Chapter

Financial Analysis

9.1 FINANCIAL FORMULAE

9.1.1 Definition of financial terms
9.1.2 Formulae connecting financial terms
9.1.3 Examples

9.2 FINANCIAL TABLES

9.2.1 Compound interest: find final value
9.2.2 Compound interest: find interest rate
9.2.3 Compound interest: find annuity

9.1 FINANCIAL FORMULAE

9.1.1 DEFINITION OF FINANCIAL TERMS

amount that  is worth, after  time periods, with  percent interest per period
 total amount borrowed
 principal to be invested (equivalently, present value)
 future value multiplier after one time period
 percent interest per time period (expressed as a decimal)
 amount to be paid each time period
 number of time periods

Note that the units of
,  ,  , and  must all be the same, for example, dollars.

© 2003 by CRC Press LLC

9.1.2 FORMULAE CONNECTING FINANCIAL TERMS
1. Interest: Let the principal amount  be invested at an interest rate of % per
time period (expressed as a decimal), for  time periods. Let
be the amount
that this is worth after  time periods. Then
(a) Simple interest:



  




  and 

   
and 
 
(9.1.1)
(b) Compound interest (see the tables beginning on page 783 for
and the
tables beginning on page 785 for ):




   




and  and 

    
(9.1.2)
When interest is compounded  times per time period for  time periods,
it is equivalent to an interest rate of
  % per time period for  time
periods.



  



 

(9.1.3)







 



Continuous compounding occurs when the interest is compounded in-
finitely often in each time period (i.e., 
). In this case:
   .

2. Present value: If
is to be received after  time periods of % interest per

time period, then the present value  of such an investment is given by (from
Equation (9.1.2)) 

   .
3. Annuities: Suppose that the amount  (in dollars) is borrowed, at a rate of %
per time period, to be repaid at a rate of  (in dollars) per time period, for a
total of  time periods. Then (see the tables beginning on page 787):

   
 

   



(9.1.4)






   
(9.1.5)

Using 
  , these equations can be written more compactly as




 

 
 and 
 
(9.1.6)

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9.1.3 EXAMPLES
1. Question: If $100 is invested at 5% per year, compounded annually for 10
years, what is the resulting amount?
 Analysis: Using Equation (9.1.2), we identify
(a) Principal invested,   (the units are dollars)
(b) Time period, 1 year
(c) Interest rate per time period,    
(d) Number of time periods,  

 Answer:

   or

   


.
(Or, see tables starting on page 783.)

2. Question: If $100 is invested at 5% per year and the interest is compounded

quarterly (4 times a year) for 10 years, what is the final amount?
 Analysis: Using Equation (9.1.3) we identify
(a) Principal invested,   (the units are dollars)
(b) Time period, 1 year
(c) Interest rate per time period,    
(d) Number of time periods,  
(e) Number of compounding time periods, 
  
 Answer:
    or



 


 


  .
 Alternate analysis: Using Equation (9.1.2), we identify
(a) Principal invested,   (the units are dollars)
(b) Time period, quarter of a year
(c) Interest rate per time period,  




  

(d) Number of time periods,    

 Alternate answer:

   or

 


  .
(Or, see tables starting on page 783.)

3. Question: If $100 is invested now, and we wish to have $200 at the end of 10
years, what yearly compound interest rate must we receive?

 Analysis: Using Equation (9.1.2), we identify

(a) Principal invested,   (the units are dollars)
(b) Final amount,


(c) Time period, 1 year
(d) Number of time periods,  

© 2003 by CRC Press LLC

 
 


 Answer:    or  



  . (Or, see tables
starting on page 785.) Hence, we must receive an annual interest rate of
7.2%.

