.27)49378,45
8.25(1,892.29)(505.91)(2,398.20)0.00377,952.3450377,952.34(1
,889.76)(508.44)(2,398.20)0.00377,443.9051377,443.90(1,887.2
2)(510.98)(2,398.20)0.00376,932.9252376,932.92(1,884.66)(51
3.54)(2,398.20)0.00376,419.3853376,419.38(1,882.10)(516.10)(
2,398.20)0.00375,903.2854375,903.28(1,879.52)(518.68)(2,398.
20)0.00375,384.6055375,384.60(1,876.92)(521.28)(2,398.20)0.0
0374,863.3256374,863.32(1,874.32)(523.88)(2,398.20)0.00374,
339.4457374,339.44(1,871.70)(526.50)(2,398.20)0.00373,812.9
458373,812.94(1,869.06)(529.14)(2,398.20)0.00373,283.805937
3,283.80(1,866.42)(531.78)(2,398.20)0.00372,752.0260372,752.
02(1,863.76)(534.44)(2,398.20)0.00372,217.58(6,240.67)(22,53
7.73)61372,217.58(1,861.09)(537.11)(2,398.20)0.00371,680.476
2371,680.47(1,858.40)(539.80)(2,398.20)0.00371,140.6763371,
140.67(1,855.70)(542.50)(2,398.20)0.00370,598.1764370,598.1
7(1,852.99)(545.21)(2,398.20)0.00370,052.9665370,052.96(1,85
0.26)(547.94)(2,398.20)0.00369,505.0266369,505.02(1,847.53)(
550.67)(2,398.20)0.00368,954.3567368,954.35(1,844.77)(553.4
3)(2,398.20)0.00368,400.9268368,400.92(1,842.00)(556.20)(2,3
98.20)0.00367,844.7269367,844.72(1,839.22)(558.98)(2,398.20)
0.00367,285.7470367,285.74(1,836.43)(561.77)(2,398.20)0.003
66,723.9771366,723.97(1,833.62)(564.58)(2,398.20)0.00366,15
9.3972366,159.39(1,830.80)(567.40)(2,398.20)0.00365,591.99(6
,625.59)(22,152.81)73365,591.99(1,827.96)(570.24)(2,398.20)0.

00365,021.7574365,021.75(1,825.11)(573.09)(2,398.20)0.00364
,448.6675364,448.66(1,822.24)(575.96)(2,398.20)0.00363,872.7
076363,872.70(1,819.36)(578.84)(2,398.20)0.00363,293.867736
3,293.86(1,816.47)(581.73)(2,398.20)0.00362,712.1378362,712.
13(1,813.56)(584.64)(2,398.20)0.00362,127.4979362,127.49(1,8
10.64)(587.56)(2,398.20)0.00361,539.9380361,539.93(1,807.70)
(590.50)(2,398.20)0.00360,949.4381360,949.43(1,804.75)(593.4
5)(2,398.20)0.00360,355.9882360,355.98(1,801.78)(596.42)(2,3
98.20)0.00359,759.5683359,759.56(1,798.80)(599.40)(2,398.20)
0.00359,160.1684359,160.16(1,795.80)(602.40)(2,398.20)0.003
58,557.76(7,034.23)(21,744.17)85358,557.76(1,792.79)(605.41)
(2,398.20)0.00357,952.3586357,952.35(1,789.76)(608.44)(2,398
.20)0.00357,343.9187357,343.91(1,786.72)(611.48)(2,398.20)0.
00356,732.4388356,732.43(1,783.66)(614.54)(2,398.20)0.00356
,117.8989356,117.89(1,780.59)(617.61)(2,398.20)0.00355,500.2
890355,500.28(1,777.50)(620.70)(2,398.20)0.00354,879.589135
4,879.58(1,774.40)(623.80)(2,398.20)0.00354,255.7892354,255.
78(1,771.28)(626.92)(2,398.20)0.00353,628.8693353,628.86(1,7
68.14)(630.06)(2,398.20)0.00352,998.8094352,998.80(1,764.99)
(633.21)(2,398.20)0.00352,365.5995352,365.59(1,761.83)(636.3
7)(2,398.20)0.00351,729.2296351,729.22(1,758.65)(639.55)(2,3
98.20)0.00351,089.67(7,468.09)(21,310.31)97351,089.67(1,755.
45)(642.75)(2,398.20)0.00350,446.9298350,446.92(1,752.23)(6
45.97)(2,398.20)0.00349,800.9599349,800.95(1,749.00)(649.20)
(2,398.20)0.00349,151.75100349,151.75(1,745.76)(652.44)(2,39
8.20)0.00348,499.31101348,499.31(1,742.50)(655.70)(2,398.20)
0.00347,843.61102347,843.61(1,739.22)(658.98)(2,398.20)0.00
347,184.63103347,184.63(1,735.92)(662.28)(2,398.20)0.00346,
522.35104346,522.35(1,732.61)(665.59)(2,398.20)0.00345,856.
76105345,856.76(1,729.28)(668.92)(2,398.20)0.00345,187.8410
6345,187.84(1,725.94)(672.26)(2,398.20)0.00344,515.58107344
,515.58(1,722.58)(675.62)(2,398.20)0.00343,839.96108343,839.
96(1,719.20)(679.00)(2,398.20)0.00343,160.96(7,928.71)(20,84
9.69)109343,160.96(1,715.80)(682.40)(2,398.20)0.00342,478.56
110342,478.56(1,712.39)(685.81)(2,398.20)0.00341,792.751113
41,792.75(1,708.96)(689.24)(2,398.20)0.00341,103.51112341,1

03.51(1,705.52)(692.68)(2,398.20)0.00340,410.83113340,410.8
3(1,702.05)(696.15)(2,398.20)0.00339,714.68114339,714.68(1,6
98.57)(699.63)(2,398.20)0.00339,015.05115339,015.05(1,695.0
8)(703.12)(2,398.20)0.00338,311.93116338,311.93(1,691.56)(7
06.64)(2,398.20)0.00337,605.29117337,605.29(1,688.03)(710.1
7)(2,398.20)0.00336,895.12118336,895.12(1,684.48)(713.72)(2,
398.20)0.00336,181.40119336,181.40(1,680.91)(717.29)(2,398.
20)0.00335,464.11120335,464.11(1,677.32)(720.88)(2,398.20)0.
00334,743.23(8,417.73)(20,360.67)121334,743.23(1,673.72)(72
4.48)(2,398.20)0.00334,018.75122334,018.75(1,670.09)(728.11)
(2,398.20)0.00333,290.64123333,290.64(1,666.45)(731.75)(2,39
8.20)0.00332,558.89124332,558.89(1,662.79)(735.41)(2,398.20)
0.00331,823.48125331,823.48(1,659.12)(739.08)(2,398.20)0.00
331,084.40126331,084.40(1,655.42)(742.78)(2,398.20)0.00330,
341.62127330,341.62(1,651.71)(746.49)(2,398.20)0.00329,595.
13128329,595.13(1,647.98)(750.22)(2,398.20)0.00328,844.9112
9328,844.91(1,644.22)(753.98)(2,398.20)0.00328,090.93130328
,090.93(1,640.45)(757.75)(2,398.20)0.00327,333.18131327,333.
18(1,636.67)(761.53)(2,398.20)0.00326,571.65132326,571.65(1,
632.86)(765.34)(2,398.20)0.00325,806.31(8,936.92)(19,841.48)
133325,806.31(1,629.03)(769.17)(2,398.20)0.00325,037.141343
25,037.14(1,625.19)(773.01)(2,398.20)0.00324,264.13135324,2
64.13(1,621.32)(776.88)(2,398.20)0.00323,487.25136323,487.2
5(1,617.44)(780.76)(2,398.20)0.00322,706.49137322,706.49(1,6
13.53)(784.67)(2,398.20)0.00321,921.82138321,921.82(1,609.6
1)(788.59)(2,398.20)0.00321,133.23139321,133.23(1,605.67)(7
92.53)(2,398.20)0.00320,340.70140320,340.70(1,601.70)(796.5
0)(2,398.20)0.00319,544.20141319,544.20(1,597.72)(800.48)(2,
398.20)0.00318,743.72142318,743.72(1,593.72)(804.48)(2,398.
20)0.00317,939.24143317,939.24(1,589.70)(808.50)(2,398.20)0.
00317,130.74144317,130.74(1,585.65)(812.55)(2,398.20)0.0031
6,318.19(9,488.12)(19,290.28)145316,318.19(1,581.59)(816.61)
(2,398.20)0.00315,501.58146315,501.58(1,577.51)(820.69)(2,39
8.20)0.00314,680.89147314,680.89(1,573.40)(824.80)(2,398.20)
0.00313,856.09148313,856.09(1,569.28)(828.92)(2,398.20)0.00
313,027.17149313,027.17(1,565.14)(833.06)(2,398.20)0.00312,

