| |
Particulars
 |
| Date |
 |
Tax Refund Not Used |
 |
Tax Refund Used to Pay Off Line of Credit |
|
 |
 |
Balance at Beginning of Month |
 |
Monthly Payments |
 |
6% Interest |
 |
Balance at Month End |
Balance at Beginning of Month |
 |
Monthly Payments |
 |
4.5% Interest |
 |
Balance at End of Month |
 |
 |
 |
 |
 |
 |
Mar. 1, 03 |
$3,000.00 |
 |
- |
$14.61 |
 |
$3,014.61 |
$5,750.00 |
 |
- |
 |
$21.16 |
 |
$5,771.16 |
 |
 |
 |
 |
| Apr. 1, 03 |
$3,014.61 |
 |
$258.00 |
$13.42 |
 |
$2,770.03 |
$5,771.16 |
 |
$258.00 |
 |
$20.29 |
 |
$5,533.45 |
 |
 |
 |
 |
May 1, 03 |
$2,770.03 |
 |
$258.00 |
$12.23 |
 |
$2,524.27 |
$5,533.45 |
 |
$258.00 |
 |
$19.41 |
 |
$5,294.86 |
 |
 |
 |
 |
June 1, 03 |
$2,524.27 |
 |
$258.00 |
$11.04 |
 |
$2,277.31 |
$5,294.86 |
 |
$3,018.001 |
 |
$8.38 |
 |
$2,285.24 |
 |
 |
 |
 |
July 1, 03 |
$2,277.31 |
 |
$258.00 |
$9.83 |
 |
$2,029.14 |
$2,285.24 |
 |
$258.00 |
 |
$7.46 |
 |
$2,034.70 |
 |
 |
 |
 |
Aug. 1, 03 |
$2,029.14 |
 |
$258.00 |
$8.63 |
 |
$1,779.76 |
$2,034.70 |
 |
$258.00 |
 |
$6.54 |
 |
$1,783.24 |
 |
 |
 |
 |
Sept. 1, 03 |
$1,779.76 |
 |
$258.00 |
$7.41 |
 |
$1,529.18 |
$1,783.24 |
 |
$258.00 |
 |
$5.61 |
 |
$1,530.85 |
 |
 |
 |
 |
Oct. 1, 03 |
$1,529.18 |
 |
$258.00 |
$6.19 |
 |
$1,277.37 |
$1,530.85 |
 |
$258.00 |
 |
$4.68 |
 |
$1,277.54 |
 |
 |
 |
 |
Nov. 1, 03 |
$1,277.37 |
 |
$258.00 |
$4.96 |
 |
$1,024.33 |
$1,277.54 |
 |
$258.00 |
 |
$3.75 |
 |
$1,023.29 |
 |
 |
 |
 |
Dec. 1, 03 |
$1,024.33 |
 |
$258.00 |
$3.73 |
 |
$770.06 |
$1,023.29 |
 |
$258.00 |
 |
$2.82 |
 |
$768.10 |
 |
 |
 |
 |
Jan. 1, 04 |
$770.06 |
 |
$258.00 |
$2.49 |
 |
$514.56 |
$768.10 |
 |
$258.00 |
 |
$1.88 |
 |
$511.98 |
 |
 |
 |
 |
Feb. 1, 04 |
$514.56 |
 |
$258.00 |
$1.25 |
 |
$257.81 |
$511.98 |
 |
$258.00 |
 |
$0.93 |
 |
$254.92 |
 |
 |
 |
 |
Mar. 1, 04 |
$257.81 |
 |
$257.81 |
$(0.00) |
 |
$(0.00) |
$254.92 |
 |
$254.92 |
 |
$(0.00) |
 |
$(0.00) |
 |
 |
 |
 |
Total : |
|
 |
|
$95.81 |
 |
|
|
 |
|
 |
$102.92 |
 |
|
 |
1 Monthly payments of $258 + $2,760
tax refund applied to repayment of line of credit.
 |
Assumptions |
1 |
Current rate applicable
on a loan of less than $5,000. Amortization period of 12 months.
|
2 |
Current rate applicable
(without the reduction of ½ of 1%) on a loan of $5,000 or
more. Amortization period of 12 months.
|
3 |
On the basis of a marginal
tax rate of 48% that can vary according to your financial situation.
|
4 |
On the basis of an annualized
return of 7%.
*The interest rate is subject to change without notice. |
|