4. Question: An investment returns $10,000 in 10 years time. If the interest rate

will be 10% per year, what is the present value? (That is, how much money
would have to be invested now to obtain this amount in ten years?)
 Analysis: Using Equation (9.1.2), we identify
(a) Final amount,

 (the units are dollars)
(b) Time period, 10 years
(c) Interest rate per time period,    
(d) Number of time periods,  

 Answer: 

   
 
 ; the present

value of this investment is 
 . (Or, the table on page 784 gives




the value 2.5937; the present value of this investment is then 


 ).
5. Question: A mortgage of $100,000 is obtained with which to buy a house.
The mortgage will be repaid at an interest rate of 9% per year, compounded
monthly, for 30 years. What is the monthly payment?
 Analysis: Using Equation (9.1.6), we identify
(a) Amount borrowed,  
 (the units are dollars)
(b) Time period, 1 month
(c) Interest rate per time period,    
 
(d) Number of time periods,    
 

 Answer:       and   














. (Or, see tables starting on page 787.) The
monthly payment is $804.62.

6. Question: Suppose that interest rates on 15-year mortgages are currently 6%,
compounded monthly. By spending $800 per month, what is the largest mort-
gage obtainable?
 Analysis: Using Equation (9.1.6), we identify
(a) Time period, 1 month
(b) Payment amount,   (the units are dollars)
(c) Interest rate per time period,    
 
(d) Number of time periods,    


    and   

 
Answer:   
 


  


 
. (Or, see tables starting on page 787.) The largest mortgage
amount obtainable is $94,802.81.

© 2003 by CRC Press LLC

9.2 FINANCIAL TABLES

9.2.1 COMPOUND INTEREST: FIND FINAL VALUE

These tables use Equation (9.1.2) to determine the final value in dollars (
) when
one dollar ( ) is invested at an interest rate of  per time period, the length of
investment time being  time periods. For example, if $1 is invested at a return of
3% per time period, for 60 time periods, then the final value would be $5.89 (see the
following table). Analogously, if $10 had been invested, then the final value would
be $59.92.

Interest rate ()

   1.50% 2.00% 2.50% 3.00% 3.50%
2 1.0201 1.0302 1.0404 1.0506 1.0609 1.0712
4 1.0406 1.0614 1.0824 1.1038 1.1255 1.1475
6 1.0615 1.0934 1.1262 1.1597 1.1941 1.2293
8 1.0829 1.1265 1.1717 1.2184 1.2668 1.3168
10 1.1046 1.1605 1.2190 1.2801 1.3439 1.4106
12 1.1268 1.1956 1.2682 1.3449 1.4258 1.5111
20 1.2202 1.3469 1.4860 1.6386 1.8061 1.9898
24 1.2697 1.4295 1.6084 1.8087 2.0328 2.2833
36 1.4308 1.7091 2.0399 2.4325 2.8983 3.4503
48 1.6122 2.0435 2.5871 3.2715 4.1322 5.2136
60 1.8167 2.4432 3.2810 4.3998 5.8916 7.8781
72 2.0471 2.9212 4.1611 5.9172 8.4000 11.9043

Interest rate ()

  4.50% 5.00% 5.50% 6.00% 6.50%
2 1.0816 1.0920 1.1025 1.1130 1.1236 1.1342
4 1.1699 1.1925 1.2155 1.2388 1.2625 1.2865
6 1.2653 1.3023 1.3401 1.3788 1.4185 1.4591
8 1.3686 1.4221 1.4775 1.5347 1.5938 1.6550
10 1.4802 1.5530 1.6289 1.7081 1.7909 1.8771
12 1.6010 1.6959 1.7959 1.9012 2.0122 2.1291
20 2.1911 2.4117 2.6533 2.9178 3.2071 3.5236
24 2.5633 2.8760 3.2251 3.6146 4.0489 4.5331
36 4.1039 4.8774 5.7918 6.8721 8.1472 9.6513
48 6.5705 8.2715 10.4013 13.0653 16.3939 20.5485
60 10.5196 14.0274 18.6792 24.8398 32.9877 43.7498
72 16.8423 23.7888 33.5451 47.2256 66.3777 93.1476