194.11150312,194.11(1,560.97)(837.23)(2,398.20)0.00311,356.
88151311,356.88(1,556.78)(841.42)(2,398.20)0.00310,515.4615
2310,515.46(1,552.58)(845.62)(2,398.20)0.00309,669.84153309
,669.84(1,548.35)(849.85)(2,398.20)0.00308,819.99154308,819.
99(1,544.10)(854.10)(2,398.20)0.00307,965.89155307,965.89(1,
539.83)(858.37)(2,398.20)0.00307,107.52156307,107.52(1,535.
54)(862.66)(2,398.20)0.00306,244.86(10,073.33)(18,705.07)157
306,244.86(1,531.22)(866.98)(2,398.20)0.00305,377.88158305,
377.88(1,526.89)(871.31)(2,398.20)0.00304,506.57159304,506.
57(1,522.53)(875.67)(2,398.20)0.00303,630.90160303,630.90(1,
518.15)(880.05)(2,398.20)0.00302,750.85161302,750.85(1,513.
75)(884.45)(2,398.20)0.00301,866.40162301,866.40(1,509.33)(
888.87)(2,398.20)0.00300,977.53163300,977.53(1,504.89)(893.
31)(2,398.20)0.00300,084.22164300,084.22(1,500.42)(897.78)(
2,398.20)0.00299,186.44165299,186.44(1,495.93)(902.27)(2,39
8.20)0.00298,284.17166298,284.17(1,491.42)(906.78)(2,398.20)
0.00297,377.39167297,377.39(1,486.89)(911.31)(2,398.20)0.00
296,466.08168296,466.08(1,482.33)(915.87)(2,398.20)0.00295,
550.21(10,694.65)(18,083.75)169295,550.21(1,477.75)(920.45)(
2,398.20)0.00294,629.76170294,629.76(1,473.15)(925.05)(2,39
8.20)0.00293,704.71171293,704.71(1,468.52)(929.68)(2,398.20)
0.00292,775.03172292,775.03(1,463.88)(934.32)(2,398.20)0.00
291,840.71173291,840.71(1,459.20)(939.00)(2,398.20)0.00290,
901.71174290,901.71(1,454.51)(943.69)(2,398.20)0.00289,958.
02175289,958.02(1,449.79)(948.41)(2,398.20)0.00289,009.6117
6289,009.61(1,445.05)(953.15)(2,398.20)0.00288,056.46177288
,056.46(1,440.28)(957.92)(2,398.20)0.00287,098.54178287,098.
54(1,435.49)(962.71)(2,398.20)0.00286,135.83179286,135.83(1,
430.68)(967.52)(2,398.20)0.00285,168.31180285,168.31(1,425.
84)(972.36)(2,398.20)0.00284,195.95(11,354.26)(17,424.14)181
284,195.95(1,420.98)(977.22)(2,398.20)0.00283,218.73182283,
218.73(1,416.09)(982.11)(2,398.20)0.00282,236.62183282,236.
62(1,411.18)(987.02)(2,398.20)0.00281,249.60184281,249.60(1,
406.25)(991.95)(2,398.20)0.00280,257.65185280,257.65(1,401.
29)(996.91)(2,398.20)0.00279,260.74186279,260.74(1,396.30)(
1,001.90)(2,398.20)0.00278,258.84187278,258.84(1,391.29)(1,0

06.91)(2,398.20)0.00277,251.93188277,251.93(1,386.26)(1,011.
94)(2,398.20)0.00276,239.99189276,239.99(1,381.20)(1,017.00)
(2,398.20)0.00275,222.99190275,222.99(1,376.11)(1,022.09)(2,
398.20)0.00274,200.90191274,200.90(1,371.00)(1,027.20)(2,39
8.20)0.00273,173.70192273,173.70(1,365.87)(1,032.33)(2,398.2
0)0.00272,141.37(12,054.58)(16,723.82)193272,141.37(1,360.7
1)(1,037.49)(2,398.20)0.00271,103.88194271,103.88(1,355.52)(
1,042.68)(2,398.20)0.00270,061.20195270,061.20(1,350.31)(1,0
47.89)(2,398.20)0.00269,013.31196269,013.31(1,345.07)(1,053.
13)(2,398.20)0.00267,960.18197267,960.18(1,339.80)(1,058.40)
(2,398.20)0.00266,901.78198266,901.78(1,334.51)(1,063.69)(2,
398.20)0.00265,838.09199265,838.09(1,329.19)(1,069.01)(2,39
8.20)0.00264,769.08200264,769.08(1,323.85)(1,074.35)(2,398.2
0)0.00263,694.73201263,694.73(1,318.47)(1,079.73)(2,398.20)0
.00262,615.00202262,615.00(1,313.08)(1,085.12)(2,398.20)0.00
261,529.88203261,529.88(1,307.65)(1,090.55)(2,398.20)0.0026
0,439.33204260,439.33(1,302.20)(1,096.00)(2,398.20)0.00259,3
43.33(12,798.04)(15,980.36)205259,343.33(1,296.72)(1,101.48)
(2,398.20)0.00258,241.85206258,241.85(1,291.21)(1,106.99)(2,
398.20)0.00257,134.86207257,134.86(1,285.67)(1,112.53)(2,39
8.20)0.00256,022.33208256,022.33(1,280.11)(1,118.09)(2,398.2
0)0.00254,904.24209254,904.24(1,274.52)(1,123.68)(2,398.20)0
.00253,780.56210253,780.56(1,268.90)(1,129.30)(2,398.20)0.00
252,651.26211252,651.26(1,263.26)(1,134.94)(2,398.20)0.0025
1,516.32212251,516.32(1,257.58)(1,140.62)(2,398.20)0.00250,3
75.70213250,375.70(1,251.88)(1,146.32)(2,398.20)0.00249,229.
38214249,229.38(1,246.15)(1,152.05)(2,398.20)0.00248,077.33
215248,077.33(1,240.39)(1,157.81)(2,398.20)0.00246,919.5221
6246,919.52(1,234.60)(1,163.60)(2,398.20)0.00245,755.92(13,5
87.41)(15,190.99)217245,755.92(1,228.78)(1,169.42)(2,398.20)
0.00244,586.50218244,586.50(1,222.93)(1,175.27)(2,398.20)0.0
0243,411.23219243,411.23(1,217.06)(1,181.14)(2,398.20)0.002
42,230.09220242,230.09(1,211.15)(1,187.05)(2,398.20)0.00241,
043.04221241,043.04(1,205.22)(1,192.98)(2,398.20)0.00239,85
0.06222239,850.06(1,199.25)(1,198.95)(2,398.20)0.00238,651.1
1223238,651.11(1,193.26)(1,204.94)(2,398.20)0.00237,446.172

24237,446.17(1,187.23)(1,210.97)(2,398.20)0.00236,235.20225
236,235.20(1,181.18)(1,217.02)(2,398.20)0.00235,018.1822623
5,018.18(1,175.09)(1,223.11)(2,398.20)0.00233,795.07227233,7
95.07(1,168.98)(1,229.22)(2,398.20)0.00232,565.85228232,565.
85(1,162.83)(1,235.37)(2,398.20)0.00231,330.48(14,425.44)(14,
352.96)229231,330.48(1,156.65)(1,241.55)(2,398.20)0.00230,08
8.93230230,088.93(1,150.44)(1,247.76)(2,398.20)0.00228,841.1
7231228,841.17(1,144.21)(1,253.99)(2,398.20)0.00227,587.182
32227,587.18(1,137.94)(1,260.26)(2,398.20)0.00226,326.92233
226,326.92(1,131.63)(1,266.57)(2,398.20)0.00225,060.3523422
5,060.35(1,125.30)(1,272.90)(2,398.20)0.00223,787.45235223,7
87.45(1,118.94)(1,279.26)(2,398.20)0.00222,508.19236222,508.
19(1,112.54)(1,285.66)(2,398.20)0.00221,222.53237221,222.53(
1,106.11)(1,292.09)(2,398.20)0.00219,930.44238219,930.44(1,0
99.65)(1,298.55)(2,398.20)0.00218,631.89239218,631.89(1,093.
16)(1,305.04)(2,398.20)0.00217,326.85240217,326.85(1,086.63)
(1,311.57)(2,398.20)0.00216,015.28(15,315.20)(13,463.20)2412
16,015.28(1,080.08)(1,318.12)(2,398.20)0.00214,697.16242214,
697.16(1,073.49)(1,324.71)(2,398.20)0.00213,372.45243213,37
2.45(1,066.86)(1,331.34)(2,398.20)0.00212,041.11244212,041.1
1(1,060.21)(1,337.99)(2,398.20)0.00210,703.12245210,703.12(1
,053.52)(1,344.68)(2,398.20)0.00209,358.44246209,358.44(1,04
6.79)(1,351.41)(2,398.20)0.00208,007.03247208,007.03(1,040.0
4)(1,358.16)(2,398.20)0.00206,648.87248206,648.87(1,033.24)(
1,364.96)(2,398.20)0.00205,283.91249205,283.91(1,026.42)(1,3
71.78)(2,398.20)0.00203,912.13250203,912.13(1,019.56)(1,378.
64)(2,398.20)0.00202,533.49251202,533.49(1,012.67)(1,385.53)
(2,398.20)0.00201,147.96252201,147.96(1,005.74)(1,392.46)(2,
398.20)0.00199,755.50(16,259.78)(12,518.62)253199,755.50(99
8.78)(1,399.42)(2,398.20)0.00198,356.08254198,356.08(991.78)
(1,406.42)(2,398.20)0.00196,949.66255196,949.66(984.75)(1,41
3.45)(2,398.20)0.00195,536.21256195,536.21(977.68)(1,420.52)
(2,398.20)0.00194,115.69257194,115.69(970.58)(1,427.62)(2,39
8.20)0.00192,688.07258192,688.07(963.44)(1,434.76)(2,398.20)
0.00191,253.31259191,253.31(956.27)(1,441.93)(2,398.20)0.00
189,811.38260189,811.38(949.06)(1,449.14)(2,398.20)0.00188,

