Embed Size (px)
Citation preview
DPU
A COMPARATIVE STUDY OF THE COSTS OF POST-FINANCE
HOUSING CREDIT PROVIDED FOR THE CUSTOMERS OF
KRUNG THAI BANK AND OTHER BANKS
SAMART THONGPHUAK
A Thesis Submitted in Partial Fulfillment of the Requirements
for the Degree of Master of Business Administration
Department of Business Administration
Graduate School, Dhurakij Pundit University
DPU
DPU
DPU
DPU
4.4 ~ H ~ ~ ~ U U ~ ~ U V ~ R ~ ~ P ~ ~ R O I I ~ I W u (Internal
Rate of Return: IRRJ . . . . . ......,............ ....... ................................................
DPU
DPU
A A?%1991
i 4 4.4 ~ G B U ~ ~ U U ~ U ~ U ~ U I ~ O I W O ~ D ~ O ~ ~ ~ T U U O ~ R U & U
I .ooo,ooo uin r-niicsuimr n1-r Ynuh~uini~
uu~nln$ uuinna1.r uuint8n imz~uirnnawi:n'o
R I U ~ J Y ~ Y IUSIULL~~~ 207 .................................... ... ......................................... 82 u A . 4
4.5 id?uut~uu&uqu%u~aolw onodo~fiuvo~fiun'u
I ,ooo,ooo uln r ~ n ~ ~ ~ a u i n ~ s n y ~ ~ n u n ' ~ ~ u i n i s
UUIRIW~~ 1u1~nm.1 VUIRIRR ~m:nu~rnr~awvn'a e 4
Pll iJ~l~Il Iu~:uzA?~~~$ 25 d .............................................................................. 85 P A 4
4.6 id~uu~~clu~u$u~ui.ao~vtonodoi8fluos~un*u
i .ooo,ooo uin szniir suimr n;sYnun"'u~iu~nif
DPU
d PIlJI~vl
4.10 A ~ ? & J Y I ~ U ~ ~ ~ @ I ~ ~ W ~ P I D ' U I I M U (Internal Rate of
Return: IRR,) T ? U T ~ I E S T I I I Q U U ~ ~ U ~ U ~ ' U I ~ D
500,000 'U1M 1,000,000 'LllW 11IX 3,000,000 uln
naa~~zur~~rn{m1uoiq8qqi 20 YI 25 3 303 4 u o ~ a u i n i r n ~ ~ l n u i i u s ~ 1 1 ~ ~ ~ 0 ~ ............................................................... loo
5.1 A d ? u u k d ~ u ~ i t ~ d ~ ~ ~ 5 1 ~ n ~ 0 f l 1 1 ~ ~ (IRR,)
~ ~ n i 1 a a u 1 r n r n ~ ~ 7 n u n ' p 1 ~ u i n 1 5 ~ ' ~ ~ ~ ~ 1 ~ 1 ~ pl w d l , lu~:u:~~rngmunq~iw~1~~fiw .. .. . . . . . . . . . . .. . . . . . . . . . . . . . .. . . . . . . . .................. 104
DPU
DPU
i 4.4 h~o?nuiu^wui rnrud?uu~~uufiur]u%u~ao~won~~o~~tlvo~@#~~rn~
au~ni~nl.rhuriuaui~ du 9 4
YoYlVUM UIU fTlUI50 W O S A ~ ~ d d B
a?o~runei.jnpri w ~ . m . r . o R a i ~ w ~ ! M # ) d 4 4 M W
o~oisuwdr nui iw rn. nmu w4d?$t1 m u I ? T ~ u3n1rqrZo (n~sK~nisrnsGu)
Snir#nlrl 2550
~ l ~ ~ 3 r n r a u ~ m r n q t l ~ ~ ~ ~ ~ u ~ n ~ ~ ~ u Tnu~fiuu~biuuo~n~ai~floqsJ'pd (Present Value: PV) Y Y Y
lJ84n0nl~Cl yaFhlu€iulnn (Fume Value: FV) l ~ 0 9 ~ 0 n l i i ~ ~ m ~ l n ~ n l ~ ~ ? ~ (Interest Revenue Y Y
Rate: IRR,) U O ~ * ~ f l k ; ~ ~ ~ ~ I B ~ ~ ~ ~ w ~ ~ ~ o u I I M u (Internal Rate of Return: I-) U O ~ R O A I ~ U V D P
14n im:su~ms m w ~ G a i n c l ~ ~ h u ~ u ~ a l ' j u ~ d soo,ooo u In i ,ooo,ooo w n iin: 3,ooo,aoo Y
¶JlV IUI:U:L~RI 202 25 3 lln130Y R I U ~ I ~ ~ I I iU1~m5mn~i~11~ lnd19qod i~o~~~n1~~ i~do:~a
r ~ ~ i ~ t a u i m r n ~ ~ h u ~ ~ ~ ~ 1 ~ 1 ~ ~ u l ~ n 1 ' i ~ ~ ~ ' ~ i ~ ~ ' ~ ~ 6 ~ ~ 1 ~ ~ ~ ~ ~ n 1 ' i ~ ~ . % r 0 ~ ~ i I (t-test) Y Y
wan~s?o'un%iwuii 4
1. ¶ J ~ I ~ Q ~ & J (Present Value) U O . ) B U I ~ ~ ~ ~ ~ ~ ~ U ~ ~ U U U ~ ~ ~ ~ O U M ' ~ ~ ~ U ~ B I ~ M ~ 944
uuinnmc uui~ibn ~ ~ n : a u imr~a wizn'a !riiin?~u~lnnpi~tn'u oci i . r i iu 'ad~n'~mlf fopl~
Y B 3 b31Fl~nldfi~¶J (Interest Revenue Rate: IRR,) V O I % U I ~ ~ ~ ~ ~ S ~ ~ U ~ ~ I ' ~ ~ ~ ~ I ~ D U
DPU
d 4. O ~ L I F UUW U U ~ Y ~ ~ I W ~ F I B Y I L ~ U (Internal ate of Return: V O ~ ~ U ~ U ~ U L ' I I O
i 4 I W D W B @ I ~ ~ ~ ~ n i i . r a u ~ m ~ n ~ c ~ n u n ' u ~ u i n i ~ ~ u r i ~ ~ l n ~ ~ ~ n i ~ a u i r n r b ~ u u ~ n i ~ a :
a u m ~ r l a w ~ r n ~ ou6iuru~mr'1wusuim dau~mrn~~hu~~mnwnmouiinu (1-1 iinlnj~
lurru:~?rn{ 203 ~wip~niiau~mr lnuauini~ lurru:t~mi=j JOY kine gan i~ auimr~loii
(xu~ni~uui~~i ln) i~iuPsulmr~~u?lvidu DPU
Thesis Title A Compwative Study of the Costs of Post-Finance Housing Credit
Provided for the Customers of Krung Thai Bank and Other Banks
Author Sarnart Thongphuak
Thesis Advisor Asst.Prof. Dr. Adillla Pongyeela
Co-Thesis Advisor Assoc. Prof. Sirichai Pongwichai
Department Master of Business Administration M.B. A. ( F h c i a l Management)
Academic Year 2007
ABSTRACT
The purpose of this study was to compare the costs of post-finance housing credit
provided for the customers of Krung Thai Bank and other Banks by conducting comparisons of
interest present values, interest future values, interest revenue rate (IRR,), and internal rate of
return (IRRJ of Krung Thai Bank and those of the other 14 Banks to which they consisted of 12
commercial banks and 2 specific banks. These were categorized into 4 groups, i.e., large,
medium, small, and specific banks. The credit amounts used in this study were 500,000 baht,
1,000,000 baht, and 3,000,000 baht, and within the periods of 20, 25, and 30 years respectively.
And independent t-test was used in finding out the differences of each pair of interest values of
Krung Thai Bank and the aher Banks one at a time.
The fmdings could be concluded as the following.
1 . All interest present values of Krung Thai Bank and the other Banks including all
of Iarge, medium, and small, and specific banks had no signiticant difference at 0.05.
2. All interest future values of Krung Thai Bank and the other Banks including all of
large, medium. small, and specific banks had no significant difference at 0.05.
3. Most of interest revenue rates (IRR,) of Krung Thai Banks and the other Banks
inchding all of large, medium, small, and specific banks had no significant difference at 0.05,
except interest revenue rate of Thanachat Bank (to which it was a medium bank) had significant
difference at 0.05 from that of Krung Thai Bank.
4. All hnds of internal rate of return (1%) of h n g Thai Banks were lower than ail
that of the most other Banks of all sizes including specific banks, except that of Thai Bank. That
DPU
was to say the 20-year-period IRR, of Krung Thai Bank was lower than that of Thai Bank but
higher than the 30-year-period IRR, of Thai Bank. All kinds of the IRR, of Krung Thai Bank,
however, were higher only than that of UOB Bank (a small bank). DPU
2 2.4 ~ ~ o u l n ~ u m a 5 ~ n u i ~ n z ~ f i ~ ~ ~ i i o u o ~ d r ~ m n n . ru~uo~a~nm~u~oi~sntdrzmni~uiua~n
w a r 4 nau~unquotnroun~? 6 1 n ~ ~ m ~ ~ u ~ u i u u o ~ n ~ n ~ n ~ a n 0 ~ 0 ~ 0 1 ~ ~ o i n n i d n l m ~ n : ? m ~ i d
d, 49
l l l t ~ u u h a o a n . n u ~ a ~ n ~ ~ ~ ~ ~ ~ ~ ~ u v o ~ Pinn~v nsunfnmrq (2549: 82) worn~dnwd~u J
ri?idrn?iuio.rmr~o~o~$u (Housing Demand Variables) ~uiunn4i~tu1duuodfi'pJ6aiid~
n9oilobd1-r 7 ili%~ 6 6ilobn"x~h n"o
DPU
4. ~ 0 $ ~ m 9 f i i ~ d ? ~ ~ f i ~ m ~ n 1 f ~ ~ 1 ~ 1 !&titi i1m7!ndo~du n n i d ~ u
(Location) dimdR (site) dn-1ams61nl;lu iiazms kainiurnru~u ' * I
1
5 . i 1 a i u r n ~ ~ ' ~ u ~ o ~ m ~ ' u Y X d d3u~ruiiu~uu'iu iia:linuor:rntnrounmq '
~~a:iloo'uriau~nunirm~ifi
6. go bdi f iuu~uu~uuoa?~uin d s ~ u i n i 74116 rnridbuuudn t 2 d
n i . r ~ ' ~ u m ~ i i a : m r ~ m ~ ~ o u n i ~ ~ o n ~ d u d ~ n s " F 1 ~ ~ o 4 n i f ~ o n o ~ ~ i ~ pim.~uTuuiurnri<u
1kdmridduuiida4~wrinon~du ~fiuiu ' J
m i u l o a m r d o ~ o 1 ~ ~ 1 ~ i ~ i a ~ ~ c i 0 ~ 1 ~ o ~ 0 ~ ~ ~ i ~ 1 d 0 ~ $ 1 i ~ 1 ~ i ~ ~ n 1 ' i 1 w ' u ~ ~ v 0 ~
ni~iiaultnzriqfinu1~R~~u~nwioJn1agI~s~~~ n k o ~ n d n r n ~ d n d o ~ ~ u ~ k ; 1 4 i d n i 3 ~ ~ ~ 1 v i 4 4 J
1 u ~ ~ t m ~ m ~ n ~ ~ ~ r n r a r " ~ f l ~ ~ i f l 5 ~ j n " o & ~ ~ d w.n. 2540 I ~ R ~ O ~ Q I ~ U L ~ U I J I I U ~ I ~ * U ~ U ~ ' ~ V U
dd a i fg t in~ w.n. 2545 I ~ ~ U ~ U U I T R U X ~ ~ P I Y C ~ O ~ ~ ~ ~ ~ ~ ~ ~ ~ I ~ ~ D ~ ~ W ~ ? ~ J ' Y ~ ~ W U Y I I ~ U ~ G D P ~ ~ ' Y ~ O ~
* I ox%~luq w.n. 2545 dl$uns;~~osuuoing w .R. 2544 ( w m ~ 1.1) m~sna~ndodoi~iui~n:: P 4
R ~ ~ ~ ~ ~ . ~ ~ ~ ~ ~ ~ ~ ~ ~ R ~ ~ ~ J ~ ~ U ~ G B ~ B ~ I ~ ~ ~ ~ ~ R ~ ' ~ J ~ I ~ ~ L $ I S ~ ~ ~ D I L T I ~ ~ ~ X ~ ~ ~ ' U O ~ ~ ~ ~ ~ ~ ~ U
DPU
i :un~$~n:~kiu?~~p1~ozd?f l6an~nq & i l o i u h d i ? h q n ' u a r i i r i ~ u d ~ ~ ~ n u ' u ~ ~ o b ~ ~ '
n ~ ~ d o ~ u u o . r ~ d ~ ~ o 0 ' i ] ~ ~ ~ ~ ~ ~ 1 0 d ~ ~ 1 3 u ~ i " r ~ 6 ~ 1 n ~ ~ ~ 3 1 n $ 1 ~ ~ ~ ~ ~ ~ a k d ~ B 4.4 ~u'otoin3lnro~wono~~18udo~~w Derived bnand DIARIIR#D~OIF~V ~ ~ : Y I W U $
~afi~ud1~~~uoouA~u~fllodaw1~~~~suo{~woinfln7fluf~i~~~u%J~~w"n14~o.~'~u fiou?i A & A w.n. 2340 ~ u ~ ~ o L ~ o ~ o ~ D I ~ u z ~ ~ ~ ~ u ~ ~ ~ ~ ~ o ~ ~ I ~ ~ o L ~ " ~ ~ ~ ~ ~ ~ ~ t n i i ~ ~ i ~ ~ ~ n ~ ~ ~ o ( 1 0 ' 1 ~ u d ~ ~
d B i d ~mG~?~natiworns ~ i i~ r i iho~ lurz iu t iouht~~ 6 ~ ~ : 1 d u l A o 1 n d ~ u i m ~ u ~ ~ o ~ ) ~ U W D ~ B I ~ U
DPU
DPU
mwd 1.2 ? ~ a r m s ~ ~ ~ u r a ' ~ v o ~ ~ w ~ ~ ~ ' ~ ~ ~ ~ n ~ n ~ ~ n " ~ o d ~ n ~ ~ u w r " W u " ~ ~ ~ ~ ~ a ' ~
DPU
DPU
DPU
DPU
4 A d mwd 1.5 ~ ? ~ ~ ~ ~ ' ~ ~ ~ ~ ~ ~ ~ B ~ ~ U ~ ~ ~ P ~ I ~ B ~ W O W D ~ O ~ ~ U P I O ~ ~ U ~ ~ I S ~ M I ~ ~ ~ ~ ~
i m : o ~ n ~ ~ r i d 1.3
DPU
DPU
1.2 kglJ3:m~dma3OUU
I . ~w'o~fiuutduu~nriitlo~f~'~ (Present Value) u ~ . r ~ l ~ n i ~ ~ ~ o ~ ~ ~ i m ~ ~ ~ ~ ~ ~ ~ n ' ~
2. ~ ~ " B ~ G O U ~ W U Y ~ ~ ~ F ~ I I M O U ~ ~ ~ ~ (Future Value) U04FlQnl$UU016UlnlSfi19?WU
3. 1 R o n ~ u u ~ 4 u u ~ ~ nnoniduf'u (Interest Revenue Rate: IRR,) u O~ROFI I& :UUO~
su~mrn~t Ynutiusuin31Bpd
4. 1wdoid4 uu~~uu~ns~wam~'1111nu (Internal Rate of Return: 1%) UO~RORI~U:UUD.I
auinirnT.rYnun'usu~ni~6u
1.3 g l f l d f 19dfll3%EJ
I . ~ n i d o g l j u (Present Value) u o w o n i & u o . l a u i m r u
~~wndisn'pd
2. qn~ii'luouinn (~uture Value) V O ~ R O ~ ~ ~ U U ~ ~ ~ U I ~ I ~ ~ ~ ~ ~ W U ~ ' P I ~ M I ~ ~ ~ ~ U
~ ~ ~ n i ~ ~ f i u Y B
3, bnnontiius'y (Interest Revenue Rate: IRR,) ~ ~ ~ n u ~ r n ~ n ~ ~ ~ n u T i U ~ ~ i n l f BU
~lmnd~+Yu
4. 6anwanourmu (Internal Rate of R e m : 1%) uE1.11~1~llf1~ 41nu6~6ulm56u
1rwndiq6u
DPU
DPU
DPU
2.1.1 ~ I U ~ ~ R I ? I U ? ~ U ~ I T ~ " B ~ ~ ~ ~ ~ O ~ ~ I ~ U ~ u ' o ~ a i n C ( o ~ o ~ k u ~ ~ u ~ ~ o ' t ~ n u " ~ ~ u d ~ ~ ~ ~ ~ ~ u W r ~ ~ plln.rriC/odo~le:m joub
J d m J qdtftn'uod~u~du 7 ~ o r ~ n ' o - l ~ ~ ? u d r ~ n 0 ~ 1 ~ 0 ~ d ~ ~ n ~ ~ v u ~ ~ u ~ ~ 0 ~ ~ q d f f ~ $ 1 1 n ~ ~ u ~ ~ n'o I
1 i ~ 0 d ~ ~ ? l ~ b ; o d m 3 (Wanmeed) ~ ? A V U Lm:: ~ ~ I U I Q & (Purchasing Power) R l U l n I
DPU
dd w I ] 5 : k l & ffquc-bnad (2534) nril?il dododu (Housing) I ~ u w ~ w ~ ~ I I u ~ ~ ~ ~ U :
d A 4 du~on (Unique) I ~ W I ~ I ~ Q I ~ W ~ W B ~ ~ ~ U 8 o ~ ~ i u o d o i b ~ a i o . l n q ~ ~ f i ~ n w ~ n ~ ~ i d ~ ~ n ~ ~ ~ u ~ ( A ~ U d A .I
Y U U o i ~ ~ 1 3 u n i w u i n n o u ~ i u ~ X i ~ ~ ) nquu 1nun:mn r u
4 a &u%hod r j lu~~uwaw~nn~onu~~~i jna~uw~nw~iauiu (Very Durable ~ o o d s ) ~ 1 ~ ~ 1 4
d d a drzTuau~b;u~uo~o s o 3 8 4 loo d nu AwT~:a&;.r ~ ~ i i t ~ n l n n l ~ ~ w u ~ ~ n i ~ f ~ u n ~ 90 una
~ ? n i a i o ~ o ~ r ~ u l u ~ d n s i i ~ 7 d l 4 r i u ~ ~ d n ~ ~ 1 A u i o 1 n ~ i u ~ u u o . r ~ i u ~ o ~ o 1 ~ ' u d ~ ~ ~ ~ ~ ~ a t 1 ~ 2 4 A h ~ 7 ' 1 ~ 1 8 ~ W ~ ~ I ~ R $ ~ U U ~ R I M ~ ~ ' U I U O ~ ~ P J ~ ~ (Bulky Commodity) $ ~ ~ ~ D P ~ ~ I T / D H $ I ~ ~ ~
nrnaud;~~uri?ulnqj k~uirmmnlmzilob~taRdooJdu 7 rnuisclriolnY1~nn101du~I]p1s~n
cions:uaufiirw~rnl& ~rn:u'~uidu~uRi~ih I ~ I I ~ W Q I ~ D ~ G U Y ~ ' I J ~ ~ U ~ ~ * ~ ~ U I A ~ U I I O J ~ S ~ ' H I ~ J
(niliinu) ri1niud~:.a~n~li~u1wOt;~1da nmr~;udodoi8~luoioQ:~~ni~riul#li '~3vo~w~n
i u i n a ~ u d ~ h ~ 2 u m ~ d ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ I L S U ~ Y ~ ~ ~ ~ U U I ~ O Y ' I U I I ~ ~ ~ ~ U I W ~ O I ~ ~ X U I ~ ~
&dmbmudd;oamr
ri~rj,,iuniin'~~n'q'~~iZ r i i r ~ o n ~ i u ~ a i o . r r n r d ~ ~ ~ i ~ ~ u ~ ~ i l ~ ~ ~ i ' ~ ~ u ilurnrdupiir l o
DPU
io.mmrf!odo~b~zau ( B ~ c ~ I O ~ ) ~ ~ ~ ~ N I ~ W P ~ ~ ~ ~ I ~ ~ ~ U ~ ~ W ~ I S ~ U ~ ~ ~ ~ ~ ~ J ~ O ~ R ~ ~ doi81&1
If fD4iU ((Housing Needs) U O ; I R ~ ? L ? O U I ~ ~ ~ M ~ ~ U ~ ~ ~ 5 341.ln1h (2545-2549) anan:: 300,000 ! W e wi?uhdsclnn o : ~ d u l ~ ; i ~ n ~ ~ u ~ o ~ r n ~ ~ o ~ o ~ ~ ~ t ~ n ~ ~ o ~ 1~mu~ubohrinuo~i loo'~1~~8~
24 4 4
qdn r rnuo~mr i i ~odo - /~ idu n n u a c u . n r n i ~ w ~ ~ m ~ n ~ 1 ~ ~ 1 ~ 1 ~ 0 1 u n 1 ~ o ' i u 1 ~ ~ ~ n 5 ' ~ 1 ~ ~ ~ a
w n o ~ ~ n u o i n r n ~ ~ ~ n r v ~ i i ~ i ~ ~ ~ ~ ~ ~ m n t ~ u 1in:nnuli~unt'luo13wiflu~u atiloiunu
~ n d ~ d o : v i ~ l n ' n ~ i u m 1 J i ~ o l u n i ~ ~ d ~ ~ n ~ a ' u v o ~ a ? a i 3 ~ w n w a ~ ~iri:Iiivn~G!onu~fiu"n 1
~ ~ u i a w i : n ~ u $ ~ ~ ~ u ~ # d o u o i ~ H ~ ~ o ~ o i ~ ~ ~ ~ ~ ~ n ~ z u u ~ ~ 8 u p 1 i ~ n i ' 5 i i n ~ ~ ~ l i ~ u w i . r f l i ' 5 u i n v u
n?iudin tms (wants) Iun~1unu1urn~3n1~ru~fi1firnf M R I I U ~ S n?iu+iisnu~d
~ z ~ A ~ I $ - ~ ~ ~ ~ ~ ~ ~ I ~ o ~ ~ I ~ ~ ~ D ~ o ~ ~ ~ ~ u I w L I R ~ u ~ ~ u k ~ l d ~ t 6 q i ~ 1 u ' ~ ~ oi1411~ b.rn31liiinnd14 i d 5zni1.rhi1 Wants kin:: Needs o~i-r<mvil~n ku ~ I ~ s I ~ Q ~ ~ ~ ~ ~ M D ~ Q ~ ~ ' u ~ ~ ~ u u B ~ ~ u ~ ~ ~
Z A - 4 , 9 v 4 a~:o~uirnd~u.anntJu?i ~ ~ r i o ~ ~ r a n ~ o ' . r n ~ ~ u ~ ~ ~ ~ a ~ t ~ ~ ~ ~ a ~ ~ ~ i ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ u ~ ~ ~ ~ u ~ ~
a ~ n i u 7 ldi q n r i ~ ~ u o . m a i u ~ m n i ~ ~ ~ ~ ~ i ~ ~ n a i p ~ ~ o ~ n i a (wants) liunmuii~gu (Nc~ds)
n id i i nnun"osmr19u l i ~ ~ i n i ~ ~ ~ i l o . r m r d 9 u A Y n l n r u n . r ~ u l i i i i ~ ~ ~ a ~ ~ ~ ~ ~ n 1 ~ ~ ~ a ~ 0 ~ ~ ~ 1 ~ ~ ~ ' 0 ~ n ~ ~ ~ n a 1 0 ~ ~ ~ 9 ~ ~ ~ 1 ~ ~ 1 0 i n n ~ i ~ ~ ~ ~ ~ n 1 ~
J uotd~nd~rino:tio9X15wnaiuio-rnisvo~B~lp.p%1~na~uniuw~.r ~ ~ n ~ . ~ P n Y ~ i i u i ~ n ? ~ u i o q n ~ ~
d : 42 J -2 2 pl dad r * . ¶I
Ida n 4 d A uoqu yuuuumnnuqnliu~n i u o u n ~ ~ ~ ~ n ~ n u ~ n ~ & ~ m s d - r u ' u Y U U M P ~ U ~ R idu ~ U M U M Q ~
* d u 2 2 1 , mP7uodtlbq ~im~uourns~id~;nui;n~oun?alw ~ i ~ ~ o % ~ ~ ~ s n ~ ' i ~ ~ a ~ n a ~ u ~ ~ ~ d u ~ ~ ~ n i ~ o n o ~
DPU
2.1.2 n q u ~ d u ~ ~ u r n r l ~ r n ~ i ~ ~ ~ ~ ~ u
Jnriun' dr 006 (bl141u Boeree, 2006) h ~ a ? n u l ! # ~ n v ~ l l n t l n f i t n ~ u ~ ~ n ~ ~ ~ ~ o
(Freud's Theory) ! 6 ~ 4 f l ~ ~ ~ ~ l u ~ + h 1 ~ 5 ~ w 8 ~ ~ u ~ 1 . r ~ n o ' ~ 6 d ~ ~ 1 i 1 ~ ~ m ~ ~ ~ n ~ 5 ~ ~ ~ 9 8 1 ~ ~ ~
hri~ulw~t8uinliic~;n i~vi11l;u y u t l ~ m u ~ r ~ i u " ~ l ~ ~ ~ ~ ~ ~ ~ t ~ ~ ~ ~ i ~ t ~ ~ ~ ~ ~ i ~ ~ ~ p l ' n 445 s 4,'
Innand~unilifuouIa (Laddering) ~ ~ + ~ ~ ~ ~ u ~ % D u ~ u ~ ~ ~ ~ . I ~ . I I Q u o - I ~ ~ ~ ~ ~ o I ~ ~ ~ ~ B ~ ~ I ~ ~
B 4 Wdm~onnBnnmo 7 m.r mom E ~ O I B O ~ Q I ~ ~ ~ ~ ~ ~ O ~ ~ U ~ ~ ~ I ~ I ~ I R I Y U
a u w
n~~ufdnmaoiru h~;rnulo.rdo.rm~i1n:J11Jdmr6nGulo 4!tnqullumaduuffug~u
n ~ 1 u b a m r u o . m u ~ ~ ~ 1 ~ ~ ~ 0 ~ 1 ~ 1 ~ ~ 0 5 ~ 1 ~ n ~ ~ u ~ ~ ~ m r u o . r u ~ ~ ~ l ~ w ' 1 u o i 1 ~ 7 !&Suorj~~
A s ~ u o ' ~ n ~ i u b ~ r n s u o ~ ~ ~ ? ' I n n ~ u X ~ ~ ~ a 7 n'au
mnln i (t1'1.rlu??arror inifmi iln-na-zs41) rinia5nu17M8o~1iiwzflQianq~i I Y
U A W
~i~3tjy114.1~910 (Maslow's Hierarchy of needs) I S U M ~ Y ~ M I J O ~ Y U ~ U ~ ~ M $ I ~ I X I ~ ~ ~ ~ ~ nnu
s i o ~ n ~ ~ u o . m u i i n ' n ~ m ~ ~ f l w i ~ ~ u ~ w ~ o u i~u~~u~duouiui~n:w"upJ81~~~~~u~a1d'1unis
Rli1iiun?1udio4msr~~$'~13lnn ~ . r i ~ u ' ~ n ~ ~ u ~ o t r n ~ ~ ~ ~ i d ~ ~ ~ a " ~ n i ~ ' ~ ~ l n n i u ~ ~ v o ~
{u'uilnn u i n h i 1&kiit iun~1u&o~niavoqu~~u"%5 5 {uolou n'o