© 2003 by CRC Press LLC

 Interest rate ()
   7.50% 8.00% 8.50% 9.00% 9.50%
2 1.1449 1.1556 1.1664 1.1772 1.1881 1.1990
4 1.3108 1.3355 1.3605 1.3859 1.4116 1.4377
6 1.5007 1.5433 1.5869 1.6315 1.6771 1.7238
8 1.7182 1.7835 1.8509 1.9206 1.9926 2.0669
10 1.9671 2.0610 2.1589 2.2610 2.3674 2.4782
12 2.2522 2.3818 2.5182 2.6617 2.8127 2.9715
20 3.8697 4.2478 4.6610 5.1120 5.6044 6.1416
24 5.0724 5.6729 6.3412 7.0846 7.9111 8.8296
36 11.4239 13.5115 15.9682 18.8569 22.2512 26.2366
48 25.7289 32.1815 40.2106 50.1912 62.5852 77.9611
60 57.9464 76.6492 101.2571 133.5932 176.0313 231.6579
72 130.5065 182.5616 254.9825 355.5831 495.1170 688.3615

Interest rate ()

   10.50% 11.00% 11.50% 12.00% 12.50%
2 1.2100 1.2210 1.2321 1.2432 1.2544 1.2656
4 1.4641 1.4909 1.5181 1.5456 1.5735 1.6018
6 1.7716 1.8204 1.8704 1.9215 1.9738 2.0273
8 2.1436 2.2228 2.3045 2.3889 2.4760 2.5658
10 2.5937 2.7141 2.8394 2.9699 3.1059 3.2473
12 3.1384 3.3140 3.4985 3.6923 3.8960 4.1099
20 6.7275 7.3662 8.0623 8.8206 9.6463 10.5451
24 9.8497 10.9823 12.2392 13.6332 15.1786 16.8912
36 30.9127 36.3950 42.8181 50.3379 59.1356 69.4210
48 97.0172 120.6117 149.7970 185.8633 230.3908 285.3127
60 304.4816 399.7023 524.0572 686.2653 897.5969 1172.6039
72 955.5938 1324.5978 1833.3884 2533.9057 3497.0161 4819.2740

Interest rate ()

   13.50% 14.00% 14.50% 15.00% 15.50%
2 1.2769 1.2882 1.2996 1.3110 1.3225 1.3340
4 1.6305 1.6595 1.6890 1.7188 1.7490 1.7796
6 2.0819 2.1378 2.1950 2.2534 2.3131 2.3741
8 2.6584 2.7540 2.8526 2.9542 3.0590 3.1671
10 3.3946 3.5478 3.7072 3.8731 4.0456 4.2249
12 4.3345 4.5704 4.8179 5.0777 5.3502 5.6362
20 11.5231 12.5869 13.7435 15.0006 16.3665 17.8501
24 18.7881 20.8882 23.2122 25.7829 28.6252 31.7664
36 81.4374 95.4665 111.8342 130.9174 153.1518 179.0406
48 352.9923 436.3162 538.8066 664.7577 819.4007 1009.1024
60 1530.0535 1994.1218 2595.9187 3375.4307 4383.9987 5687.4691

© 2003 by CRC Press LLC

9.2.2 COMPOUND INTEREST: FIND INTEREST RATE
These tables use Equation (9.1.2) to determine the compound interest rate  that must
be obtained from an investment of one dollar ( ) to yield a final value of
(in
dollars) when the initial amount is invested for  time periods. For example, if $1 is
invested for 60 time periods, and the final amount obtained is $4.00, then the actual
interest rate has been 2.34% per time period (see the following table). Analogously,
if $100 had been invested, and the final amount was $400, then the interest rate would
also be 2.34% per time period.