362.24261188,362.24(941.81)(1,456.39)(2,398.20)0.00186,905.
85262186,905.85(934.53)(1,463.67)(2,398.20)0.00185,442.1826
3185,442.18(927.21)(1,470.99)(2,398.20)0.00183,971.19264183
,971.19(919.86)(1,478.34)(2,398.20)0.00182,492.85(17,262.65)(
11,515.75)265182,492.85(912.46)(1,485.74)(2,398.20)0.00181,0
07.11266181,007.11(905.04)(1,493.16)(2,398.20)0.00179,513.9
5267179,513.95(897.57)(1,500.63)(2,398.20)0.00178,013.32268
178,013.32(890.07)(1,508.13)(2,398.20)0.00176,505.19269176,
505.19(882.53)(1,515.67)(2,398.20)0.00174,989.52270174,989.
52(874.95)(1,523.25)(2,398.20)0.00173,466.27271173,466.27(8
67.33)(1,530.87)(2,398.20)0.00171,935.40272171,935.40(859.6
8)(1,538.52)(2,398.20)0.00170,396.88273170,396.88(851.98)(1,
546.22)(2,398.20)0.00168,850.66274168,850.66(844.25)(1,553.
95)(2,398.20)0.00167,296.71275167,296.71(836.48)(1,561.72)(
2,398.20)0.00165,734.99276165,734.99(828.67)(1,569.53)(2,39
8.20)0.00164,165.46(18,327.39)(10,451.01)277164,165.46(820.
83)(1,577.37)(2,398.20)0.00162,588.09278162,588.09(812.94)(
1,585.26)(2,398.20)0.00161,002.83279161,002.83(805.01)(1,59
3.19)(2,398.20)0.00159,409.64280159,409.64(797.05)(1,601.15)
(2,398.20)0.00157,808.49281157,808.49(789.04)(1,609.16)(2,39
8.20)0.00156,199.33282156,199.33(781.00)(1,617.20)(2,398.20)
0.00154,582.13283154,582.13(772.91)(1,625.29)(2,398.20)0.00
152,956.84284152,956.84(764.78)(1,633.42)(2,398.20)0.00151,
323.42285151,323.42(756.62)(1,641.58)(2,398.20)0.00149,681.
84286149,681.84(748.41)(1,649.79)(2,398.20)0.00148,032.0528
7148,032.05(740.16)(1,658.04)(2,398.20)0.00146,374.01288146
,374.01(731.87)(1,666.33)(2,398.20)0.00144,707.68(19,457.78)(
9,320.62)289144,707.68(723.54)(1,674.66)(2,398.20)0.00143,03
3.02290143,033.02(715.17)(1,683.03)(2,398.20)0.00141,349.99
291141,349.99(706.75)(1,691.45)(2,398.20)0.00139,658.542921
39,658.54(698.29)(1,699.91)(2,398.20)0.00137,958.63293137,9
58.63(689.79)(1,708.41)(2,398.20)0.00136,250.22294136,250.2
2(681.25)(1,716.95)(2,398.20)0.00134,533.27295134,533.27(67
2.67)(1,725.53)(2,398.20)0.00132,807.74296132,807.74(664.04)
(1,734.16)(2,398.20)0.00131,073.58297131,073.58(655.37)(1,74
2.83)(2,398.20)0.00129,330.75298129,330.75(646.65)(1,751.55)

(2,398.20)0.00127,579.20299127,579.20(637.90)(1,760.30)(2,39
8.20)0.00125,818.90300125,818.90(629.09)(1,769.11)(2,398.20)
0.00124,049.79(20,657.89)(8,120.51)301124,049.79(620.25)(1,7
77.95)(2,398.20)0.00122,271.84302122,271.84(611.36)(1,786.8
4)(2,398.20)0.00120,485.00303120,485.00(602.43)(1,795.77)(2,
398.20)0.00118,689.23304118,689.23(593.45)(1,804.75)(2,398.
20)0.00116,884.48305116,884.48(584.42)(1,813.78)(2,398.20)0.
00115,070.70306115,070.70(575.35)(1,822.85)(2,398.20)0.0011
3,247.85307113,247.85(566.24)(1,831.96)(2,398.20)0.00111,41
5.89308111,415.89(557.08)(1,841.12)(2,398.20)0.00109,574.77
309109,574.77(547.87)(1,850.33)(2,398.20)0.00107,724.443101
07,724.44(538.62)(1,859.58)(2,398.20)0.00105,864.86311105,8
64.86(529.32)(1,868.88)(2,398.20)0.00103,995.98312103,995.9
8(519.98)(1,878.22)(2,398.20)0.00102,117.76(21,932.03)(6,846.
37)313102,117.76(510.59)(1,887.61)(2,398.20)0.00100,230.153
14100,230.15(501.15)(1,897.05)(2,398.20)0.0098,333.1031598,
333.10(491.67)(1,906.53)(2,398.20)0.0096,426.5731696,426.57(
482.13)(1,916.07)(2,398.20)0.0094,510.5031794,510.50(472.55)
(1,925.65)(2,398.20)0.0092,584.8531892,584.85(462.92)(1,935.
28)(2,398.20)0.0090,649.5731990,649.57(453.25)(1,944.95)(2,3
98.20)0.0088,704.6232088,704.62(443.52)(1,954.68)(2,398.20)0
.0086,749.9432186,749.94(433.75)(1,964.45)(2,398.20)0.0084,7
85.4932284,785.49(423.93)(1,974.27)(2,398.20)0.0082,811.223
2382,811.22(414.06)(1,984.14)(2,398.20)0.0080,827.0832480,8
27.08(404.14)(1,994.06)(2,398.20)0.0078,833.02(23,284.74)(5,4
93.66)32578,833.02(394.17)(2,004.03)(2,398.20)0.0076,828.993
2676,828.99(384.14)(2,014.06)(2,398.20)0.0074,814.9332774,8
14.93(374.07)(2,024.13)(2,398.20)0.0072,790.8032872,790.80(3
63.95)(2,034.25)(2,398.20)0.0070,756.5532970,756.55(353.78)(
2,044.42)(2,398.20)0.0068,712.1333068,712.13(343.56)(2,054.6
4)(2,398.20)0.0066,657.4933166,657.49(333.29)(2,064.91)(2,39
8.20)0.0064,592.5833264,592.58(322.96)(2,075.24)(2,398.20)0.
0062,517.3433362,517.34(312.59)(2,085.61)(2,398.20)0.0060,4
31.7333460,431.73(302.16)(2,096.04)(2,398.20)0.0058,335.693
3558,335.69(291.68)(2,106.52)(2,398.20)0.0056,229.1733656,2
29.17(281.15)(2,117.05)(2,398.20)0.0054,112.12(24,720.90)(4,0

57.50)33754,112.12(270.56)(2,127.64)(2,398.20)0.0051,984.483
3851,984.48(259.92)(2,138.28)(2,398.20)0.0049,846.2033949,8
46.20(249.23)(2,148.97)(2,398.20)0.0047,697.2334047,697.23(2
38.49)(2,159.71)(2,398.20)0.0045,537.5234145,537.52(227.69)(
2,170.51)(2,398.20)0.0043,367.0134243,367.01(216.84)(2,181.3
6)(2,398.20)0.0041,185.6534341,185.65(205.93)(2,192.27)(2,39
8.20)0.0038,993.3834438,993.38(194.97)(2,203.23)(2,398.20)0.
0036,790.1534536,790.15(183.95)(2,214.25)(2,398.20)0.0034,5
75.9034634,575.90(172.88)(2,225.32)(2,398.20)0.0032,350.583
4732,350.58(161.75)(2,236.45)(2,398.20)0.0030,114.1334830,1
14.13(150.57)(2,247.63)(2,398.20)0.0027,866.50(26,245.62)(2,5
32.78)34927,866.50(139.33)(2,258.87)(2,398.20)0.0025,607.633
5025,607.63(128.04)(2,270.16)(2,398.20)0.0023,337.4735123,3
37.47(116.69)(2,281.51)(2,398.20)0.0021,055.9635221,055.96(1
05.28)(2,292.92)(2,398.20)0.0018,763.0435318,763.04(93.82)(2
,304.38)(2,398.20)0.0016,458.6635416,458.66(82.29)(2,315.91)
(2,398.20)0.0014,142.7535514,142.75(70.71)(2,327.49)(2,398.2
0)0.0011,815.2635611,815.26(59.08)(2,339.12)(2,398.20)0.009,
476.143579,476.14(47.38)(2,350.82)(2,398.20)0.007,125.32358
7,125.32(35.63)(2,362.57)(2,398.20)0.004,762.753594,762.75(2
3.81)(2,374.39)(2,398.20)0.002,388.363602,388.36(11.94)(2,38
8.36)(2,398.20)0.000.00(27,866.50)(914.00)Totals(463,354.10)(
400,000.00)(863,352.00)0.00(400,000.00)(463,354.10)
&14&USample Proforma Amortization Schedule
Page &P of &N &D
320 LP05 Assignment #1 Profiles.xls
Sheet1REAL 320 Principles of Real EstateAssignment
#1PROJECT PROFILEGroup 1Group 2Group 3Group 4Group
5Group 6Group 7Group 8Group 9Adults in
Household122121222Children in Household- 0- 011- 0-
0213Desire to have childrenNoneStart in 2 years, wants 3
childrenPregnant, only want 2 kids totalNo moreNoneFiancé has
child; wants 2nd childNo moreNo moreNo moreWorking

Adults121121221Household Income
(Annual)72,000114,00078,00078,000108,00066,000102,00084,0
0084,000Credit
ScoreGoodGoodGoodGoodGoodGoodGoodGoodGoodStudent
Loans60,00080,00010,00030,00025,000None30,00040,000None
Car
Loans20,00035,00010,000NoneNone5,00030,00020,000NoneCo
ndition of Cars1 Good2 Good1 Bad
1 Good1 Good2 Bad1 Bad1 Bad
1 Good2 Bad2 GoodCredit Card
Bills8,00015,0004,000None11,0009,00020,00010,000NoneAmo
unt in
Savings50,00035,00030,00045,00025,00015,0005,00010,000125
,000Gift from Parent for use to purchase
home35,00050,00045,00045,00045,00060,00060,00080,000Non
eTotal Savings & Parent Gift
(Cash On
Hand)85,00085,00075,00090,00070,00075,00065,00090,000125,
000
Sheet2
Sheet3
320 LP05 Assignment #1 Residence ProForma Example 31
Years.xls
Sample HomeBuy PropertyAverage Inland
San Diego HomeASSUMPTIONS: No CAPX (Capital Expenses)
- As some analysis puts them above NOI, and others below
NOIPurchase Price$ (500,000.00)Building Value68%$
340,000.00Loan to Value80%Maximum for Investment
Property: 70%Loan Amount$ 400,000.00Down Payment$
(100,000.00)Loan Costs2.0%$ (8,000.00)Interest
RateAnnual6.500%Loan TermMonths360Closing Costs2.0%$
(10,000.00)See Estimated Settlement Statement for Detailed
BreakdownTotal Costs at Acquisition$
(118,000.00)PROFORMAYear 0Year 1Year 2Year 3Year 4Year
5Year 6Year 7Year 8Year 9Year 10Year 11Year 12Year 13Year