1. n?iuiotms~itGiius'i~n~u (Physiological Needs) L ~ U ~ ~ ~ U ~ D ~ ~ ~ ~ I ~ & I U ~ ~ ~ :
A Y Y
non31undron ~ t ~ o t d u n ~ ~ u i a t r n r ~ u ~ " w ~ i u d ~ ~ 1Eiliri o ~ r n s ;I m+o.rrjadu da i~18u t 4 . 4 ~m-u~fnlnlsn u y ~ ~ o ~ o ~ ~ ~ ~ ~ ~ ~ m n u ~ ~ ~ ~ ~ ~ n ~ ~ iuou y~&~niwu3ns~uiai~a~~n'm idu
i i i juB~R~ i j l ~ m i ~ i + ~ ~ uYY6~:&n~l$wfw(nnq~iadai1~d~n'mLwd1~uwaumuo~na~u Y Y
~ ~ J ~ ~ I U $ U ~ U ~ I U L W ~ I $ ~ O U ~ ~ W ~ ~ ~ ~ ~ ~
2. n ~ l ~ ~ o c r n s n 3 ~ u d n ~ w ~ ~ (Safety Needs) ~ S U ~ ~ I U # Q ~ ~ ~ # I U ~ ~ I % I ~ O O W ~ ' U
3. flalll~o.lms~lun?l~~n (Belonging and Lave Needs) LSUR?IU~O.IRIIVQP u ubdouinoziguduoui~~ iki~urn~uin n31uw'two1ooinr$u nmun~nsnlsn~mmiu~nd
DPU
DPU
i - 4 2.1.3 ~ n ~ u z & l d u o ~ ~ w n ~ ~ w ~ n a i ~ i ~ p I
dr 4 i 2.13.1 ( ~ B I U I B J ~ I ~ O ~ W ~ ~ B ~ I ~ ~ P I
i i d 4 A c 7 u ~ r o ~ n o n o ~ o 1 i ( u ~ ~ 0 ~ 1 ~ ~ ~ ~ 1 ~ ~ ~ ~ 0 1 ~ 0 ~ d ~ n n - ~ 3 1 (conaumn d i . 4
credit) I ~ u ~ X ~ Y w ~ ~ ~ m d i j ~ m ~ ~ ~ ~ ~ ~ ~ u n ~ ~ ~ i ~ i ~ u n i G o I W B ~ D M D ~ ~ ~ W ~ U ~ ~ ~ I ~ U
a B . ac1~unu . r1u~o~u8uo~f l i r~~s t~?~ iiz~u:nmlun~r~ui-i (Long tern credit) IRU; wn'nnin6~id~ztiu (secmd credit) ~ ~ u ~ n ~ a i ~ f i ~ ~ ~ & o ~ n ~ ' s ~ o ~ ~ 0 6 0 ~ n i ~ d O n f l ~ i ml
.4 ~~srw68;uaz~ll i~ni~+i' i :oonA9u~aR 7 ;rxinrnu~~n'ou ~ n u $ ~ r r ~ u s ; ~ W s ~ o u ~ o n i ~ u i ~ ' o u
~ E A ~ I q 6u (Installment credit) f l i l ~ i u ~ l d ~ l l ~ n ~ $ ( ~ ~ U I H ~ O B R A I U ~ ~ ~ I ~ O ~ ~ ~ ~ U ~ ~ ~ X I ~ R
A l ]5~m~~~$l~¶J?l5:~:~3nl (Minimum Loan Rate: MLR) ~ ~ ~ ~ ~ d d l l ~ 1 1 d ~ 4 ~ 1 ~ d 5 ~ f l 1 ~ ~ 0 9
3UIR75 i i$
2.1.3.2 A A 4 'luniruo~~u~ro~won0~018~ &I iinpJsrmM19 7 iiu kd
i aY $ 9 d 1 1) IWQ~IOCIU, B I ~ I T I ~ , rn7ulaw nrooinimiGru'
2 ) dBfllr#14U*l~ ~ ~ U ~ ~ ~ I O A Z U W ~ D S ~ B U I I J U ~ D ~ O ~ ~ ~ J U D ~ P ~ W ~ O ~
d i 44 3) w o r o n m u n ~ ~ ~ d q n ~ f ~ ~ ~ ~ ~ ~ ~ ~ ~ 6 ; ~ ~ ~ d n ' u ~ i n ~ ~ ~ ~ ~ ~ ~ i ~ n ~ i ~ u
n&iu8u n?aull~nn~1~fiiulun'11a~3uafiu 4) LdOm1flM~lWdD!il5:Md1"1 (Refinancing)
di 4 4 4 2.133 ( I J ~ J ~ D ~ w w u ~ ~ u w o P ~ u ~ ~ ~ ~ w ~ P ~ ~ ~ ~ ~ ~ ~
d 4 ; w p r 4 i i u ~ a o ~ r r o n ~ ~ o i 8 u ~ ~ ~ d ~ ~ i n ~ 1 ~ u ~ w ' n ' ~ ~ f ~ ~ w ' ~ ~ ~ ~ M : ~ ~ u ~ ~ i ~ ~ ~ ~ ~ l ~ ~ i ~
I ~ L . pnX~Q+~'uim~Xo3i7dd9 (%an nqmuiuir, 2548) 6 d A 4 4
I ) h ~ 2 ~ L h f (Amount of loan) S U W O L W O M B ( ~ O I ~ U U ' U I ~ M Z U A ~ D ~ ~ ~ ~ ~ ~ U L 2 ; d o u & ~ r r ; r u ~ n ~ d o ~ ~ u f l n ' ~ ~ ~ t ~ ~ % I ~ ~ a d i ~ ~ n f l d 7 mu iuo.ro1n~odo18ui9uniwu"dud~
nniimruindqn~uf nuo.rnu~~unLI1~ I n u i i . S r ' ~ d ~ u ~ ~ u d u w a i u 1 P r ; ~ n ' ~ ~ 0 ~ ~ ~ 1 ~ ~ a ~ 1 ~ 0 ~
nsouni?FiomZou 1 Xirruin rnnnsouni~~udd
rlu!bir?an'u 20,000 UIM i / i l a m a j i r l m d o r j o ~ f i ~ . r n i ~ n u ~ ~ i o i ~ ' o & 50 i t i~ tnia
dxlnol4.z ivi3nuli~?urioY) $9 ~ ~ C ~ ~ ~ ~ ~ ~ B ~ ~ I ~ I ~ ; ~ ~ ~ I Y U ~ B ~ I U I ~ Y B ~ P ) ~ B U ~ T ~ * iAns d 0 w e . u ~ n r r i ~ ~ n ~ d s ~ m m ~ n ~ n ~ a ~ d o ' ~ ~ ~ d ~ ~ ~ i ~ u ~ ~ ~ a ~ a ~ u ~ f l ~ ~ ~ ~ ~ ~ u
$ 4 &ifu lumrrono~mn5ut~rru0~~1~11~ d ~ ~ ~ ~ v ~ l ~ ~ ~ ~ ! d i i ~ l j n ~ i ~ i j u
1duarro~a~~odi3duaw1du51n~ ~ 1 ~ 9 u n * o ~ o i r i u r n ~ ~ i f ' ~ 0 ~ % 1 ~ 1 ~ ~ 1 n i u ~ ~ W d ~ l a u i j u ~ n i A d u d 9 ~ ~ ~ ~ ~ U ~ ~ ~ ~ P ~ ~ U ~ ~ ~ R ~ ~ W O ~ O ~ ~ U ~ I ~ ~ ~ P ~ D I ~ ~ ~ I ~ ~ ~ I ~ ~ U I ~ U M ~ ~
DPU
a 4 hudnn' ?c13u{rw n n o ~ a i k u ~ u ~ ~ ~ ~ ~ ~ n i i ~ i ~ ~ ~ ~ ~ ~ n ~ i v ~ ~ ~ ~ ~ ~ ~ ~ u d ( n i i n n i w ~ ~ u ~ i ~ u o . 1 ) . ~ ~ T ~ ~ ~ ~ ! ~ ~ P I ~ ~ ~ ~ Z O ~ I U ~ ~ O ~ ~ U ~ S : U ~ ~ ~ O U S ~ L 70-85 uowm
d B . I roviun~o~nri in~nniwldi iuo.r .a.rdmkludrin~unii *4gfili=umi'~u&ioyadl
4 Y ,
na'nd~ziiuq- n?o ~ o a n to value ratio (LTVR) T ~ T R U ~ ' ~ ? d t i b ~ i i ~ ~ i ~ u i i ~ ~ ~ a u ~ n ~ ~ i i ~ ~ d Z 9
( I I J ~ ~ I ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ u ~ B U ~ U ~ M ~ W ~ ~ U ~ ~ * O ~ auirnriiddu:in?iutiu91uni~$;i9~i~~wd
Iln:n.nuidu.rrion~fi~w c4flqtyH1wda'muln77 (Mangage deficiency) !Ai~rinrii~nifiij~GnQi~:
n ~ i 1 n ~ n u 1 m ~ b ~ ~ ~ ~ ' 1 ] d 1 ~ 0 4 ~ 1 ~ f l ~ ~ ~ 1 n 1 ~ ~ . n ' ~ d f zfl'u siulAoinm5d~r auiun5wu"iiu~~ ,Ypl A~ a 4 1 I i d u w n d n n u n i - l n ~ (i4ijuiu;uun:RnniU'uminm'uw)
4 4 2) 5~~:17TIl{ em of loan) I U O ~ O I ~ G U $ W O M D ~ D ~ # U ~ ~ ~ G U ~ ~ ~ G ~ U
B u o~uu~bui ju{r~uzu~~ (Long tern laan) dii~:u:i7mni~+i~~n&w (Repayment period) uw 4 dW 4 9 Y Y c r . i .rni~~uiBoqnna~sz~nmdudawluw Tnuui?uiuk 20-30 ~ ~ u ~ w o l n ~ ~ u n i i ~ ~ ~ 7 u i
~is4wollrirnsdis:~u9a~f IU~$QU!# 0 d 1 4 ! 3 8 ~ n ~ ~ r n l j U m ~ ~ ~ d ~ u ~ ~ ~ ~ n o ~ f i i n u ~ ' 1 n *
r - u ~ ~ ~ r n ~ 4 . r i f onu~rnyuoc~{~~&a!i~iiu 60-65 B idu wini@niijoly 40 'I ozflCigtqn 20-
25 7 18uiu ~ u w ~ u & v i ~ i i u ~minonLiulrilriu i ~ r : u a ~ r n ~ ~ u r v i i ~ n i j u c ~ a i i o z i i i ~ u ~ u
nmcdlh o h I L ~ ~ u I ~ ~ u D J ~ w u o : ~ $ ~ ~ u ~ u ~ * ~ J O B ~ i ~ ~ f i n o z ~ 8 o n ~ u i u d ~ z u i f u 15-20
3 ifIud?uln~ d s
3) Fh37ROnl;Ui4U{ ( ~ a r t ~ a ~ e rate) i l 0 ~ ~ u j u n m l j u ~ a ~ u ~ ~ 9 ~ ~ ~ ~ ~ 1 5 Y ,
l i i n u ~ l ~ n n n o n ~ 6 ~ 2 ~ { 1 d o ~ ~ ~ O I ~ ' U W ~ L ~ W ~ I M ~ " ~ W ~ I ~ H ~ I ~ ~ ~ ~ L ~ E ~ ' L I ~ ~ M ~ I ~ ~ ~ ~ I R O ~ I ~ ~ ~ ~ ~
Lm-nou~?lw"09#qn~ihdon~qioldd
( I ) fiU{&~Olf i ~ a n l & n ~ u h (Floating rate loan) YIUIU?~ fi~{dfill'l~*
6minanGhiuunnuh n"oiYfinnnnhiud~7rlun N i ] ~ ~ l j U r n ~ d ~ ~ m ~ ~ u i n ~ ~ Tf iu~nbr l A
n o n A ol i u d v i 1 ~ ~ n 3 s u . a t d o u i I u ~ ~ ~ v o s ~ ~ q ~ ~ G u (15-20-30 Y) o io o:iimrdfuudduu 4 d n r o u u n ~ ~ ' m u n m u n 1 ~ a d " ~ ~ 1 ~ ~ ~ ~ i 0 ~ ~ ~ ~ ~ 1 1 ~ n i ~ ~ u ~ 0 ~ ~ 0 i s J ' ~ n 1 ~ ~ u
Y A A d Y
d n l ~ ~ ~ I ~ ~ ~ ~ ~ ~ ~ U ~ I L ~ ~ ~ O ~ ~ ~ ~ I M Q ' L I ~ U ~ T O A W O W B ~ Q ~ ~ ~ V Q ~ ~ ~ ~ ~ ~ ' ~ Y r Y
~ a ~ ~ m s ~ ~ h ~ ~ ' n s 1 ~ 0 n 1 ~ ~ ~ 1 ~ n 6 1 ~ iu~fiXiQw3 (Minimum lending rate: MLR) n;0&5I Y r u
nnn~duuiiqn81n?ugnX1~iud~uiu~ (Minimum retail rate: MRR) 1~tJ~ulJ14lln'.l gml A cl Ronlduiju{~~uunou~~Lwow~do18uo:~vi1~~ MLR/MRR n ~ o u ~ ~ ~ ~ ~ t o i o o : h i n i ~ ~ i o ~ ~
ni18Y; iwi~uszut. 3 - 4 quid a u i m s i w 7 ijnmwn~io~nrn.rmr~uq~~1a:~n7111i~~uni~ d -7
da'sul9ui$otiuu1n r i i ' l n ~ o ' n n n o n ~ f u ~ u ~ i w 0 ~ ~ ~ ~ 1 ~ ~ 6 i n ~ ~ MLR q.r<ui~ifluo'ns~
~ ~ n ~ d u ~ ~ { d d 1 n ~ i 1 ~ ~ ~ d 5 : b n ~ 6 ~ 7 i w u n
DPU
I
(2) iju{41inoni6untdmnom~~m (Fixed rate loan) M U I U ~ ~ fi1.14 1 f i i ~ u ~ ~ n ~ ~ f i a n ~ d ~ ; l l ~ u w n ~ ~ H i o m 1 ~ ~ a a i u d ' i : n i ~ ~ o 9 ~ n ~ s ~ " u n i ~ ~ ~ ol uol:t i m u l r i
(3) ~ u { b s 1 n o n 1 ~ u n ~ ~ 1 ~ a ~ n a t l n ' 3 ~ ~ 1 ~ 6 ~ ( ~ i x d rate loan) ZU(~FI>I
~ ~ ~ ~ ~ I ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ U W L ~ U ~ ~ ~ ~ R D ~ I ~ I I ~ I P ~ Y A O I I ~ ~ ~ ~ ~ ~ ' Y ~ F ~ ' ~ ~ R O ~ I ~ U MLR n l o MRR $4
DPU
%Ulfllf
1lfilltI~1flll~6
- i lYY I
- l lYY 2
- llUU 3
- 111111 4
- 11UU 5
- llUU 6
anu8u
InuniGwi
- il11u I
- 111111 2
- l lYY 3
n t ~ h u
nt.rlnw
- I lYY 1
- llUU 2
- l lYU 3
- I l l lU 4
n3nrlna
- IIUU 1
- llUU 2
- l lYY 3
n~lf ' lnu
nq~rr'iotp~l
gla!
unmnwlno
-ltulr I
- LLUY 2
~i 1
3.25
4.50
4.00
6.00
5.00
5.25
3.00
3.25
MLR-1.50
MLR-2.00
3.75
3.75
4.00
MLR-1.50
MLR-2.25
4.00
4.75
4.75
3.25
3.25
I ~ Q U 7-12-2.99
MLR-1.75
MLR-1.25
34 2
MRR
4.75
5 .M)
6.00
5.50
5.25
4.00
MLR+0.75
MLR-1.50
MLII-1.00
MLR-0.25
MLR
5.25
MLR-I .5O
MLR-I .OO
MLR
MLR-I .50
MLR- 1 .OO
MLR-0.75
MLR-0.25
MLR- 1.00
MLR-0.25
MLR- 1.25
-
ad 3
MRR
MRR
6.00
6.00
6.00
6.25
MLR
MLRM.75
MLRM.75
MWi+0.75
MLR-0.25
MLR
MLR
MLR
MLRQ.50
MLR
MLR
MLR- 1.00
MLR-0.50
MLR-0.25
MLR-I .OO
MLR-0.25
MLR-0.25
Y
Cmiasn~i7u 3 2548
4 d dm 4
MRR
MRR
MRR
6.00
6.50
7.00
MLR
MLRM.75
MLR+0.75
MLR+O.75
MLR-0.25
MLR
MLR
MLR
MLR
MLR
MLR
MLR
MLR-0.50
MLR-0.25
MLR- 1.00
MLR-0.25
MLR-0.25
4 d p l ~ l 5
MRR
MRR
MRR
6.00
7.00
7.00
MLR
M W . 7 5
MLR+0.75
MLR40.75
MLR-0.25
MLR
MLR
MLR
MLR
MLR
MLR
MLR
MLR-0.50
MLR-0.25
MLR- 1.00
MLR-0.25
MLR-0.25
~4 6 6$~8~!d
MRR
MRR
MRR
MRR
MRR
7.00
MLR
MLRN.75
MLRN.75
MLR+0.75
MLR-0.25
MLR
MLR
MLR
MLR
MLR
MLR
MLR
MLRQ.50
MLR-0.25
MLR-I .OO
MLR-0.25
MLR-0.25
MI,Rfl4RR
7.00
7.00
7.00
7 . 0
7.00
7.00
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.50
6.50
6.50
6.50
DPU
A 4) n15fj%:~~ui1n~nd3:fi"u (Property valuation) f l d n i ~ d i ~ f l ~ u ~ ~ ~
4 d Iwonodolduih s u ~ m s ~ i ~ ~ u n ~ o ~ ~ n l ~ ~ n i ~ d ~ ~ ~ ~ ~ i ~ ~ a r ' ~ ~ i ~ u n ~ w u " ~ ~ ~ ~ ~ d ~ T ~ u i h u
4 v v 1 ] ~ : 6 ~ ~ 1 0 ~ 6 ~ l m ~ 1 0 9 ~ ~ ~ ~ 1 9 ~ ? ~ ~ d 5 : ~ ~ ~ ~ ~ ~ : m u ~ o n . a ~ ~ g o : ~ o ~ ~ u r n ~ : ~ i ~ ~ d i u ~ u
~ U - I ~ I S
o l f i l ~ f l 4m73d
B B U ~ U
'Iw uw?fu'~u'
- ILYU 1
- LLU'Y 2
- LIUU 3
~ T ~ Y W U f JSAP1W
- i lYU I
- t!Ufl 2
- ILYPIPI 3
- LL'LI'FI 4
n3n.i'tnu
- IIUY 1
- L L ' L I l J 2
- LLUfl 3
~ ~ 1 5 1 ~ 1 ~
~ ~ ~ S & S ~ S U I
g l o i
U R ~ H B ~ ~ W U
a i 1
MRR-1.50
5.00
4.25
MLR-1.25
MLR- 1.75
4.004.50
4.50
5.50
MLR-1 JO
MLR-I .75
MLR-2.50
MLR-1.50
MLR- 1 .OO
4.50
4.50
tiau 14-3.49
dau 7-12-3.99
4.99
14 2
MRR-1.25
6.00
MLRM.75
MLR-1.25
MLR-0.75
MLR-0.25
MLR
6.50
MLR- 1 -50
MLR- 1 -75
MLR
MLR-1.50
MLR- 1.00
MLR- 1.25
MLR
MLR- I .OO
5.99
Y
6fl57fl0flLi~
$4 3
MRR-1.00
MLR
MLW-0.75
MLR-kO.75
MLR+0.75
MLR-0.25
MLR
MLR
MLR
MLR-1.75
MLR
MLR
MLR- 1 .OO
MLR-O.50
MLR
MLR-1.00
MLR4.50
2549
3; 4
~8u8uId MRR
MLR
MLR+0.75
MLR+0.75
MLR+0.75
MLR-0.25
MLR
MLR
MLR
MLR
MLR
MLR
MLR
MLR-0.50
MLR
MLR-1.00
MLR-0.50
MLRIMRR
7.75
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.75
7.75
8.30
7.75
DPU
DPU
Y W
fi4G G ~ 4 3 f i f ~ C I A ~ O U O ~ U I ~ M ~ O ~ B U O ~ ~ I ~ ~ ~ ~ U ~ ~ ~ I U 3 $3llfl'i~5fl !&lbf;
34wut ~ m m o n iinrrzutl~me rqu74f iu~q, ~u43mozq4 gmplsinnnduqs GU.I?A~;O:
4 qq imzn'lr:u:lxnfj$u Gu.r?n;ia:uinuu
nri{kkuu5mTlmoniiuwnu~a n o i f l u r n ~ ~ ~ u ~ i ~ u l n ~ ~ f i ~ w ~ u ~ a w ~ d 0 1 ~ Y .
~ ~ u m s t i ~ u ~ o l i j u c ~ n ~ ~ n ~ ~ ~ i m ~ n ~ ~ e l ~ ~ s n i ~ ~ i u t ] ' i i ~ d u ~nanni i funludr-rnn J B
6.5% t ~ a ~ n ~ ~ d ~ u ? r u ~ u c a ~ o i o o ~ ~ m ~ ~ p 9 ~ 1 n ~ n ~ ~ u ~ ~ u n 1-2% ~nun^n$o'nn 7.5 ' l a * J n?o 8.5% 18uiu n'aulw o ~ ~ u m ~ i l o 4 n ' ~ n a 1 9 1 b d ~ 9 1 i i l 1 f ; ~ ~ n ~ ~ i o ' ~ 1 ~ ~ ~ 0 n 1 ~ ~ 1 ~ ~ v u 1 u
X muniiq ~ f y o z ~ A ~ i b i o - r ~ ~ r ~ ~ u ; ~ ~ m ~ w " u r u ~ w n ~ n ' n ~ d ~ ~ ~ L L X ~ wimn6nTinoniiu1umuHri.r , a J J
b l w u u u ~ i o n i i i juc~nd41~~1%i iu8o:1di~~G:~u~uuin11~ni~dn~ 1inra:ri~lnY d J 1 2 6
n$~u0;lunla~uumiMniwunl$9w8~~1
8) ?1$n13+ihl~bh93@1 (Method of loan payment) T A U ~ ~ ! ~ ~ U I ~ I T prsrpro o-tiin un'tn gqa~s:nd~u~~amiL~nsliu~u 30 i u ~ ~ o ~ n i u d ? u ~ u $ l d o i n ~ u ~ n ~ ' i ilnzn*oq
# d . t ii~:Gu{.r?ncioY dqn~&ru Q U ~ ~ I B ~ Q I ~ Z H ~ A ~ ~ ~ ~ U
9) ~ ~ ~ ~ G U # U A ~ ~ ~ ~ ~ B ~ L ~ U ' U D Q ~ U ~ ~ R (Amortization) TRU+?!J W Y
~ ' j u ~ ~ n ~ ~ ~ ~ z ~ ~ ~ i u ~ ~ o u Q ~ ~ ~ Z ~ B U X ~ U ~ Q ~ U l#ilrifionl&uazijuiu i h i i n i ~ i i ~ z 9 Y d - J ~u;l?nl~in:n!~a:i~um.r~~iRnonliju~~numnlnnuu~uiipin:i~nu dxidiltiiaazldurnsk
dlJh;rlll4~?~ (Panial principal) k l f U ~ 5 ~ l 5 1 f i ~ ' 1 7 ~ l ~ ~ l 6 ~ ~ ~ 1 ~ 0 ~ 9 ~ ~ 1 ~ # ~ ~ d ; ~ ~ f i ~ 4 ~ f l A, d
nfq i~a~o: :d~wnr i~~#~on~f iun innuu~u in"oun 'n~dn~n~R'?um~ud~~~ l oun~-&.rldon~u
fiinun8qfyi{ i?uh~ (Principal) W ? O / I U ~ U L ~ U ~ ~ ~ U Y I ~ B U I ~ I ~ I W " { (~onbacted loan A 2 d 2
amount) 8orn~n~1fluqui educed to m or fully amortized) " l i ~ t ~ m f i ~ ~ l ~ ~ s ~ 7 ~ ~ ~ ~ 1 ~ 5 0 f l w b 1 d 3
Y
10) ~ ~ ~ U ~ ? I H I ' S ~ ! ~ ~ ~ I F I U ~~UQ~~;B I . I ~ IWP~F I (Prepayment penalty) $W
a d * nsmng{{l:uiiuu~nmanbduwouia s u i m ~ t i n i ~ ~ ~ o m n l ~ ~ ~ ~ i u ~ ~ n 4 ~ ~ ~ ~ u ~ a ~ 1 w " ~ 1 ~ ~
ni~dnt ' l t i (Partial prepayment) J I L ~ U ~ ~ ~ ~ ~ L ~ U U : U ~ ( O L ~ ~ ~ R H ~ ~ ~ U ~ L ~ U ~ W X P ~ ~ ~ 690:
d J Y Y pl a - plua d . r w n l ~ ~ ~ ~ ~ u ~ ~ u n ~ r ~ ' ~ u n - i ~ ~ ~ i ~ ~ d ~ l ~ d ~ ~ ~ n7omng0;t~ulnnrro oz41r:nijG~rlun
t iounrut i1~unIu~~ir j i ;1~ Y Y
aditbimirr m n i r n r ~ i s z n i j ~ ~ n ~ ~ ~ d o ~ w 3 ~ ' ~ ~ ~ i a ~ ~ d o o w ~iuo~oon11J
rnuIu~:uz~-mi 3 ~ ~ i ~ n u o t r n r ~ i j u t i o u n ~ ~ ~ 1 ~ ~ d ~ n i u 8 ~ ~ 1 ~ a u i m s p i ~ u ~ n ~ o ~ i i ~ i ~ ~ d u Y Y
~ ? U ~ I ~ ? ~ ~ ~ Q U ~ ~ ~ D ~ ~ O U ~ I W M R (Prepayment penalty) 5 ~ 1 f l l % . l l ~ ~ ~ i k ~ 9 1 ~ ~ ~ ~ l f l
DPU
4 B 4 mntd 2.3 ~ R ~ U L ~ ~ Z ~ F I & ~ U U O ~ ~ U I % B I W O ~ O ~ O ~ ~ U
4 4.4 gn6duue~irwnernomoj11iu
I . t ~ u ~ ~ u ~ ~ z u ~ u i ~ ~ ~ ~ : o ~ n a ~ r n r d o u
~ ~ ~ z n Q ~ u ! i u i u d ~ 30 3 2. ~R<mmont~urinu$iqii au~mswli~u'
Y
Trnuaiala%~~o~5tn'El5msiw~n~~u MLR
3. nlT12r::n"undA~uituunniuilunn
nondu d~l#i?udiunnnsvlnn~~
4. ~ ~ S ~ U : L ? ~ ~ I ~ ~ ~ I ~ I Y $ ; ~ ~ L A ~ 7 Q U B ~ Y Y
30 ~upd '~ r1da 'ps in r ' ~1~1~~~31~~ .n'qfi
J uuodhuTuu~uuo-r l i iaz~u~ni~
9 . 4 c g d 5. nilnsnriinoni$ud7udiwiu~u~iwo.aom
ndo~dulndnnnn rinuniii;~ ? & y n ~ ~ a
51 5 u~~l#YXii~w 50,000 '111~1
di 4 4 gnKeaus.rBunotweno~~i~p~ B 4 9
1. ~ ~ u i i u ~ a o n ~ n ~ 1 4 y ~ 1 ~ ~ 1 i o d o b j o i ~ u d
ia~rns~ouo~~{i$una"nd~~fi'u
2. iiriil4i1o'luni~$u m iuriiriqyi ~du rii +iuos (1% uosasfiuiiwos), i 1 d ~ ~ ~ 3 - u
01 4 w nm, rili6uds:fiuonnnu r n l
Y
3. f l ? 5 ~ 1 5 ~ ~ ~ ~ ~ ~ 0 ~ ~ 1 ) 4 0 1 ~ 0 1 0 ~ 0 9 1 ~ ~
dl6 5 ~ U ~ ~ U U I U ~ ~ ~ I ~ $ W ~ A : L ~ U { ~ Q U
~IMUFI (prepayment fee)
4. d ~ ~ ~ u l u r n r ~ o u & u ~ u t ~ o # ~ ~ YAi~ri 6 7
i1uo.r ri~ds:tu'umm 18u&u n'dullh:: 2 a,
fim.rrn%onQs~nontuu~nnii ~wiiotriiui
~ ~ u v r ~ u u n " f l d 1 l 4 d 1 ~ 1 u ~ 1 ~ ~ 1 0 ~ ~ 1 ~ X a ~
DPU
A P A +VIA ~ I M ~ w ~ ~ ~ ~ I ~ ~ ~ w u M I ~ ~ I ~ ~ ~ A w o c ~ ~ D w o ~ o I ~ u ~ ~ o ~ ~ ~ ~ ~ w ~ I L ~ ~ P J I I ~ ~ ~ J L ~ U ~ ~ I ~ ' J ~ B ~ ~ F J U
- * 9 44 d 31s: olohnniuaa?m 2 a8 He
44 PI 2.1 ?En 1 io~m,omslrn~lu$Q:& ' I R U ; Q I ~ ~ ~ & ~ . , Y 914b#191t~'inf 4fI1f
wio~uiutiinu~i1~8uorii~1a tdu ~ ~ I ~ Q . ~ L ~ ~ ~ ~ ~ I M ~ ~ ~ X ~ U D D ~ ~ ~ U ~ U ~ ~ ~ ~ ~ I ' S ~ % I ~ P ] W I ~ ~ " n'ni8ufouilz 20 uo.rnmG~u n ' i o { u i c l ~ ~ o ~ u h ~ i ~ n i ~ w r ' ~ u n z 10 uowm olniuln
w'ai~cuii~auin~so.-lnY{r/;lq~1RYd~:~1~1Yi19~ ~ ~ ~ ~ ~ I u ~ ~ ~ I ~ D ~ M I ~ ~ u u I H u w u ~ u ~ ~ ~ Q
rviiln r i a ~ ~ o a i ; s ~ u Y K ~ ~ i ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ n o ~ ~ ~ ' u ~ ~ s ~ I G i d a w ~n' imuda~d i~u-.luGiuiiiu~
i o u S ~ r : o ~ A o t Y i ~ n ' u ~ o u a ~ so uo.rnuln' n'?oii;l6du mnn~n9mro:&:ou*iulu~in1
I,MO,OOO uln ~iazau~nismu~rnIH'fl#g~qmioua: 80 uo;rnm&um ~u;inlnumiuii$& d 1 3 4
rnmro$~%.iln'q.rqn!iin'u soo,ooo u v ~ r i~un~wnoondr~uxu zoo,ooo uln { & ~ ~ i h g i
~j.ua~uidou~nunuluni~~a mnn'oa{Auluhu~u 800,000 uqn r-u:~?mmrdou 20 3 mnaulmr i inbr lnonidufouaz 6.5 ioTI huaui3u~~osiou41~:d~~uim 6,000 u ~ n i a
Y Y
iiiou ~loa~n'oti;siuln"li~oun41zo,ooo u~rrinmiou $ q i j KIS~YB lu~uiu{ila:5m~iman1~~