Annuity (
)

 2.5 3.0 3.5 4.0 4.5
1 100.00 150.00 200.00 250.00 300.00 350.00
2 41.42 58.11 73.20 87.08 100.00 112.13
3 25.99 35.72 44.23 51.83 58.74 65.10
4 18.92 25.74 31.61 36.78 41.42 45.65
5 14.87 20.11 24.57 28.47 31.95 35.10
10 7.18 9.60 11.61 13.35 14.87 16.23
12 5.95 7.93 9.59 11.00 12.25 13.35
20 3.53 4.69 5.65 6.46 7.18 7.81
24 2.93 3.89 4.68 5.36 5.95 6.47
36 1.94 2.58 3.10 3.54 3.93 4.27
48 1.46 1.93 2.31 2.64 2.93 3.18
60 1.16 1.54 1.85 2.11 2.34 2.54
72 0.97 1.28 1.54 1.75 1.94 2.11

Annuity (
)
  5.5 6.0 6.5 7.0 7.5
1 400.00 450.00 500.00 550.00 600.00 650.00
2 123.61 134.52 144.95 154.95 164.57 173.86
3 71.00 76.52 81.71 86.63 91.29 95.74
4 49.53 53.14 56.51 59.67 62.66 65.49
5 37.97 40.63 43.10 45.41 47.58 49.63
10 17.46 18.59 19.62 20.58 21.48 22.32
12 14.35 15.27 16.10 16.88 17.61 18.28
20 8.38 8.90 9.37 9.81 10.22 10.60
24 6.94 7.36 7.75 8.11 8.45 8.76
36 4.57 4.85 5.10 5.34 5.55 5.76
48 3.41 3.62 3.80 3.98 4.14 4.29
60 2.72 2.88 3.03 3.17 3.30 3.42
72 2.26 2.40 2.52 2.63 2.74 2.84

© 2003 by CRC Press LLC

 Annuity (
)
  8.5 9.0 9.5 10.0 10.5
1 700.00 750.00 800.00 850.00 900.00 950.00
2 182.84 191.55 200.00 208.22 216.23 224.04
3 100.00 104.08 108.01 111.79 115.44 118.98
4 68.18 70.75 73.20 75.56 77.83 80.01
5 51.57 53.42 55.19 56.87 58.49 60.04
10 23.11 23.86 24.57 25.25 25.89 26.51
12 18.92 19.52 20.09 20.64 21.15 21.65
20 10.96 11.29 11.61 11.91 12.20 12.48
24 9.05 9.33 9.59 9.83 10.07 10.29
36 5.95 6.12 6.29 6.45 6.61 6.75
48 4.43 4.56 4.68 4.80 4.91 5.02
60 3.53 3.63 3.73 3.82 3.91 4.00
72 2.93 3.02 3.10 3.18 3.25 3.32

Annuity (
)
   12.0 13.0 14.0 15.0 16.0
1 1000.00 1100.00 1200.00 1300.00 1400.00 1500.00
2 231.66 246.41 260.56 274.17 287.30 300.00
3 122.40 128.94 135.13 141.01 146.62 151.98
4 82.12 86.12 89.88 93.43 96.80 100.00
5 61.54 64.38 67.03 69.52 71.88 74.11
10 27.10 28.21 29.24 30.20 31.10 31.95
12 22.12 23.01 23.83 24.60 25.32 25.99
20 12.74 13.23 13.68 14.11 14.50 14.87
24 10.51 10.91 11.28 11.62 11.95 12.25
36 6.89 7.15 7.38 7.61 7.81 8.01
48 5.12 5.31 5.49 5.65 5.80 5.95
60 4.08 4.23 4.37 4.50 4.62 4.73
72 3.39 3.51 3.63 3.73 3.83 3.93

