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

Assumptions

Tax Refund Not Used

Tax Refund Used to Pay Off Line of Credit

Loan


Interest rate on loan


Tax savings

$3,000


6%¹



$1,440³

$5,750


$4.5%³



$2,760³

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.