~ v i ~ ~ m " u n i u ~ ~ ~ r i ~ a r u ' ~ ~ K w ' i ~ u ~ ~ ~ ~ u ~ a ~ ~ i n ~ s ~ ~ u 3 1 ~ ~ d ~ u a ~ i f lw 1s 8 ozdit~iiuawi3ud 1 ioqdouqtuuoin 6,000 U I W C ~ O ~ R I Q U U ~ ~ ~ ~ U 7,000 U ~ Y I ~ D I ~ O U N ~ Q u : ~ Q I ~ ~ ~ I u ! & o I ~ ~ R P U
d 20,000 ' U ~ M ~ D L ~ O U U I ~ ~ P I 23,333 ¶JIW~OI$DU $ U U ~ ~ ~ ~ U ~ ~ U ~ ~ ~ ~ % ~ U ~ ~ ~ ~ I ~ ~ ' ~ ~ B U U I U U P I
w Y W Y
18, 30 a inrr4nYi)o;udu 7 n.ritu i l a z i 1 ~ N Y ~ 1 ~ ~ ~ i r i ~ d d o ~ i o p d d o u n 9 1ldtY4i.lath1Y1.1
~ ~ u ~ n m ~ u m r d o u h r ~ ~ u ~ m s o : w ^ o ~ s n n ~ r u n u ~ ~ ~ ~ u o ~ ~ ~ o ~ ~ u ~ ~ d ~ ~ n ~ ' ~ i ~ ~ ~ sa d
2.2 ?EM z w'onnno~nnul~uo9{{ ~nuRurn&o-rii1uami1fifl1id~od or
u o l z ~ u m u ~ s n ~ ~ u o i n ~ ~ 1 1 n i f ! ~ 1 ~ d a ~ ~ ~ 1 ~ i H ~ o ~ u I ~ ~ ~ B u B I ~ ~ w ~ ~ ~ ~ # Q M ~ ~ ~ I ~ ~ I R I a 1 n ~ u r i i ~ o ~ n d ~ ~ w ~ ~ ~ ~ ~ ~ ~ ~ ~ n 1 d 1 ~ 1 ~ ~ 1 ~ ~ ~ 0 ~ 0 1 ~ ~ 1 ~ ~ ~ ~ ~ a o u ~ 0 ~ ~ 0 ~ ~ u ~ u ~ ~
9 9 4 R~orji;l~du rn!{us,uI# 3o.ooo uindnlA.ou ouiniownnnui~ clu7u3~au~d~lulso~rd l la:o-~~u'luln'9usz$u~~nlLi~lR ~ ~ ~ ~ ~ I ~ ~ ~ ~ ~ ~ " ~ ~ I ~ ~ U ~ X ~ O I ~ Q U X I I ~ ~ F ; I ~ ~ ~ I I I ~ I ~ 7
n'oiiou ii$?~w'aison-hnann"nr ~u?n'qn?dn'~'ln 441 n u ~ ~ ~ d d o u ? u n ~ ~ ~ ~ u ~ ~ ~ z ~ ~ u i n i ~ a A w 1 t u ' . a b ~ i u ~ i i u ~ ~ d ~ ~ 1 ~ 1 ~ ~ n 5 ~ ~ 1 ~ ~ ~ n a ~ i i ~ ~ u ~ 1 ~ ~ ' ~ ~ 1 l i n ~ ~ ~ n " u f ~ e l a ~ 30 nto 1 lu 3
4 2 v v 4 uoqaiuYI lunv in~{us~o l iY 30,mo uinn'oilou nuysiinas<nF;~IBiiuiia 7 iia'? ncmdoriul4qwi 9,000 u1n dourzuc~?rn 20 1 ~m~non~i!t~ 6.5% i o 7 m~u{drnuirn+f
4 B 16: Ilr WIN 1,200,000 uin ~1nau1nis~ld~i;uTuuiuhu3utmno~o~R'ui~SwY~Y MWin'u
{nun:: so uo.r.r1rnds~~~una"nw%'wu"d~~n'u~80 I ~ ~ ~ ~ ~ ~ U ~ ~ ~ U ~ ~ ~ I ~ ~ ~ U ~ P I I ' L J ~ ~ O Q ~ ~ O
l&iilfi'LI 1,500,000 ¶JIM
DPU
J Y K A 3. r n r d ~ ~ u u u o . r ~ s i n o n t ~ ~ 1 n ' ~ w a n ~ ~ ~ ~ d ~ ~ i d ~ ~ ~ ~ 1 0 ~ 0 1 4 ~ ~ ~ ~ I R Q ~ ~ ~ u ~ I J
v d 4 ~ u ~ ~ ~ n o ~ o i 8 u ~ n ~ 1 u d u w ' 9 d 8 " n ' ~ ~ n i ~ ~ ~ ~ biiiozij wad orns~d~uuiaf] w ~ ~ o R I ~ Y & I mr don
Y
rlr:lnn5mnaonldu i l~n~rnr41~zWurii~am iin:mrliuauimr lnuiinunzidun kdo! d d 2 4
3.1 mrid~uuiilla~5msi~on~du3u{~wnio~i.~'~Ctlawo~~ia'er tdo.ra~nht i
~ o n ~ ~ ~ ~ ~ u ~ a i i i n u n d i l 4 d i u ~ i ~ d ~ w " u T m u m ~ ~ w ' o n ~ ~ i o u 4 i ~ ~ l u i ~ ~ a ~ ~ ndnn'o X i l n * A J ~dufivi~t iu r:uz~~mdouJis:ditiu r n r i d ~ u u ~ ~ d n s ~ m s i ~ ~ n ~ ~ u ~ w % ~ ~ u 1% agiiwadi'ln'
J m~cjau+,,zi,"uvu idu miju{ i,ooo,ooo m n 5:u:lm{ 20 Y ~i8nolnRondu 6.5% do3 w d ~ u . r = ~ i ~ o ~ c i o u s i o i ~ o u ~ f z u i m 7,500 u i ~ ~1~1n4nnonigu~w"uuuISu 7.s%iiioq zu.r2n
Aiotriouiom~oua-~~zuim 8,100 u7n lum~ntiuh~~mn5w~iwonidonnna 1% i?a:dild B d iu-rmddauanmu~dhu o . r m u ~ ~ ~ i ~ r n s d d u u i ~ d a ~ ~ m ~ i w o n a d u ~ H w 6 ; ; o f i i a ' ~ ~ ~ u D ~ ~ u ? ~ ~ ~
sl d 3.2 mfti;~nda:inn~fl~imonidu1uniavo~wiwo'y1odni~u Sumrti;ondr :inn
d du r i d b n n o n t ~ u n u ~ ~ u l i i n " ~ l u n i ~ v o i t d ~ ~ o w o ~ o i 8 i u " o ~ o i n i l a ~ r j u a u 1 ~ 1 1 5 w ~ ~ ~ i ~ f i 1 ~ ~ ' ~
~~n'uu11a'nn~na'd;iunmu~i8u~;?ri1am~~wda1i~t~u~d~~~~n~1 Tnuinuadui~in~no 401 01
nrnuil$nina u h o n r i n n n i f u l n u H ~ D ~ ~ ~ I R O ~ ~ ~ U I I U U ~ ~ ~ I M ~ ' ~ ~ I -5 a n k a i n i u
~ ~ u ~ ~ ~ i ~ o u 1 & n ~ u 6 a n i l ~ 3 t l ~ i ~ u n a ~ i D ~ . i ~ U ~ ~ ~ 1 R D n i i " ~ q i i ~ u u E u ~ u 1 n 1-5 ?I
n k o 1 n ~ u ~ ~ u 6 ~ r ~ a o u 1 d u ~ o ~ ~ a n u ~ ~ u ~ a u n w ~ ~ ~ t j a : ~ ~ i n a r n a m ~ a s " ~ ~ i n ~ i ~ i i ~ ~ ~ i ~ f i ~ i X X v
nonl6ua~iit1u~ldui~uori1.r?r dcm3~n'ondr z1nnuoGims7nontuuu Ij{o~alidills:Tu.a6
wio~iludra~u~~o~nn11m"~1iiuI~~1& ddsr
3.3 nif ~ d ~ ~ ~ ~ ~ d i l ~ ~ ~ ~ 1 ~ 0 n 1 ~ ~ 1 n ' ~ l ~ ~ w ~ n i ~ ~ i ~ ~ ~ u ~ a ~ 1 u n ~ o 1 ~ 1 ~ ~ ~ ~ ~ ~ u ~ dU d &pliwiond"uuunauh ~ a d n i 1 ~ ~ 1 l ~ # ~ i ~ ~ a ~ i m a n i u u u w n i o n 1 ~ i o u + i ~ z i i . r ~ n rhnTu
dli PI nr olne$~ n ' ~ b o n ~ ~ u ~ ~ i ~ m 5 ~ ~ o n i d u 1 1 ~ ~ ~ o u ~ a l i ' u Iaii~o:A~umqwnl~iiOil~p1 iviin'u$[
K Y B ~ o ~ ~ ~ f l 3 i ~ l d ~ ~ 9 l n f i 1 ~ i ~ ~ 9 1 ~ ~ ~ ~ ~ ~ a 9 ' ~ 0 ~ ~ ~ ~ 1 ~ 0 n ~ ~ ~ ~ L ~ U ~ ~ P I I ~ ~ D I U ~ I ~ ~ ' U O ~ ~ ~ ~ W
~ ~ ~ ~ ~ ~ ~ u ~ u M I - ~ ~ ~ ~ ~ ~ ~ D ~ B u ~ ~ I ~ w ~ ~ ' I I ~ ~ I U ~ ~ ~ ~ ~ O ~ L ~ ~ O ~ I U ~ ~ ~ I ~ I ~ ~ ~ ; ~ I % J I ~ ~ ~ O ~
41~tijudimnYAibudn 1 d n ~ i r n n ~ ~ i n o n ~ ~ ~ ~ n ~ ~ d ? ' u ~ ~ x 1 ~ ~ ~ u ~ i i e d ~ ~ ~ ' ~ ~ ~ u ~ i ~ a m d ~ n u
ciourn fio:ii~lfiiiurii~~~ifu~ ~ ~ i u ~ w o d o n i ~ + i a ~ n d ~ u i n i ~ ~ i ~ ~ ~ ~ ~ ~ f ; i i n i ~ ~ i u a ~ ~ w 4 a V P ~ A r ~ k ~ u r i ~ ~ ~ n ~ ~ i a . r o : d . r w n n s q q n o ~ ~ o ~ ~ ~ ~ ~ ~ i ~ 3 m ~ ~ u u p 1
2 - 9 r v - . z d 3.4 ~ ~ ~ I R O ~ ~ U U L ~ U ~ J ~ U ~ ~ ~ I ~ ~ B U I ~ ~ ~ lurnxd~msI~ri.r~uir9~n'u~ao~wovo~
A A a odo~riuog'luinrun"p idotowi t b u i i u n o n u n a i u ~ d ~ ~ i ~ u u * i - r ~ i ~ ~ ~ ~ ~ u u n ' ~ n i ' i ~ f i ~ u ~ ~ ~ n ' ~
q G a suimswituga$n~~i4wu1eri%114n~~nfii~ 7 inu d B d dd9pr pry- u d d n n q n ~ n t n u w n ~ ~ ~ o u f 4 ~ o n n Q n ~ ~ ~ u ~ ~ n ~ i ~ n ~ u n r o l ~ q p ~ n ~ n u ~ ~ o i ~ * l o w ~ ~ ~ i ~ u ~ ~ ~ ~ ~ a
DPU
4 ~doinlnds~ngiisuin~~6u16n~6~i~noni~~i~azij Promotions ~ ~ I ~ W I T J ~ U O I O I ~ P I Y O ~ ~ I T I i ~ ~ P ; ~ ~ ~ X I I M U ' M ~ ~ ~ ~ X I ~ ~ O ~ ~ I ~ Refinance ;U O I ~ ~ ~ ~ # ; ~ ~ I U I ~ ~ I U A O ~ ~ I J ~ I U ~ ~ ~ U
Y ,
i i u ~ ~ o l ~ 6 9 a u ~ m ~ l n ~ ~ ~ ~ 8 ~ ~ ~ ~ 0 n ~ ~ e r i 1 n i i ~ ~ i ~ i ~ ~ m u 1 0 ~ " 1 ~ 0 ~ ~ w s ~ d o ~ r n s n n r n r r
nonl iL i iu~n~u~ouas Jt1ums~~fnqrdozb~#nuid~1#d1uii~ 7 ~+Gliluriou Irjiiozdu
r i ~ s r r u ~ i j u u r n r i ~ s : ~ u ~ ~ u ~ ~ ~ ~ f i ~ w u ~ n '1 l~d iu lumsanhu0~1wni~~a~~~~4 i~u~ 7 lu 2 ' d
mr~l!u'umr l L n ~ ~ d 1 ~ q ~ o ~ ~ ~ 1 ~ ~ n ~ ~ ~ ~ ~ a ' s ' ~ ~ 1 n ~ ~ l f i 7 5 I M ~ Q Z { U ~ ' Y I Refinance 1I.l ~:uzu i~n?o l i
4. rzu:t?mlu+tgy~~ 1um~li;onr-uzi=nini5~uEu n2sdozl~onr :u:l?adij
6 m n d o u d . ~ r ~ d u ~ u ~ ~ i p 1 ~ 1 ~ ~ f i u n " ' ~ 1 ~ 1 ~ ~ ~ nd12n'o n ~ r t ~ n n 6 ~ ~ 1 r n s d o u ~ i f t ~ u $ i ? i 1 3 u
mszw GnGiulJ ~ n u d n n ' a u 1 m s w 1 r u ' ~ u " ~ a ~ d ~ ~ i i 1 ~ ~ ~ ~ n ~ 1 f i 1 ~ w 0 ~ 4 1 ~ ~ ~ ~ ~ ~ ~ 1 i i u 30% , 2 29 P n uo;lnuYA ~ ~ ~ ~ ~ ~ U ~ ~ ~ ~ J Y Q ~ ~ ~ ~ ~ ' Q I ~ ~ I ~ ~ I ~ ~ ~ ~ ~ A ~ M O ~ ~ ~ O ~ ~ U ~ O Q I W O X I ~ . ~ " ~ I ~ ~ D U + ~ ~ : ~ ~ ~
92 2 mszdnlinaui~u~ ~ ~ a ~ ~ ~ n ~ ~ d a ~ ~ d s n i ~ ~ ~ ~ i ~ ~ f ~ e r ~ ~ a o ~ ~ ' ~ ~ u ~ w ~ ~ w ~ d Iwntoioa::
~ i i ~ n ~ ~ u 1 d w ~ 1 ~ 1 n r ] ~ ~ ~ 1 ~ ~ ~ w " i ~ f ~ n ~ ~ n 1 ~ ~ u 0 u ~ 0 i n 1 u ~ ~ n ~ 1 ~ ~ ~ ~ " 1 ~ ~ 1 1 u ~ &nnandad Y Y B
n u 1 m s ~ n u n ' ~ l u B n i i ~ 1 i u d ~ ~ 1 ~ 0 ~ n a 1 t l ~ ~ u ~ ~ ~ 1 i 3 ~ w " ~ ~ i ~ ~ ~ i l Kdu'u t;{n2rat~wo d
a : u z ~ ~ n ~ S u n ~ r ~ Y I ~ u u r u r ~ ~ u ~ r i u m s u u ~ u r ~ u ~ ~ ~ n i ' I ~ n i ~ ~ ~ ~ ~ ~ n 5ns1mariouQi~tn'u J e ~ u ~ ~ o . r ~ ~ i i o ~ u ' o u i i ~ ~ ~ ~ i j n a ~ u ~ ~ ~ ~ w ' ~ ' ~ u a ~ ~ 1 ~ i n ~ ~ i i n ? ~ u m u i ~ n 1 u n i ~ + i ~ z w d x I i n
X :A J uu 8oiornuirodo:uo41r~nu~wuilu1~ 4~~burnsnnn?1ul&u91~11~~pdin1~ kltnn.rlu
DPU
DPU
DPU
4 4 4 6) wiulrns (Bank statement) ~ in i l~~ l j~boun f iwc i i~X i 3 ~ Z D U (ynd~:mnljymu)
DPU
n ' u ~ ~ l f l ~ ~ ~ l ~ 7 ~ R U W ~ ~ ~ ; ~ - I ~ ~ U ~ % D ~ ~ F I ~ ~ O ~ D ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ' O Q U O P ~ D ~ ~ ~ ~ I L R ~ ~ " D I ~ ~ ~ ~ U ~ ~ ~
~ d a d u @re-approval) ndigfh i ~ u m ~ d ~ ~ ~ ~ ~ n ~ ~ u m u ~ ~ ~ ' i ~ n ~ ' ~ ~ i ~ : : n ~ ~ ~ ~ ~ ~ ~ ~ ~ i ~ i ~ ~ ~
{fioud&ufioumsoY ~ J ' F ~ ~ ~ u I ~ Q ~ R U ~ ~ ~ I W ~ O O ~ i ~ d a l f l i d o i i n n t . r i f i i f i i ~ ~ m n u ~ ~ 9 A d ns tiiun5ninor4voq~uin1~~i01i w h u t i u ~ A h ~ u ~ n n o ~ l ~ { { a ~ w ~ u l u M i ~ 4 o ~ u u o u
'tn'nuim~plr~o~oud1~a"~p11~ni~i~u~o~~~/~~r'a~ imz&&llr:?iu ;u~onmo~oudr:am9~1q
nisGuhnuin~spi~q q pr d n 4 A 1 iud 3 mrdrzu1ru3cfiuf L ~ O ~ J U I ~ ~ u I w ~ u ~ T ~ ~ ~ ~ " ~ ~ ~ ~ ~ ~ u A T o ~ ' L ~ o ~ ~ u (Pre-
Y Y
approval) ndi2n'o i ~ u m r d r : ~ i i u n ~ i u ~ i 4 ~ 1 ~ n l u n 1 ~ ~ 1 ~ L M ~ I ~ o ~ & u ~ & ~ L ~ ~ u o { < I Q L ! & ~ ' L I
~~ i~u6drzu i ru r i i~u1 dou41~:lvi19n kln~6A~4Hnm5w'Ql5~16dQ~~P11~lIfi~91O{P1 ff?u
m~oy fl?Gu{o?c o : n ~ ~ ~ ~ ~ t i n ' o ~ d o n s ~ ~ l ~ ~ u ~ ~ u n ~ ~ d ~ ~ t ~ w ~ ~ n i ' ~ d n w r ' w ~ d ~ ~ ~ u ~ ~ ~ ~ " 4 ;urn 4 m r n a ~ s n o u ~ m e d ~ ~ ~ ~ u ~ ~ n ~ ~ ~ n n i w u " n ] ~ ~ n " ' ~ ~$~~u~~dorriniunrntiY~iYu
tj{~w'orhr~onlindfzn'u ~ n u ~ ~ ~ ~ z ~ u n i i i u i 1 ~ ~ ~ ' ~ ~ ~ i i ~ u n ~ 5 m ~ a ~ ~ 1 f i 1 w w a ' n d ~ ~ n " u ri~niums
DPU
DPU
4 mwd 2.1 ~ u n e u n ~ ~ v ~ i u ~ v n w n ~ n ~ ~ ~
~ U I : I ~ U I R ~ J O ~ ~ ~ ~ J ~ S L F I ~ ~ ~ 2550
DPU
v v 2' Qlfl International Housing Finance Sourcebook 2000 9109 Lea (2001) d ~ d h 4~
o: i irns~mn~i~~odma'u~~un. ; i~ "Social Housing" ~ . I R ~ I . I T R u ~ ~ ? u ~ I u M ' o ~ $ w % B ~ ~ ' ~ (Local 4 4
Authority) ~ ~ ~ ~ n ~ i i l ~ ~ ~ : : ~ d i j ~ ? i ~ ~ i ~ ~ u t ~ ~ ~ n ~ ~ ~ i d u d ~ n ~ u m n ~ o n a u & ~ ; J ~ Z ~ ~ Y ~ T V E !
r n s a ~ 1 t u ' i u l ~ 1 i l n 4 o d a ~ ~ w * i ~ ~ o ~ i i n i ~ ~ ~ i 1 l n ~ m ~ n n ~ i u ~ d u ~ 1 1 ~ ~ d ~ ~ n 0 f 1 n 1 5 ~ ~ 1 ~ 0 ~ ' ~ i ~ 8 i u e 4 w 1i1X K i ~ l r n m a ~ l u ~ m ~ ~ ~ u m i $ 4 ; ~ g n n ~ w n ~ r u ~ o r j a ~ d u ~ ~ d ~ ~ ~ ~ ~ ~ ~ n q ~ ~ ~ u ~ f l ~ a ~
4 finorijmriahu ~ b ~ ~ ~ ~ n u ~ ~ o u ~ u ~ u " ~ ~ d ~ ~ ~ ~ ~ n r ' ~ u " 9 ~ (Real Estate Agent) I ~ ~ I W U Y I ~ A ~ U
DPU
! 4 4 a:uumnjurnano(ioia"ulu~~nq~
d ~ : : i ~ ~ ~ ~ n ~ ~ ~ ~ ~ d ~ r m n d i i n ~ s w i u u ~ r : u u m s ~ ~ u m ~ m u ~ n ~ s i n u ~ u 191.1 d d k i i u u t l o ~ ~ r u u y u r i u ~ i ~ ~ u ~ ~ ~ ~ ~ n ~ p 1 (Laisaez-Faire) ~ I ~ T ~ I U ~ ~ O ~ H J O U ~ O ~ ~ W ? ~ ~ ~ ~ U ~ ' U
A a wm#?okxoq ~.-uunisijuiwnnoda~~'uriuuisiniiiuds::nrui~a~uiui&nnn~doou Y Y
win& ~ o ~ a ~ o ~ b r r n z d i i ~ u ~ n ' u ~ ~ ~ ~ u n ~ ~ ~nnsd~odoi i7 f i (Building Societies) fh?~
1 d o ~ o i n 1 u n f l ~ l h u i n ~ ~ w 7 ~ ~ ~ ~ d - ~ ~ u ~ u 1 ~ 0 ~ ~ ~ ~ 1 8 ~ B U I ~ ~ ~ ~ ~ ~ ~ I ~ ! Y M Y ~ M I U ~ I ~ A a A A dd au~uiaonn~oi kmuw& lug R.A. 1996 Building Societies %fl ~ ? u ~ I T ~ ~ ~ Z U I % D ~ I ~
d o~r?un'.rdrzuw 55 % UOPPlnlR 1~ n.ff.2001 ~ F I ~ ? U T I A ~ J ~ H $ Q ~ $ % ~ 20 % kuoqotn Building 4 B
Societies ~ ~ I ~ ~ ~ ~ M ~ ~ ~ ~ ~ H ' ~ ~ # D F I Y I Z I ~ U U I L ~ ~ ~ ~ ~ W ! I I ~ ~ U E M I ~ I ~ ~ d ~ l m r n r ? # i i u l a o m ~ d ~ ~ s#
oiriuuoaauirnrmtu'~u"~~~~'~~u~flu 70 % d ~ n f f o r i ~ u l n ~ ~ ~ u n r n ~ u ~ ~ ~ ~ ~ ~ ~ u ~ ~ n ~ w i m ~ u
Gunj1 Specialist Lenders
E d ~ k ~ ~ m ~ ~ l n ' ~ ~ u ~ ~ n q t l ~ ~ n ~ ~ ~ ~ f ~ ~ ~ n ~ d ~ ~ ~ ~ ~ ~ ~ ~ ~ a ~ ~ ~ p i ~ ~ " 1 n y ~ { W * O ~ ? I J i l fyHihnmonLffuiu wauloq rnrlzih Building Societies iin:nuin1~wldiai~u~in~w5:ert6u
~wu"ouriu~uimsludszm~rlnu n i s n ~ i l ~ m ~ ~ 1 ~ o n ~ d ~ ~ " u w ~ u d o m ~ 4 1 r ~ n & ~ ~ i u { ~
luQnqu n'o ~ ~ ' ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ? ~ ~ Q I ~ U ~ ~ ~ ~ ; ~ ~ " O ~ ~ ~ ~ P J J U O ~ % I L ~ O O = : ~ ~ X ~ % O L I O ~ I L ~ Y " ~ = : ~ ~ ~ ~ ~ ' ~
* J ~ ~ i r d ~ u 1 ~ ~ ~ ~ n p i n n c ~ Y ~ n i I w " ~ ~ i ~ u 1 d ~ d o n o n i i u g . r u u s ~ l ~ ' i r i u i ~ n ~ ~ s z ~ ~ u ~ a w ~ i w " u ' Q ~ ~ u
oins~ulR'dnn'TnulJij~qwi ~ ~ ~ ~ u i i l n ~ ~ m a ~ ~ 1 ~ 1 i a e r 1 ~ a " 0 ~ 1 9 f~uf l i~n~ni~dul&~~sr:
WURIQ~IIIUDI Building Societies I V ; . O ~ R ~ ; U ~ U I X ~ I ~ ~ W R O ~ I ~ ~ ~ W ~ ~ O ~ O I ~ U ~ ~ ~ ~ I ~ U { dTrmn8u i i i ~ i ~ ~ s ~ ' a l i u ~ i i ~ n ~ ~ u n i ~ ~ u i o d o i + u ~ ~ ~ ~ ' a * i n a n i d u w q i
YYgr.. mr ~ ~ ~ ~ ~ ~ I ~ ~ ~ ~ ~ ~ I ~ o ~ ~ u ~ ~ I ~ ~ ~ u ~ ~ R ~ ~ ~ o ~ I ~ u H ' u w ~ M I ~ ~ ~ ~ 'UI IJ~~~WUF~
a ~ ~ $ , ~ f i ! u ~ ~ ~ ~ n ~ ~ ~ a ' ~ ~ ~ ~ c l r n s d u ~ n n tiu i ? ~ ~ n ~ ~ r n t k ~ l i u ~ n n n.R. 1970-1980
n m l i u m s r ~ u m l n r n ~ u ~ ~ ~ ~ ~ i ~ ~ ~ ~ ~ ~ n d ~ ~ ~ ~ f ~ " ~ n ~ ' i ~ ~ ~ l u a r ~ ~ ' ~ ~ ~ ~ ? ~ ud&jm'aafu J w a n r : n u ~ ~ u n r . r & ~ ~ ~ 1 ~ ~ r i ~ ~ ~ n ~ ~ 1 ~ 1 ~ n i ~ d 0 ~ ~ ~ ~ ~ ~ n ~ d ~ 1 u m a 1 o 1 ~ n n ~ ~ u T~ulurzu::
n ~ ~ ~ g ~ ~ n o o n n p ~ u ~ u ~ ~ ~ ~ ~ n ~ ~ ~ ~ f i q ~ ~ ~ ~ n i i ~ u ~ ~ t t a ~ kauau ~ ~ 1 i m 5 a ~ t 1 o u i i i i ~ ~ r i ~ ~
invilfiiiurniw no ICW ~ I ~ L ~ U O O ~ I ~ I ~ ~ U ~ ~ P ~ ~ ~ ~ ~ I U H ~ " l iun i i 640.rbir noiliumn%r Y d o w
(Financial Service Authority) I X B W I ~ ~ ~ D P ~ ~ ~ ~ P I (Bank of England) ~ 6 ~ 1 ~ l ~ f l l f i I J ~ 5 3flgl0ll
pi~aoiljunisi~u ~a~~~maw~:uluu~umsi~utuRo~dnsiijut~o~rnto'nr~mont$ldij ,d ~pr'lurmw K ~ M I ~ ~ ~ R ~ ~ ~ < U A ~ R Z G U L ~ ~ O Y uvunquur itfi'uldrlnrnm~u?niruluu~umr~u
4 -id 9 vp14 i ci uoam.mmllXwn nnu~ujuw~uuo~tainofii~uMuuou~~a'~~anizmuioyOt~uIpY~no~oi~u
DPU
Y 4 naniiu;laou62i?dounq1d&au ~ ~ ~ Y ~ ~ ~ ~ ~ ~ O ~ ~ ~ ~ ~ ~ V Q ~ ~ U I ~ I ~ ~ ~ I ~ D ~ ~ I ' I ~ S ~ ~ J ~ U ~ L ~ ( O ' I I ~ ~ D
1 f f ~ ~ g n ' ~ ~ ~ ~ ~ f i ~ c i u w 3 ~ 9 1 l f i ~ ~ U ~ d ~ ~ ~ 8 ~ ~ ~ 1 ' f d r ' ~ ~ ~ 0 d 1 9 ~ ~ 1 1 ~ 9 ~ 1 ~ ~ n " 9
iimsli~stluu securitization ~ : n u t ~ u a ~ n ~ n ~ n ~ u ~ A o ~ d { d o ~ o ~ i u # ~ u ~ m r i
noni[~ntArnu~d1iuutlo~a~?~1 i h ~ 1 1 4 ~ t v i ~ l b ; i ~ u u ~ n ~ u " o ~ ~ ~ f ) 5 ~ n ~ ~ i 3 ~ ~ i a ~ o ~ f u { Y
~ i a ~ m n r n r n i i ~ ~ y u ~ n l u ~ ~ ~ u ~ a n ~m:5:uungnu1~1fJur:~ ud'~:iwiiiiuu (Common L ~ W )
imui.rn diutdduul#~ind5:1~4dd~5 ?ribiotsomsoonnpnu1uynnf9 mTnnnnainlr 9 , u . B nii~w"orznu~unon~~un~ds::usui~ii~iri.r~u ~ ~ i ~ u o m I ~ ~ ~ ~ n o n ~ ~ n m s n & : u ~ u ~ ~ o ~
I ~ ~ ~ R I Y ~ I 0 d i . 1 1 5 8 ~ 1 ~ O U ~ ~ J Y O ~ ~ ~ U J ~ ~ ~ I T u ~ u ~ ~ ~ ~ Y Q u u ~ ~ ~ u L ~ o ~ D $ o I ~ ~ u I u ~ ~ ~ ~ ~ I , r r
nonidunou{?i?ulnnil A u ~ u o ~ o ~ n ~ o ~ r n s ~ s : ~ u ~ 6 ~ 1 n ~ n ~ i m o n ~ d t l n ~ u ~ a i ~ i n i 1 ~ n ~ 1 u r n W 4 Y nondund m r o o n n ~ ~ m r w ~ n : n o n ~ d u n ~ i ~ ~ u ~ u ~ a i R o t w " f ~ o ~ o ~ a u o ~ u ~ ~ u ~ u n i i
lui logh u o n a i n d u ~ n a n ~ ~ ~ : u n ~ d ~ ~ n ~ w ~ ~ f i n ~ ~ w ' ~ l l u ~ ~ n f o~i!onw%y~naiu
4' a a 2 ~ u w ~ u ~ m ~ ~ n o n i u u n n n o Interest Rate Cap & ~ ~ U R O ~ ~ ~ ~ ~ O U ~ ~ ~ I U I ~ C I I B I I J Z K M ~ ~ ~ ~
9 s B Rani~ufiu6c~ni~6mplndmnnstiu ~iullr~n'uo:diunonc~od~uin'uiinu nl,2~.rua.r?i
dr~~ua6~udanon~~uan~~i in:1xi&o~i~erf iu~kpI1~oR~ntdu~~~n"ui i i ) .s ~ i d i i d ~ d ~ ~ ~ i ~ ~ W d ~ C U I
d . 4 4 awnstumans~o~k (Building Societies)
4 d 4 n ~ 1 r r t ~ u ~ 1 u o . r n n n r ~ 1 w o n 0 ~ ~ 1 ~ ~ ~ 1 ~ 0 Building Societies ~ ~ ( t h n q ~ L ~ U ~ O I ~
B 2 4 r n s l ' j u ~ ~ w ~ ~ ~ ~ i ~ u d ~ ~ ~ ~ u ~ ~ u l w ~ d ~ t ~ l u ~ ~ ~ *~~nnsd .~ ~Rui;~r-?oldrrriokJ~u~ n.H.1775
(W.R.2318) ~ ~ ~ D P L U B ~ U P P I I B U T R U O ~ U ~ U $ ~ ~ ~ ~ ~ ~ I ~ ~ ~ L ~ ~ ~ ~ ~ ~ M I I ~ ~ ~ ~ O ~ D I # !&nu$?