Annuity (
)
   18.0 19.0 20.0 25.0 30.0
1 1600.00 1700.00 1800.00 1900.00 2400.00 2900.00
2 312.31 324.26 335.89 347.21 400.00 447.72
3 157.13 162.07 166.84 171.44 192.40 210.72
4 103.05 105.98 108.78 111.47 123.61 134.03
5 76.23 78.26 80.20 82.06 90.36 97.44
10 32.75 33.51 34.24 34.93 37.97 40.51
12 26.63 27.23 27.81 28.36 30.77 32.77
20 15.22 15.55 15.86 16.16 17.46 18.54
24 12.53 12.80 13.05 13.29 14.35 15.22
36 8.19 8.36 8.52 8.68 9.35 9.91
48 6.08 6.21 6.33 6.44 6.94 7.34
60 4.83 4.93 5.03 5.12 5.51 5.83
72 4.01 4.10 4.17 4.25 4.57 4.84

© 2003 by CRC Press LLC

9.2.3 COMPOUND INTEREST: FIND ANNUITY
These tables use Equation (9.1.4) to determine the annuity (or mortgage) payment
that must be paid each time period, for  time periods, at an interest rate of % per
time period, to pay off a loan of one dollar ( ). For example, if $1 is borrowed
at 3% interest per time period, and the amount is to be paid back in equal amounts
over 10 time periods, then the amount paid back per time period is $0.12 (see the fol-
lowing table). Analogously, if $100 had been borrowed, then the mortgage amount
would be $11.72.

Interest rate ()


 2.25% 2.50% 2.75% 3.00% 3.25%
1 1.0200 1.0225 1.0250 1.0275 1.0300 1.0325
2 0.5151 0.5169 0.5188 0.5207 0.5226 0.5245
3 0.3468 0.3484 0.3501 0.3518 0.3535 0.3552
4 0.2626 0.2642 0.2658 0.2674 0.2690 0.2706
5 0.2122 0.2137 0.2152 0.2168 0.2183 0.2199
6 0.1785 0.1800 0.1815 0.1831 0.1846 0.1861
7 0.1545 0.1560 0.1575 0.1590 0.1605 0.1620
8 0.1365 0.1380 0.1395 0.1410 0.1425 0.1440
9 0.1225 0.1240 0.1255 0.1269 0.1284 0.1299
10 0.1113 0.1128 0.1143 0.1157 0.1172 0.1187
12 0.0946 0.0960 0.0975 0.0990 0.1005 0.1020
20 0.0612 0.0626 0.0641 0.0657 0.0672 0.0688
24 0.0529 0.0544 0.0559 0.0575 0.0590 0.0607
36 0.0392 0.0408 0.0425 0.0441 0.0458 0.0475
72 0.0263 0.0282 0.0301 0.0320 0.0340 0.0361

Interest rate ()

   3.75% 4.00% 4.25% 4.50% 4.75%
1 1.0350 1.0375 1.0400 1.0425 1.0450 1.0475
2 0.5264 0.5283 0.5302 0.5321 0.5340 0.5359
3 0.3569 0.3586 0.3604 0.3621 0.3638 0.3655
4 0.2722 0.2739 0.2755 0.2771 0.2787 0.2804
5 0.2215 0.2230 0.2246 0.2262 0.2278 0.2294
6 0.1877 0.1892 0.1908 0.1923 0.1939 0.1955
7 0.1635 0.1651 0.1666 0.1681 0.1697 0.1713
8 0.1455 0.1470 0.1485 0.1501 0.1516 0.1532
9 0.1315 0.1330 0.1345 0.1360 0.1376 0.1391
10 0.1202 0.1218 0.1233 0.1248 0.1264 0.1279
12 0.1035 0.1050 0.1066 0.1081 0.1097 0.1112
20 0.0704 0.0720 0.0736 0.0752 0.0769 0.0785
24 0.0623 0.0639 0.0656 0.0673 0.0690 0.0707
36 0.0493 0.0511 0.0529 0.0547 0.0566 0.0585
72 0.0382 0.0403 0.0425 0.0447 0.0470 0.0492

