# Excel Skills Bond Calculator

Document Sample

```					Excel Skills | Bond Calculator Template
Instructions
www.excel-skills.com

Bond calculators are sometimes also referred to as home loan calculators or mortgage calculators. The aim of this free Excel
template is to enable users to calculate monthly bond repayments, determine the affordability of a home loan, calculate the interest
savings that result from increased bond instalments and measure the sensitivity of bond repayments to changes in interest rates.
After using this template, you will also gain a better understanding of home loan amortization and specifically the timing of capital
repayments on a bond.

The following sheets are included in this template:

BondCalculator Sheet

All the calculations in this template are based on the values that are entered in the input cells from cell B4 to B9 on the
BondCalculator sheet (except for the net disposable income calculation). Input guidance is displayed below the selected input cell.
We have also added data validation to all input cells to ensure that only valid user input is accepted.

Calculation Results:

The monthly bond repayment amount is calculated from the bond principle amount (cell B4), bond period (cell B6) and the annual
interest rate (cell B5).
The total interest paid over the entire bond period is the total amount of interest that will have to be paid over the entire bond
period.
The total bond repayment over the bond period is the sum of all the monthly bond repayment amounts. This amount consists of all
interest charges and capital repayments.
The monthly net disposable Income is calculated on the NetDisposable sheet - refer to this sheet for more information on the
calculation.
The maximum bond qualification amount is calculated based on the net disposable income, annual interest rate and bond period. It
represents an estimate of the maximum bond amount that applicants can qualify for based on their combined monthly net
disposable income. There are a number of other factors that financial institutions will consider when determining the maximum
bond qualification amount - our calculation should therefore only be seen as an estimate which cannot be guaranteed.
The minimum required net disposable income is the minimum net disposable income that is required in order to qualify for the bond
principle amount that is entered in cell B4.
The interest rate safety percentage indicates the percentage by which interest rates have to increase before the monthly net
disposable income would not be sufficient to cover the required monthly bond repayments.
The increased instalment calculations in row 21 to 26 are based on the additional monthly bond repayment that is entered in cell
B7. The assumption is made that the entire additional bond repayments are deducted from the outstanding capital balance, thereby
resulting in a shorter bond repayment period. Note that the present value of the interest saving is calculated by discounting the
monthly interest savings by the average annual inflation rate over the entire bond period. It therefore represents the value of future
interest savings in today's monetary terms.
The interest rate sensitivity calculation measures the effect that changes in the bond interest rate have on monthly bond
repayments. The interest rate sensitivity percentage that is entered in cell B8 is used for this purpose.
The capital repayment chart is a visual display of the timing of capital repayments over the entire bond period.
The increased instalment interest saving chart is a visual display of the interest savings that result from effecting increased monthly
bond repayments.

NetDisposable Sheet

This sheet includes a detailed calculation of the monthly net disposable income. All values should be entered as positive values.
Refer to the guidance that has been included from row 38 downwards for more information on the input that is required in each
input cell.

AnnualAmort Sheet

This sheet includes an annual amortization table that is based on the bond input values that are entered in cell B4 to B6 on the
BondCalculator sheet. We recommend that you pay special attention to the outstanding capital percentage in column G as it
indicates how the capital will be repaid over the entire bond period. You'll notice that during the first few years of the bond
repayment period, the monthly bond repayments consist almost entirely of interest.

MonthAmort Sheet

This sheet includes a monthly amortization table that is based on the bond input values that are entered in cell B4 to B6 on the
BondCalculator sheet.

Help

If you experience any difficulty while using this template, please e-mail us at support@excel-skills.com for assistance.