~ ~ U ~ ~ ~ ~ ~ ~ ~ ~ I ~ & U I X ~ ~ I ~ ~ I W I I O ~ ~ D U ~ ~ ~ ~ L I ~ ~ E ~ B U I ~ ~ D P I O ~ ~ ~ ~ ~ P ~ (The Midlands and
Nonh of England) PU~SLI&IUY 1812 !iijmrn:m.rq~u 1nudiu415:l'jud~~n~&iPvD~~)1nTd
n?uu'~ (The Greenwich Union) ~ ~ ~ o L ~ u ~ R ~ I L Q R u o ~ ~ ~ ~ I ~ u P u ~ I u ~ ~ ~ I u I ~ w ~ ~ ~ I T ~ ~ ~ $ ~
Friendly Society Act of 1973 I ~ ~ : $ O I ~ U nl ~ Y ~ ~ A < U ~ I U ' U 09 Building Societies ~t~ldl~~Vll4f1lf Y Y
~ ~ ~ ~ ; ; G u o J I
'tu3 1825 nri;roinrsuu$l~dii~uq1uuin~pI~ou so 3 iinrncu 250 i i i &
Js:mn&nqu 1tnzluriw7l 1840 n ~ ~ ~ u ~ i ~ m ~ ~ u d i n ~ ~ s ~ n ~ d I r i i i n ~ ~ u ~ ~ ~ d u l u r n s b;;u 3 4 sonorjo7A'uAu a u n ~ ~ i h ' l u ~ 1860 ( R S ~ I S D U 85 3) ~ ~ I U ~ U ~ O I ~ ~ U M L ~ ~ ~ ~ L W ~ ~ ~ : U I W 2,750 lid4 Tnu'lunaunouiin"~ 750 1ln'J 3 1874 ~ i ~ f I l 1 0 8 n f l ~ ~ ~ l ~ Building Societies Act
~ ~ o ~ ~ u ~ u r n s ~ ~ i u ' u ~ ~ u p l o ~ ~ n ~ ~ u iiu?unmrjulu3 1910 &ma"oiilud I ,727 lid4 iintluq
DPU
1986 !#fiijjmr d%d14flp~ u T U ~ ~ U New Building Societies Act ~ W d ~ ~ ~ i i ~ i ~ ~ m i h ~ ~ n l ~ 4 d 4
t i i i i i u n u ~ d u ? r i u ~ . r n r iu~i1un'u~~nri~u~nnnlm:iiuiaono~oi8ulnYnl1~u~1~~~ ~n:q'
~ ~ ~ U % ~ ~ ' I ~ J I U V D J Building Societies Commission
&llida.r'3 1986 i a u i ~ ~ l ( ~ ~ d i ; l o l n t I ~ n n p w u l u ~ ~ ~ ) Building Societies M ~ ~ U L I $ . I
d d a ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ I R I ~ W ~ ~ ~ U L W O ~ W U ~ S ~ ~ Y I ~ A I W " ~ W ~ ~ J A I I ~ ~ ~ ~ ' U rniu Abbey National
( I J ~ U I U ~ 19891, Cheltenham & Glucester ( L ~ ~ U U I U B 1995 11nznm~1f iud7~n~a~0 .1
Lioyds Bank Group) H!O Halifax &LBU Building Societies d f ~ ~ i ~ ~ l f i 1 & d f ~ t d i U ~ i 8 ~
au imrlu8 1997 2001 ? # ~ Q M U I U Financial Services and Markets Act 2000 d d i h
n g u u i u d ~ ~ ~ ~ ~ u ~ ~ ~ ~ n i ~ ~ ~ ~ ~ n ~ r w ~ ~ n ~ ~ ~ ~ u l i ' ~ ~ ~ m ~ ~ ~ ~ ~ n 9 ~ i%~u'ciiul4luiud I Y A . u furmnu 2001 Financial Service Authority i~uDqr(n~d~1~~1nrnn~ni f1~113nisn~qni~~u
rla~noIliumrl'ju ~ 4 h 8uildmg societies i.r0~mu~ininllfiln"flq6~nu~9~9W"nfn'~nn'1~
i 4 ~ ~ ~ M w o ? I ~ ~ ' B ~ & I v B ~ Building Societies
1. mls~nuijuuoq Building Societies L S U ~ ~ S L V I U G U ~ I ~ O I ~ ~ ~ I ~ I ~ U ~ I U U O ~
61 1 n u ~ r i ~ u ~ i ~ ~ ~ r n 4 i ~ ~ ~ 1 ~ i m 0 n 1 d ~ ~ ~ ~ n ' ~ o ' m ~ 1 ~ 0 n ~ ~ ~ ~ u d 1 (Margin) ~iutfa'ounz 1.5 d.4 r
2. &CIS l R F l r l l $ ~ U ~ U d ? J 20 ~ T ~ W I U U I &lUROfit&I?Ut$J a4 Building societies W Y
~ i o u ~ i a h ~ ~ d o ~ ~ a u ~ ~ l a ' o ~ ~ p d n i ~ ~ ~ u d p d 7 Iummn aqii i d o ~ o ~ n i i r n r n i ~ u n ~ m 5 i ~ ~ n ~ i u
I ~ ~ ~ ~ ~ I ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ U ~ ~ U ~ ~ ~ ~ ~ D ~ ~ I ~ ~ ~ I ~ W ' S I R O ~ I ~ U ~ E U ~ ~ I ~ ad~"lr8nia~ ihklid
Y Y
R i n i ~ ~ n n o n i d u r z u z ~ u iYafu Building societies ~ ~ ~ ~ l J ~ u r i ? ~ ~ u n i r ~ t ~ u ~ w u ~ ~ d a w ~ ~ n
olmRYu9ubnnon&n~t! ibu aTlRsni&n-rd 3 YJ I I R E ~ I Y J ~ ~ D U ~ ~ U ~ ~ ~ R O ~ ~ L ~ U W ~ ~ 3
YI i t .dwi~u l ? a ' ~ o ~ n ~ n ~ u ~ l w u n ~ ~ 1 ~ ~ ~ ~ n 1 ~ ~ ~ ~ ~ ~ # 0 n ~ ~ ~ 6 ; 1 5 1 n 9 ~ n ~ ~ ~ ~ 5 1 a 0 ~ ~ a 91 mJ
DPU
.I Y
In Jlu3 2000 c i~wu~t~i~nnidunouhbioalr iq~ni lr 'ounz 2 uo.rbnnonQujwuoa
Bank of England
3. i T~udna Building Societies O:I${II.I jl~&Tl*nnidun~du~w 4 Ysr 6 5 d ~ ' J ~ i ~ 1 3 d I d ~ ~ ~ ~ ~ ~ ~ ! A ' T ~ ~ ~ ~ ~ ~ ~ ~ i # ( d 3 4 ~ ; ~ 6 b a ~ i r i i i n ~ r l i iu i id iu
(Prepayment Penalty)
Building Societies i i m s u ? ~ ~ ~ n i r ~ m P n u n n i u n i ~ a d " ~ i ~ ~ ~ d o d ~ ~ l ~ ~ ~ rnn'ljz 441 m r 4 i ~ r n 6 f i u . r n & ~ ~ m o ~ ~ ~ m o ~ i n i ~ i ~ n ~ ' ~ ~ ~ w a ~ n i u ~ u ~ uonsm&~umr~ririld~nw
* L a w =4 p r p r A i l u r ~ l n r c u ~ ~ ( u ~ ~ w l ~ u n ~ f ~ i ~ z w d t i u m r u u ~ u r r u ~ ~ ~ m m r ~ ~ ~ i ~ ~ i ~ I n * ~ u ~ ~ ~ ~ ~ n ~ lr v d G4ii m a 1 f i ~ i i n i l ~ ~ ~ ~ i " ~ ~ n i 5 + 1 ~ ~ w d 1 n i i o L d ~ ~ 1 u 0 ~ 1 n m ~~d~~nm.rnmGuiuwui i~~l i
rnui~ohsz~h~ori i4~~u'uou m ~ ~ m l j u ~ ~ d ? ~ ~ u m ~ f l ~ ~ ~ o ~ n ~ n ~ ~ ~ ~ n i ~ ~ ~ ~ ~ u ~ i ~ ~ ~
i o l d i I
-2' , ioldadnlnnu~u n ~ ~ ~ o ~ u ? m n ' o i ~ n ~ ~ ' n ~ ~ ~ ~ u f i o ~ ~ i ~ ~ ~ ~ o ~ ~ u (Housing Start) du5wuiru.a ,
, a :aa ? ~ n ~ ~ : u o ~ m r ~ o l q l i ~ ' ~ ~ T m n i ~ ~ n r v ~ n s n d i ~ ~ r i i s u . r nau luog31nn1r~l~ndorjo7fiui
DPU
X 4 w 2 d d nuo~u3iiu&n~~1lnrndiu1iY ~ ~ ~ M I ~ I R I ~ ~ ~ B ~ L ~ Z L I W ~ U U ~ ? a o ~ o n s ~ ~ o n ~ u u n g ~ u u 014 A pld d 8x1 A; i u o t o ~ n s ~ ~ ~ n u l ~ r n r ( o ~ w ~ u ~ m ' i ~ n ~ ~ ~ ~ ~ ~ ~ ~ ' t l ~ m n i ~ ~ ~ ~ ~ ~ i i squii.rmdr:uu
~~l&i8@?&~d3~rff9Lf i f J J ~ ~ I ~ ~ ~ O ~ O I ~ ~ U I ~ U U O ~ W U L O ~
a* 41 nlr i jnr~ui in$~uAado~iruuo~nuolu~nuooldun~~uli l@uuo~~nnu
(American Dream) &I%l ~ ~ ~ l ~ ~ . l ~ ~ l ~ ~ ~ ~ ~ ~ 7 ~ 8 1 ~ ~ 1 ~ ~ 7 5 ~ 0 ~ ~ 4 1 8 ~ 9 1 ~ i i " ~ ~ 1 ~ r l l 1 ~ ? % ; 6 ~ ~
Li~uo~dntjoiiYu i ~ d r n s w ~ ~ ~ o ~ o ~ ~ d a ~ ~ w ~ ~ u d ~ ~ ~ w n t ~ u ~ ~ ~ n ~ ~ ~ ~ n pi3umnYyi;
u n u m 1 u n 1 r ~ ~ u ~ ~ o ~ 0 1 ~ u ~ 1 ~ % " L I ~ ~ ~ i n 0 ~ d ~ ~ 1 n ~ ~ a " i l ~ n 1 5 ~ 9 b n ~ 1 ~ w " oci~.r~siicnu 42 4 4 d m u n v ~ n l ~ r n ~ a l i u n ~ u r n r R ' l i u ~ ~ ~ n ~ ~ ~ ~ n ~ u ~ ~ ~ ~ ~ !&ld mrlw*onnnswmvm.r
rnP m r ~ 1 d r ~ r i u r ~ u ~ d o ~ o ~ ~ u # ~ p . f ~ " ~ ~ ~ 1 ~ ~ u l ~ d ~ a ~ ~ n ~ d i u n n i mrriqit6ulkiinrsuu A 4 '
mrnrra~r7u~ao~woRo~o~#u ~td1l~diu1mdu~Aol41ud~~?u1S~d~jo~iiucSu ~ ~ u q u l n n
ilrniju<do(io~iu (Primary ong gage ~ a r k e t ) sn: ~ ? U ~ ~ ~ U R ~ ~ ~ ~ ~ ~ A U { ~ D ~ B I ~ U Y
(Secondary Mortgage Market) gdz
1. 0 1 0 m m d l (Primary M~rtgage Market) i 4 ~ a ~ m t r n ~ ~ u ~ ~ o ~ o i ~ a t ~ u n ~ ~ ~ ~ n n ~ ~ u ~ m ~ ~ ~ d d ~ ~ ~ ~ ~ ' l ~ n a ~ D ~ ~ ~ I I H Y - A* A 2 w
drra~auhuar P a n 1 u l u m ~ t . r u n u u n u 1 ~ 1 1 u n ~ ~ ~ w ' ~ u 1 ~ ~ ~ 0 ~ ~ ~ ~ ~ ~ 0 ~ ~ ~ ~ 1 ~ ~ ii ~IIUIN 9,000 n ~ ~ l j u I F I U I ~ ~ J I S U 4 n j u kuJ
ni%Ji 1 Savings and Loan Association (S&L)
1 ~ 3 1 83 I ! n ~ ! f l l Oxford Provident Building Association 418~43 mmadu YjiwuCniiis ~iluiirialtrn omifu i r ~ u n ~ ~ a i n r n r ~ i i ~ ? n ~ ~ ~ a ~ ~ ~ i i ~ n i ' a " ~ w f i d l w ~
Y
1932 ~mroonn~wuiu Federal Home Loan Bank Act ~in:i;rnrkkno~riu Federal Home v A r
Loan Bank Board (FHLBB) I ~ o : o ~ ~ ~ H u w ~ P L H ? u H ~ ~ I w ~ & o ~ ~ ~ ~ ~ A ~ ' u ~ u ~ I ~ RIIGUQIUVQJ S&L a d 1 4
doln"o2 2 find llA.1934 ~#fimsooflngnu2uNaiiond Housing Act ml
~ l i ~ ~ 4 1 I l ~ N f f J l u ' u S&L ~ ~ U ~ V ~ ~ ~ ~ ~ ~ " I U ~ " ~ J ~ ~ ~ ~ T ~ O O % J M ~ ' W ~ J " (Building Socielies) VDJ
DPU
~3Fb'dfllf i 1 4 7 0 0 ~ l x I l I % ~
1) 11.13 1981 ~ ~ I T O ql~l~ s & L ~ ~ ~ u ? ~ ( u I # ~ w ~ ~ s ~ ~ o ~ ~ ~ u R o u K ~
2) 1982 imso yqml$ S&L diiiiiudiou~u~~o4~fln~~nzdpiou?u~~~
~w"orns*rxii.afiKIrii~ufoua: 5 ~a~ i?un iwd o r i w 1 r i i n 1 u o : ~ o ~ ~ ~ u ~ ~ w U " ~ ~ ~ ~ n p 1 i ~ u ~ i
odoin'u!~odiau'oufoc~~: 70 uoPiluniwt%wum
3) I989 n & ~ i n ? n ~ i r n ~ d & a ~ ~ ~ r n o i ~ u FSLIC Q~dlunmlj~du~l~n B 4 . 9 d . Y
S&L 66OL j ~ i n & Savings Association Insurance Fund (SAIF) C I I J L S U ~ D ~ ~ U M ~ I M U ~ ~ R ~ ds=n'ur~utl~nuaq S&L b b W W n O ~ U SAIF ' L ~ ~ M I S P ~ U ~ W U Federal Deposit Insurance
4 r * w 5 m
Corporation (FDIC) ~ s ! f l u n m ~ u n r n i d r ~ n ' u ~ u d i n ~ ~ ~ ~ u ~ ~ i ~ ~ ~ a ~ Mutual Savings Banks
4; $fll5b& Resolution Funding Corpontion (Refoorp) i ; j o l ~ ~ ~ ~ u ~ a o n l r
non xem Coupon Securities ~:UZLXII 308 30,000 & I U ~ H ? U ~ I ~ o I # I u ~ I ~ ~ ~ ~ ~ ~ ~ I ~ w ~
L + U L ~ ~ L ~ I S ' U I R H ~ ~ W R ~ O ~ W O ~ S&L
flius 2 Saving Banks
~i lunm~umsa~uAui~~~"uni~~u~duuuau~n~r iaili2di~uunnns&u'ou
ssrr ~ r n ~ l ~ ~ u u r i d r z ~ ~ ~ u ~ u w * o ~ ~ p d ~ d i ~ u
nr/ui 3 Commercial Banks 4 B
~ ~ ~ ~ ~ ~ ~ I ~ ~ N ' ~ ~ ~ ~ ~ W P I I ~ ~ P ~ ~ I ~ ~ S ~ O U ~ U L ' ~ ~ D ~ D ~ Q ~ ~ O I ~ * I L ~ ~ ~ ~ T ~ " I I U ~ * D U ~ ~ I 4, F4
Savings and Loan Association W?O Mortgage Companies ~ I U ~ W ~ / ~ ~ ~ ~ U I % D I W O R I ~ ~ I U ~ ~ ~ ~ I
ndu$d Mortgage Companies, Mortgage Bmkm pr dw A cl ifluuiu'ngm'oniaiionIrd IdUibwumruPhnGu ~ ~ d j i m C d r l n ' o u i i u l r o n
eejo~kl%tridr:aialru T R ~ ~ ~ ~ ~ ~ ~ U ~ U ~ U ~ ~ ~ ~ ~ B ~ U O I ~ ~ I ~ U ~ U ~ ~ ~ I ~ U ~ ~ O ~ O ~ ~ ~ ~ I ~ ' ~ I ~
DPU
2. ~ ~ . ~ ~ ~ B ~ G U ( $ B ~ B I G U (Secoadary Mortgage Market) I !
~ ~ o a ~ u t J n d o r j o ~ ~ u ~ I f i ' ~ n ~ ~ u ~ u m n ~ ~ ~ u 1nuiii;mrdo n o i ~ u r n r ~ u l u ~ m ~ ~ ~ ~ n i i i
5qodGuf$ndoidu (Mortgage Loans) d i n ~ d d o u { 1 ~ i ~ f i d 5 ~ ~ - 1 ~ ~ U I U I U I ~ ~ ' I I ~ ~ O ~ Y ' U
1 tmrnsd-iin d i ~ o a n p l n r n ~ w ~ ~ d ~ 0 ' ~ 1 u 1 ~ ~ 0 1 ~ 1 ~ u $iln'no~liurnslfjulurnn~m~~~nG
~ ~ n i u n a i ~ u m s i j u ~ ~ n m . r d ~ ~ ~ ~ ~ ~ ~ ~ u ~ d o ~ o i i u u i t ~ i i ~ m w o Y
6~rw'unin%i
1. ~ ~ U G ~ ~ I ~ U { ~ D ~ D I ~ U ! ~ * I ~ M ~ U P ~ S ' W ~ " L ~ W I V R ~ ~ U (Investment Portfolio) * I
- 9 4
2. tiim~~~11zltd~~1~~u{~o~mbln'~bupls1rn~nunlr an41 securiti~ation*~ u A ' Y - A , , r d Y
~ranronfiu'u'luuiu l ~ m s o o n n s ~ m ~ n u n u n ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ u ~ ~ d a ~ n ' ~ (Mortgage ~ a c k e d
MloynnanL?111 r n r ~ o r i r y o d i ~ u ~ ~ n ~ ~ i 8 u ~ ~ ~ ~ n ~ f l u ~ a n a ~ ~ ~ w " ~ securitization tdoo::
Y Y Y
~ l % ~ ~ n ' s ~ d 3 ~ 4 l ~ ~ ~ l ~ ~ w ' ~ ~ I ~ 1 8 n'9; 1938 lislo'a~s Federal National
Mortgage Association (FNMA) M ~ Q Fannie Mae I ~ u ~ o I ~ u ~ ~ ~ u I I ~ . ~ ~ ~ ~ f~ iiinu*1d1um5 %I . Y
~ai-Yqodidu&awi-dd?d '5:n'U htr Federal Housing Administration (FHA) lJ09fg d A 1] 1968 h i d Government National Association (GNMA) ~ 1 0 Ginnie Mae %(lfiu
no~fiurnr~uilen~auio~fi Fannie Mae n ~ ~ ~ ~ n m ~ n i n ~ ~ m ~ a ~ " i i ~ u o ~ f i l 1 u 1 t u i a u ~ i p I v o ~
Department of Housing and Urban Development (HUD) TRU Ginnie Mae ~ O L S U H I ~ ~ U J ~ U
d d 1970 Federal Home loan Mortgage Corporation (FHLMC) n+o Freddie Mae
Y I d A 4 ad
4-14 7 Sunmniisn ~ ~ n ~ o o n n ~ ~ ~ i r ~ u ~ ~ ~ ~ ~ ~ ~ u ~ ~ ~ ~ ~ ~ ~ ~ n ~ un'q i i an i i Participation
Certificate (PC) 1fiudhnsyu Tnuii Freddie Mae ~ $ u ~ ~ ~ d ~ ~ t i ~ a ~ i ~ i ~ ~ d ~ ~ n d i a ~ p s * ~ ~ d f i n
DPU
1 1970 I B U ~ U U J Fannie Mae I ~ U O O ~ ~ ~ I H I ~ M ~ I ~ T I ~ U Z ~ ~ ~ I G U { ~ Q ~ Q ~ ~ U W ~ UMn'Q (Mortgage-
Backed Securities: MBS) I ~ W bZ~'l6llfl'~ Fredhe Mae l lW Ginnie Mae ~ D U I ~ ~ I R ~ B R % U I ~ ~ U I
i~riGuriiqan^akvil MBS 620
A 4 ~:uurn~Wuiwonarjoia'uIum~i~ao~
1. ~ z Y u I ~ ~ ~ ~ ; ~ ~ u M ? w ~ I ~ u P ~ ~ ~ ~ w ? w ~ " (securitization) 5 ~ u u A A d ~ d ~ ~ r ' w ~ l d ~
d 1 44 n i i n n i v r u n o ~ a r n ~ i ~ i u u ~ ~ ~ i ~ u ~ 1 9 u a r imsnd(~ecuritization) M ~ O ~ ~ ~ ~ Y U I U U I U U O ~ Y ,
m a 4 9 A 4 4 mr o a n ~ n r n a n u n u n u ~ ~ ~ ~ w ~ n o ~ ~ i ~ u ~ d u d ' i ~ ~ u artg gage-Backed Securities) izn?rG
~1un-1~10um~a~~~u.r8mr inoni iu i~n t ~ z u : c ~ a ~ i j u { a ~ n { l n ' { d ~ u ~ d ~ & ~ s l r imr rld nns'gl i j ~ a 1 a m s ~ m s ~ ~ ~ 1 n ~ ~ ~ ~ ~ 1 ~ ~ ~ ~ ~ 1 1 ~ 1 n n 1 1 ~ ~ ~ w ' n n ~ ~ u ~ n d ~ : : ~ n ~ ~ ~ i ~ ~ 4 n 1 ~ ~ ~
* I 4 4 4 w uiuns~msnhuamRro~i.aniwndo9 m ~ i ~ ~ r n u n u o m ~ i n o n ~ ~ t l n ~ ~ ~ ~ u ~ ~ ~ ~ ~ o ~8
1 muisnu~u1fi~ludnniuuo~~u~m~1RonIduIia:n31uiiiu~
u o n o 1 n ~ ~ ~ ~ ~ ~ l o m a l w " 1 ~ ~ i ~ 3 d n ~ ~ " 1 s i ~ 0 1 ~ " ~ n ~ ' 1 ~ ~ 1 . u ' i ~ 1 ~ d ~ ~ ~ ~ ~ 1 1 ~ 0 ~ 0 ~ ~ 1 ~ u
muhaiuril.I7 1~i ~~udu?~wjnlonru~~did~~n'od~ ~ I U ~ I M ~ I ~ ; ~ ~ U F I ~ ! L S U ~ I ~ 0 9 ~ 9 ~ ~ 5 1: 4 4 4 ~ ~ ~ o ~ ~ 1 r a g 1 u ~ ~ w o ~ ~ ~ ~ ~ ~ ~ ~ 1 ~ 0 ~ n ~ ~ a 0 ~ 0 ~ i ~ ~ ~ ~ n " U n 0 1 ~ ~ n 1 ~ 1 ~ u ~ o n o ~ o 1 8 u ' l u ~ ~ r d
4 m u B 4 9 9 nloGqnqu u ~ a m ~ h i ~ u a ~ u ~ o i u o u ~ f i o ~ n i ~ d o ~ 1 u nnlliudoz ~ i o u i i u ~ d o (Zunriui~ ' Y W u
Originator) ~:~~ndonn1lju~~i?na14Ldoviud~~~~u{ Tnuuoiuduunr i in *nJq~ I~~w~o~~ 7
fl'uld
i4mr oonnsimrwiv:uoaanill o:d7.rldainyTsd ~ f i u n s ~ r n r n i i o o n l u 'Y sr
nnTjl o ~ ~ ~ n r r o ~ ~ u u ~ u u o ~ ~ n ~ ~ w ~ a f l n i ~ u r u : ~ u i r ~ o ~ n o n a u o 9 ~ u ~ ~ ~ n ~ ~ ~ ~ ~ ~ ~ ~ K ' l u n r d ~ o n ~ ~ u ~ r n n r ~ u ~ u ~ a ~ ~ d ~ ~ u ~ ~ s i u ~ ~ u l r i l C i i u w a n ~ ~ w ' ~ ~ ~ ~ ~ u I ~ d ~ T ~ d ou~~lr i i rnu g{
2 A J nulnrio:l$5~ w n n s ~ ~ u o i f i ~ m ~ ~ ~ o n ~ ' ~ ~ ~ ~ ~ e l ~ ~ q ~ u ~ w ' o l n ~ n r j ~ u ~ ~ u n a i ~ ~ i t l ~ u ~ ~ ~ m ~ u
n i a ~ m a i n ~ ~ d ~ u w ~ ~ e l ~ ~ ~ d
2. 5 ~ ~ u n r n n r o . i ~ ~ u u ' l M ' ~ n i w ~ i 0 ~ n " U d 0 1 ~ ~ f l 1 5 ~ (Liquidity Facility) I ~ U
B r~uumainsn . r~n~ iuunu~~uon~~~ ~ i i i i u m ~ ~ ~ u n r n ~ u m r ~ u A c ~ ~ Federal Home Loan
Bank (FHLB) 12 A A ~ . I I u ~ ~ M ~ J ~ TRU FHLB O ~ P ~ ? U L N R O ~ I I L ~ U ~ I ~ ~ O ~ G U ~ ~ T ~ ~ U ~ ~ O ~ O ~ 4
~ ~ P ? ~ T ~ ~ ? u ~ ~ ~ ~ ~ ~ I ~ u ~ P I ~ ~ H ~ ~ ~ u I w o ~ B ~ o ~ ~ ~ ~ (s&L) 7 ~ u d FHLB r~nuf iuo~nnm~yu Y U 4 Y
~ ~ u m r a a n ( u f d u n a ~ n ~ ~ ~ i r n r ~ ~ ~ r r ~ m o n o ~ o ~ ~ u ~ m t l FHLB %h ~uiut?qjryi~u{&d 2- J t
~uiinrounmu~iiu~iurnn~8n~umuuu i n u ~ u ~ u a ~ & ~ ~ ~ i i ; u ~ ~ u ~ f o ~ d ~ u u ~ ~ ~ i f i u ~ i
DPU
iuor {u d$~inrr~~rr:n~uds:~n~a~inutiufiu idadainndudrzln~And?$oonn~wuiu~Ru
$Jnnr o c ~ ~ n i ~ u i n d i ~ 0 8 1 ~ a 1 1 ~ 0 n 1 ~ ~ o ~ 5 ' ~ i 1 ~ ~ ~ ~ d ~ ~ i 3 u ~ 5 ' ~ U"UII?IUI~IU &;llisi
ninPislmmrvd 18 i~a:n?nuiFTn-~ssv6 19 tniu 0 o n n ~ n ~ i u ~ s o ~ i u r n ~ 1 0 ~ ~ r ' ~ ~ i i ' 5 ~ ~
oA-1~iiuniw 69uu'odiiuo.rnn~Gutinr.~~on'an~3uniwu'ui94tSuniindr::n'u(u~l~
ngwuiudfi~unrluln'dn~r inR . r~ inzn~uqupk lnao l~un~rk~u idon i r oony'u~di i : a w & 9 9 4 nrindw=Yu n . r u m o l n r ? n o ~ ~ o y Y u ~ ~ n ' ~ n a ~ ~ ~ ~ ~ ~ 1 ~ i ~ ~ ~ ~ ~ ~ ~ ~ ~ n " ~ ~ o d ~ ~ ~ ~ ~ X ~ ~ ~ n i h
yprdv u Y & q g m w ~ n ? i W u { n d ~ ~ ~ ~ ~ n ? w u " ~ B ~ ~ P I ~ ~ ~ W M U ~ no~liudhlu'umrlawiz~~~utnumzd
w
~ t l f l i l Mortgage Bank lsdu mS Landsehafi LAtI:: Hypothekenbank ~ U L U Q I ~ U flll bi.1
credit ~oncier 1udi4i~fl n?oms kt& Mortgage Bank ~ U ~ R U U I ~ ~ ~ u { ~ G ~ T L ~ ~ u L ~ ¶ J U ~ ~ L ~ U
d~uuuo-rinc~u ~ i o G u n i ~ ~ ~ ~ ~ d i j ~ ~ ~ % o o ~ ~ ~ ~ ~ u n i w u " i d u ~ ~ ~ ~ u ~ ~ (Mortgage Band
M ~ Q Covered Mortgage Bond n% Covered Bond) 99- R B A i ] o p ~ u ~ ~ ~ ~ ~ ~ ~ u ~ a o i ~ ~ n ~ ~ ~ i ~ ~ ~ a ~ ~ ~ ~ ~ i ~ w " ~ n ~ ~ ~ ~ ~ ~ u ~ n ~ ~ ~ ~ ~ ~ suims
oou3u~mzoo~l jurn~Gu1~wi~f i "~ Mortgage Bank G U ~ ~ O ~ F ~ ~ ~ % J U ~ U U ~ ~ ~ M ~ ~ W ~fi~dernd&au d 4 2 4 4 a~umrrznuljuoinna~~~qu r ~ u u n m n y u ~ t n ~ m ~ o ~ n ~ ~ ~ ~ ~ ~ ~ ~ ~ w ~ ~ ~ ~ ~ i ~ a ~ ~ ~ ~ ~ ~ d ~
d ~ : ~ n n I u r l l r d i ; ~ z u u n i ~ ~ u ~ n w i z 5 ~ ~ ~ u n i i s z Mortgage Bond k ~ ~ ~ t f m f l ~ A 0 V B rnsGuiawit.iio8uni Mortgage Bank ~ ~ l w u i ~ m ~ o u ~ u l n l 5 ~ n ~ t ~ 1 9 ibu iol3b?{ mu