14Year 15Year 16Year 17Year 18Year 19Year 20Year 21Year
22Year 23Year 24Year 25Year 26Year 27Year 28Year 29Year
30Year 31Gross Rent0%$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0Vacancy0.0%$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0Other Income0%$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0Effective Gross Income$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0OPERATING
EXPENSESProperty Taxes 1.1%2%$ (5,500.00)$
(5,610.00)$ (5,722.20)$ (5,836.64)$ (5,953.37)$
(6,072.44)$ (6,193.89)$ (6,317.77)$ (6,444.13)$
(6,573.01)$ (6,704.47)$ (6,838.56)$ (6,975.33)$
(7,114.84)$ (7,257.14)$ (7,402.28)$ (7,550.33)$
(7,701.34)$ (7,855.37)$ (8,012.48)$ (8,172.73)$
(8,336.18)$ (8,502.90)$ (8,672.96)$ (8,846.42)$
(9,023.35)$ (9,203.82)$ (9,387.90)$ (9,575.66)$
(9,767.17)$ (9,962.51)Insurance: Fire3%$ (1,000.00)$
(1,030.00)$ (1,060.90)$ (1,092.73)$ (1,125.51)$
(1,159.28)$ (1,194.06)$ (1,229.88)$ (1,266.78)$
(1,304.78)$ (1,343.92)$ (1,384.24)$ (1,425.77)$
(1,468.54)$ (1,512.60)$ (1,557.98)$ (1,604.72)$
(1,652.86)$ (1,702.45)$ (1,753.52)$ (1,806.13)$
(1,860.31)$ (1,916.12)$ (1,973.60)$ (2,032.81)$
(2,093.79)$ (2,156.60)$ (2,221.30)$ (2,287.94)$
(2,356.58)$ (2,427.28)Insurance: EQ3%$ (650.00)$
(669.50)$ (689.59)$ (710.28)$ (731.59)$ (753.54)$
(776.15)$ (799.43)$ (823.41)$ (848.11)$ (873.55)$
(899.76)$ (926.75)$ (954.55)$ (983.19)$ (1,012.69)$
(1,043.07)$ (1,074.36)$ (1,106.59)$ (1,139.79)$

(1,173.98)$ (1,209.20)$ (1,245.48)$ (1,282.84)$
(1,321.33)$ (1,360.97)$ (1,401.80)$ (1,443.85)$
(1,487.17)$ (1,531.79)$ (1,577.74)Insurance: Umbrella3%$
(250.00)$ (257.50)$ (265.23)$ (273.19)$ (281.39)$
(289.83)$ (298.52)$ (307.48)$ (316.70)$ (326.20)$
(335.99)$ (346.07)$ (356.45)$ (367.14)$ (378.15)$
(389.49)$ (401.17)$ (413.21)$ (425.61)$ (438.38)$
(451.53)$ (465.08)$ (479.03)$ (493.40)$ (508.20)$
(523.45)$ (539.15)$ (555.32)$ (571.98)$ (589.14)$
(606.81)Homeowners Assoc3%$ (1,200.00)$ (1,236.00)$
(1,273.08)$ (1,311.27)$ (1,350.61)$ (1,391.13)$
(1,432.86)$ (1,475.85)$ (1,520.13)$ (1,565.73)$
(1,612.70)$ (1,661.08)$ (1,710.91)$ (1,762.24)$
(1,815.11)$ (1,869.56)$ (1,925.65)$ (1,983.42)$
(2,042.92)$ (2,104.21)$ (2,167.34)$ (2,232.36)$
(2,299.33)$ (2,368.31)$ (2,439.36)$ (2,512.54)$
(2,587.92)$ (2,665.56)$ (2,745.53)$ (2,827.90)$
(2,912.74)Maintenance3%$ (3,000.00)$ (3,090.00)$
(3,182.70)$ (3,278.18)$ (3,376.53)$ (3,477.83)$
(3,582.16)$ (3,689.62)$ (3,800.31)$ (3,914.32)$
(4,031.75)$ (4,152.70)$ (4,277.28)$ (4,405.60)$
(4,537.77)$ (4,673.90)$ (4,814.12)$ (4,958.54)$
(5,107.30)$ (5,260.52)$ (5,418.34)$ (5,580.89)$
(5,748.32)$ (5,920.77)$ (6,098.39)$ (6,281.34)$
(6,469.78)$ (6,663.87)$ (6,863.79)$ (7,069.70)$
(7,281.79)Landscape0%$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0Utilities0%$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0Management Fee 10%4%$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0Total Operating Expenses$
(11,600.00)$ (11,893.00)$ (12,193.70)$ (12,502.29)$

(12,819.00)$ (13,144.05)$ (13,477.64)$ (13,820.03)$
(14,171.46)$ (14,532.15)$ (14,902.38)$ (15,282.41)$
(15,672.49)$ (16,072.91)$ (16,483.96)$ (16,905.90)$
(17,339.06)$ (17,783.73)$ (18,240.24)$ (18,708.90)$
(19,190.05)$ (19,684.02)$ (20,191.18)$ (20,711.88)$
(21,246.51)$ (21,795.44)$ (22,359.07)$ (22,937.80)$
(23,532.07)$ (24,142.28)$ (24,768.87)NET OPERATING
INCOME$ (11,600.00)$ (11,893.00)$ (12,193.70)$
(12,502.29)$ (12,819.00)$ (13,144.05)$ (13,477.64)$
(13,820.03)$ (14,171.46)$ (14,532.15)$ (14,902.38)$
(15,282.41)$ (15,672.49)$ (16,072.91)$ (16,483.96)$
(16,905.90)$ (17,339.06)$ (17,783.73)$ (18,240.24)$
(18,708.90)$ (19,190.05)$ (19,684.02)$ (20,191.18)$
(20,711.88)$ (21,246.51)$ (21,795.44)$ (22,359.07)$
(22,937.80)$ (23,532.07)$ (24,142.28)$ (24,768.87)Debt
ServiceInterest$ (25,868.38)$ (25,568.95)$ (25,249.47)$
(24,908.59)$ (24,544.89)$ (24,156.86)$ (23,742.79)$
(23,301.03)$ (22,829.66)$ (22,326.71)$ (21,790.11)$
(21,217.57)$ (20,606.68)$ (19,954.84)$ (19,259.38)$
(18,517.35)$ (17,725.63)$ (16,880.87)$ (15,979.51)$
(15,017.84)$ (13,991.75)$ (12,896.91)$ (11,728.76)$
(10,482.37)$ (9,152.52)$ (7,733.63)$ (6,219.69)$
(4,604.34)$ (2,880.83)$ (1,041.90)$ - 0Principal$
(4,470.86)$ (4,770.29)$ (5,089.77)$ (5,430.65)$
(5,794.35)$ (6,182.38)$ (6,596.45)$ (7,038.21)$
(7,509.58)$ (8,012.53)$ (8,549.13)$ (9,121.67)$
(9,732.56)$ (10,384.40)$ (11,079.86)$ (11,821.89)$
(12,613.61)$ (13,458.37)$ (14,359.73)$ (15,321.40)$
(16,347.49)$ (17,442.33)$ (18,610.48)$ (19,856.87)$
(21,186.72)$ (22,605.61)$ (24,119.55)$ (25,734.90)$
(27,458.41)$ (29,299.95)$ - 0Total Debt Service$
(30,339.24)$ (30,339.24)$ (30,339.24)$ (30,339.24)$
(30,339.24)$ (30,339.24)$ (30,339.24)$ (30,339.24)$
(30,339.24)$ (30,339.24)$ (30,339.24)$ (30,339.24)$
(30,339.24)$ (30,339.24)$ (30,339.24)$ (30,339.24)$
(30,339.24)$ (30,339.24)$ (30,339.24)$ (30,339.24)$

(30,339.24)$ (30,339.24)$ (30,339.24)$ (30,339.24)$
(30,339.24)$ (30,339.24)$ (30,339.24)$ (30,339.24)$
(30,339.24)$ (30,339.24)$ (30,341.85)$ - 0BTCF (Before
Tax Cash Flow)$ (41,939.24)$ (42,232.24)$ (42,532.94)$
(42,841.53)$ (43,158.24)$ (43,483.29)$ (43,816.88)$
(44,159.27)$ (44,510.70)$ (44,871.39)$ (45,241.62)$
(45,621.65)$ (46,011.73)$ (46,412.15)$ (46,823.20)$
(47,245.14)$ (47,678.30)$ (48,122.97)$ (48,579.48)$
(49,048.14)$ (49,529.29)$ (50,023.26)$ (50,530.42)$
(51,051.12)$ (51,585.75)$ (52,134.68)$ (52,698.31)$
(53,277.04)$ (53,871.31)$ (54,484.13)$ (24,768.87)BTCF
(Before Tax Cash Flow)$ (41,939.24)$ (42,232.24)$
(42,532.94)$ (42,841.53)$ (43,158.24)$ (43,483.29)$
(43,816.88)$ (44,159.27)$ (44,510.70)$ (44,871.39)$
(45,241.62)$ (45,621.65)$ (46,011.73)$ (46,412.15)$
(46,823.20)$ (47,245.14)$ (47,678.30)$ (48,122.97)$
(48,579.48)$ (49,048.14)$ (49,529.29)$ (50,023.26)$
(50,530.42)$ (51,051.12)$ (51,585.75)$ (52,134.68)$
(52,698.31)$ (53,277.04)$ (53,871.31)$ (54,484.13)$
(24,768.87)Tax Calculation - 1040 Sched AProperty Taxes$
(5,500.00)$ (5,610.00)$ (5,722.20)$ (5,836.64)$
(5,953.37)$ (6,072.44)$ (6,193.89)$ (6,317.77)$
(6,444.13)$ (6,573.01)$ (6,704.47)$ (6,838.56)$
(6,975.33)$ (7,114.84)$ (7,257.14)$ (7,402.28)$
(7,550.33)$ (7,701.34)$ (7,855.37)$ (8,012.48)$
(8,172.73)$ (8,336.18)$ (8,502.90)$ (8,672.96)$
(8,846.42)$ (9,023.35)$ (9,203.82)$ (9,387.90)$
(9,575.66)$ (9,767.17)$ (9,962.51)Interest Deduction$
(25,868.38)$ (25,568.95)$ (25,249.47)$ (24,908.59)$
(24,544.89)$ (24,156.86)$ (23,742.79)$ (23,301.03)$
(22,829.66)$ (22,326.71)$ (21,790.11)$ (21,217.57)$
(20,606.68)$ (19,954.84)$ (19,259.38)$ (18,517.35)$
(17,725.63)$ (16,880.87)$ (15,979.51)$ (15,017.84)$
(13,991.75)$ (12,896.91)$ (11,728.76)$ (10,482.37)$
(9,152.52)$ (7,733.63)$ (6,219.69)$ (4,604.34)$
(2,880.83)$ (1,041.90)$ - 0*** Ignores Standard Deduction