Page 1 of 11
Bond Calculator                                    www.excel-skills.com                                           Capital Repayment
1,200,000                                                                 Capital Repayment
Input Variables
Bond Amount                                  1,000,000.00                 1,000,000
Annual Interest Rate                                 9.0%
Bond Period in Years                                   20                  800,000
Annual Interest Rate Sensitivity                    12.0%                  600,000
Average Annual Inflation Rate                        6.0%
400,000

Calculation Results
200,000
Monthly Bond Repayment                           8,997.26
Total Interest over Bond Period              1,159,342.29                       0
Total Bond Repayment over Bond Period        2,159,342.29                    Years 1          4   7          10        13     16       19      22       25            28

Net Disposable Income                              11,000
Maximum Bond Qualification Amount            1,222,594.49                                             Increased Instalment - Interest Saving           Amortization
Minimum Required Net Disposable Income              8,997                                                                                              Increased Instalment
1,400,000
Interest Rate Safety                                2.98%
1,200,000
Increased Instalment Repayment Amount          10,997.26
1,000,000
Total Adjusted Interest over Bond Period      686,192.95
Adjusted Bond Repayment Period (in months)        153.33                   800,000
Adjusted Bond Repayment Period (in years)          12.78
Interest Saving                               473,149.34                   600,000
Present Value of Interest Saving              240,447.49                   400,000

Monthly Bond Repayment @ 9.0%                   8,997.26                   200,000
Monthly Bond Repayment @ 12.0%                 11,010.86
0
Monthly Difference                              2,013.60
Years       1      4   7         10        13      16      19       22      25             28

Page 2 of 11
Net Disposable Income Calculation                                                                                                                                     www.excel-skills.com
Remuneration                                                                               Operational Expenses                          Financing Expenses
Gross Salary                                                              11,000      1    Rent Paid                            -   18   Bond Repayments                          -    42
Subsidies Received                                                           -        2    Water, Electricity & Services        -   19   Personal Loan Instalments                -    43
Commission Received                                                          -        3    Rates & Taxes                        -   20   Financing - Motor Vehicles               -    44
Total Allowances                                                             -        4    Repairs & Maintenance                -   21   Financing - Computers                    -    45
Other                                                                        -        5    Levies Paid                          -   22   Financing - Furniture                    -    46
Total Gross Remuneration                                                  11,000           Telephone / Cell Phone / Internet    -   23   Credit Card Repayments                   -    47
Deductions                                                                                 Insurance - Short Term               -   24   Bank Charges                             -    48
Pension                                                                      -        6    Insurance - Life                     -   25   Other                                    -    49
Medical Aid                                                                  -        7    Medical Costs                        -   26   Total Financing Expenses                 -
Retirement Annuity                                                           -        8    Investments - Retirement Annuities   -   27
Income Tax (PAYE)                                                            -        9    Investments - Other                  -   28
Unemployment Fund (UIF)                                                      -       10    Donations                            -   29
Skills Development Levy (SDL)                                                -       11    Education                            -   30
Other Deductions                                                             -       12    Fuel & Vehicle Maintenance           -   31
Total Deductions                                                             -             Television Rental                    -   32
Net Remuneration                                                          11,000     13    Memberships                          -   33
Subscriptions                        -   34
Other Income                                                                               Domestic Wages                       -   35
Dividend Income                                                               -      14    Gardening                            -   36
Rental Income                                                                 -      15    Groceries                            -   37
Maintenance                                                                   -      16    Clothing                             -   38
Monthly Pension                                                               -      17    Entertainment                        -   39
Total Other Income                                                            -            Maintenance Payments                 -   40
Other                                -   41
Total Operational Expenses           -

Net Disposable Income Calculation
Net Remuneration                                                          11,000
Less: Operational Expenses                                                   -
Less: Financing Expenses                                                     -
Net Disposable Income                                                   11,000

Input Field Guidance
1   Enter the combined monthly gross household salaries
2   Enter total of all subsidies received as part of remuneration, e.g.. housing subsidy
3   Enter the average monthly commission received
4   Enter the total monthly allowances received as part of remuneration, e.g.. travel allowance, cell phone allowance, etc.