~ u ~ u ~ ~ n s 1 u ~ f f o u ~ t n 1 i ' ~ 1 f i a i % ~ i d u ~ o i n n i ~ i a JR+IX uonaind n e i ~ u l l q i i n ~ i d n o n
fu{~umrnn~u A8enii "Mortgage Bond H ~ Q Covered Bond nio Covered Mortgage Band''
~ n u l ~ l ? n ~ ~ i ~ u ~ d n ~ o i ~ 1 1 1 ~ ~ ~ 5 ~ ~ ~ d ~ ~ n ' ~ n ~ ~ o ~ n f u ~
if umronn Mortgage Bond 1 + i d o f l l j u ~ ~ ~ m 5 ~ D V I U i ~ U 1 1 d a 4 1 W ~ oioPJl~k;rj-tul
nu'uny u r n r ~ o u 1 u d o d o i ~ u ~ a 1 d y ' u ~ ~ d r : n ' u 1 ~ u u 8 ! ~ 6 ~ w u ~ n o n ~ d u n ~ ~ ~ ~ n z i n ~ ~ u
~un~m;oufuf i ig~~nn30~wmin (CammUnal ~ o n d ) ~ ~ I ~ J I J ~ U D U U ~ ~ I ~ J L W T I . ~ ~ F I ~ ~ U ~ J L U ~ P ~ i ~ n ~ ~ f l u ~ ~ ~ ~ ~ ~ ~ ~ ~ o n ' b ~ u ~ ~ n ~ u I U ~ ~ ~ O I ~ G ~ ~ M U I U ~ ~ I M U ~ ~ X ~ ~ ~ ~ I O P ~ ' ~ ~ ~ ? L J ~ ? W ~ ~ ~ ~ ~ n~ndr:r iuqani~~ni i fu{uin dau i~do~ l rnn~u lu~~~d 'uu~un 'a unuJnuo.1 Mortgage
DPU
i 9 , 4 4 4 3
Bond ~nfiulc~ric&?ud16qd7~s'~ R ' ~ ~ ~ U ~ W Q ~ ~ O ~ D I # O L I R Z I ~ U F I ~ I ~ ~ ~ H U W X I ~ ~ I ~ I ~ O U ~ U ~ I ~ ~ ~
d%eb?lwleraf ;Id (3 E'YU Bausparkassen) 2 4
~o~o1riu1udr:1w~1u0fs~'~i51n~~~~9~11n d r : a i r r r ~ r ~ i l n r o ~ 0 ' ~ 1 0 ~ ~ 1 8 ~ 1 ~ ~ d ~ ~ ~
n u ~ o ~ 1 R i ~ u n a ' ~ ~ ~ ~ n s i o ~ 1 4 ~ ~ r n u i u ~ u n i ~ ~ i l ~ ~ ~ u r:uutYyqioouriou{ (Contractual d J 4
system) $ P L ~ U S : U U B ~ ? U W I : T I T U ~ A G ~ O ~ O I ~ U ~ ~ ~ V U L U O ~ O I ~ ~ A I W ~ ~ G U " I ~ ~ " T I U U ~ ! ~
plplpl v u a m r ~ ~ - r d o u ~ u ~ n ~ ~ ? a ~ n ~ ~ u r i o u i t a ~ ~ W u ~ i~uriaiiumrPi~ufimljuBu~rono~oidu
~ f l< l Bausparkassen UPr A cl
I . a o i f i u ~ w Y { ~ A o i o ~ o ~ f i S u d ~ r ~ n ~ ~ u o s l i u d a o ~ G u l n ~ ~ n o n s ~ o ~ p i u
nmnwalu iiu au~nismGu'rb ~ u l f l l s o o u ~ u (Savings Banks n70 Sparkassan) a r n n l r ~ g
(Landesbanken) 6 u 7 f111 d 0 i V 3 i 3 u D 4 (Hypothakenbanken) l LR t 6 u l(n 1 0 0 u V l h 6 (Co-op
Banks H ~ Q Vokbanken) I?U& Building Societies Bausparkassen i l t l :d~ 7 l 6 d ~
lunrcu noiu 'u id iaf iu inr i iQ~rs~u6~n'ut~un~u~r i io Hypothekenbank ~n::
Bausparlrassen r i n o r ~ ~ u ~ ~ 1 r i u g n v 0 9 b ~ 1 n 1 ~ ~ 1 f i i ~ u " ) . 1 ' i 0 ~ ~ 1 n ~ 5 0 0 ~ ~ u
DPU
Mortgage Bond i j ~ n j i Pfandbriefe l u i ~ ~ s h ~ ~ I ~ ~ ~ I ~ u u ~ ~ u ~ ~ ~ ~ Q u ~ o w ~ w ~ o L ~ u I I Contract
srv A 4 Savings r n r ~ n ~ ~ w o n o ~ o ~ b ~ { ' i i n ~ n ~ u q iiuuw?ou q h (Loan Package) hmrnflul~
Y I
noiu'und~a:idu~~nfii~3~1l~urj~1n$101s~'uf M ~ ~ ~ O J ~ U L D ~ iwr x w ~ ~ u n o n t d u d i ~ ~ n d
Beusparkssse ~ I U ~ I U U O ~ U ~ ~ B U ~ ~ ~ I ~ ~ O ~ ~ ~ L ~ U ~ W O ~ J G U { R O ~ ~ ~ U F N ~ Q I ~ ~ Hypothekenbank
~DIOIJWOIW~I:~DUIU Loan to Value I#u.~?A L~u{?KII;LCU 60 % VO~SIRI~?IU 1qA09tjllWd~
ainauimrw~~'a;w;oauini5oou~u1u~n3o1iuafiui~wnoniduaau~3
3. +~qini~oourinu{ (contract savings) iunsriuiir.-uu~l~{[din~uriaud~z i =i dPiou{n~os~uu~yqioop~f;~u~ (Contractual System) T R U ~ I U ~ O ~ ~ U ~ ~ U I ~ ~ M O ~ Q ~ ~ U
Gun41 Bausparkassen ${arloadvYqtgiw7o contract t i i n u n ~ c t ~ u u n z ~ z u z t a a ~ A o ~ ~ o a
nunv ibu auimssoui?~ od147r!niu { t j o : ~ ~iiu~uRnufi1un~i~l~ua~uo1naois~'u
rnsl%1iin'-r~'nu~64iEu d - r u l n y l d l ~ i su~~ iaoouf i~ fiifu nmsriimuuos Bausparkassen
4. qu@n&dreiYu (Mongage Bond H ~ O Covered Bond) ~ u L u Q ~ ~ u ~ ~ ~ z ? ~ ~ ~ ~ I u
I~~uw~LL~FZI Fi.H.1970 k l 3 5 f l i f 9 Landschaff PI.ff.1990 ~ W l 5 0 0 n Mortgage Bank Act
4 ~ ~ ~ u ~ ~ u u n ~ s ~ u u i l o ~ y " ~ v o ~ ~ ~ ~ " ~ d ~ 0 ~ 1 e r 0 ~ o ~ " u ~unsriuduny~u~ijniind~~n"pd~~'uud~i
?d&;aa (International Housing Finance Sourcebook, 2000)
DPU
I~IWI:%J~$U Caisse d'Epagne (Saving Bank) HDIGU Credit Foncier I A ~ E ~ ~ P ( O ~ ~ W Caisse de
binancement de I'Habitat 'Pi~Ld?~lfIl%l!l Securitization 4 A
2. ~ ~ ~ ~ u u ~ u Q w Q ~ Q ~ ~ I ~ Y u i j ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ n i d u a ~ ~ ~ a w i ~ ~ ~ ~ u u ~ ~ d d i n ~ ~ n z
I I I J U V ~ O ~ A ~ U ~ ~ ~ U ~ L I U U R D ~ ~ ~ ~ ~ ~ ~ O ~ ~ ~ ~ ~ I ~ ~ U ~ I ~ ~ ~ U ~ O ~ ~ J ' M ~ ~ I ~ I ~ ~ ~ ~ ~ ,:?TI Credit
Foncier T~urnsoon Mortgage Bond d ~ f i m r ~ m u ~ ~ i ~ i u j ~ u i u a f ~ u
U O ~ O ~ ~ ~ I A R ~ G ~ : Y U ~ ~ U { ~ W ~ O ~ O ~ O I ~ U ~ I ' L ] P ) O O O J ~ ~ O U { (Contract Saving) T R U ~ ~ 1dduq~n y u h ( t $ d ~ ~ ~ ~ ~ u # 8 ~ n a a id4nmna.rm3oou rnrlfif i~n~msln'iupnn y u
h~u'umsd~uauims w ?dbilu"iald ( d u ~ : International Housing Finance Sourcebook, 2000)
a 4 - (Callable Long-term fixed rate loans and bonds) ?I ~ 0 ~ ~ 5 ~ f l 6 ~ j l TZfl'FI Mortgage Bond System
JsiSu,:uud~~:~nnpi?u~w o/luqlslll#~'nrj ii Mortgage Bank I P ~ ~ M U Y I ~ I U ~ ~ ~ ~ D U ~ ? U I % O
d i n ~ u ~ m ~ ~ d u { ~ ~ ~ ~ i n n i ~ ~ ~ f i Mortgage Bond ~ 1 u ~ u m m ~ ~ ~ i m u m 5 ~ : ~ ~ 1 ~ u d 1 f l ~ . r d 1 ~ ~ ~
~ m ~ ~ ~ u s z u ~ u l ~ ~ u n ~ ~ ~ f f ~ w i ~ o 1 ~ u u Mortgage ~ o n d ! A A I A ~ U ~ ~ U I L ~ & ~ ~ ~ ~ O O 3 1 ~ ~ 5 * 1
Mortgage Bank 1lrisiltn64.1vulu~ 1797 df1~41flidUilmU ilol~ui;i4.1nlln 7 d.1 i~~i~ll$lU?Ud
00 1~ ?U (Savings Banks)
m m n m s ~ u d o ~ m ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ n 1 ~ w ' ~ % 1 ~ 1 6 1 a n u * i 1 ~ ~ n ~ ~ ~ l u ~ a n d ~ ~ 1 ~ ~ r l ~ ~
ijmroonngnu~o ~ortgage Credit ~ c t Rwiq n.R.1850 m s i j u d o d ~ ~ ~ i ~ ~ i ~ ~ ~ ~ n l ~ m u l A A d
msn~u~uori~aln#~nua~~~Tnuiir:uuau~mr lawiz?o Mortgage ~ a n k I ~ U ~ ~ ; J ~ ~ O U B U I B D Y I w d o
O ~ O I ~ ? U ~ W O U ~ ~ H U R ~ ~ U I N ~ ~ U ~ B ~ O ~ D I ~ U S J P I U ~ U ~ ~ % J ~ ~ ~ ~ I ~ ' U GDP uo~dr:mn
DPU
dr cl. Y Y
i?u~~wonodo~f iu l i iou~ '~dwi~pl i~~ Y I ~ W Mortgage B& dl#:'itoon(u{
Mortgage Bond ~ i d 1 ~ 0 ~ n ~ ~ ~ m u ~ ~ ~ 1 ~ ~ u ~ ~ ~ u 9 u ~ ~ ~ n n i u U u ~ n u " n r r l u ~ u o ~ ~ u n ~ o
d h s n lul~ulnin r n s o o n ~ u ~ & u d ~ l u a ~ ~ ~ n ~ n " ~ d ~ ~ ~ ~ u ~ ~ ~ ~ ~ ~ ~ u ~ ~ d n ~ ~ ~ ~ ~
~ . r ~ i f i ~ u i j ~ o r j o ~ f i u o : ~ f l u i ~ u ~ ~ ~ ~ i o ~ i i ~ i ~ ~ ~ ~ i n ~ l d n ~ f ~ ~ n ~ u @ n ~ : ~ i i l i Y Y oriia!dr-fin3mw Tnu ~ortgage Bank ~ ~ I ~ u ~ ~ u { L L ~ ~ ~ u ~ L ~ u ~ w 7 h ? ~ m m ~ ~ n i i f u
Y 9 . r ~ u ~ ~ ~ r n ~ ~ n ~ 4 o u ~ w 8 u ~ ~ ~ " o u ~ w mmnsosyugllnn~nni~oviuvoq~w<iiia:Iaqn~u~u
nainndnniwbn;ouqu~ifiq ~ z u ~ ~ ~ r n u o r r y ' u ~ u i 7 l ~ d ~ 30 3miudqlod~~ut; l~~~msi
nonl$nqdl&iic 30 7 i i ~ u ~ o ~ ~ u j u m r ~ ~ n u ~ ~ ~ s i m a f i t d t l t i n : o ~ ~ ~ u ~ R a a ~ ~ ~ u 1-10 3 ~ ~ ~ ~ t ~ u ~ ~ o z i j n 1 ~ ~ ~ u L ~ i u u ~ n r i R o n L d t l ~ n 1-10 7 pliuy~u{$oonlnii6ofu{nru
1. flSLY ?Urn5 OD" Mortgage Bond 104 Mortgage Bank Mortgage Bank d l ~ I ? l i r w a v It%u{iingnmo~rns (RDISU Originator) T~~~oi~ol~rnuyndiwa"nd~:n"ld ~hi.101n1fu&~~n
~ o n d ~ i a l $ ~ ~ T i @ ( S O ~ U ~ssuer) unnamd Mortgage Bank ;4~8uitfdau Servicer ~ ~ ! I H I ? I ~
rpra 9 9 ~ u r n ~ i u ~ ~ r ~ n < ~ u o i f i ~ ~ ~ i o ~ i i u m o n ~ i u ~ n * i ~ n ~ n TRU Bond d ~ ~ n & ~ i ~ U ~ i i i U ~ ~ ~
4 anndnumZijuY&GFiynnaar rum uona~nkj&oonngnu~atw"on~uqu~ro.rm~dii~w"Un~~
4 A k6u=n'umsijumowojoif% ~ J I L ~ 1850 flo hiongage Credit ~ c t LIIIIIU~ 2000 l h n
44 2 fiplW1U Mortgage Credit Act 1989 Amended 2000 MULU~lnl~U?fkl Mortgage Bank 1UhOq
614 q idu rnrl&:fluuiljn$lh idiiuum59i7{ nisi i1vlun~4u{i~~ wdim Jwt?GuXm1pl
iiiufounz 80 r~u~i?rnIriliiu 30 B wia m s d n ~ o . r ~ i ~ r s ~ u n o ~ ~ u i o i u n ~ w i t k u ~ l ~ j ~ ~ n < ~
DPU
2.2.3 p l ~ ~ r m ~ a s a ~ m ~ l a ~ ~ u
1~im~udr:mnoonma1~~1F;i15:~ I I ~ ~ ~ G U ~ B ~ O ~ ~ ~ V O ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ' ~ J P ~ I I ~ Zo
~n'js:uunuirnsvn~'flu"~~a: Building Societies ~ d i l ~ ~ G ~ I i i i a z m Securitiration UDP *& : nnig 1 u i l 8 i ~ a n d 1 c i i u ~ ~ ~ ~ i ~ ~ ~ ' 1 ~ ~ ~ m ~ n l i ~ ~ ~ 1 ~ 1 u 1 ~ 1 1 w " u n 1 r:uuuo~ooni~lr~8~11h
w a w r:uudnmljulonvuigwfiii~'uni'iia~~qHu ~u{6odo~~uu~qnofiidunou6aiiaznonLdu
n~C/1fionrlnldirnu
JT-~R&!W
4 A r ~ u u m r ~ u ~ w o n o ~ ~ ~ ~ ~ ~ ~ w w ~ ~ ~ w ~ i u f ~ ~ ~ i ~ ~ ~ ~ u ~ u d ~ n ~ i u ~ u ~ n ~ ~ w ~ ~ ~ ~
~ m ~ ~ u ~ n o n i ~ u n . r ~ ~ ~ ~ u ~ n ~ ~ ' u ~ ~ ~ r ' ~ fiun!il Government Housing Loan Co-tion (GHLC) Y I
Tmut:uusu~msoouBu ( S W ~ Banks) ~ ~ u ~ I w ~ ~ s z R u ~ u ~ I ~ u o ~ ~ ~ ~ R ~ ~ ~ ' ~ o ~ I ~ u ~ ~ IN 6 4 Y v u A I 4 i j u i i i j u u i n ~ ~ ~ u 1 n ~ u f ; i 1 ~ H ' r ' ~ ' ~ 1 1 a n 1 ' ~ ~ a 0 ~ i ~ ~ ~ d ~ ~ ~ ~ n f ~ ~ 1 d .I r ? u ~ ~ ~ n ~ ~ w o r o n o ~
o 1 # u a : u : u l 3 ~ ~ ~ r i 1 4 ~ ~ u ~ w o d i u n u 2 u . n ~ Fiscal Investment and Loan Program (FILP) UOI?~
# W A 4 GHLC ~ ~ ~ i w ~ ~ o d o i b s i u l ~ ~ ~ ~ ~ (40%) ~~ui~nda1~uoini~lw'{~on1dup1~~ui3d~ 35 Yl t i i ~ u f i b s i R o n t ~ u n ~ ~ I 8 u n o c i a c GHLC ~ ~ ~ ~ n ~ ~ n ~ n 5 1 u ~ n n n i ' ~ ~ d 0 ( 1 1 ~ $ n.H.lsso
A ~ i i q m d ~ l ; o ~ ~ ~ ~~~ljui~u~a~s-nuil~w7ifB9ni~:Hddu~3~i~az ilqrndud~:u~m d d e r~nzdr :~w7n?wn~%i?1 iu~ iuv~~ GHLC ~ ~ Y ~ ~ ~ ~ u u P I u ~ A ~ ~ ~ ~ J ~ I I G u ~ I u ~ L B ~ GHLC I W ~
n.tr.2007 i in~ l i~&a~1d~uums~~1~uf l15o~f l Mortgage Backed Securities !!MU
Jazinnmi~3fi 9 4 4 m ¶ ~ l w 0 n o ~ o ~ ~ u ~ u i m ~ ~ ~ ~ ~ l ~ ~ ~ n 1 5 ~ ~ tJf9 wiu Korea Housing Bank n% Korea
v . 4 4 Housing and Commercial Bank-Koomin Bank i?lud?ulnd I ~ J I % J ~ A W o n o d o i k f l i ~ f i u q 40
% u o c ~ l m i ~ ~ a ~ n u ~1.~1.1999 Loan to Value ~ i ~ i i l u 65% Y g ~ i n ~ ~ n n ~ n ~ i u Y
Securitization b l a ~ h i 4 Korea Mortgage Koporation (KoMoCo) W 1'UIIEIU Fannie Mae V 0 9
4 A nn?y 1~os:nu~u~wono~o14u~wer~zuu securitization w w z
? g ~ n o ~ n 4 f l m ~ ~ j u m s ~ ~ 1 ~ ~ 1 z ~ ~ ~ ~ Kom Howlng Bank Corporation (KHFC) $uY u A s r ,
1967 ~ d o d i r n s s : n u r l u ~ ~ a ~ d d o u ~ ~ i ~ ~ n ~ ~ ~ i ~ u l ~ ~ ~ ~ d ~ ~ ~ ~ " t l hu4nnnon1ii udis:u:ui-~
~ o l n ' l u l 1969 ~ l u ~ n ? n ' o o n n 5 1 n r n u ~ ~ i ~ l n - ~ ~ d ~ u u ~ ~ KHFC I ~ U Korea Housing Bank
DPU
A 4 (KHB) 1~a?~iunuln1ui~o~n1~ J ~ ~ X I ~ U ~ W B M O ~ D ~ ~ U ~ ~ U ~ ~ ~ Q Q National Housing Band '
Y r d r ~ ~ : ~ ~ u n m r ~ r r d o ~ o ~ ~ u ~ o n ~ ~ ~ i ~ ~ ~ n ~ ~ i i ~ ~ n o i n m ~ d ~ ~ u ' u . n u o u 7 'lu~uims Z u n i ~
National Housing Fund Lln: Housing Finance Credit Guarantee Fund ~DIJ??u?! 1996 Vn'iinis
~1d.i~dainigini~n'1i~u'i]3.d'nu~i~w
rudari irn~t~ll~~ d o ~ n ~ m ~ u j u m ~ ~ u ~ o ~ ~ ~ ~ B u ~ u ~ ~ ~ ~ w i ~ ' ~ ~ u " ii~ln'ln~.rnh~mtiio
fuuo.rsu~mstd~uuhl ~ ~ ~ I ~ ~ I ~ ~ ~ ~ I ~ ~ ~ : L ~ u u ~ M w ~ ~ ~ ~ u ~ I I ~ B I u ~ u 4 u d $ o ~ ~ u
f~u?nuilR'u~u5msi#oun: 95.6 nnn.r~wffoifiusfoun: 46.8 uonoind KHB &k%d$uu&~ d d
I ~ U Korea Housing and Commercial Bank J ~ ~ ~ U ~ U I T O ~ I ~ ~ ~ I M ' U ~ ~ ~ ~ ~ I ~ I ~ U ~ ~ ~ I ~ ~ O ~ u U A
u o n m u ' o o 1 n m r l f i ~ i ~ 1 ~ 3 ~ 1 ~ ~ 1 ~ 0 n 0 ~ 0 i ~ u ~ u ioa.111~3 2001 ~uimalf imsn~usm
i% Kaokmim Bank t i a : ~ + J o ~ n i i ~ Kookmim Bank n a i u i ~ u ~ u ~ m ~ d l ~ f d ~ ~ ~ 9 u f l ~ ~ 1 w n
nl%z~olaSsalJ%"
Iudszrw~d~n I~G~LM~G~UIJX ~ U ~ W I I J Central Providence Fund (CPF) ~ U ? U
uln i g u ~ n t ~ u ~ ~ ~ ~ u ~ u u ~ u n i r ~ f i ~ ~ ~ ~ ~ ~ ~ u ~ w ' ~ v i ~ ~ ~ a ~ ~ ~ ~ ~ ~ ~ Tnum5dii~uo1n CPF u3
h~u'um~riorr~~~d0~~1~o~1'11~1~~~~~~~1aci1~n~a~~1~~0~5'~ n'o Housing Development
Board (HDB) d . r i d 1 f i ~ i i i ~ ~ ~ n ~ g ~ ~ 9 { f l 5 z n ~ ' i l n 1 ~ (Developer) I I~E{IXE (Lender) ! O ( I ~ J
nr jwum~ocmo~ndndo i~u~u~~: iw~ unno~nd~aijlmdclju$d~niu~odoilluk?u$t8u
mnionvu tdnGau ibu Post Office, Saving Bank, Commercial Banks, Building Societies and
Finance Companies i8l-l;~
DPU
d ~ : i ~ ~ ~ u 6 ~ u b u n ~ a ' ~ 1 ~ ~ 1 ~ n l ~ d ~ ~ d 5 ~ f l f l f l 1 5 ~ u b 1 ~ ~ ~ ~ 1 i ~ 0 ' ~ ~ 9 ~ ~ ~ ~ 1 5 0 l ~ 1 5 ~ ~ d $ 1 f l ~ ~
r r ~ o l ~ u ~ ~ ~ ~ u ~ w o ~ t n z ~ ~ o i ~ i s n i . j ~ u ~ ~ n r u ~ u ' ~ r u ~ i j ~ n u ~ w i ~ u B
~ < 4 9 1 d t 7 ~ f j l %vb1~17:11~ Securitization uik.111n7 n.H.1970 ~ L ~ ~ R D U 1 1 Y Y d QPIAQI~ZWUZUI~~Y ildrzuu securitization ~ ~ Q ~ ~ ~ ~ T ¶ ~ R ~ ~ J ~ : I ~ H ~ ~ ' B P I u ~ I I ~ ~ I ~ R ~ ~ ~ I ~ u
Y
oouq-r 1 4 C t 1 ~ o n ~ d u m a 1 n ~ ~ n ~ ~ ~ n 1 ~ ~ u ~ ~ 1 ~ ' I ~ ~ ~ 1 0 w ' w ~ i ~ 1 ~ a iduds~~nnoonimr~iiu
~m:&fiqu m s ~ i ~ ~ f l u d s ~ i ~ ~ ~ ~ d . r w ' m ~ ~ ~ s ~ ' n ~ ~ ~ ~ ~ ~ m ~ i ~ ~ n ~ d t l ~ ~ n ~ ~ ~ ~ ~ l ~ ~ ~ ~ ~ ~ ' ~ ~ ' ~ ' ~
rl'ion1i~u.nu~~i~u~~11u'unian~0160d~Xi~l'1~~~ ~niu l m n X 1I5zmnIun?iiuo1uimIu
1 ~ ~ m s n ' n i l o 1 o l r i d 1 ~ ~ 1 n ~ 5 u ~ i ~ ~ B ~ ' I X I I ~ L ~ U ~ U ~ M ' ~ O ~ ~ U ~ ~ B ~ O ~ Y ' U ~ ~ ~ ~ ~ U ~ ~ W ~ ~ ~ " O ~ ~ ~ d d
diouGunowoio i&
~ ~ ~ ~ ~ 4 5 Z ~ ~ f l 7 3 ~ ~ ~ 0 ~ 0 1 8 ~ 1 ~ d f ~ 1 ' 1 1 f l ~ 1 n ' 9 w ' 1 1 1 1 ~ l ~ i 3 ~ 1 ~ ~ I ~ ~ O l ~ ~ l J o ' R H l 4 B 4 Y W * ~ u ~ u ~ w n l ~ u ~ ~ n ~ n o ~ o i 8 u d t n " ~ o ~ n m s l a ~ n u ~ nnr i~roui~ozrnr@ua1nnnnrd6o~oi~u
4 4 i s ~ u ~ t m s d ~ ~ l i i j s ~ u u n ~ ~ ~ u ~ w ~ w o ~ o ~ ~ u o c i ~ ~ ~ i t l ~ w ~ ~ u o ~ ~ ~ n ~ ~ ~ i ~ i ~ ~ kG
1. u i ~ i m n u ~ u y u (The Lack of Capital) lurn~ntyu 1datain~i;ijudtiau1~' 9 Y
{odiqiiiutwo viJd n~~:dsra~aui jna lk ; iou~i~ i i kliiiWuooulu~~uu 4 '
2. r n s i j u ~ w ~ i ~ ~ ~ i i n Y o ~ n ~ ~ ~ u ~ ~ ~ ~ z e r i a ~ ~ d ~ i n d . r ~ u d i i o ( ? l p d f l ~ ~ ~ n ~ i i a ' ~ Y Y
I J d~~~doqo~nLnrvsn'a!~f iL~~u~niw di9n'! l i i i rnnTwui&1~
DPU
DPU
~ j f f f i ~ % ~ G ~ (Present value) w
6!451maniG0d~?l
l (iu3d 1)
PV + INT
PV + PV (i)
PV (l+i)
FV, + INT
FV, .t FV, (i)
FV, (l+i)
fluurn' Y
n = I ~ L E I Z G ~ ~ ~ ~ E I ~ I ~ ~ U (i) = 10%
FV, = I100 ( l+ . lO)
= BlOO (1.10)
DPU
2. qadiilapG~ (PRESENT VALUE- PV)
~ R ~ I ~ Q ~ ~ Q ~ ~ ~ ~ ~ ' I R I ~ ' ~ ~ A ~ I ~ U D U I ~ F I ~ ~ u d ~ n r i i i l o ~ l j u t S u n z ~ ~ ~ u n ~ s
A W ~ I (Discounting Process)
FV, = P V ( ~ + i) "
Y u w 3. ~ ~ 3 l f f l f I l ~ ~ ~ I I (Interest Revenue Rate: IRR,)
65 inondu~u n"n ~m~1wnmou~mudau1n1~1~;r"1101nn1~dd0trd~1~a1n'~n~~
~ i u i s o i i i u 1 o l ~ 1 5 m s i ~ ~ n ~ d u 5 ' ~ 9 ~ 0 1 ~ ~ ~ 5 m ' ~ d
4. ~ ~ I H B I O U ~ ~ U $ B B Y I (Internal Rate of Return: I q )
DPU
CF, ... CF, = w a d ~ ~ ~ u . a 6 ~ r n ~ i 1 o ~ ~ a * i ~ 1 u o u i n m 1 u ~ ~ ~ a ~ ~ ~ ~ i ~ n i
~udiwsiuri~ CF,, CF,, CF, .... CFn 11dhinn~Fi1uo.r IRR godnu
wnmnu~inu&umdrii1ir~~nci~ilo~~uuoawadr:~uari~ri1n'ilijuns~uwo~ ainhociicm~u
bi;l&u d u n ~ r ? u n f i ~ I ,000 VIM ~ r a z ~ ~ u ~ ~ ~ q n i i ~ i n ~ ~ ~ d w ~ a ~ i 4 ?I Giiy aditdiriu Y
500,400,3oo s~oz loo ~l inn iu i i8~ o e r i ~ ~ r ~ ~ ~ i ~ ~ r i w n ~ o u ~ ~ n u ~ o n ~ (IRR) ~fliihiviila
-4 mmsm IRR i u KIIC~~J Interest Table (PVIF) ~: ia~nclnsaj i<n~ikaunw? m ad-
~ d o i i ~ u ~ ~ a ~ v i i l n * w n 5 a ~ ] ~ 0 ~ ~ 1 0 d a u X i ~ ~ a i ~ 0 ~ 0 ~ ~ u n 1 ~ 1 ~ 1 n " u 1,000 w o l 'lum~rlguol
~ i b ~ ~ ~ d u c i u ~ ~ ~ u ~ a ~ i ~ o u u * i ~ u i n ~ w ~ ~ ~ ~ ~ ~ ~ ~ m w a ~ ~ ~ ~ f ~ ' ~ ! ~ ~ ~ ~ ~ w o ~ (Trial and error)