Opportunity Cost ***$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0Total Deductions$ (31,368.38)$ (31,178.95)$
(30,971.67)$ (30,745.23)$ (30,498.26)$ (30,229.30)$
(29,936.68)$ (29,618.80)$ (29,273.79)$ (28,899.72)$
(28,494.58)$ (28,056.13)$ (27,582.01)$ (27,069.68)$
(26,516.52)$ (25,919.63)$ (25,275.96)$ (24,582.21)$
(23,834.88)$ (23,030.32)$ (22,164.48)$ (21,233.09)$
(20,231.66)$ (19,155.33)$ (17,998.94)$ (16,756.98)$
(15,423.51)$ (13,992.24)$ (12,456.49)$ (10,809.07)$
(9,962.51)Tax Paid (Tax Reduction)35%Tax Rate$
(10,978.93)$ (10,912.63)$ (10,840.08)$ (10,760.83)$
(10,674.39)$ (10,580.26)$ (10,477.84)$ (10,366.58)$
(10,245.83)$ (10,114.90)$ (9,973.10)$ (9,819.65)$
(9,653.70)$ (9,474.39)$ (9,280.78)$ (9,071.87)$
(8,846.59)$ (8,603.77)$ (8,342.21)$ (8,060.61)$
(7,757.57)$ (7,431.58)$ (7,081.08)$ (6,704.37)$
(6,299.63)$ (5,864.94)$ (5,398.23)$ (4,897.28)$
(4,359.77)$ (3,783.17)$ (3,486.88)AFTER TAX CASH
FLOW$ (30,960.31)$ (31,319.61)$ (31,692.86)$
(32,080.70)$ (32,483.85)$ (32,903.04)$ (33,339.04)$
(33,792.69)$ (34,264.87)$ (34,756.49)$ (35,268.52)$
(35,802.00)$ (36,358.03)$ (36,937.76)$ (37,542.42)$
(38,173.27)$ (38,831.71)$ (39,519.20)$ (40,237.27)$
(40,987.53)$ (41,771.72)$ (42,591.68)$ (43,449.34)$
(44,346.75)$ (45,286.12)$ (46,269.74)$ (47,300.08)$
(48,379.76)$ (49,511.54)$ (50,700.96)$
(21,281.99)Property Value10.0%$ 500,000.00$ 550,000.00$
605,000.00$ 665,500.00$ 732,050.00$ 805,255.00$
885,780.50$ 974,358.55$ 1,071,794.41$ 1,178,973.85$
1,296,871.23$ 1,426,558.35$ 1,569,214.19$ 1,726,135.61$
1,898,749.17$ 2,088,624.08$ 2,297,486.49$ 2,527,235.14$
2,779,958.66$ 3,057,954.52$ 3,363,749.97$ 3,700,124.97$
4,070,137.47$ 4,477,151.22$ 4,924,866.34$ 5,417,352.97$
5,959,088.27$ 6,554,997.10$ 7,210,496.81$ 7,931,546.49$

8,724,701.13$ 9,597,171.25Loan PayoffMatch with
Amortization Schedule$ (0.00)Commissions6.0%$
(575,830.27)Closing Costs2.0%$ (191,943.42)Before Tax Sale
Proceeds$ 8,829,397.55INCOME TAX CALULATION FOR
CAPITAL APPRECIATIONSale Price$ 9,597,171.25minus
Purchase Price$ (500,000.00)minus Acquisition Costs$
(10,000.00)minus Commissions$ (575,830.27)minus Sales
Costs$ (191,943.42)Total Capital Gain
(Sale Price - Adj Basis)$ 8,319,397.55Exclusion for Sale of
Home$ (250,000.00)1Enter "1" for Single, "2" for Married, "0"
if used in previous two yearsDepreciation RecaptureNONE - No
Depreciation for Residence$ - 0Income Tax: Cap Gain$
8,069,397.5515%$ (1,210,409.63)Total Income Tax$
8,069,397.55$ (1,210,409.63)Net After Tax Sale Proceeds$
7,618,987.92TOTAL CASH FLOW$ (118,000.00)$
(30,960.31)$ (31,319.61)$ (31,692.86)$ (32,080.70)$
(32,483.85)$ (32,903.04)$ (33,339.04)$ (33,792.69)$
(34,264.87)$ (34,756.49)$ (35,268.52)$ (35,802.00)$
(36,358.03)$ (36,937.76)$ (37,542.42)$ (38,173.27)$
(38,831.71)$ (39,519.20)$ (40,237.27)$ (40,987.53)$
(41,771.72)$ (42,591.68)$ (43,449.34)$ (44,346.75)$
(45,286.12)$ (46,269.74)$ (47,300.08)$ (48,379.76)$
(49,511.54)$ (50,700.96)$ 7,597,705.92IRR9.43%Hurdle
RateAlternative Investment OR "Risk Free" Interest Rate -
Remember to adjust for value of housing services/opportunity
cost9.0%IRR in excess of Hurdle RateFINAL DECISION: If
positive, then invest0.43%NOTE: To Reduce Number of Years
in ProForma, take the following steps: (Example reducing
ProForma to 6 years)1. Delete Columns for Year 6 through
Year 30 (Column I through AG inclusive)2. Copy Fill from
H17-H59 inclusive to I17-I59 Inclusive to re-establish formulas
from 2nd-to-last-year column3. Fix Last Year Interest by
adding 12 to the link from H39 into I39 (Cell I39 becomes
[='Sample HomeBuy Amort Sch'!I86]3. Fix Last Year Principal
by adding 12 to the link from H40 into I40 (Cell I40 becomes
[='Sample HomeBuy Amort Sch'!H86]

&C&14&USample Class Proforma&R&18Name:
________________________
&LPage &P of &N&R&D &T
Sample HomeBuy Amort SchAssumptions in Proforma:Stable
compounding rate for income, expenses & pricesExpenses are a
function of rent priceAcqusition on Jan 1 of YearDisposition on
Dec 31 of YearTax Reductions are fully offset by other income
(otherwise lost)Straight Line Depreciation & AmortizationLoan
Amount400,000.00Term36030Interest
Negative
NumberPeriodBeginning BalInterestPrincipalPaymentAddt
PymtEnd BalAnnual
PrincipalAnnual
Interest1400,000.00(2,166.67)(361.60)(2,528.27)0.00399,638.40
2399,638.40(2,164.71)(363.56)(2,528.27)0.00399,274.843399,2
74.84(2,162.74)(365.53)(2,528.27)0.00398,909.314398,909.31(2
,160.76)(367.51)(2,528.27)0.00398,541.805398,541.80(2,158.77
)(369.50)(2,528.27)0.00398,172.306398,172.30(2,156.77)(371.5
0)(2,528.27)0.00397,800.807397,800.80(2,154.75)(373.52)(2,52
8.27)0.00397,427.288397,427.28(2,152.73)(375.54)(2,528.27)0.
00397,051.749397,051.74(2,150.70)(377.57)(2,528.27)0.00396,
674.1710396,674.17(2,148.65)(379.62)(2,528.27)0.00396,294.5
511396,294.55(2,146.60)(381.67)(2,528.27)0.00395,912.881239
5,912.88(2,144.53)(383.74)(2,528.27)0.00395,529.14(4,470.86)(
25,868.38)13395,529.14(2,142.45)(385.82)(2,528.27)0.00395,14
3.3214395,143.32(2,140.36)(387.91)(2,528.27)0.00394,755.411
5394,755.41(2,138.26)(390.01)(2,528.27)0.00394,365.4016394,
365.40(2,136.15)(392.12)(2,528.27)0.00393,973.2817393,973.2
8(2,134.02)(394.25)(2,528.27)0.00393,579.0318393,579.03(2,13
1.89)(396.38)(2,528.27)0.00393,182.6519393,182.65(2,129.74)(
398.53)(2,528.27)0.00392,784.1220392,784.12(2,127.58)(400.6
9)(2,528.27)0.00392,383.4321392,383.43(2,125.41)(402.86)(2,5
28.27)0.00391,980.5722391,980.57(2,123.23)(405.04)(2,528.27)
0.00391,575.5323391,575.53(2,121.03)(407.24)(2,528.27)0.003
91,168.2924391,168.29(2,118.83)(409.44)(2,528.27)0.00390,75