© 2003 by CRC Press LLC

 Interest rate ()
   5.25% 5.50% 5.75% 6.00% 6.25%
1 1.0500 1.0525 1.0550 1.0575 1.0600 1.0625
2 0.5378 0.5397 0.5416 0.5435 0.5454 0.5474
3 0.3672 0.3689 0.3706 0.3724 0.3741 0.3758
4 0.2820 0.2837 0.2853 0.2869 0.2886 0.2903
5 0.2310 0.2326 0.2342 0.2358 0.2374 0.2390
6 0.1970 0.1986 0.2002 0.2018 0.2034 0.2050
7 0.1728 0.1744 0.1760 0.1776 0.1791 0.1807
8 0.1547 0.1563 0.1579 0.1595 0.1610 0.1626
9 0.1407 0.1423 0.1438 0.1454 0.1470 0.1486
10 0.1295 0.1311 0.1327 0.1343 0.1359 0.1375
12 0.1128 0.1144 0.1160 0.1177 0.1193 0.1209
20 0.0802 0.0819 0.0837 0.0854 0.0872 0.0890
24 0.0725 0.0742 0.0760 0.0779 0.0797 0.0815
36 0.0604 0.0624 0.0644 0.0664 0.0684 0.0704
72 0.0515 0.0539 0.0562 0.0585 0.0609 0.0633

Interest rate ()

  6.75% 7.00% 7.25% 7.50% 7.75%
1 1.0650 1.0675 1.0700 1.0725 1.0750 1.0775
2 0.5493 0.5512 0.5531 0.5550 0.5569 0.5588
3 0.3776 0.3793 0.3810 0.3828 0.3845 0.3863
4 0.2919 0.2936 0.2952 0.2969 0.2986 0.3002
5 0.2406 0.2423 0.2439 0.2455 0.2472 0.2488
6 0.2066 0.2082 0.2098 0.2114 0.2130 0.2147
7 0.1823 0.1839 0.1855 0.1872 0.1888 0.1904
8 0.1642 0.1658 0.1675 0.1691 0.1707 0.1724
9 0.1502 0.1519 0.1535 0.1551 0.1568 0.1584
10 0.1391 0.1407 0.1424 0.1440 0.1457 0.1474
12 0.1226 0.1242 0.1259 0.1276 0.1293 0.1310
20 0.0908 0.0926 0.0944 0.0962 0.0981 0.1000
24 0.0834 0.0853 0.0872 0.0891 0.0911 0.0930
36 0.0725 0.0746 0.0767 0.0789 0.0810 0.0832
72 0.0657 0.0681 0.0705 0.0730 0.0754 0.0779

© 2003 by CRC Press LLC

 Interest rate ()
   8.25% 8.50% 8.75% 9.00% 9.25%
1 1.0800 1.0825 1.0850 1.0875 1.0900 1.0925
2 0.5608 0.5627 0.5646 0.5665 0.5685 0.5704
3 0.3880 0.3898 0.3915 0.3933 0.3951 0.3968
4 0.3019 0.3036 0.3053 0.3070 0.3087 0.3104
5 0.2505 0.2521 0.2538 0.2554 0.2571 0.2588
6 0.2163 0.2180 0.2196 0.2213 0.2229 0.2246
7 0.1921 0.1937 0.1954 0.1970 0.1987 0.2004
8 0.1740 0.1757 0.1773 0.1790 0.1807 0.1824
9 0.1601 0.1618 0.1634 0.1651 0.1668 0.1685
10 0.1490 0.1507 0.1524 0.1541 0.1558 0.1575
12 0.1327 0.1344 0.1361 0.1379 0.1396 0.1414
20 0.1018 0.1037 0.1057 0.1076 0.1095 0.1115
24 0.0950 0.0970 0.0990 0.1010 0.1030 0.1051
36 0.0853 0.0875 0.0898 0.0920 0.0942 0.0965
72 0.0803 0.0828 0.0852 0.0877 0.0902 0.0927

Interest rate ()