aun~io~wubnd~unn~~11~*wa~au$;iu~a1~0u0~~~1fi1~rw'1~fl 1,000 wa"n
44 4 4 1 9d sr d U -4 ~ B ~ P 7 U L ~ ~ ~ d ~ R 3 ~ f l ~ l 3 % ~ ? 4 ~ 1 9 6 1 P d ~ ~ O ~ ? T j ~ ~ b ~ ~ b 9 ~ 1 ~ 3 ~ ~ l 9 ~ l f ~ U fllfiiilJ09
a 81w lfl409~1~31 CASIO i~ FC-200 8~tT1%11561V41 IRR ~RFISU
DPU
Cash Flows
OIRR 1 2 3 4
1 -1,000 500 400 300 100
Sum~fPV~forCF, , 1,000
Net Present Value 4
A d m 5. P J U ~ ~ ~ ~ € ~ U J I ~ E I ~ X I (Amortized Loans) ~ ~ { ~ ~ U W U " I W U R I : U Z A ~ R ~ L I ~ :
c i o u ~ i ~ ~ d u m ~ .r?~n:d, 7 n'u ~ ~ ~ ~ ~ : ~ ~ ~ ~ Q I ~ : ~ : L ~ u ~ I ~ ~ I ~ ~ ~ u w ~ o u ~ ~ I ~ u A u ~ L ~ L
nonk$~uuolzb~u?k (nn~un~uAlaznnnAiu:u)
~ D ; I ~ @ u 1,000 UIM l ~ U R O f i l 6 U 1 U ~ F l b l n 10% d d I IEILWOUQISI~~ILR!~?~
Aiwun 3 3 Q ~ ~ F I ~ ~ Q P ~ ~ I ~ ~ ? ~ ( d m ) O:L~I%W
I I I I -1.000 PMT PMT PMT
PMT PMT PMT + + = PMT PV=-
PMT $1,000=
z ( l + l f
PMT = 1402.1 1
DPU
44 A ?In 2 1#~11314 Interest table
FVA , = PMT(PVIFA,,J
$1,000 = PMT(PVIFA,) = PMT(2.4869)
PMT = $1,00012.4869
= 402.11 EllM
sud aBn3 %i ~inancial Calculator
91 U 35; 4 Spreadsheet solution Spreadsheet o:ar~3ndlII ?~fll~ll#1(1filf 14n1f ~ O U
Y
$17:: (Amortization tables) ~ i d t ~ i i ~ i o ( ~ h ~ d o ( "Input*' diniubrin an&u ~udiuun:~zu:i?ai
nlrdouhsr 4td11; Spreadsheet ~ ~ ~ I U $ R M ~ U I U L L ~ ~ X I G I I I ~ U U L I ~ ; R ~ ~ O U I V ~ * ~ ~ U L ~ A i r n u i s n ~ k ~ ~ n a i ~ m s ~ o u ~ ~ a ~ ~ ~ ~ ~ E ; f u n ' u ~ n ' u ~ ~ ~ nkainiuirrsiot~+ Function wizard ~ W O
mhu~ud6iosiou4ir:1uttin:9~m (Payment) I#ILW!# I = 10% 1 ~ d o . l B L 1; N = 3 IU do9 B2 iln:: PV = 1000 1lJ$04 8 3 k l f U Function = PMT (BI, B2, B3) 0l?bi61 Payment =
1402.1 1
Loan Amortization Schedule, 6 Percent Interest Rate
DPU
I I nu plu
2.5 ~ipr~orrnwerdm d d ntnb uluilqaii? (2532) ~ ~ ~ I W ~ ~ ~ ~ ~ ~ U I ~ ~ ~ ~ ~ U ~ ~ ~ U I ~ O I W O M O ~ O ~ ~ C ~ U B ~
rrrnihni,~?~ nr88n~isuirnsoimsn~1~a1:~ W I J ~ 1 1 ~ 1 ~ 1 ~ ~ 1 m ~ ~ . r m a 1 : 6 ~ n R t ~ u :
94 B W~I I I~ *~~GU~WI:%I~ O ' C I ~ ' ~ ~ G U ~ ~ W D ~ O ~ ~ I ~ U ~ I H C P J ~ ~ ~ ~ T I U I K ~u~%odiw?u~ns9mr
d: k n n i 3 . r 7 ~ n u i j n ~ i u ~ ~ ~ d u u ~ u ~ ~ ~ ~ o ' ~ ~ ~ ~ ~ ~ n i ~ ~ ~ ' ~ ~ ~ ~ n ~ i ~ ~ i ~ u r n s ~ u ~ u 7 'inuilobd
J ~inund?uiol i iuA~ou~o~~uin~s'uun'uo'm' i~~~f i~duwo~~u~ni~~~u~~6~ sn-raau~n'odfuiol i i d r
i jud~nuoc~u~m~ ~idido.roinrn~lii~u'uf M F ~ R ~ ~ ~ P I ~ ~ ~ I W D M O ~ O I ~ ~ ~ U I ~ U U G ~ ~ I X ~ ~ U ~ I ~ ~
nmnuo.rsuim~nna~ ~ n ~ ~ n u i m r ~ t i i i l n J ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ n ~ ~ ~ 3 ~ ~ ~ ~ x i ~ ~ 9 ~ ~ z ~ i ~ ~
~ ~ n d ~ ~ u ~ u o ~ ~ u ~ u s ~ ~ ~ x ' u ~ ~ d ~ ~ w d t d ~ ~ ~ d u o ~ ~ u ~ u i ~ u ~ ~ ~ ~ u ~ a ~ ~ n ~ ~ ~ ~ ~ i ~ ~ ~ u ~ ~ ~ ~ ~ ~ ~
d1u~uiiur$o#4~4~9ar5uld 4~rdra&oa~i l lu?n1~1~81v~~o~~u dszdn%niw~ufii~d~uat~ A i d prda J
du~aa~wonn~oi~ulnnuw i 4 u'mui m7qn~i~w (2532) d n ~ ~ ~ n r - r n ~ i ~ ~ ~ u ~ ~ u ' u u o ~ ~ u i % o ~ w o m r m n : : ~ ~ n :
w 4 4 A A & o u i ~ ~ ~ ~ ~ ~ P ~ ~ ~ ~ ~ I ~ I W ' S U I Y B I W D ~ I ~ I ~ ~ M Z : flraluosauirnso1nir~q~fif1~6 $ R U % + ~ U ~ I ~
n ~ n n u i ~ u ~ ~ i ~ ~ ~ n o j ~ ' o u 6 ~ R ~ n u ~ ~ o y a n u ~ r - w i i ~ w . ~ . 2518 - w . ~ . 2530 w u j ~ B 4 ; w 4 w
~ ~ I ~ ~ ~ ~ ~ ~ ~ ' ~ ~ ~ ~ ~ ~ ~ U ~ ~ T I ~ U ~ ~ ~ * ~ U I ' I I O I W O M D ~ D I ~ U U ~ W ~ ~ U ~ ~ ~ ~ ~ ' % U ~ ~ ~ R ~ I ~ ~ ~
d B s 4 A $ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ U ~ R I ~ O ~ W ~ ~ ~ ~ ~ S ~ ~ N ~ ~ U U ~ ~ I ~ ~ I ~ ~ ~ U ~ ~ ~ ~ ~ U A % D ~ W O ~ ~ ( ~ B I ~ ~ ~ U
J d5:1~ctilnziiu~f o d ~ t ~ n n d ~ ~ ~ w a ~ d u ~ ~ v u ~ u o u ~ $ ~ ~ n ' i u 1 3 u ~ u l u r n ~ d i ~ ~ u ~ i w v ~ ~
d ~ ~ l ~ ~ 1 0 ~ f n 5 ~ ~ ~ ~ l t ~ 1 ~ 1 ~ 1 ~ ~ 0 I ~ b b ~ d 4 idu G U { ~ I ~ ~ I ~ ~ ~ : I W H C ~ ~ ~ ~ ~ U I L M A ~ G M ~ U ~ B ~ ~ ~
9 4 d i qn ~ o d n . r u ~ d n ~ ? u f i l u d ~ ~ ~ w ~ ~ i n ~ ~ u d i n Tnu~u~rnr ~ I L ~ ' ~ ~ ' ~ ~ ~ I ~ ' ~ u ~ u Q I W B ~ B ~ O I ~ ~ U
Y Y d ~ ~ u q o l i ~ s ~ l u ~ ~ v i i ~ u ~ i ~ u m ~ i ~ n s ~ ~ ~ ~ i i i u ~ ~ ~ ~ ~ w ' ~ ~ ' i ~ ~ o i n ~ ~ c ~ Y E;'~a4~~inlut716~ n'o81 d nul iu~nf i rnnlsof i lb~mu 1 m r w u i 1 ~ ~ ~ ; r ~ a ~ i i u t ~ 0 ~ 1 n ' 8 ; u 1 n 1 ~ ~ i ~ ~ ~ ~ 1 a ~ ~ ~ i ~ 1 ~ 1 ~ d ~ u
v old nrn.rriouu'1qq4 a z j u I J ~ U ~ N L ~ U I ~ ~ U U O ~ ~ ~ ~ ? U I ~ T ~ ( I Y V I Y ~ . I I ~ ~ U I ~ ( P ~ U ~ ~ ~ ~ ~ ~
Accommodation Principle ~ ~ w d n ~ : i j n ~ n ~ ~ ~ ~ ~ ~ ~ ~ i ~ n a i u ~ ~ ~ n ~ ~ ~ ~ ~ ~ ~ ~ ~ n " a i i i u I
DPU
a 9~i?nud?maa~a~ rra:nnr: (2537) ~ ~ E ~ I ~ I ~ ~ ~ ~ ~ ~ I ~ ~ ~ I ~ ~ ~ W I ~ ~ ~ V D ~ ~ I B I ~ S U T U
n s o u n q u r n ~ l h 3 m ~ u ~ ~ ~ u 1 n i ~ ~ 1 s M ' ~ 6 1A61ri di~udwJr:mn i~usjnslnr t m nYiun~s Tou
t~a:duniiiuiTu i i u ~ i ~ n n ~ @ i i n 6 ~ i l l n : # u 7 ~ ~ ~ ~ ~ ~ ~ i ? ~ d i ~ ~ i n d s ~ l n a u i ? d r ~ t n ~ i ~ u ~ u d& w
2,000 siu wuii y n~nqg.r'lalun1~44uinistiuau1ms"lnuw1fu'auunn~ol:~nu"ou~umr
tiion~Gau~msdu 7 Tnuiiy n ~ n q p l o n"o ~~1un:~~n9urnsu17ndon"1I~uin1~ dAmw
DPU
DPU
DPU
DPU
DPU
i d msilnlnt$oq ~~nis~diuut~iuudiu~u~ui~niwono~ai8uunt~l4u~n1s
au~msn~~hufiu~u 1 f i 1 ~ 8 w " mrti~iu'umr? ~ ~ ~ " ~ ~ O ' U L ~ ~ I I S S U ~ I I (Descriptive Research)
T~ul iu 'oy ad r:~nnu"oqnq;uqi (Secondary data) l h ~ h $~~~u~;o~r113d3ui ru 1 (Quantitative Data) ~ ~ n - ~ ~ ~ n A . r q a r r n w (Qualitative Data) ~ ~ 4 3 ~ 1 f l l 5 ~ 1 4 7 ~.lR"f~u fi~uluu
!
w.n. zsso (Imru~nd 2) i DPU
DPU
Agency for Real Estate Affairer ( I U ~ ~ B I I ~ ~ ~ ~ ~ D ~ ~ ~ I U ~ ~ ~ ~ I W ~ X I M I U ~ S L I R ~ ~ ~ U N W ~ ~ I ~ ~ Y
U I U ~ ~ €U W.H. 2549) Y Y
Tnulun~~flnlnnStiil440yn m itnu iiquiuu W.R.2550 (Y nsmnd 2) d d u ~ilr v n n U ~ i v a 9 ~ u ~ m 5 4 ~ n ~ ~ u j r n f r91niuds~~1.au~11d1~olaaau1urlbt4~ioinauin1.1
wi~'r$m~nu~rnr~aw~:~oLi~li'u msdnln$!:llis?u~oi~un~~~u8u 5uY kid u3GwGuyu 4 d U W A A ui~wmrn 'mr lnqi~o; ~iazuirjndsGuii'in ~do-ro~nno1ljrrmsl3u~na1U' unndmiiulaon
A A o ~ o ~ l t d u u ~ ~ d i l n f ~ ~ u i ' ~ ~ ~ w ~ ~ ~ ~ # u ~ a ~ ~ d ~ u u ~ ~ 4 4.4
~ I ~ ? ~ ~ ~ I ~ ~ ~ ~ U ~ ~ ~ ~ ~ O ~ ~ ~ M I ~ D I W O W O ~ O I ~ U S ~ ~ ~ ~ - ~ ~ O U ~ ~ ~ I ~ 7 uo-rauinls
I n m s n i r d r i ~ l n ~ + ~ u f i i ~ ~ ~ ~ u ~ o ~ n ~ n n ~ ~ i < ~ o : L ~ o n w ~ ~ ~ ~ ~ n d p ; i i ~ P S " ~ ~ ~ + i i t l ~ u n i ~ f l x ~ 1
DPU
3.2 f l l ~ l l l l ~ 3 ? 6 ; l % d (Conceptual Framework)
3.3 fi~wunlwY
1. i:ou1vronldu61i rilu?orolnlf o u 1 u u o 4 6 ~ 1 ~ 1 7 ~ ~ ~ 7 f l w m 1 $ m iud 30
~ ~ U I U U MA. 2550
2. ~ ~ ~ I R o ~ ~ ~ ~ G u ( ~ o ~ B ~ ~ u (MLR) ( ~ l ~ d 1 ~ m f l ~ 0 d ~ ~ ~ f i l 6 ~ 1 ~ 7 5 DI :¶Ji
iY~~id~i iax
6PllFbl3
1, auim~sn~~lnu
2. aulnlsnl.rrnn
m'alidawiu
MPQl OUilnU
o ~ n l l y c h i ~ o u e . r a r r i m ~ ~ ~ ~ I u o u I R ~ ( ~ u t u r e Value: FV)
3. nu-rni~ niinr'lnu
4. au~ms'lnan~lrv'
s. ~uini~nnls?nu
6. ~ U I F ~ ~ S U A S H A ' ~ J ~ ~ ~ ~ ~
7, auin7~n~.rrr?uqmai
a, auim~lnanuifin
9. nu~rnrunuAilouhi~n'~dns~ui~a
10. nu~n~stu%im
I I , mu7nirgtad
12, auini~n'nlil
I 3, a u i n i ~ 1 n u i ~ ~ ~ m ~ 4 o . r ~ a ~ o o
14. I U ~ ~ ~ ~ D B U ~ U
15. auims81~1~a~1nsi:d
qati lilsqih (Present VaIut: PV) J Cms7~onualvu (mterest ~wtnut ate: IRR,)
8 f l 3 l~n~0 I l l l n~ (Internal Rate of Return: 1 9 )
DPU
3.5 g ~ ~ ~ ~ ~ ~ l ~ ~ l u 3 ~
3.5.1 yclciiluou~mn (Future value: FV)
FV = P V ( ~ + i)"
3.5.2. pdlhgu'u (Present value: PV)
l i n r i ~ ~ o p ~ u a ~ ~ r ~ S i ~ n " u Y ~ m ' i 9 ~ ~ ~ i n ~ ~ a u d ~ n r i i i l ~ ~ ~ u ~ S p d n ~ ~ u a u n ~ 5 n ~ r i ~
(Discounting Process) FV = P ~ ( l f i ) n nrnmmqnri~ilspliu (FV) ~ ~ a s ( i . r d n
DPU
i w 3.53 h % l ~ l b ~ l l l l t l 3 ~ 1 (Interest Revenue Rate: IRR,)
3.5.4 & l 5 1 ~ E l m ~ l J l l n ~ (Internal Rate of Return: IRRJ
3.6 rna%l~~izW(&qja 2 9-a
nis#nwi~o'unfdu ~v-;l%n155~n.jlzin1qn%i (Statistical Analysis) n'au'bdsiinr u
8 1 ~ t a ~ d SPSS for Windows ~ u n i ~ ~ ~ n ~ i ~ ~ ~ a y n ~ ~ ~ u u i ~ u ' u ~ i ~ m ~ 1 w n c I ~ u ~ i n u d o n ~
(Intend Rate of Return: IW) U D P E U I ~ S ~ ~ . I Y ~ U ~ ~ U E U ~ ~ I ~ ~ U Agui~Snuo:: Ilaznntfau
nu~n'~iuGi?urnr nanoudi?i (t- test) i4onn~ouii1iadoltIus iuduog r t d ~ l u oumn ( F U ~ Y
Value: FV) Q ~ ~ F ~ I ~ u ~ Q @U (Present Value: PV) I L D Z ~ ~ ~ I ~ B ~ ~ I ~ U ? ¶ J (Interest Revenue Rate: P A 4
IRR,) 1ln~5m~iw aaou~mudann (IRRJ ~ ~ - l l u ~ u d u l ~ ~ l w o d o d m 8 u ~ ~ ~ Gilitifiu Awlla: 4 A ~ o n ~ ~ u v o ~ a u i m s n l ~ ~ ~ u ~ ~ ~ u ~ n i ~ o u ~ w n d i l d ~ m s o n ' d s i w a rnrqdwni~n~uYomuo~iu~
i 8 l d
DPU
uln nn:: 3,000,000 u2n lunai 20 25 9 ~ ~ a e 3 0 8 ~nafluu6i?uuainriiuo.r ;niiluouinn 2 ,
(Future Value: N) 3Jndl'luth p h (Present Value: PV) ~%I~IRO~~~UUS~J (Interest Revenue
Rate: IRR,) ~ ~ n r h n ~ n m ~ u l l ~ u n l ~ h (Internal Rate of Return: Iw) ~ ~ U ~ ~ ~ . I D O R I ~ U 4
4 i . 4 4.1 ~~~IG~~ULC;UU&U~P~GUI~~LWOP~B~BI~"UWB~GU&U soo,ooo u3n
rnr6fiuuiiuu~ndiilogliu (Pment Value: PV) ~ ~ ~ I ~ U B U I ~ P I (Future Value: FV) ir A d
~ m n R o n i f k u (IRR,) u o c A u y u ~ u 1 a o ~ w s n o ~ 0 1 4 ~ ~ 0 ~ lpiuRu soo,ooo uln ~ : n i ~ ; l i
auirnrn~q~nun'uau~n15~~ Gut41 Auoinsuimsuuiw~w y u u i n n n i ~ uulnk8n llnr
a w a w auirnr~aw~~~ot~us:u:~aai 20 J ~~~inRq~umlsi.rd 4.1 i?Iur.u:na~ 25 J RPIIRWIU 611514i 4.2 L ~ A ~ L ~ w ~ z u ~ ~ ~ ~ I 301 ~ t l l f l ~ 9 1 ~ F 1 1 5 1 9 d 4.3 m~uRii%
DPU
FV - X
- X
PV
S.D. t P - X I S.D. t P
DPU
IRR
, = In
tere
st R
even
ue R
ate
* 1
~~
nk
isn
'uo
tii~
~u
'nd
i~~
p1
~~
a~
~~
s:R
'u
.05
6Ulf
l15
nf
~ln
~
('1~i
$ ~
nu
6u
ln7
5 (~
PI
J)
fl
l~
l?
l~
(%H@)
ghfi
(A
n)
n7
4h
tl ('
lni)
n'tt
'ifl' (
tin)
fl-j.lh~
(hi)
#V
0 d
~~
au
ii~
ow
~~
aip
r (ta
n)
-
IW,
X
S.D.
6.60
-60
6.72
-90
6.60
.60
6.37
.70
6.60
.60
7.38
.29
6.60
.60
6.66
.26
-
nq~l
nu (In$)
h~
lfi.
ia'~
(I&)
~I
J~
I
u (I
u~)
O
I~W
~~
F~
~I:
~'(
I~W
~E
~T
I)
nq
4h
b (hi)
(~AW
IGO
)
-
t
-.W
1.00
2
-4.9
90
-.367
-
X
18,2
38.5
9
17,9
55.6
5
18,2
38.5
9
17,9
14.6
9
18,2
38.5
9
21,3
19.4
7
18,2
38.5
9
19,1
22.2
4
-
X
14,6
21.4
1
14,3
25.1
8
14,6
21.4
1
14.4
32.6
3
14,6
21.4
1
16,7
08.0
5
14,6
21.4
1
15,3
26.7
6
P
.42%
.79S
,564
.391
18,2
38.5
9
19,2
70.5
6
18,2
38.5
9
19,5
92.4
7
18,2
38.5
9
19,1
51.7
2
14,6
21.4
I
15,2
511.
83
14,6
21.4
1
15.6
28.1
8
14,6
21.4
1
15.2
47.2
2
PV
S.D
.
9,02
6.70
8,76
4.70
9,026.70
8,409.43
9,026.70
10.199.lO
9,02
6.70
9.1 9
2.48
FV
S.D
.
9,54
2.49
9,35
5.87
9,54
2.49
8,76
3.36
9,54
2.49
10,6
68.1
6
9,54
2.49
9,479.36
9,54
2.49
10,0
47.2
5
9,54
2.49
9,19
7.27
9,54
2.49
10,1
83.7
3
9,02
6.70
9.36
9.5
1
9.026.70
8,956.03
9.02
6,70
9,625.28
t
,097
,062
-647
-22
6
t
,087
,101
-.90
9
-.271
P ,835
.696
,484
.8SS
P ,998
.666
.S22
,958
-.31
1
-.42
1
-.273
-.205
-326
-. 19
8
.785
.939
.676
,807
,974
,682
-2.0
44
-1.2
59
-1.7
00
,705
,924
.591
6.a
7.04
6.60
6.82
6.60
6.88
.60
.66
-60
-39
.60
-36 DPU
I. y nciiilogliu (Present value) VO4~OnAioU831UlRlln~J~ p?ucu~uinvuuw~w~
numan~irlnu auimsnl~uioyau~ auimrunrnawlnu nuain imzmu~mrhuauim~ d 9 d a au~rnruuin~itn 1X11ri au~mqlod su~m3n^~TX a u ~ r n r n a u R " ~ ~ n u n ~ a i ~ ~ w ~ ~ i t l i ~ ~ tin::
awims~numr~~l rdo~~ut iau rrnznuin~s~nw~Gs lk;rifiau~n1%oin~5a~1n5izH' iia:aulnlls
oouav Wiimiul~anoi~ ~ O ~ I ~ G P ~ ' ~ ~ ~ S ~ ~ ~ W I ~ B ~ ~ " ~ ~ Z K U O . O ~
3. hnnoni$Gu (Interest Revenue Rate: IRR,) U O . I B U I ~ ~ ~ ~ . ~ ~ ~ U ~ ~ ~ U I ~ I ~
DPU
fUlf
llf
nqql
na (P
nqj)
nqan
n (7
~4)
q4ln
fl (1114)
%w
uwl&
6 [ln
qj)
n-q.
rhu (h$)
P .882
-888
.814
.725
-
X
6.63
6.85
6.63
6.86
6.63
6.85
6.63
6.84
-
X
14,3
86.0
5
15,5
15.2
4
14,3
86.0
5
15,4
88.2
4
14.3
116.
05
15,4
1 9.
05
--
14.3
86.0
5
IS,I
~S
.~~
IM,
S.D
.
.54
.35
.54
.6Q
.54
.45
.54
.56
PV
S.D
.
9.15
0.20
9,01
1.22
9.15
0.20
9,14
6.43
9,15
0.20
8,98
8.03
9,15
0.20
S,~R
S.O
O
,779
.775
,654
P
,757
.767
,764
FV
-602
,898
.026
t
-1.5
88
-1.3
45
-1.4
64
- 1.2
54
.777
-
X
18,6
26.9
0
20,4
38.0
5
18,6
26.9
0
20,4
28.5
2
18,6
26.9
0
nisl
nu (In$
flp
%p
ul
(fi€
ilg
14.3
86.0
5
15,0
96.6
7
14,3
86.0
5
15
~9
4.8
3
14,3
86.0
5
L 7,5
89.6
8
t
-.403
-390
-.369
-.29
0
9,96
6.10
9,38
5.63
18,6
26.9
0
19,8
67.4
3
20,3
17.5
2
.s4
.52
---
.54
.52
.54
.OO
P ,990
,979
,976
-
-951
-.415
S.D
.
9,96
6. to
-
9,258.30
9,96
6.10
9,50
2.06
9,96
6.10
9,322.05
9,96
6.10
9,43
5.86
fl.j
4l~
fl (%
M~
I
w~i
s!nu
(nnu
)
- 1.2
23
-3.1
73
-7.300*
9,15
0.20
8,92
1.10
9,15
0.20
9.88
1.89
9,15
0.20
10.7
40.4
5
-.724
-1.8
13
-
t
,610
+.M
H,
-.56
8
-.46
5 18
,626
.90
20,o
I 8.4
8
t174
b10 (In$)
wn.
rnau
lvu (
nniq
)
fijll~
~
(1~4
)
6.63
6.83
18,6
26.9
0
20,8
70.3
9
18,6
26.9
0
*.42
0
-1.0
77
9,96
6.10
10,5
41 -8
7
9,96
6.10
24,2
23.0
8 10
,796
.66
,656
,373
6.63
7.14
6.63
7.50
DPU
IRR
, = In
tere
st R
even
ue R
ate
* 1wn41sn'woti1~~w'~di~fynia~o'w'ii'i:~~
.OS
6Ulf
l15
nqql
nu (
1~
6)
lnua
uian
(na1
4)
pln
u (4w
@)
-
X
18.6
26.9
0
18.7
07.8
6
18,6
26.9
0
FV
S.D
.
9,96
6.10
9,71
0.91
9,96
6.10
$lo;
(A&
)
fly%
nfl (I
ll$)
Gal;
(A
n)
fi~
l%?
Ifl (hl$
) d
Y r
d
riaw
iiio
wn
el~
(lan
)
9,27
9.10
9,96
6.10
10,4
90.5
7
9,96
6.10
9,61
6.86
P .849
,769
PV
A
X
S.D
. t
14,3
86.0
s .0
48
14,2
52.1
4
18,0
29.6
0
18.6
26.9
0
22,6
98.2
9
18,6
26.9
0
19,6
89.7
1
P
,402
,809
t
-.027
,198
-
X
6.63
6.77
6.63
.522
,909
pp
14,3
86.0
5
13,9
37.2
0
14,3
86.0
5
16,6
83.3
3
14.3
86.0
5
15.0
63.0
5
.572
.406
P
.934
,680
-1.3
29
-.352
6.40
ppp
6.63
7.40
6.63
6.67
nqsl
w v (In$)
~R
S%
I
(dn)
ny
lnu
(In$
om
rn
~n
a~
sx
n'~
~~
~~
~)
nqsln
a 11
~6
) O
OU
~U
( in
wi~
Sio
9,96
6.10
9,868.67
9,96
6.10
9,25
8.30
9,96
6.10
10,0
53.9
7
.664
--
,882
,618
,740
,914
6.63
7.07
6.63
6.85
6.63
I
6.W
IRR,
S.D
.
-54
.a2
.54
9,15
0.20
8,71
9.19
9,15
0.20
10,0
95.1
9
9.1
50.2
0
9,26
3.87
--
18,6
26.9
0
20,6
56.2
3
18,6
26.9
0
20,4
31.0
5
18,6
26.9
0
20,2
38.0
0
t
-.6M
1.20
7 .6
2
.54
.26
.54
.z3
-161
-.795
-238
-6.1
90
-.36
6
.54
.59
.54
.35
.54
.33
,896
,990
,760
-2.5
62
-1.5
88
-2.0
30
-39
9
-.403
-.32S
-A71
-.61
0
-.527
94
8
,757
,915
14,3
86.0
s
15,509.73
14,3
86.0
5
I~,s
~s
.z~
14,3
86.0
5
15.3
14.
55
9,15
0.20
9,29
1.00
9,15
0.20
9,01
1.22
9.15
0.20
9J4 1
.06
DPU
4 A d oinmind 4.2 m r ~ f i u u ~ t i u u d i u q u d u 1 1 1 ~ ~ w 0 ~ 0 ~ ~ ~ 8 1 1 ~ 0 ~ ~ ~ ~ ~ 500,000 u ~ n
a:nii.rnuirn~nq~lnun'~~uini~vu1~1~ot; uuinnrnc uuini in i~a~nu~rnstnw~~Fio
rnuiiirilllu5:s~naig" 25 3 w u i ~ Y
1. ynciiiloglju (Present Value) U O . ~ R O ~ ~ ~ ~ U V Q ~ ~ U ~ ~ I T ~ ~ ~ ~ M C ~ ~ " E ~ ~ U ~ ~ I ~ ~ U I R ~ P ~ ~
IAui 5uImrnl.rtnw au~rnslnuwiiiiau' un:: au~mmiinrhu suimsuuinnmc Ykii
3. ~fl5lnQni6Ufu (Interest Revenue Rate: IRR,) ~ 0 4 ~ u I ~ ~ ~ ~ P ~ Y I u ~ " ' L ~ ~ u I ~ ~ ~
uui~lnqj 1M1lfi 1 u ~ r n m 3 . 1 1 ~ ~ 5 w ~ m ~ r n ~ ~ i i i ~ b kin:: aumsndnshu sulmrruin
DPU
6Ulnl'i
n y h u (Ini)
n.j~inw ('lnqi)
f i l a l ~ ~ (hod') 'In~wl&; (hi)
- X
14,765.83
15,378.2s
14,765.83
15,363.46
FV A
X
19,906.96
15.378.25
19,906.96
21.028.75
PV
S.D.
8,91s.48
9,038.74
8,9 15.48
9.167.39
- IRR,
X S .D.