8.85(4,770.29)(25,568.95)25390,758.85(2,116.61)(411.66)(2,52
8.27)0.00390,347.1926390,347.19(2,114.38)(413.89)(2,528.27)0
.00389,933.3027389,933.30(2,112.14)(416.13)(2,528.27)0.0038
9,517.1728389,517.17(2,109.88)(418.39)(2,528.27)0.00389,098.
7829389,098.78(2,107.62)(420.65)(2,528.27)0.00388,678.13303
88,678.13(2,105.34)(422.93)(2,528.27)0.00388,255.2031388,25
5.20(2,103.05)(425.22)(2,528.27)0.00387,829.9832387,829.98(2
,100.75)(427.52)(2,528.27)0.00387,402.4633387,402.46(2,098.4
3)(429.84)(2,528.27)0.00386,972.6234386,972.62(2,096.10)(43
2.17)(2,528.27)0.00386,540.4535386,540.45(2,093.76)(434.51)(
2,528.27)0.00386,105.9436386,105.94(2,091.41)(436.86)(2,528.
27)0.00385,669.08(5,089.77)(25,249.47)37385,669.08(2,089.04)
(439.23)(2,528.27)0.00385,229.8538385,229.85(2,086.66)(441.6
1)(2,528.27)0.00384,788.2439384,788.24(2,084.27)(444.00)(2,5
28.27)0.00384,344.2440384,344.24(2,081.86)(446.41)(2,528.27)
0.00383,897.8341383,897.83(2,079.45)(448.82)(2,528.27)0.003
83,449.0142383,449.01(2,077.02)(451.25)(2,528.27)0.00382,99
7.7643382,997.76(2,074.57)(453.70)(2,528.27)0.00382,544.064
4382,544.06(2,072.11)(456.16)(2,528.27)0.00382,087.9045382,
087.90(2,069.64)(458.63)(2,528.27)0.00381,629.2746381,629.2
7(2,067.16)(461.11)(2,528.27)0.00381,168.1647381,168.16(2,06
4.66)(463.61)(2,528.27)0.00380,704.5548380,704.55(2,062.15)(
466.12)(2,528.27)0.00380,238.43(5,430.65)(24,908.59)49380,23
8.43(2,059.62)(468.65)(2,528.27)0.00379,769.7850379,769.78(2
,057.09)(471.18)(2,528.27)0.00379,298.6051379,298.60(2,054.5
3)(473.74)(2,528.27)0.00378,824.8652378,824.86(2,051.97)(47
6.30)(2,528.27)0.00378,348.5653378,348.56(2,049.39)(478.88)(
2,528.27)0.00377,869.6854377,869.68(2,046.79)(481.48)(2,528.
27)0.00377,388.2055377,388.20(2,044.19)(484.08)(2,528.27)0.0
0376,904.1256376,904.12(2,041.56)(486.71)(2,528.27)0.00376,
417.4157376,417.41(2,038.93)(489.34)(2,528.27)0.00375,928.0
758375,928.07(2,036.28)(491.99)(2,528.27)0.00375,436.085937
5,436.08(2,033.61)(494.66)(2,528.27)0.00374,941.4260374,941.
42(2,030.93)(497.34)(2,528.27)0.00374,444.08(5,794.35)(24,54
4.89)61374,444.08(2,028.24)(500.03)(2,528.27)0.00373,944.056
2373,944.05(2,025.53)(502.74)(2,528.27)0.00373,441.3163373,

441.31(2,022.81)(505.46)(2,528.27)0.00372,935.8564372,935.8
5(2,020.07)(508.20)(2,528.27)0.00372,427.6565372,427.65(2,01
7.32)(510.95)(2,528.27)0.00371,916.7066371,916.70(2,014.55)(
513.72)(2,528.27)0.00371,402.9867371,402.98(2,011.77)(516.5
0)(2,528.27)0.00370,886.4868370,886.48(2,008.97)(519.30)(2,5
28.27)0.00370,367.1869370,367.18(2,006.16)(522.11)(2,528.27)
0.00369,845.0770369,845.07(2,003.33)(524.94)(2,528.27)0.003
69,320.1371369,320.13(2,000.48)(527.79)(2,528.27)0.00368,79
2.3472368,792.34(1,997.63)(530.64)(2,528.27)0.00368,261.70(6
,182.38)(24,156.86)73368,261.70(1,994.75)(533.52)(2,528.27)0.
00367,728.1874367,728.18(1,991.86)(536.41)(2,528.27)0.00367
,191.7775367,191.77(1,988.96)(539.31)(2,528.27)0.00366,652.4
676366,652.46(1,986.03)(542.24)(2,528.27)0.00366,110.227736
6,110.22(1,983.10)(545.17)(2,528.27)0.00365,565.0578365,565.
05(1,980.14)(548.13)(2,528.27)0.00365,016.9279365,016.92(1,9
77.17)(551.10)(2,528.27)0.00364,465.8280364,465.82(1,974.19)
(554.08)(2,528.27)0.00363,911.7481363,911.74(1,971.19)(557.0
8)(2,528.27)0.00363,354.6682363,354.66(1,968.17)(560.10)(2,5
28.27)0.00362,794.5683362,794.56(1,965.14)(563.13)(2,528.27)
0.00362,231.4384362,231.43(1,962.09)(566.18)(2,528.27)0.003
61,665.25(6,596.45)(23,742.79)85361,665.25(1,959.02)(569.25)
(2,528.27)0.00361,096.0086361,096.00(1,955.94)(572.33)(2,528
.27)0.00360,523.6787360,523.67(1,952.84)(575.43)(2,528.27)0.
00359,948.2488359,948.24(1,949.72)(578.55)(2,528.27)0.00359
,369.6989359,369.69(1,946.59)(581.68)(2,528.27)0.00358,788.0
190358,788.01(1,943.44)(584.83)(2,528.27)0.00358,203.189135
8,203.18(1,940.27)(588.00)(2,528.27)0.00357,615.1892357,615.
18(1,937.08)(591.19)(2,528.27)0.00357,023.9993357,023.99(1,9
33.88)(594.39)(2,528.27)0.00356,429.6094356,429.60(1,930.66)
(597.61)(2,528.27)0.00355,831.9995355,831.99(1,927.42)(600.8
5)(2,528.27)0.00355,231.1496355,231.14(1,924.17)(604.10)(2,5
28.27)0.00354,627.04(7,038.21)(23,301.03)97354,627.04(1,920.
90)(607.37)(2,528.27)0.00354,019.6798354,019.67(1,917.61)(6
10.66)(2,528.27)0.00353,409.0199353,409.01(1,914.30)(613.97)
(2,528.27)0.00352,795.04100352,795.04(1,910.97)(617.30)(2,52
8.27)0.00352,177.74101352,177.74(1,907.63)(620.64)(2,528.27)

0.00351,557.10102351,557.10(1,904.27)(624.00)(2,528.27)0.00
350,933.10103350,933.10(1,900.89)(627.38)(2,528.27)0.00350,
305.72104350,305.72(1,897.49)(630.78)(2,528.27)0.00349,674.
94105349,674.94(1,894.07)(634.20)(2,528.27)0.00349,040.7410
6349,040.74(1,890.64)(637.63)(2,528.27)0.00348,403.11107348
,403.11(1,887.18)(641.09)(2,528.27)0.00347,762.02108347,762.
02(1,883.71)(644.56)(2,528.27)0.00347,117.46(7,509.58)(22,82
9.66)109347,117.46(1,880.22)(648.05)(2,528.27)0.00346,469.41
110346,469.41(1,876.71)(651.56)(2,528.27)0.00345,817.851113
45,817.85(1,873.18)(655.09)(2,528.27)0.00345,162.76112345,1
62.76(1,869.63)(658.64)(2,528.27)0.00344,504.12113344,504.1
2(1,866.06)(662.21)(2,528.27)0.00343,841.91114343,841.91(1,8
62.48)(665.79)(2,528.27)0.00343,176.12115343,176.12(1,858.8
7)(669.40)(2,528.27)0.00342,506.72116342,506.72(1,855.24)(6
73.03)(2,528.27)0.00341,833.69117341,833.69(1,851.60)(676.6
7)(2,528.27)0.00341,157.02118341,157.02(1,847.93)(680.34)(2,
528.27)0.00340,476.68119340,476.68(1,844.25)(684.02)(2,528.
27)0.00339,792.66120339,792.66(1,840.54)(687.73)(2,528.27)0.
00339,104.93(8,012.53)(22,326.71)121339,104.93(1,836.82)(69
1.45)(2,528.27)0.00338,413.48122338,413.48(1,833.07)(695.20)
(2,528.27)0.00337,718.28123337,718.28(1,829.31)(698.96)(2,52
8.27)0.00337,019.32124337,019.32(1,825.52)(702.75)(2,528.27)
0.00336,316.57125336,316.57(1,821.71)(706.56)(2,528.27)0.00
335,610.01126335,610.01(1,817.89)(710.38)(2,528.27)0.00334,
899.63127334,899.63(1,814.04)(714.23)(2,528.27)0.00334,185.
40128334,185.40(1,810.17)(718.10)(2,528.27)0.00333,467.3012
9333,467.30(1,806.28)(721.99)(2,528.27)0.00332,745.31130332
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5417,323.09(93.83)(2,434.44)(2,528.27)0.0014,888.6535514,88
8.65(80.65)(2,447.62)(2,528.27)0.0012,441.0335612,441.03(67.
39)(2,460.88)(2,528.27)0.009,980.153579,980.15(54.06)(2,474.
21)(2,528.27)0.007,505.943587,505.94(40.66)(2,487.61)(2,528.
27)0.005,018.333595,018.33(27.18)(2,501.09)(2,528.27)0.002,5
17.243602,517.24(13.64)(2,517.24)(2,528.27)0.000.00(29,299.9
5)(1,041.90)Totals(510,179.81)(400,000.00)(910,177.20)0.00(4
00,000.00)(510,179.81)
&C&14&USample Proforma Amortization Schedule
&LPage &P of &N&R&D

