EXAMPLES OF CALCULATIONS: |
|
| "Face" value of Mortgage Bond: | $300,000 |
| Amortization Factor: | 0.975647382 |
| Interest Rate: | 7.25% |
| Actual number of days in Quarter: | 92 (from October 1 to December 31) |
CALCULATION |
1) Calculation of current principal amount of Mortgage Bond:
xa) $300,000 x .975647382x = |
x $292,694.21 |
2) Calculation of Mortgage Bond Interest:
a) $292,694.21 x 7.25% = |
$21,220.33 |
b) $21,220.00 / 365 days = |
$58.14 |
c) 92 days x $58.14 = |
$5,348.69 |
3) Calculation of Amortization of Principal:
| a) Find Amortization Factor of previous Quarter: | |
| (See Historical Data of Mortgage Trust) | |
| Example: | 0.983637363 |
| b)Find Amortization Factor at current Quarter: | |
| Example: | 0.975647382 |
c) 0.983637363 - 0.975647382 = |
0.007989981 |
d) 0.007990035 x $300,000 = |
$2,396.99 |