6.64 .52
6.87 .33
8.9 15.48
9,027.41
8,915.48
9,036.22
8,9 I 5-48
8,98 1.7 1
8,915.48
9,672.20
8,915.48
10,655.63
t
-1.832
-1.543
S.D.
9,284.35
9,038.74
9,284.85
9.504.78
6.64
6.88
6-64
6.87 -
6.64
6.86
6.64
6.85
6.M
7.15
6.64
7.50
nqq'lnu ( 3 ~ ~ ) flih~bl~ ( ~ H i i )
ny1nu (1174) n n l l h ~ (flaw)
qd?nu (In$)
nqad O ~ B U ~ 1na3.1)
~~?.I%wu ('7~4)
t
-.234
-.226
P
.923
.936
- 1.690
-1.461
-1.437
-3.545
-7.900*
9,284.85
9,360.06
9,284.85
9,501.98
9.284.8s
9,475.78
9,284.85
.52
.56
.52
.42
.52
.52
.52
.49
.52
.49
.52
.OO
19,906.96
20,901.21
19,906.96
20,582.63
19,906.96
20,4 15.25
19,906.96
P
3 5 9
,874
-.I99
-.I16
-.076
-.394
-.871
,862
--
-769
.649
363
-
420
t
1.694
-.409
.871
.891
-896
-613
.293
P
.924
,916
-365
-.246
-.I86
-.788 URSHPW~WU (n013)
nqglwu (In$
BU%IFI (flfi1.1) -1.878
,910
,885
.871
.651 22.103.27
14,765.83
15,287.71
14,765.83
15,069.29
14,765.83
14,963.17
14,765.83
.426
10,117.80 15,8 18.38
14,765.83
17,166.13
19,906.96
25,157.37
9,284.85
10,658.81
DPU
IRR
, = In
tere
st R
even
ue R
ate
* r1
mna
i1ai
iu~r
i1~~
u'ud
16qn
i~~i
i~~
nu ~n
IT
n;dl
nu (
iu$
1num
uini
.s (n
a~a)
nyln
u (I
nti)
V%
Q~
(I
&)
iq4!
nu (%
~i)
n'a'I
8 (df
l)
fl
l4
h~
(h
i)
9
d d
ua
ui~
tew
wa
~a
(in
n)
fly
l~~
(h
i)
-
-1
X
S.D
.
6.64
.5
2
6.79
-78
-
6.64
.S
Z
6.42
.5
9
6.64
.5
2
7.41
.2
4
6.a
.5
2
6.68
.2
2
6.64
.5
2
anui
flsih
(I&)
pp
qs7n
u (In
41
01~?
j~.l
tf1f
151%
~ (L
~w
E~
)
n;9\
wu
(Pnf
ik)
QD
U~
U
(~
QM
E~
)
t
-.774
-
1.31
0
-7.0
18
-39
8
-2.9
19
FV
P
.394
,815
,517
,379
.692
-
X
19.9
06.9
6
20,0
11.1
3
19,9
06.9
6
18,8
67.3
2
19,9
06.9
6
23,8
66.2
i
19,9
06.9
6
20,0
44.4
2
P 335
.81 1
,447
,744
19,9
06.9
6 9,
284.
85
-.645
3
51
-.3
23
PV
21,6
71.7
6 .S
O8
S.D
.
9,28
4.85
9,19
9.10
9,28
4.8s
8,99
6.88
9,28
4.85
10,1
89.7
4
9,28
4.85
9,73
6.32
19,9
06.9
6
2 1,
024.
00
19,9
06.9
6
20,9
90.7
2
t
41
2
.23 1
-1.4
37
-.02
0
-
X
14,7
65.8
3
14,7
34.1
3
14,7
65.8
3
14.1
62.4
1
14.7
65.8
3
16,6
24.3
2
14.7
65.8
3
14,8
18.2
1
.56
-1.8
32
-2.2
68
t
-.03
8
,381
-1.4
37
-.049
S.D
.
8,9 1
5.48
8,68
2.91
8,9
I 5.4
8
8,58
4.9
1
8,91
5.48
9.96
7.17
8,91
5.48
9,31
2.19
,859
,664
9,28
4.85
9,28
2.84
9,28
4.85
9,93
7.33
.5
87
P ,956
.869
,568
.712
6.64
6.87
6.M
6.92
-.41
2
-.389
.52
.33
----
.52
.3 1
,920
,655
14,7
65.8
3
15,3
78.2
5
14.7
65.8
3
15,2B4.72
8,91
5.48
9,03
8.74
8,91
5.48
9,47
9.29
---
-.23
4
-.I9
5
DPU
Y
1. {&li l9gliU (%sent Value) V O . I ~ D ~ ~ ~ U U O . I % U I ~ ~ ~ ~ ~ ~ ~ ~ C I ~ " L I B M ~ ~ ~ ~ V ~ ~ ~ ~ W ~
au in i r~nurns~mtdo~~~ei~u iinzauinisinvrirfi" !B;i~f;auin~sn~nisn~~n~i:H' 1tn:suini5 444 ooudu 1 ~ ~ n ~ ~ u ~ m n ~ i ~ o ~ i ~ ~ ~ u d i ~ ~ w i ~ f l n 6 ; 1 ~ f ~ ~ ~ 0.05
u
2. +aii~uouinn (~uhlre Value) U O P I D ~ L ~ U U O . I I U I R I ~ ~ ~ ~ ~ ~ U ~ ' Y P U ~ R ' I ' ~ ' U U I ~
YLiti suirnmm3lnu suirnsn~~Piinysui su~mtunrnn~.rlnu aunn iiazauimrlnu
auIrn3 auim~uualdn 1Ciiiri suimr;lnd su1m3n'nln' nuirns~~nun'~iou~ibid~do~iu~ou
3. <H>IRonr~U?¶J (Interest Revenue Rate: IRR,) ~ 0 1 6 ~ l m 7 n l 4 h ~ ; ~ n ~ l f l l ~
uuinlnqj 7611t-i auimrnranw auimrlnuwiru'.ab tin- s u ~ r n s n i n r h u nulmruuiR
i i d 4.2 f H 5 i ~ ~ ~ l ~ d h d ~ ~ h ~ 1 1 0 1 ~ ~ ~ ~ ~ ~ l w " L l 1 1 8 9 ~ ~ ~ p d 1,000,000 Ul?l
rn~6d?uu6iuu;~diilu~iu (Present Value: PV) ~ ~ I ~ ~ I ~ U O U I ~ R (Future Value: FV) 4 A
an~l~ontduru (IRR,) Eiur?uiiui401wono~oi~uvac~~u~u i,ooo,ooo uin 5:niiq
auimrnl~'lnufiu~u~~i~6u Bu~ii~~~iuoinauirnruu1~1w~ uu3nnm.r uuwiiiin ianzauims P w
~awi=iio ~dus~uzr?ai 20% 6ast~~slurni i~i 4 . 4 I ~ U S : U : A ~ ~ I 25 d W P A ~ ~ W ~ I U ~ ~ ~ W ~ 4.5 4 w
~ ~ n : k ~ u 3 ~ ~ ~ ~ 3 n 1 3 0 d R ~ ~ ~ ~ F ~ ~ I U A ~ S I I I ~ 4.6 muriiriu
DPU
DPU
DPU
Y
I. yfldl&g¶h (Present Value) U Q ~ R O ~ ~ ~ U V O ~ E U ~ ~ ~ ~ ~ ~ ~ ~ U ~ E ~ B U ~ A ~ ~ Y U I R ~ H ~
2. ~ d l ~ ~ ~ ~ l n p l (Future Value) V O ~ R O ~ ~ ~ U U O . I I U I ~ ~ ~ ~ ~ ! P ~ U K ' F I ~ U I ~ ~ ~ U U ~ F I
3. hnnonidu!h (Interest Revenue Rate: IRR,) u 0 ~ 6 u l m r n ~ ~ ~ n u ~ 6 u i n l ~
U U I V I I H ~ 7RluTi aumnnlqmw auimahuwitu'ab kin:: au~m¶nGnrlnu auimruum
DPU
6Ulf
llT
q4'
lnu
(hd)
nq
amw (hi)
ny'ln
u (h
i)
?w~~
lGu"
d (%
nG)
ny1m
u (h$)
nins
lwu
(%ni
l
n-
j4
h (9114)
mnis
lwu
(nn
i~)
nis?
nu (%M$)
n7.'&
srjn
ui (
na
~
nl~%
nu
(In$
un~w
aa~%
nu
(nan
)
n~
sln
s (hi)
nurm
(nn~
s)
-
X
t
-3.5
88
-1.3
45
S.D
. i:
37,5
39.5
7
40,8
75.9
5
37,5
39.5
7
40,8
57.2
4
P ,882
,888
-
X
28,772.00
3 1,
030.
57
28,7
72.0
0
30,9
76.3
3
IM,
37,539.57
40,3
81.1
9
37,539.57
40,0
36.9
5
37,539.57
39,734.76
37,5
39.5
7
41,7
41.0
4
37,5
39.5
7
48,4
46.3
6
FV
S.D
.
19,5
40.6
4
18,5
16.6
8
19,5
40.6
4
19,0
04.1
0
PV
S.D
.
18,3
00.1
8
18,0
22.5
4
18,3
00.1
8
18,2
92.8
3 -
6.63
6.85
6.63
6.86
28.772.00
30,6
34.2
9
28,772.00
30,3
97.1
9
211,
772.
00
30,1
93.6
2
28,772.00
31,2
06.9
6
28.7
72.0
0
35.1
79.4
4
.54
.35
.54
.60
19,5
40.6
4
19,1
49.0
8
19,5
40.6
4
18,8
7 1.
67
19,5
40.6
4
L8.7
71 .I
s
19,5
40.6
4
21,0
83.6
3
19,5
40.6
4
21,5
93.4
8
t
-.56
8
-558
-1.2
16
---
-1.2
54
- 1.
223
-3.1
73
-7.3
00'
t
-.40
3
-.390
P
.837
,844
,789
,725
.602
- ,898
--
,042
18.3
00.1
8
I 8.2
90.0
0
18.3
00.1
8
17,9
69.9
6
18,3
00.1
8 -
17.8
42.3
7
1R,3
00.1
8
19,7
41.8
6
18,3
00.1
8
21,4
%0.
99
P ,990
.979
-.476
-.421
-.371
-.68
4
-1.7
81
,882
,855
,858
.698
,581
-.33
0
-.29
0
-.25
5
-.42
3
-1.0
77
6.63
6-85
6.63
6.84
6.63
6.83
6.63
7.14
6.63
7.50
.963
,951
,943
.660
,373
.54
.6s
.54
.56
.54
.52 -
.54
.52
.54 .oo
DPU
FV
PV
P -402
.SO9
5-72
P -849
,769
-522
BM
lR15
-
-
X
S.D
. t
P X
S.D.
flj
llw
~ (%
MG)
37,5
39.5
7 19
,540
.64
28,7
72.0
0 18
,300
.18
,021
.9
84
rwu
s~
lfll
5
(nfia
lq)
37,4
15.4
8 19
,421
.89
28,5
04.2
4 17
,845
.72
fl~
~htl
(%M
$)
37,5
39.5
7 19
,540
.64
28,7
72.0
0 18
,300
.18
,249
,7
52
g'in
ii (A
n)
36,0
59.0
5 18
,558
.41
27,8
74.2
5 17
,438
.41
fl
79
1~
~
(ht$)
37,5
39.5
7 19
,540
.64
28,7
72.0
0 1 8
,300
.1 B
-1
.294
.6
62
,406
.664
,882
-
.618
t
-.6#
1.20
7
-6.1
90
t
.048
,161
-.795
-
IM,
X
S.D.
6.63
.5
4
6.77
.8
2
-.36
6
-2.5
62
-1.5
88
-2.0
30
6.63
6.40
6.63
w'nl
n' (lh
)
45,3
96.4
2 20
,981
.45
33,3
66.5
8 20
,190
.43
.26
-----
.54
.62
.54
fl+
l~
(hf4
) 37
,539
.57
19,5
40.6
4 28
,772
.00
18,3
00.1
8
111 .' d
-.307
.997
~~-r
ruai
~ou
arrr
~a
(tan
) 39
,379
.29
19,2
33.5
6 30
,126
.00
18,5
27.5
8
nqql
wu
('lni
$ 37
,539
.57
19,5
40.6
4 28
,772
.00
18,3
00.1
8 -.
630
-971
7n
ansG
pl (
I&)
4 1,
3 12
.45
19,7
37.1
4 31
,019
.64
18,5
81.8
4
fl
q4
%~
~
(Il.r$
) 37
,539
.57
19,5
40.6
4 28
,772
.00
18,3
00.1
8 a.
568
,837
O
~~
~~
~X
~'
(I
QM
I:
~~
'U
)
40,8
75.9
5 18
,5 1
6.68
31
,030
.57
18,0
22.5
4 ----
flld
a"~
(1~
4)
37,5
39.5
7 19
,540
.64
28,7
72.0
0 18
,300
.18
-.48S
,8
33
QB
UI~
U ( i~w
l:fi'r
40
,476
.05
20,1
08.0
3 30
,629
.4 1
19
,082
.23
-.238
-.399
-.403
-.325
.908
396
.990
,760
6.63
6.67
6.63
7.07
6.63
6.87
6.63
6.W
-54
.23
-----
.54
.59
--
.54
.35
.54
.33 DPU
2. unn'i'luouinn (~uture Value) U Q ~ E ~ O ~ A ~ ~ U Q ~ ~ U I ~ ~ ~ ~ ~ ~ ~ W ~ ~ ' I I ~ U ~ ~ I ~ ~ ~ W ~ R
lnoj 7nY1tri auimsn1;linw auirn~'lnuw18au' ling suimaniin~lnu auwnruuwnrn.r
IXud su~msnmrYnu auimrnq.r~~nyaui au~msunrwna~Ynu su.aim ~ ~ n - ~ u i r n r h u
mulmr su~mruu~~i i in IGiuri auimrylod suim~ WnlX auirnn~nuril~ouh~id~do~iutiotr
u w 3. &nRoni;clru (Interest Revenue Rate: IRR,) u 0 . l ~ ~ l m 5 n ~ 4 h u ~ u ~ u l f l l 5
DPU
I I
-
I -
I -
X
S.D
. t
P X
S
.D.
t P
X
S.D
. DPU
DPU
a u m i m m r l n u au in iml tn ioyau~ a u i n ~ r u n ~ n n ~ . r l n u auaim ~mtauimrlnuaumm~
auimrulnn~iin 1Ld ~u~msgToJ auimsn'nlFi suirnx~au4~illou khd~wdos-~ulios tin::
UU~RIHD~ 1A11nl slnnimrrrlnw aulfinlnuwiriiwa' rm: s u i m ~ n Z n r l n u a u i m r r u i a
4 1; 4 3 A I ~ ~ & ~ ~ u A ~ P ~ ~ & w ~ ~ ~ u A ~ D I W o w ~ % ; ~ i f i a ~ o ~ G u & u 3,000,000 urn
rn r~ f i vuduus/ndiilv@u (present V ~ W : PV) y nrii'luoumn ( F U ~ Value: FV) A A 4
~ m n n o n l d a i u (IRR,) ~uyuiiuiroiwono~oiduuo.rf iu6~ iu,ooo,ooo uln rr.41~
suinim1Phuciuau~fi1Au iiu.rri1riuarnau~m~vw1~9'~~ uuimna7.r uuimliin aa:auinlr a w u w m r n z i i a i ~ u s z u ~ i ~ n i 20 J n.rlinRq1ualn9i 4.7 duxua~3rn 25 J R a i t n n q ~ u ~ i ~ i d 4.8
un~~durz~zrarri 30% ~ w ~ n s % u r n 5 1 d 4.9 n~udiGu
DPU
FV PV I i W l A l T - -
X S.D. t P X S.D. t P
nq~lnu ( I n 4 I 1 3,430.4 I 54,660-29 90,374.06 52.693.32 6.60 -60 -.463 .909 -.348 .989 -1.259 ,924 -
n;.liww (1~6) 12 1,897.00 52,021 .R7 96,620.94 5 1.972.74 6.82 -39 - ------ -. - -
f l i 4 l ~ ~ (1~6) 1 13,430.41 54.660.29 90,374.06 52,694.32 6.60 .60 -.446 ,913 -.324 ,995 - 1.076 ,887
huwidr; (1~4) 121,714.82 53,765.59 96,330.4 I 52,856.07 6.83 .66 -
n y l w u [InnJ I 13,430.41 54,660.29 90,374.06 52,694.32 6.60 .60 -.019 .849 ,018 ,723 -1.032 .792
nznslno (In$ I 13,789.56 s9.43~.36 90,042.83 55,841.43 6.83 .70 ----- -
nqqlnu (Inc$ I 13,430.4 I 54,660.29 90,374.06 52,694.32 6.60 .60 ,029 .720 .055 .798 -1.057 ,804
nnislnu Innis) I 12,875.4 58,334.28 89,369.61 54,715.69 6.81 .60 -
nlallno (1114) I 13,430.41 54,660.29 90,374.06 52,694.32 6.60 .60 ,070 ,721 .087 ,807 -1.023 .679
n ~ a d o y a n (naw 1 12,087.67 57,855.83 88,806.1 7 54,265.5 1 6.80 -56 -
n l ~ l n u (9114) 1 13,430.41 54,660.29 90374.06 52.694.32 6.60 .60 -.334 ,480 -2.62 1 ,876
U ~ S U ~ ' I ~ ~ ~ U ( f lR1Q) 120,039.74 63,011.76 94,172.00 59,191 -24 7.11 .57 - - - ----- -
n:~%wfi (hi) I 1 3,430.4 1 54.660.29 90,374.06 52,694.32 6-60 .60 - -1.300 ,352 -.884 .294 -6.100' .026 nurwi (na7.1) I ~ P , S O ~ . ~ S 65,533.30 107,767.95 64,977.02 7.50 -00
2
DPU
.153
.ri 4.7
(do)
FV
BU
IFll
S -
X
S.D.
t P
-
P I
X
I S.
D.
I t
IRR
, = In
tere
st R
even
ue R
ale
* ~lnn~~;lfi'usti~~~u'ud~~yn~~n~~~s:~u
.05
DPU
1. q n 6 1 ~ o g ~ u { h m t Value) ~ 0 . 1 ~ 0 n i ~ ~ V 0 4 6 U l m 5 ~ ~ 9 ~ n U n " f l ~ ~ 1 n 1 ~ ~ ~ 1 ~ 1 ~ ~ ~
2 . qa6iIuouinm ( F U ~ Value) u ~ ~ n o n t $ ~ ~ t u u i n i ~ n ~ ~ 1 n u f i p J ~ u i n i ~ u u i m
- 3. Qs~~onl f iu iu (Interest Revenue Rate: IRR,) V O ~ I U ~ R I ~ ~ ~ ~ ~ M U ~ I U I R I ~
DPU
FV
PV
E
UIA
IJ
-
-
m,
-
X
S.D
. t
P X
S.D.
t P
X
S.D.
t P
~IJ
!WU
(h
i)
I 32,
618.
76
58.6
22.1
6 86
,3 16
.19
54,9
00.6
8 6.
63
.54
-568
.837
-.4
03
,990
-1
.588
,8
82
n~
s~n
w
122,
628.
10
55.5
49.9
3 93
.09
1.62
54
,067
.49
6.85
.3
5
fl
74
h~
(%
&)
1 12,
618.
76
58,6
22.1
6 86,3 1
6.19
54
,900
.68
6.63
.5
4 -.
558
,844
-.3
90
.979
- 1.3
45
,888
h
~m
dia
6 (hi)
122,
571.
76
57,0
12.4
0 92
,929
.24
54,8
78.3
3 6.
86
.60
nyln
a (IH
$ I 1
2,61
8.76
58
,622
.16
86,3
16.1
9 54
,900
.68
6.63
.5
4 -.4
76
,882
-.330
,963
-1
.216
,71
19
nsns
lnu (1
~4
) 12
1,14
3.43
57
,446
.93
9 1,
903.
24
54,8
70.0
5 6.
85
.65
nqj'l
nu (I
t@)
I 12.
618.
76
58,6
22.1
6 86,3 1
6. 1
9 54
,900
.68
6.63
.5
4 -.4
21
,855
-.2
90
,951
-1
.254
.7
25
nm
iln
u (m
l4)
120,
110.
76
56,6
15.1
3 91
,191
.71
53,9
09.7
5 6.
84
.56
nq
qln
u (1114)
112,
618.
76
58,6
22.1
6 86
,316
.19
54,9
00.6
8 6.63
.54
-.371
.8
57
-.25
5 ,9
43
-1.2
23
.602
~
~~
GB
~E
UI
(n
m)
I 19,
204.
38
56,3 13
.43
90,s
so.9
0 53
,527
.26
6.83
.5
2 -
- -
npql
nu (In$)
I 12,
618.
76
58,6
22.1
6 86
,316
.19
~4,9
00.6
8 6.63
.54
-.684
.6
98
-.4t
3 ,6
60
-3.1
73
398
unsw
a~q'
lntl (n
a1.4
12
5,22
3.04
63
,251
.12
93,6
20.8
3 59
,225
.64
7.14
-5
2
nx3
ln~ (4
~4)
1 12,
618.
76
58,6
22.1
6 86
,3 1
6.19
54
,900
.68
6.63
.5
4 -1
.781
.5
81
-1.0
77
,373
-7
.982
* .0
26
aurm
(na1
4)
145,
339.
12
64,7
80.2
8 10
5.53
8.20
64
,442
.74
7.50
.OO DPU
DPU
Y
2. yariilunuinn (Future Value) V O ~ R O ~ ~ ~ U U D ~ I U I C ~ J ~ ~ J ~ ~ U ~ " Y ~ U I ~ I ~ ~ U U I R
Y
3. < ~ f l ~ ~ n l g t J ? ~ (Interest Revenue Rare: IRR,) % ~ . l 5 ~ 1 n l 1 n ~ . l ~ ~ ~ ~ ~ d ~ l f l l ~
DPU
DPU
IRR,
= Interest Re
venu
e Rate
* ilm
n~
iafi
'uo
tii~
EiU
'u~
i~~
~i~
~1
5~
~s
~a
'11
.o
s
~U
'lfl
ll
fll4h
10 (1~q
.j)
'Ln
uii
ui~
1s (na>a) -
FV
-
X
119.441.74
120,
066.
39
fp
d~
~
(hi)
1 19,441.74
IRR
,
S.D
.
.52
.78
S.D
.
55,709.M
55,1
94.9
8 --
55,7
09.0
6
-
t P
X
6.64
.0
12
6.79
-
X
88,5
95.0
0
88,4
04.9
1
-52
PV
S.D
.
53,4
93.6
9
52,0
97.7
6 ---
.59
.52
.24
.52
.22
.52
.56
.52
.33
.52
.3 I
t
-.774
t
-.OM
;%d
(f fl)
ny
lwa
(Inn
)
gill6
(I&
)
nqsln
u (I
n41
d*
d
~ia
ui;
~ie
ua~
sw
(I&)
P
.394
1.310
P ,956
.815
-7.018
53,4
93.6
9 .2
3 1
,381
11
3,20
4.00
.517
5 1.
509.
55
53,4
93.6
9
59,8
02.1
2
53,4
93.6
9
55,8
73.2
0
-.695
-.02
0
-1.437
-.050
53,981.61
53,493.69
55,2
17.4
5
53,493.69
5423
2.17
53.4
93.6
9
56,8
76.4
7
-.324
-.234
-. 19
5
,811
q*l!n
u (h
i)
lnul
asii
~ (in
)
,869
6.
64
,447
.744
88,5
95.0
0
,568
-712
1 19,441.74
143,197.54
I 19,
441.
74
120,
266.
63
-.398
-2.919
-1.8
32
-2.2
68
6.42
6.64
7.4
1
6.64
6.68
30
8
-859
,664
84,974.23 -
88.5
95.0
0
99,746.18
88,595.00
88,909.50
55,7
09.0
6
61,138.37
55,7
09.0
6
58,4
17.7
4 .379
-
.642
.923
-
,587
6.M
7.10
6.64
6.87
6.64
6.92
88,5
95.0
0
93,6
80.3
2
fl;~
!"~
(Id)
1 19,441.74
55,709.06
-.412
.9
20
€rtfln
~m
~*
(IQ
w~
)
1 26,
144.
38
55,6
97.3
7
~T
~!W
U
(%~i
) 1 19,441.74
55,7
09.0
6
ooui
7u ( aw
i:h
)
1 19,
441.
74
130,
009.
40
---
88,595.00
92,269.46
88,5
95.0
0
9 I ,
708.
56
55,7
09.0
6
57,s
15.