320 LP05 Assignment #1 Residence ProForma Example 6
Years.xls
Sample HomeBuy PropertyAverage Inland
San Diego HomeASSUMPTIONS: No CAPX (Capital Expenses)
- As some analysis puts them above NOI, and others below
NOIPurchase Price$ (500,000.00)Building Value68%$
340,000.00Loan to Value80%Maximum for Investment
Property: 70%Loan Amount$ 400,000.00Down Payment$
(100,000.00)Loan Costs2.0%$ (8,000.00)Interest
RateAnnual6.500%Loan TermMonths360Closing Costs2.0%$
(10,000.00)See Estimated Settlement Statement for Detailed
BreakdownTotal Costs at Acquisition$
(118,000.00)PROFORMAYear 0Year 1Year 2Year 3Year 4Year
5Year 6Gross Rent0%$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0Vacancy0.0%$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0Other
Income0%$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0Effective Gross
Income$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0OPERATING
EXPENSESProperty Taxes 1.1%2%$ (5,500.00)$
(5,610.00)$ (5,722.20)$ (5,836.64)$ (5,953.37)$
(6,072.44)Insurance: Fire3%$ (1,000.00)$ (1,030.00)$
(1,060.90)$ (1,092.73)$ (1,125.51)$ (1,159.28)Insurance:
EQ3%$ (650.00)$ (669.50)$ (689.59)$ (710.28)$
(731.59)$ (753.54)Insurance: Umbrella3%$ (250.00)$
(257.50)$ (265.23)$ (273.19)$ (281.39)$
(289.83)Homeowners Assoc3%$ (1,200.00)$ (1,236.00)$
(1,273.08)$ (1,311.27)$ (1,350.61)$
(1,391.13)Maintenance3%$ (3,000.00)$ (3,090.00)$
(3,182.70)$ (3,278.18)$ (3,376.53)$
(3,477.83)Landscape0%$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0Utilities0%$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0Management
Fee 10%4%$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0Total
Operating Expenses$ (11,600.00)$ (11,893.00)$
(12,193.70)$ (12,502.29)$ (12,819.00)$ (13,144.05)NET
OPERATING INCOME$ (11,600.00)$ (11,893.00)$
(12,193.70)$ (12,502.29)$ (12,819.00)$ (13,144.05)Debt

ServiceInterest$ (25,868.38)$ (25,568.95)$ (25,249.47)$
(24,908.59)$ (24,544.89)$ (24,156.86)Principal$
(4,470.86)$ (4,770.29)$ (5,089.77)$ (5,430.65)$
(5,794.35)$ (6,182.38)Total Debt Service$ (30,339.24)$
(30,339.24)$ (30,339.24)$ (30,339.24)$ (30,339.24)$
(30,339.24)$ (30,339.24)BTCF (Before Tax Cash Flow)$
(41,939.24)$ (42,232.24)$ (42,532.94)$ (42,841.53)$
(43,158.24)$ (43,483.29)BTCF (Before Tax Cash Flow)$
(41,939.24)$ (42,232.24)$ (42,532.94)$ (42,841.53)$
(43,158.24)$ (43,483.29)Tax Calculation - 1040 Sched
AProperty Taxes$ (5,500.00)$ (5,610.00)$ (5,722.20)$
(5,836.64)$ (5,953.37)$ (6,072.44)Interest Deduction$
(25,868.38)$ (25,568.95)$ (25,249.47)$ (24,908.59)$
(24,544.89)$ (24,156.86)*** Ignores Standard Deduction
Opportunity Cost ***$ - 0$ - 0$ - 0$ - 0$ - 0$ 1.00Total
Deductions$ (31,368.38)$ (31,178.95)$ (30,971.67)$
(30,745.23)$ (30,498.26)$ (30,228.30)Tax Paid (Tax
Reduction)35%Tax Rate$ (10,978.93)$ (10,912.63)$
(10,840.08)$ (10,760.83)$ (10,674.39)$ (10,579.90)AFTER
TAX CASH FLOW$ (30,960.31)$ (31,319.61)$
(31,692.86)$ (32,080.70)$ (32,483.85)$
(32,903.39)Property Value10.0%$ 500,000.00$ 550,000.00$
605,000.00$ 665,500.00$ 732,050.00$ 805,255.00$
885,780.50Loan PayoffMatch with Amortization Schedule$
(368,261.70)Commissions6.0%$ (53,146.83)Closing
Costs2.0%$ (17,715.61)Before Tax Sale Proceeds$
446,656.36INCOME TAX CALULATION FOR CAPITAL
APPRECIATIONSale Price$ 885,780.50minus Purchase Price$
(500,000.00)minus Acquisition Costs$ (10,000.00)minus
Commissions$ (53,146.83)minus Sales Costs$
(17,715.61)Total Capital Gain
(Sale Price - Adj Basis)$ 304,918.06Exclusion for Sale of
Home$ (250,000.00)1Enter "1" for Single, "2" for Married, "0"
if used in previous two yearsDepreciation RecaptureNONE - No
Depreciation for Residence$ - 0Income Tax: Cap Gain$
54,918.0615%$ (8,237.71)Total Income Tax$ 54,918.06$

(8,237.71)Net After Tax Sale Proceeds$ 438,418.65TOTAL
CASH FLOW$ (118,000.00)$ (30,960.31)$ (31,319.61)$
(31,692.86)$ (32,080.70)$ (32,483.85)$
405,515.27IRR9.07%Hurdle RateAlternative Investment OR
"Risk Free" Interest Rate - Remember to adjust for value of
housing services/opportunity cost9.0%IRR in excess of Hurdle
RateFINAL DECISION: If positive, then invest0.07%NOTE:
To Reduce Number of Years in ProForma, take the following
steps: (Example reducing ProForma to 6 years)1. Delete
Columns for Year 6 through Year 30 (Column I through AG
inclusive)2. Copy Fill from H17-H59 inclusive to I17-I59
Inclusive to re-establish formulas from 2nd-to-last-year
column3. Fix Last Year Interest by adding 12 to the link from
H39 into I39 (Cell I39 becomes [='Sample HomeBuy Amort
Sch'!I86]3. Fix Last Year Principal by adding 12 to the link
from H40 into I40 (Cell I40 becomes [='Sample HomeBuy
Amort Sch'!H86]
&C&14&USample Class Proforma&R&18Name:
________________________
&LPage &P of &N&R&D &T
Sample HomeBuy Amort SchAssumptions in Proforma:Stable
compounding rate for income, expenses & pricesExpenses are a
function of rent priceAcqusition on Jan 1 of YearDisposition on
Dec 31 of YearTax Reductions are fully offset by other income
(otherwise lost)Straight Line Depreciation & AmortizationLoan
Amount400,000.00Term36030Interest
Negative
NumberPeriodBeginning BalInterestPrincipalPaymentAddt
PymtEnd BalAnnual
PrincipalAnnual
Interest1400,000.00(2,166.67)(361.60)(2,528.27)0.00399,638.40
2399,638.40(2,164.71)(363.56)(2,528.27)0.00399,274.843399,2
74.84(2,162.74)(365.53)(2,528.27)0.00398,909.314398,909.31(2
,160.76)(367.51)(2,528.27)0.00398,541.805398,541.80(2,158.77
)(369.50)(2,528.27)0.00398,172.306398,172.30(2,156.77)(371.5

0)(2,528.27)0.00397,800.807397,800.80(2,154.75)(373.52)(2,52
8.27)0.00397,427.288397,427.28(2,152.73)(375.54)(2,528.27)0.
00397,051.749397,051.74(2,150.70)(377.57)(2,528.27)0.00396,
674.1710396,674.17(2,148.65)(379.62)(2,528.27)0.00396,294.5
511396,294.55(2,146.60)(381.67)(2,528.27)0.00395,912.881239
5,912.88(2,144.53)(383.74)(2,528.27)0.00395,529.14(4,470.86)(
25,868.38)13395,529.14(2,142.45)(385.82)(2,528.27)0.00395,14
3.3214395,143.32(2,140.36)(387.91)(2,528.27)0.00394,755.411
5394,755.41(2,138.26)(390.01)(2,528.27)0.00394,365.4016394,
365.40(2,136.15)(392.12)(2,528.27)0.00393,973.2817393,973.2
8(2,134.02)(394.25)(2,528.27)0.00393,579.0318393,579.03(2,13
1.89)(396.38)(2,528.27)0.00393,182.6519393,182.65(2,129.74)(
398.53)(2,528.27)0.00392,784.1220392,784.12(2,127.58)(400.6
9)(2,528.27)0.00392,383.4321392,383.43(2,125.41)(402.86)(2,5
28.27)0.00391,980.5722391,980.57(2,123.23)(405.04)(2,528.27)
0.00391,575.5323391,575.53(2,121.03)(407.24)(2,528.27)0.003
91,168.2924391,168.29(2,118.83)(409.44)(2,528.27)0.00390,75
8.85(4,770.29)(25,568.95)25390,758.85(2,116.61)(411.66)(2,52
8.27)0.00390,347.1926390,347.19(2,114.38)(413.89)(2,528.27)0
.00389,933.3027389,933.30(2,112.14)(416.13)(2,528.27)0.0038
9,517.1728389,517.17(2,109.88)(418.39)(2,528.27)0.00389,098.
7829389,098.78(2,107.62)(420.65)(2,528.27)0.00388,678.13303
88,678.13(2,105.34)(422.93)(2,528.27)0.00388,255.2031388,25
5.20(2,103.05)(425.22)(2,528.27)0.00387,829.9832387,829.98(2
,100.75)(427.52)(2,528.27)0.00387,402.4633387,402.46(2,098.4
3)(429.84)(2,528.27)0.00386,972.6234386,972.62(2,096.10)(43
2.17)(2,528.27)0.00386,540.4535386,540.45(2,093.76)(434.51)(
2,528.27)0.00386,105.9436386,105.94(2,091.41)(436.86)(2,528.
27)0.00385,669.08(5,089.77)(25,249.47)37385,669.08(2,089.04)
(439.23)(2,528.27)0.00385,229.8538385,229.85(2,086.66)(441.6
1)(2,528.27)0.00384,788.2439384,788.24(2,084.27)(444.00)(2,5
28.27)0.00384,344.2440384,344.24(2,081.86)(446.41)(2,528.27)
0.00383,897.8341383,897.83(2,079.45)(448.82)(2,528.27)0.003
83,449.0142383,449.01(2,077.02)(451.25)(2,528.27)0.00382,99
7.7643382,997.76(2,074.57)(453.70)(2,528.27)0.00382,544.064
4382,544.06(2,072.11)(456.16)(2,528.27)0.00382,087.9045382,