   10.00% 10.50% 11.00% 11.50% 12.00%
1 1.0950 1.1000 1.1050 1.1100 1.1150 1.1200
2 0.5723 0.5762 0.5801 0.5839 0.5878 0.5917
3 0.3986 0.4021 0.4057 0.4092 0.4128 0.4163
4 0.3121 0.3155 0.3189 0.3223 0.3258 0.3292
5 0.2604 0.2638 0.2672 0.2706 0.2740 0.2774
6 0.2263 0.2296 0.2330 0.2364 0.2398 0.2432
7 0.2020 0.2054 0.2088 0.2122 0.2157 0.2191
8 0.1840 0.1874 0.1909 0.1943 0.1978 0.2013
9 0.1702 0.1736 0.1771 0.1806 0.1841 0.1877
10 0.1593 0.1628 0.1663 0.1698 0.1734 0.1770
12 0.1432 0.1468 0.1504 0.1540 0.1577 0.1614
20 0.1135 0.1175 0.1215 0.1256 0.1297 0.1339
24 0.1071 0.1113 0.1155 0.1198 0.1241 0.1285
36 0.0988 0.1033 0.1080 0.1126 0.1173 0.1221
72 0.0951 0.1001 0.1051 0.1101 0.1150 0.1200

© 2003 by CRC Press LLC

 Interest rate ()
 
 13.00% 13.50% 14.00% 14.50% 15.00%
1 1.1250 1.1300 1.1350 1.1400 1.1450 1.1500
2 0.5956 0.5995 0.6034 0.6073 0.6112 0.6151
3 0.4199 0.4235 0.4271 0.4307 0.4344 0.4380
4 0.3327 0.3362 0.3397 0.3432 0.3467 0.3503
5 0.2808 0.2843 0.2878 0.2913 0.2948 0.2983
6 0.2467 0.2501 0.2536 0.2572 0.2607 0.2642
7 0.2226 0.2261 0.2296 0.2332 0.2368 0.2404
8 0.2048 0.2084 0.2120 0.2156 0.2192 0.2228
9 0.1913 0.1949 0.1985 0.2022 0.2059 0.2096
10 0.1806 0.1843 0.1880 0.1917 0.1955 0.1993
12 0.1652 0.1690 0.1728 0.1767 0.1806 0.1845
20 0.1381 0.1424 0.1467 0.1510 0.1554 0.1598
24 0.1329 0.1373 0.1418 0.1463 0.1509 0.1554
36 0.1268 0.1316 0.1364 0.1413 0.1461 0.1510
72 0.1250 0.1300 0.1350 0.1400 0.1450 0.1500

Interest rate ()

   16.00% 16.50% 17.00% 17.50% 18.00%
1 1.1550 1.1600 1.1650 1.1700 1.1750 1.1800
2 0.6190 0.6230 0.6269 0.6308 0.6348 0.6387
3 0.4416 0.4453 0.4489 0.4526 0.4562 0.4599
4 0.3538 0.3574 0.3609 0.3645 0.3681 0.3717
5 0.3019 0.3054 0.3090 0.3126 0.3162 0.3198
6 0.2678 0.2714 0.2750 0.2786 0.2823 0.2859
7 0.2440 0.2476 0.2513 0.2550 0.2586 0.2624
8 0.2265 0.2302 0.2339 0.2377 0.2415 0.2452
9 0.2133 0.2171 0.2209 0.2247 0.2285 0.2324
10 0.2031 0.2069 0.2108 0.2147 0.2186 0.2225
12 0.1884 0.1924 0.1964 0.2005 0.2045 0.2086
20 0.1642 0.1687 0.1732 0.1777 0.1822 0.1868
24 0.1600 0.1647 0.1693 0.1740 0.1787 0.1835
36 0.1559 0.1608 0.1657 0.1706 0.1755 0.1805
72 0.1550 0.1600 0.1650 0.1700 0.1750 0.1800

© 2003 by CRC Press LLC