73
DPU
w
2. ~ ~ ~ ' ~ I ~ U D U I R R (Future Value) U O ~ Y ~ Q ~ ~ ~ ~ U U O ~ U U ~ ~ ~ ~ ~ ~ ~ ~ ~ I I ~ " E ~ ~ U I ~ ~ ~ ~ U U ~ F I
Y
3. h 5 7 ~ 8 f i l ~ b h (Interest Revenue Rate: IRR,) i ( l ~ 0 9 1 ~ l m ' l n ~ ~ ~ n ~ n ' ~ ~ u l a 1 f
4.4 rnnfiuul+uu$mnn$1~1~~111wu (Internal Rate of Return: IRW
~ l l i d ~ ~ ~ t ~ ~ ~ ~ ~ ~ ? ~ ~ ~ ~ f l 1 1 ~ ~ (Internal Rate of Return: 1%) S ? S J F ~ I ~ ~ U ! ~ U U A A 4
n"u~uiiub.aaawono~o18d~o~~~od~u 500,000 U I M 1,000,000 UIW Iiil:: 3,000,000 UIW RnDR '
r ~ u : ~ ~ a ~ ~ ~ i u o i ~ d - i y ~ i 20 7 25 30 7 ~ m 6 ~ 1 m f nj4 h ~ t i ~ m u ~ n i ~ & i kiinn.t'luaisicd ' i
DPU
IRR, = Internal Kate o f Return
8UlBIS
nfdn8 (1~4) n~ann (In$)
nqllnu (Ini) ~UWICY; (hi)
n ~ ~ l n ~ (I@) nJn~Inu (In41
n l ~ l n u ( l n i ) nnirlna (mi41
n l ~ l n u (In41 tyldop8m (tm.~)
nldnu (Ini)
~ m n > 4 b ( r m ~ )
nl4 1 nu (In41 8 ~ - I R (mlq)
~ I J ~ U ( 1 ~ 4 1 'I~UIUI~IJ (mi@
n l ~ l n n (In41 glaii (tin)
n i ~ l n u [lnpj)
;ntb(~tln)
nlrlna {ln$
~~nur(rmui~hn'(iiin,
n l 4 h (In41 lnu~n~iia (tin)
I nqqlnu (tnq)
UWm-mdq)
nlrlna (lnoj) aouau ( w n ~ f i r
Xtl:l'l~l{ 20
C f i ~ t l n t i u I- (%I
J Z P Z I . ~ ~ ~ ( 309
8 ' ~ ~ i n n n i u IRR (YO)
5w.m urn
6.42
6.66
6.42
6.66
6.42
6.62
6.42
6.58
6.42
6.54
6.42
6.94
6.42
7.51
6.42
6.38
6.42
6.16
6.42
7 23
6 . 4 ~
6.58
6.42
6.77
6.41
6.66
6-41
6.77
rmm
uin
6.M
6.72
6.48
6 n
6 48
6.70
6.48
6.65
6 . a
6.64
6 . 4
7.W
6.48
7.M
6.48
6.50
6.48
6.24
6.48
7.29
6.48
6.64
6.48
6.87
6.48
6.72
6.48
6.79
~ l l l ~ l ? ~ l { 25
~nnnnnl iu I- ("D)
5m.m urn
6 . 4
6.69
6 46
6.69
6 46
6.67
646
6.63
6.46
6.60
6.46
6 %
646
f -30
6.46
6.46
6.46
6.22
6.44
7.27
6.44
6.58
6.46
6.82
6.46
6.69
6.44
6.78
v1iu~~r3u~ 1.00acm
uin
6.44
6.67
6.44
6.63
6.44
6.59
6.44
6.59
6.44
6.56
6.44
6.94
6.44
7.50
6.44
6.36
6.44
6.20
6.44
7.24
6.44
6.56
6.44
6.77
6.44
6.67
6.44
6.77
aiu.rjiju{
~.mm
urn
6.48
6.71
6 . 4
6 7 1
6 48
659
6.18
6.65
6 . 4
6.64
6 48
7 0 0
6.48
7.50
6 48
6.50
6.48
6.24
6.48
7.29
6.48
6.64
6.48
6.87
6-48
6.72
6.48
6.79
3.m.m u ~ n
6.42
6.64
6.42
6 64
6.42
6.61
6.42
6.57
L.IZ
6.57
6.42
6.94
6.42
7 3 2
6 41
6.38
6.42
6.18
6.42
7.24
6.42
6.57
6.42
6.78
6-42
6.64
6.42
6.75
?.mm urn
6 48
6.71
6.48
6 72
6 4
6 6 9
6 48
6.63
6.48
6.64
6.48
7 W
6 48
7.30
6.48
6 50
6.48
6.24
6.48
7.29
6.48
6.60
6.48
6.87
6.48
6 72
6.48
6.79
R ~ u ~ J L ~ u ~ 1.wm
uin
6.46
6.69
6.46
6 6 9
6 4
6 63
64.6
6.63
6 . 4
6.60
6.44
6 %
6 4 6
7.30
6.44
6.46
6.46
6.22
6.46
7,27
6.46
6.58
6.46
6.82
6.46
6.69
6.46
6.78
r.mo.cm urn
6.46
6.69
6.36
669
6.46
6.6S
6.46
6.63
6.4
6 60
6 4 6
6.W
6.45
7.50
6.M
6.46
6.44
6.22
8.46
7.27
6.46
6.58
6.46
6.82
6.46
6.69
6.46
6.78
DPU
oinms~d 4.10 I # U U ~ ~ ~ U U ~ ~ ~ ~ S I W R R O E ~ L I P ~ U (Internal Rate of Return: 1%) 5 7 ~
d ci~araulijuu n a o n ~ : u ~ ~ m m i J ' ~ n u ~ i ~ ~ ~ ~ ~ ~ ~ ~ ~ u ~ $ ~ ~ ~ n ~ ~ ~ ~ u ~ ~ E W I ~ I ~ O P ~ A A ~ ~ ~ A U 4 nrju n'o
~ ~ ~ U I U I ~ I S U U I ~ ~ ~ ~ ~ ~ u ~ u I ~ ~ u u I ~ ~ ~ ~ ~ ~ U B U ~ ~ ~ U U I R A ~ ; ~ t inen+~~u~~~~in~~:nPD
wuii
1. nrju~uirnsuuinlvly nu~msnlthuii bnwnmoui~nu (Internal Rate of
em: 1%) i l n j l I U ~ R ~ I A I ~ I Y ~ W I U I ~ T ~ ~ U W ~ I U P Y ~ au~rnsnihrhu
2, nrjunu~rnruuinnmd ~u i rn~n~s~~e f i~ms iwam~ut~nu (Internal Rate of
em: 1-1 41ni1 a u ~ m ~ n m ~ h a au~msn~s~<iioynui au1m3unsna?.rhu II~:
auim~aua~m ~ i w u m ~ ~ ~ u u ~ d u u ~ ~ w . ; i i ~ ~ ~ 1 n 1 ~ n ~ ~ 1 n e r n ' ~ ] u 1 1 n i 1 dn?iu
1imnpi146u iudnn'o oiniuvluiuiJo soo,wo uin i,ooo,ooo UIM im:: 3,000,ooo UIW L]U+JP
rzuznalzo 7 auimsn~ thnu i i b s i w a n o u 1 ~ a u q . m d 1 ~ ~ 1 ~ 1 ~ 1 ~ ~ ~ ~ 1 n ~ ~ Sud~arzuznai
3. n ~ u l ~ l m 5 ~ ~ i ~ l 8 n 5ulrnsn~-rhcl~hnwam0flkI '~1~ (Internal Rate of
4. nq'uauirn~law1:n'a s u ~ m s n ~ ~ h u ~ ~ ~ ~ l w a ~ ; ~ ~ ' ~ ] b b n u (Internal Rate of
Return: 1%) Xlnj i ~UIRI~DDUBU E U I ~ ~ T O I ~ T ~ P L ~ ~ I ~ ~
DPU
5.1 ~ ~ d ~ ~ f l l ~ f l f l ~ l A a n i s 8 n u i b d u ~ ~ u n i r ~ d ~ u u 1 ~ i u u b i u ~ u ~ u ~ ~ o i w ono(jo1duuoqfi9aYu3nia
a B aulm5n~.r~nu~nuin150~ i~uma~~ul~ . ru~sulu (Descriptive Research) ~ ~ ~ u Y ~ u ~ u L % € I A a Y Y
w - 4 1wono~oif iulurnr4n~1n~~~ no 3.rGuC soo,ooo uin i,m,ooo uln tin:: 3,oao,ooo u ~ n lu
t3al20125 1 lba130 3 ~ R U A ~ ~ U A ~ ~ U U O I ~ T ~ I ' U O ~ ~ O ~ ~ ~ U Q U ~ ~ F ; I (Future Value: FV) ;nFi11~ Y
OJY"U (Present Value: PV) &I 5 I R ~ f ~ l f k l ? ' ~ (Interest Revenue Rate: IRR,) IIFI$WIIS 1
wnoouunu ( ~ n d Rate of w IRR,~ ~ ~ . r ~ u ~ n ~ ~ n ~ ~ 1 n u f i " 1 J n u ~ n i ~ w ~ r ~ " ~ U " d u i 1 a z ~ u i n i ~
A Q W I E ~ ~ r~ul3uis ruimr ooniilu 4 nrju f a nuimruu~ulI~$ auimauu1nnrn.r nuim, Y Y
uulnkifn irn-auirns~aw~~Ra ~ l a : i o ~ ndl#lum38n~1~%"9d Yiibri 6mtiRonAiuiiukio i ct
iwnnodmritl ru iud 30 Squiuu 2ss0 (1msuinff 2)
~~ui i%~ds:nt ~ u ~ ~ ? ~ u A ~ o A G u P J A ~ u ' ~ ] ~ E ~ ~ ~ ~ ~ ~ ~ J ' u (Present Value) UO4RORIh l
uo.rauim~n~~hut iuru~ni~~u ~ d o ~ ~ u u ~ d u u ~ n i ~ l u ~ u i n m (~umre Value) ~O.IRORI$U
A A 2 , u o ~ a u l m a n q . r ~ n u ~ ~ ~ ~ 1 ~ ~ ~ 0 ~ 1 ~ 0 1 ~ ~ ~ l ~ ~ u f l ~ ~ ~ 1 ~ 0 n ~ f l u a (Interest Revenue Rate: IRR,)
uo.raon~~uuo-rauimrnq.rlnuhnuima6uAtnz~Wd~~d.juu~iuu~m~i~nm~u~A~u (Internal
Rate of Return: 1%) uowonl~Uuo.raulmSn~9~MUn"'L1BU1n11~Pd
uo- rsu1~7rn~d~ nun"u~u1mi~8u~~~nd1~n'u qndi'luouinn (Future Value) SO~RDHI$UUO~
d ~ u l m r n ~ ~ h u n ' u a u l n 1 ~ 0 ~ I 1 ~ n ~ l ~ n " ~ ~sinoniifuh (Interest Revenue Rate: IRR,) u8.r
~ u ~ m ~ n l ~ h a f i u s u ~ ~ ~ ~ d u ~ ~ ~ n ~ ~ ~ n " ~ i~n:bnwnnouunu (Internal Rate of ~ m : 1%)
u o . r a u i r n ~ n ~ . r h u ~ ~ ~ u i n ~ ~ ~ u ~ ~ w n ~ i ~ ~ u wnnoun~~n '~ iubnurn5nf i~~ou~~~~~~1~0 - r~ A ~ I
~ Q . ~ R Q ~ ~ ~ u I ~ ~ z ~ ~ ~ ~ R O ~ I ~ C I L ~ M ~ I ~ ~ 63uriibi (t- test) 1Y
wnrn~ibn;dY&%ii
1. m3lfi uui!uu ya'fhq opcu (Present Value: PV) ; a f i l $ ~ ~ ~ l f l F I (Future Value: FV) A 4 . i <R3lnDfilfU~¶J (m,) ~ ~ ~ ~ ' ~ ~ ) U ~ U A ~ D ~ W Q M D ~ ~ O ~ ~ U ~ O ~ ~ ~ U ~ U 500,000 i n W l,ooo,ooo UIW
DPU
A A d 1) yndiilqlju (Present ~ a i u e : PV) V D . I A O ~ ~ ~ ~ U O J X U ~ U ~ W L ~ O I W O W O ~ O I ~ U I
2 ) y niiluouim ( F U ~ Value: Fv) UD9RDnl~uV0.1r10nldUt109~U~uaUI~0
~do~ltrtiou ~ ~ n ~ r n w ~ n i ~ l n u i ~ l ~ n ' m i ~ ~ ~ i u c i ~ u ~ ! a ~ m u ~ n i ~ l a w i ~ i i o ?l i t6 nu~n l ro in~ r
a.nnn:n' ~m:auimsoouftu 'luszv:na~fj 203 25 3 30Y ~iijn~iuimn4i.mfiuocii~i Jud1:q 99d
wisnowpla&u 0.05 2 , d i d
3) Qnmoniuur u (Interest Revenue Rate: IRR,) U ~ ~ ~ U Y U I ) U ~ ~ U A % O A W O M O ~ ~ O I ~ U
2, msi~uutduu&slw~ns'uliwu (Internal Rate of Re-: q) ~ J o ~ ~ Y u ~ u ~ u ~ ~ D
DPU
A B 4 1) X J P ~ I % I ~ ~ ~ U (Present Value: PV) U ~ ~ R B ~ ~ ~ ~ U O J ~ ~ U ~ U ~ W L % B L W O ~ O ~ O ~ ~ U (
UO~I;U~U 500,000 uin i,ooo,ooo u m itnz 3,ooo,ooo uinio~nu~msn1.r~nu~u~uin~r '
2) qniiluouinn puhlre Value: Fv) U O ~ R Q ~ ~ ~ U V Q ~ R O ~ ~ ~ U U Q ~ X U ~ U ~ U I ~ B
d #i 1wonodo1R-uun~8uiu 500,000 uln i,ooo,ooo uin ilnz 3,000,000 uin~oaauimrn~~lnu
d o ~ ~ u t i o u ~ ~ n : a w ~ n i . s l n u ~ ~ ~ % ~ m i w " o ~ i u t i o t l itn:mwini~lnwiziio 7A~tf; a u ~ n ~ . j o i n i r
~ 4 1 ~ 1 3 1 ~ 6 ~ia:auinisoouiu lus:eznai~ 208 25 7 30Y ~ i i i n ~ ~ u u n n ~ i i ~ n ' u o i i ~ i j JuG7iYy 494 m ~ ~ n o f l n ~ z ; ~ 0.05
2' w A 4 8 3) k ~ i ~ f l i ~ ~ f (Interest Revenue Rate: IRR,) U O ~ ~ U ; U B U % I A % ~ A W D M D ~ Q I ~ U
dr 2. n lak f iuu~t iuu&~lwnn~~~~nu (Internal Rate of Return: q) 9J 04iuyuiiul~a
DPU
1) n junuimruuim'in~ suimrnqchuii o'n~iwonouunu (mtemal Rate of
Retwn: 1%) nulnmq.rmw au~mslnuwxiab au~mrnilnsbu I !
!
2 ) nq'uau1m5uumnm.r suirnm~c7~uiiQriwnmof1~inu (Internal Rate of
Return: I q ) ilfijl Y~UIRITYIHIIIYIU 8lll$illn~4~?0~1~1 I U ~ ~ ~ U R S H ~ ~ ( ~ U A L ~ E ' ~ U I ~ ~ ~ ~
au win idwmstllf uuf uun'ua~ubnwnflofl~~~u w) r:rli1d~uirnsn~chufi"L11~7n?s"1nu d mumr oinhuzuiao sw,m vim ~,WO,OMI YIM tin: 3,000,WO UIW 1ui~u7ui;iiifi~ i
n37u ~ m n ~ l s h ~ u r ~ u : ~ a ~ ~ { m ~ u d q q i n l d l & h ~ ~ n n ~ ~ u ~ i s ~ . r d 5.1
3) ntjunuim~uu~nt8n 5 u l r n r n ~ . r ~ n o i j b ~ l w 0 ~ ~ 9 ~ ~ i ~ ' l d (Internal Rate of
Return: 19) qqn j~ ~ u i n n y l t d I I ~ ~ E ~ * I W ~ R D V ~ ~ U (Internal Rate of ~etum: IW) d1n+
~u~msn'n~nY auirnr~mu8iouhb~d~w"~~~u~~tl auimr~numsn'nidonudou
4) ~ ~ U I I U I ~ ~ l ~ i 1 ~ i ? ( 1 ~ u I ~ ~ ~ ~ ~ ~ u ~ ~ ~ ~ I w ~ ~ o P ] I ~ ~ u (Internal Rate of
Return: 1%) vim31 ~ U I ~ T O O U ~ U auimso~mrncmnsd
DPU
1. yndilug ~ p h ( ~ r e s e n t value: PV) O L A Z P ~ # I U ~ U ~ ~ ~ I ~ U O U ~ ~ ~ huqnril ( ~ ~ ~ G U I ~ U ~ ~ S Z Y 3unlsaFin'l (Discounting process)
2. #nril'luoulnn(~uture Value: FV) I ~ U ~ ~ L U ~ U ~ T M U ~ U (Compounding process)
4~l~unirrau~on~~utin=:~u~u1uda1u'l
3. ~I lRonih~l iu (Interest Revenue Rate: IRR,) L S U ~ F I ~ I ~ B U I ~ T Y 8711 ~int-111 B 9 ddouiiui.aolnqnK1 K I ~ ~ ~ ~ ~ I ~ . I U ~ ~ . ~ ~ ~ W ' ~ ~ ~ I ~ ~ ~ A I ~ ~ I P ~ I ~ ~ ~ ~ I ~ ~ I U Y ~ ~ ' ~ U I ~ ~ ' ~ U
4. &35lwn~loulmu (Internal Rate of R e m : IRRJ ~3~6af1womouunudlbiua3n
m s n ~ v l u u n ~ A ~ u ~ n ~ i ~ 1 ~ q ~ ~ ~ ~ ~ P ~ u v o ~ ~ n d ' i ~ 1 u ~ ~ ~ ~ i ~ i ~ ~ ~ 1 ~ r " ~ 1 u ~ ~ ~ n m ~ ~ ~ ~ u
na1.r nrjuau~m~uuim~n ~m~nrjuauimr~aw~:n'o
w n o i ~ i i n l n m u i r o n n " n ~ ~ ~ u ~ ~ d l ~ ~ ~ d A A A
1. yariiilogriu (Present Value: PV) U Q I R Q ~ ~ ~ U U O ~ ~ U ~ U ~ U I ~ ~ L W O ~ O ~ Q I ~ U ~ U ~ ~ ~ ~
2. qnd~luou~nn (~ururc Value: FV) v ~ ~ ~ D ~ ~ ~ ~ u o ~ R ~ ~ ~ ~ ~ ~ o ~ ~ u ~ u ~ u I ~ B 4
iwonodo38uun.1Wudiu 500,ooo inn l,ooo,ooo uin tin: s,ooo,ooo u~nuntau~mrnr-rlnu
n'unuinisuu~n'ln~ su~msuuinnmt auimruu~~ldn iiazau1mraaw2:Ro Iur-u.-nmj 20 44- 'J 25 3 30 3 ~ ~ ~ ~ 3 l ~ l 6 ~ ~ ~ l 4 ~ 0 ~ 1 9 ~ o d " ~ 8 l ~ ~ ~ 1 9 f l 0 ~ ~ 5 ~ n " U 0.05 ~ ~ H F I P + ~ ~ U $ I U ? U & U ~ U
~udad~vi~riuuosl~dag~w 1n15finif ~ R C W ~ ~ ~ 0 n 1 ~ ~ ~ l ~ n ' ~ 1 ~ i ~ ~ n ~ 1 1 w ' n i ~ ~ i 6 i i ~ ~ 0 ~ ~ d i d
lufluiflol (FV) U D . I I U ~ R I ~ ~ ~ ~ ~ M U ~ ~ V B U I ~ S O U U I L ~ U U ~ ~ U U ~ U ~ ~ ~ ~ W ~n11~ilflnd3.lii~
o i i , i G i i ~ws1~mrd~u~orrn61y0~19~0~ ~ n w (FV) iin~iuriuriu~6unodi1u
DPU
d 8 d 3. ~nWo"dtJ%I (Interest Revenue Rate: IRR,) U O P ~ ~ ~ U ~ U I T D I Y ~ Q ' Y ~ O ~ O ~ ~ U
U Q P ~ ~ U X U 500,000 uin 1 ,ooo,ooo uin urr: 3,00O,C40 u ~ n u o ~ a u ~ ~ ~ r ~ ~ ~ ! n u n " u n u i n i ~ DPU
3) b~i~nmouunu (nu(3 uo.rsu~rnrn~t!nu ~ ~ q ~ t n i i i m z d ~ n i ~ ~ u i n 1 J w u i n W d U liin Ra; nn q t n i ~ auimrgloi i t nailoil su~msn^n~X au~n~runuk1ouril~1d~A051uri~u
u 4' a u ~ r n r l n u a ~ ~ m ~ d ~ ~ i ~ t i ~ ~ O I ~ W ~ ~ T ~ ~ U ~ U U O U i ~ n ~ l ~ l ~ ~ d u j 1 t ~ ~ m ~ n ~ ~ 1 n u n i ~ 1 1 ~ 0
d d a u ~ u ~ # o i ~ i . r i u n ' u ~ u ~ n i ~ ' ~ u i ~ ~ d n ~ ~ un6uau~msglod ivi~i?ud~nnwnsloulinu
(1%) q4fii1
4) ~ Y ~ ~ H ~ ~ P I O U A I Y I U uo~au~mrnl.rIwu i i n i ~ m i m 5 i n w i ~ t k m ~
s u m 3 n'o auimrnnuZu auimsoin~rnc~n~isd oinwnrnaiiu1u4od itnn tln~~nduii s u ~ m r n ~ ~ ~ u n i l n ~ 0 d d 0 ~ ~ ~ 1 ~ ~ 0 ~ 1 s i ~ u ' u n ' ~ ~ u i n 1 ~ ~ n w i ~ i i ~ ~ ~ 2 auim114ili?u
nii-dlnun~d s u ~ m r n l ~ h u i i ~ ~ ~ a ~ e r u n ~ i 9 u ~ o P ~ w (w) ~nriiluouinn (FV)
~ ~ ~ a n ~ i i ~ r i u a u i m ~ w ~ ~ ~ u ' ~ ~ i i u a u 14 auinir n'Qubnnont$u?u (m,) i~mnpi~.rriu~iu~ 1 4 4 1
auimr Lvi~tu ZQ nruim~swnmnuni~ainonIdu~u (IRR,) qwjiau~m~n~~Ynu 11mqii
a u ~ n i ~ a u l n ~ l o : r n u ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ i n ~ i o " p l l ~ ~ m ~ n ~ d u ~ ' ~ l k ; i ~ a a d u e no~nXo tciu ilvn tv aa~rrqmR (2546) Aoiuidoauo~~~~~monidu~u (IRR,) ~ I X I ~ I IRR,
n - i ~ i n m t i i a u ~ n ~ r m u ~ i o ~ ~ ~ ~ r ~ e r ~ i ~ i n m n n ~ d u ~ ' u o J ~ n ~ ~dlurn.rnn'un'uX~winpn$iio: A A 4 ~ i i o n u i r n r ~ u n o ~ w o n o ~ ~ ~ ~ ~ u ~ ~ ~ w i ~ ~ ~ ~ ~ 2 ~lriq~gn~m~wi~on~uimlnl.rlnuumii
m r ~ ~ i i u r i i ~ m ~ i s o n ~ d o ~ u i ~ ~ m u ~ n i ~ n l ~ ~ n u ~ o u n i i ~ u i n 7 ~ ~ u ~ l ~
ri3uQ~1~nnau11nt.i (1%)
r ru r~7m{ 2 0 3 suirn~n:s?nu gani? auini~hnuauinis i~dlur:l?nl 3 0 3 auim~nlchu l in i i rnu~~~s~nuau~n i~ unn.rii ~~urnrniiwasiobn~nwop11tmu (1-1 A asnonnboqriu Brigham and Ehrhardl (2002: 307) dnrii~I-YIuitap y nriiuo-li~urnui?m
(Time Value of Money) il ~uuIqn~~m~l/ iu~m~m~~wontdu ~ ~ Q I T L I T U W ? O ~ I U ? U ~ ~ ~ ~
iasdiuG.~lu~idnz 9z jSdx ~ ~ ~ ~ u l n l i ~ ~ f l - i ~ ~ l ~ n d ~ ~ ~ ~ ~ ~ u ~ u i i ~ n ~ ~ v 0 9 20 %?15941?1?cf
B H gaiu ~ i ~ n ~ i , : 1 4 u i m r ~ u i ~ o ~ n ~ i B ~ o ~ a u ~ 1 n n u i n 1 f d ~ 2 iiria$q:nn~in.rarl~on{lu
r:orr-rm 20 Y I R ~ ~ ~ i m r h ~ a u i n ~ s i~nz18on{Iurcu~nm 30 .Jlruauirnmlc?nu~wf~: d v &r B dr~nfimnii o h ! ~ ~ P ~ ~ ~ ~ ~ ~ ~ U U O ~ ~ ~ J ~ ~ J ~ ~ U I U I L ~ ~ ~ ~ U I ~ I ~ ~ ~ E ~ O U ~ U I T N r - ~ m i u q
t d a ~ a i n ~ ~ l s i ~ n ~ l o m (1%) n a ~ ~ ~ z ~ ~ i ? r n i ~ ~ r g ~ { ~ ? ~ u g ? ~ i l j ~ d i d < i 6.1 4194 4 au1rn~9nid~Bmnwn~10 '~1~~n'~ (m) d18Q14UlWB~D~Bln*u9~~fid3Z~El'IId01flbU1~73tU
u i o n i ~ a u i n ~ r d ~ n'15gnwanouunu (%) q~ $ 4 ; ~ m 5 d s u i ~ 1 ~ n ~ ~ l m u i j d i ~ r n s i u d wnnnuunu (1%) i 1 njllu~madwifo~ A M U U ~ ~ ~ U B U I ~ I ~ ~ T D U I W U ~ I U ~ ~ ~ G ~ ~ ~ ~ ~ I ~ U
DPU
Y Y
~~ou&~ual iorJi innu?n*~~cIpJ'%uni~~i~~~ui~u~u~Ba~w"oRo~oia 'un'unu1n~~~u ri;! oio DPU
DPU
DPU
i cl . (2548). u ~ n ~ ~ r ~ i ~ ~ ~ ~ ~ ~ ~ i % ~ n ~ ~ ~ ~ 8 u ~ ~ ( ! w ~ , * tonmsdrznoumr urruit1~119
~ ~ i m ~ i ~ ~ ~ i i n ~ m ~ r n ~ ~ u i ~ o i o ~ o ~ + o 2 I ~ D U W ( I H ? ~ ~ U U 2548 N L ~ L L S U
vlofpu. (Qd~cu~) . Q W 4 Exror ixMrnd liazna:. (2541). ~~Zrrr~uluascina. n7.rmwuwiuns: usunss:ILl~n::
d d. Swiwnv o ~ h . u A a d, numv~uarono~o18r1. (2548). ~ ( ; a n 1 ~ i ; u u m ~ a s u ~ - a " n ~ ~ 1 ~ n ~ a G ~ d 1 ~ ~ 1 1 ~ ~ 0 i ~ u (Housing
A 4 Finance Training Program). nvlnw r : ~ U l F i d ¶ d r r t r o w ~ ~ f l l ~ ~
DPU
DPU
4 I U ~ I ~ S O I F I I ~ ~ A R S I . ~ . ~ l n n i ~ l i j o n ~ ~ ~ ~ z ~ a n ~ I u n ~ ~ ~ . BU/;UIUD 20 LUWUU 2550, ain
http:llwww.ghb.co.th 4 4 auin~roimr~.rmsi~n' . i u m a u r n ~ u o ~ u s e n e ~ o ~ ~ u . ~ U F ~ U L U ~ O 20 L~wuu 2550, vin
http:l/vnvw.ghb.co.th
ainr~midamwi
Books
Boeree, C.G. (2006). Sigmund Freud. Available FTP: h~://webs~ace.s~.edulceboer/fireudbmd,
1010912550.
Brigham, E.F. and M.C. Ehrhardt, (2002). Financial management: Theory and practice. lon
ed. Albert Complex: Lehigh Press, Inc.
Lea, M.J. (200 1). "International Housing Finance Sourcebook 2000." International Union for
Housing Finance. 4fh ed.
DPU
DPU
S:I:I
mi6
fl) 30
K)
30
xu1n7$
O J ~ J
firmn:n'
D O ~ I ~ U
'Inlmidr6
lrinouBiuor
riorrdinum
2%-3%
~ 0 4 - i 4 f i ~ {
3%
unnraub
3%
unwoanii
JrrtGurin~
1.700*2,100
I
0.25Yo
uorariu{
(1.00C-10,000
uin)
0.05Yo
vnwriju$
(2.500-5.000
urn)
MLW
M RR
7.SWb
7.0046
7.00%
6m~iaen1Cu
3; 1 MRR-1.30%
$d 2 MRR-1.25%
nd 3 MRR-1.W.
nhvinu'u MRR A - . -
m A Jn 1-3 = 6 . m
ukninuSl MRR-0.50% " "
- 4 Jn I = 6.25%
q i 2 = 6.50%
~i 3 - 6.75%
nd 4 = 7 . ~ 0 - 4 Jn 5 = 7.25%
nhnnriu MRR J Y ' "
?i 1 - 6.25%
31 2 = 6.50%
3; 3 - 6 7 5 %
34 4 = 7.W".
if 3-10 = 7.25.i
niaiinfiu MRK
I aA 1 - s . 5 0 ~
q i 1 - 6.50%
nfiqloliu MLR J -
~ ~ L R + I . W O (fliiliiu 3,CdO,W uinl
MLR+Z rn (d;iiu 3.m.000 ulnl
. A Jn 1 = 4.25Y"
U;~PI~!;U MLR
m 4 dn 1-2 = MLR-1.25%
~84qinliu MLR
3d 1 = MLR-1.75% . A Jn 2 = MLR-0.75%
uh.lnnh MLR
riinsrudrm
gut
5M1.MWI
0.25Yfi VO42.l
Gut
~~ i ju f i
grqa
-------- 7Wr8O%
70Yr85%
15%
DPU
IUI~IY
nldlna
nlrlnn
nan~lnu
n ~ l r l n u
nlrdayrm
'Inu~uimr
MLW
MRR
7 . W
7 . 0 ~
7 . w ~
7.5W.
7 25%
7.50%
J Cnllrmontuu
A .
a; I - 4.25Ye
nn'~nnulu MLRQ.ZSB8 2 I
ait I = 4 . ~ ~ 1
nGqnnu*u MLR
ad I - 4.50%
nn'qrinulu MLR " "
ad I = 73%
3d 2 = 6 W % nn'~nnCu MMLR
lu idmm& ad 1-3 - MLR-I w% nn'ninCu MMLR
'Jd I - 4.00%
nhinu'u MLR
ild 1.2 - J.fS% *
nn'qinu'u MLR
~d 1-3 - 6.75%
nfiaijrinCu MLR
- J Jn I = MLR-3.0096
nhnnu'u MLR
- J Jn I -2 - MLR- 1.50%
nn'anncu MLR
u - " J; 1-3 - MLR-1 .OD%
nfiq;rp~nu*u MLR
3'$1-a~<45ol.a
5$ z = MLR-I.Z!4;
nidoinu*u MLR 0.5m
mna~siqfl~ryqli MLR
5 i I - nrd 3.25%
'-1-MLR-IWm i l d , . rlhnnu*u MLR-0.5-
'Irioouhun~
innh~nua
3% J
V D J U D ~ ~ U
3%
uonarju[
3%
un~a~fiub
2%
ua~ l rdut
ZYO
unaadtu$
1.5W0
V O J ~ J ~ U {
Jr:~tusini
2,500
2,500
2.140
0.25Y~
var?azu(
( I ,000-5.000
uin)
2,675
2,675-5.350
mn
rilrrru~liuu
#u$
0 . s ~ U B ~
aaljutj
0.25% UOJ
a d u t
I ,000 uin
10Ljut
q ~ q n
W / o
80%
80%
1 0
SO?/.
90%
7:UZl
mi6
0) 30
30
30
25
30
30
DPU
WUIUIWQ:
M t R (Minimum b a n Rak) nul~d4 gnb~r~ulnnj&i ds:~nnCufi~~~ui;~::u::~~a~ ltiuun#liiillu~nlrlju 11n:nioii
Hfinmfwu'PiildrefiuojiaIi3u~Ho ~ A U B U ~ R ~ ' ~ O ~ ~ J ~ D I ~ I ~ ~ ~~elnwl~~z~~~il~o~ntinnfw6dl~~id'1::n'u . ~ ~ u ~ ~ d r : % n ~ ~ n ~ G u v o ~
pnir.iuvia~riu
MRR (Minimum Retail Rate) nului% Q f l d l ~ ? U ~ O B ~ U ~ ~ ~ U ~ ~ ~ ~ S ~ W ~ B U ~ ~ ~ ~ U ~ ~ I S ~ U ~ tIa:n?oin~nn?w6{idr:n'u d i v Y oii.r1i7u~ne t w u n u 1 c l ~ s o 1 ~ n ' ~ ~ r ~ 1 i ; ~ d ~ ~ 1 n n 1 1 a ~ ~ ~ i ~ ~ ~ ~ n ~ n n 5 ' ~ ~ n 1 ~ r i 1 ~ s ~ n ' u 1 ~ 1 ~ ~ ~ d ~ ~ ~ 1 n i ~ n i s 1 3 ~ u 0 . 1 ~ n d i ~ 1 d ~ ~ ' i i u
1 ~ 1 ~ 1 1
~UYIA
uamn~~Inu
~ttlfl
u~nudrmud
I # I ~
lnu~asia
~dondau
fitrttf
C~iaundu
aaonoiq3qqi MLR
14 I = 4.7%
nfiwinfiu M L R - 0 . 1 ~ ~ ~
4 doun 14 = 3.4%
doud 7-12 = 3.%
Gaqiniu MLR- I.WO uilKe~lli81nil
5.25%
I#OU~ 14 - 3.75%
d0ud 7-12 = 3.99%
n~aoinifu MLR- I.WO ~ R ' X a ~ l i i ~ n i ~
5.25Yo A w 3 dud- . A
dn 1 = n ~ d 4.75% . A Jn 2-3 = MLR- 1.w0
nh.rs,niu MLR-0.75% t t i i o l ~ l i i ~ n i i
5.500X
anoslelykqtyl~~~
R ~ ~ B A ~ $ V ~ ~ M L R
a:, I = ~ L R - ~ O W
36 2 = MtR4.75Yo - - J; 3 - MLR-O.5OBh
nkeinliu MLR in3
MLW
MRR
7.50%
7 . s ~ .
7.55%
7.25%
7 . 5 ~
7 . 5 ~
7 ~ d u t
gdqa
83%
85%
80-90./0
7PA-
tow/.
90%
90*/.
S:U:I
mi#
fl) M
30
30
40
30
25
Jtr~Su~~rn
2,675
2,500
2,675
2,675
2,500-
5,000
rii~rluBm
iufi
1,m uin
0.1%
uodut
0.5%
yo1
aldu6.
'Inaau4iunl
riou Ainua
2.00%
UOP-~~,?U{
m *e91~3u6
2%
u n n l i u ~
2%
rer~rfiufi
3%
ro l7~ iu t j
1%
~ ~ l 3 l d 1 1 {
DPU
DPU