087.90(2,069.64)(458.63)(2,528.27)0.00381,629.2746381,629.2
7(2,067.16)(461.11)(2,528.27)0.00381,168.1647381,168.16(2,06
4.66)(463.61)(2,528.27)0.00380,704.5548380,704.55(2,062.15)(
466.12)(2,528.27)0.00380,238.43(5,430.65)(24,908.59)49380,23
8.43(2,059.62)(468.65)(2,528.27)0.00379,769.7850379,769.78(2
,057.09)(471.18)(2,528.27)0.00379,298.6051379,298.60(2,054.5
3)(473.74)(2,528.27)0.00378,824.8652378,824.86(2,051.97)(47
6.30)(2,528.27)0.00378,348.5653378,348.56(2,049.39)(478.88)(
2,528.27)0.00377,869.6854377,869.68(2,046.79)(481.48)(2,528.
27)0.00377,388.2055377,388.20(2,044.19)(484.08)(2,528.27)0.0
0376,904.1256376,904.12(2,041.56)(486.71)(2,528.27)0.00376,
417.4157376,417.41(2,038.93)(489.34)(2,528.27)0.00375,928.0
758375,928.07(2,036.28)(491.99)(2,528.27)0.00375,436.085937
5,436.08(2,033.61)(494.66)(2,528.27)0.00374,941.4260374,941.
42(2,030.93)(497.34)(2,528.27)0.00374,444.08(5,794.35)(24,54
4.89)61374,444.08(2,028.24)(500.03)(2,528.27)0.00373,944.056
2373,944.05(2,025.53)(502.74)(2,528.27)0.00373,441.3163373,
441.31(2,022.81)(505.46)(2,528.27)0.00372,935.8564372,935.8
5(2,020.07)(508.20)(2,528.27)0.00372,427.6565372,427.65(2,01
7.32)(510.95)(2,528.27)0.00371,916.7066371,916.70(2,014.55)(
513.72)(2,528.27)0.00371,402.9867371,402.98(2,011.77)(516.5
0)(2,528.27)0.00370,886.4868370,886.48(2,008.97)(519.30)(2,5
28.27)0.00370,367.1869370,367.18(2,006.16)(522.11)(2,528.27)
0.00369,845.0770369,845.07(2,003.33)(524.94)(2,528.27)0.003
69,320.1371369,320.13(2,000.48)(527.79)(2,528.27)0.00368,79
2.3472368,792.34(1,997.63)(530.64)(2,528.27)0.00368,261.70(6
,182.38)(24,156.86)73368,261.70(1,994.75)(533.52)(2,528.27)0.
00367,728.1874367,728.18(1,991.86)(536.41)(2,528.27)0.00367
,191.7775367,191.77(1,988.96)(539.31)(2,528.27)0.00366,652.4
676366,652.46(1,986.03)(542.24)(2,528.27)0.00366,110.227736
6,110.22(1,983.10)(545.17)(2,528.27)0.00365,565.0578365,565.
05(1,980.14)(548.13)(2,528.27)0.00365,016.9279365,016.92(1,9
77.17)(551.10)(2,528.27)0.00364,465.8280364,465.82(1,974.19)
(554.08)(2,528.27)0.00363,911.7481363,911.74(1,971.19)(557.0
8)(2,528.27)0.00363,354.6682363,354.66(1,968.17)(560.10)(2,5
28.27)0.00362,794.5683362,794.56(1,965.14)(563.13)(2,528.27)

0.00362,231.4384362,231.43(1,962.09)(566.18)(2,528.27)0.003
61,665.25(6,596.45)(23,742.79)85361,665.25(1,959.02)(569.25)
(2,528.27)0.00361,096.0086361,096.00(1,955.94)(572.33)(2,528
.27)0.00360,523.6787360,523.67(1,952.84)(575.43)(2,528.27)0.
00359,948.2488359,948.24(1,949.72)(578.55)(2,528.27)0.00359
,369.6989359,369.69(1,946.59)(581.68)(2,528.27)0.00358,788.0
190358,788.01(1,943.44)(584.83)(2,528.27)0.00358,203.189135
8,203.18(1,940.27)(588.00)(2,528.27)0.00357,615.1892357,615.
18(1,937.08)(591.19)(2,528.27)0.00357,023.9993357,023.99(1,9
33.88)(594.39)(2,528.27)0.00356,429.6094356,429.60(1,930.66)
(597.61)(2,528.27)0.00355,831.9995355,831.99(1,927.42)(600.8
5)(2,528.27)0.00355,231.1496355,231.14(1,924.17)(604.10)(2,5
28.27)0.00354,627.04(7,038.21)(23,301.03)97354,627.04(1,920.
90)(607.37)(2,528.27)0.00354,019.6798354,019.67(1,917.61)(6
10.66)(2,528.27)0.00353,409.0199353,409.01(1,914.30)(613.97)
(2,528.27)0.00352,795.04100352,795.04(1,910.97)(617.30)(2,52
8.27)0.00352,177.74101352,177.74(1,907.63)(620.64)(2,528.27)
0.00351,557.10102351,557.10(1,904.27)(624.00)(2,528.27)0.00
350,933.10103350,933.10(1,900.89)(627.38)(2,528.27)0.00350,
305.72104350,305.72(1,897.49)(630.78)(2,528.27)0.00349,674.
94105349,674.94(1,894.07)(634.20)(2,528.27)0.00349,040.7410
6349,040.74(1,890.64)(637.63)(2,528.27)0.00348,403.11107348
,403.11(1,887.18)(641.09)(2,528.27)0.00347,762.02108347,762.
02(1,883.71)(644.56)(2,528.27)0.00347,117.46(7,509.58)(22,82
9.66)109347,117.46(1,880.22)(648.05)(2,528.27)0.00346,469.41
110346,469.41(1,876.71)(651.56)(2,528.27)0.00345,817.851113
45,817.85(1,873.18)(655.09)(2,528.27)0.00345,162.76112345,1
62.76(1,869.63)(658.64)(2,528.27)0.00344,504.12113344,504.1
2(1,866.06)(662.21)(2,528.27)0.00343,841.91114343,841.91(1,8
62.48)(665.79)(2,528.27)0.00343,176.12115343,176.12(1,858.8
7)(669.40)(2,528.27)0.00342,506.72116342,506.72(1,855.24)(6
73.03)(2,528.27)0.00341,833.69117341,833.69(1,851.60)(676.6
7)(2,528.27)0.00341,157.02118341,157.02(1,847.93)(680.34)(2,
528.27)0.00340,476.68119340,476.68(1,844.25)(684.02)(2,528.
27)0.00339,792.66120339,792.66(1,840.54)(687.73)(2,528.27)0.
00339,104.93(8,012.53)(22,326.71)121339,104.93(1,836.82)(69

1.45)(2,528.27)0.00338,413.48122338,413.48(1,833.07)(695.20)
(2,528.27)0.00337,718.28123337,718.28(1,829.31)(698.96)(2,52
8.27)0.00337,019.32124337,019.32(1,825.52)(702.75)(2,528.27)
0.00336,316.57125336,316.57(1,821.71)(706.56)(2,528.27)0.00
335,610.01126335,610.01(1,817.89)(710.38)(2,528.27)0.00334,
899.63127334,899.63(1,814.04)(714.23)(2,528.27)0.00334,185.
40128334,185.40(1,810.17)(718.10)(2,528.27)0.00333,467.3012
9333,467.30(1,806.28)(721.99)(2,528.27)0.00332,745.31130332
,745.31(1,802.37)(725.90)(2,528.27)0.00332,019.41131332,019.
41(1,798.44)(729.83)(2,528.27)0.00331,289.58132331,289.58(1,
794.49)(733.78)(2,528.27)0.00330,555.80(8,549.13)(21,790.11)
133330,555.80(1,790.51)(737.76)(2,528.27)0.00329,818.041343
29,818.04(1,786.51)(741.76)(2,528.27)0.00329,076.28135329,0
76.28(1,782.50)(745.77)(2,528.27)0.00328,330.51136328,330.5
1(1,778.46)(749.81)(2,528.27)0.00327,580.70137327,580.70(1,7
74.40)(753.87)(2,528.27)0.00326,826.83138326,826.83(1,770.3
1)(757.96)(2,528.27)0.00326,068.87139326,068.87(1,766.21)(7
62.06)(2,528.27)0.00325,306.81140325,306.81(1,762.08)(766.1
9)(2,528.27)0.00324,540.62141324,540.62(1,757.93)(770.34)(2,
528.27)0.00323,770.28142323,770.28(1,753.76)(774.51)(2,528.
27)0.00322,995.77143322,995.77(1,749.56)(778.71)(2,528.27)0.
00322,217.06144322,217.06(1,745.34)(782.93)(2,528.27)0.0032
1,434.13(9,121.67)(21,217.57)145321,434.13(1,741.10)(787.17)
(2,528.27)0.00320,646.96146320,646.96(1,736.84)(791.43)(2,52
8.27)0.00319,855.53147319,855.53(1,732.55)(795.72)(2,528.27)
0.00319,059.81148319,059.81(1,728.24)(800.03)(2,528.27)0.00
318,259.78149318,259.78(1,723.91)(804.36)(2,528.27)0.00317,
455.42150317,455.42(1,719.55)(808.72)(2,528.27)0.00316,646.
70151316,646.70(1,715.17)(813.10)(2,528.27)0.00315,833.6015
2315,833.60(1,710.77)(817.50)(2,528.27)0.00315,016.10153315
,016.10(1,706.34)(821.93)(2,528.27)0.00314,194.17154314,194.
17(1,701.89)(826.38)(2,528.27)0.00313,367.79155313,367.79(1,
697.41)(830.86)(2,528.27)0.00312,536.93156312,536.93(1,692.
91)(835.36)(2,528.27)0.00311,701.57(9,732.56)(20,606.68)1573
11,701.57(1,688.38)(839.89)(2,528.27)0.00310,861.68158310,8
61.68(1,683.83)(844.44)(2,528.27)0.00310,017.24159310,017.2

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