5   Enter the total of any other remuneration received
6   Enter the total monthly pension fund deductions
7   Enter the total monthly medical aid deductions
8   Enter the total monthly retirement annuity contributions
9   Enter the total monthly income tax deducted
10   Enter the total UIF deducted

Page 3 of 11
Net Disposable Income Calculation                                                                                                                                               www.excel-skills.com
11   Enter the total SDL deducted
12   Enter the total of all other deductions, e.g.. funeral plan
13   This amount represents the monthly combined net remuneration
14   Enter the average monthly dividend income
15   Enter the monthly average rental income received from existing buy to let properties
16   Enter monthly maintenance amount received from a previous spouse
17   Enter the total monthly pension received
18   Enter the total monthly rent paid. If a primary residence is being acquired and a property is currently being rented, the rent amount should be excluded from the calculation
19   Enter the monthly average for water, electricity and services paid to local government
20   Enter the monthly rates and taxes paid on properties owned
21   Enter the average monthly repairs and maintenance on existing properties
22   Enter the monthly levy payable to a body corporate for properties that form part of a complex
23   Enter the average monthly telephone, cell phone and internet expense
24   Enter the current monthly insurance premium
25   Enter the current monthly life insurance premium
26   Enter the average monthly medical costs that are not covered by a medical aid
27   Enter the total monthly premiums associated with retirement annuities
28   Enter the average monthly payments relating to other investments
29   Enter the average monthly donations amount
30   Enter the average monthly education cost, e.g.. school fees
31   Enter the average monthly vehicle fuel and maintenance costs
32   Enter the monthly subscription fee applicable to television / cable rentals
33   Enter the monthly average membership cost, e.g.. gym membership
34   Enter the total monthly subscription fees applicable to newspapers, magazines, etc.
35   Enter the total monthly domestic wages, e.g.. housekeeper wages, gardener wages, etc.
36   Enter the average monthly cost associated with gardening services / landscaping
37   Enter the average monthly grocery spend
38   Enter the average monthly clothing spend
39   Enter the average monthly cost associated with entertainment, take-outs and restaurants
40   Enter a monthly total for maintenance payments relating to estranged spouses and dependents
41   Enter total monthly cost of any other expense items that do not form part of any of the other categories
42   Enter a monthly total for existing bond repayments
43   Enter a monthly total for personal loan repayments
44   Enter a monthly total for motor finance repayments
45   Enter a monthly total for computer finance repayments
46   Enter a monthly total for furniture finance repayments
47   Enter a monthly total for credit card repayments
48   Enter the average monthly combined bank charges
49   Enter a total for any other financing payments that do not form part of the other financing cost categories

Note: If you're experiencing any difficulty in completing this spreadsheet, we recommend using our Personal Finance template to analyze your monthly household expenses.

Page 4 of 11
Annual Amortization Table                                                           www.excel-skills.com

Opening            Loan          Interest                         Closing        % Capital
Years      Balance         Repayment       Charged         Capital Repaid    Balance       Outstanding
1         1,000,000.00      107,967.11       89,240.01         18,727.10    981,272.90          98.1%
2          981,272.90       107,967.11       87,483.28         20,483.83    960,789.06          96.1%
3          960,789.06       107,967.11       85,561.76         22,405.36    938,383.70          93.8%
4          938,383.70       107,967.11       83,459.98         24,507.14    913,876.57          91.4%
5          913,876.57       107,967.11       81,161.04         26,806.08    887,070.49          88.7%
6          887,070.49       107,967.11       78,646.44         29,320.67    857,749.82          85.8%
7          857,749.82       107,967.11       75,895.96         32,071.15    825,678.67          82.6%
8          825,678.67       107,967.11       72,887.47         35,079.65    790,599.02          79.1%
9          790,599.02       107,967.11       69,596.76         38,370.36    752,228.66          75.2%
10         752,228.66       107,967.11       65,997.35         41,969.76    710,258.90          71.0%
11         710,258.90       107,967.11       62,060.30         45,906.82    664,352.08          66.4%
12         664,352.08       107,967.11       57,753.92         50,213.19    614,138.89          61.4%
13         614,138.89       107,967.11       53,043.58         54,923.54    559,215.35          55.9%
14         559,215.35       107,967.11       47,891.37         60,075.74    499,139.61          49.9%
15         499,139.61       107,967.11       42,255.85         65,711.26    433,428.35          43.3%
16         433,428.35       107,967.11       36,091.68         71,875.43    361,552.91          36.2%
17         361,552.91       107,967.11       29,349.27         78,617.84    282,935.07          28.3%
18         282,935.07       107,967.11       21,974.37         85,992.74    196,942.33          19.7%
19         196,942.33       107,967.11       13,907.66         94,059.45    102,882.88          10.3%
20         102,882.88       107,967.11        5,084.24        102,882.88             -           0.0%
21                 -               -                 -               -               -           0.0%
22                 -               -                 -               -               -           0.0%
23                 -               -                 -               -               -           0.0%
24                 -               -                 -               -               -           0.0%
25                 -               -                 -               -               -           0.0%
26                 -               -                 -               -               -           0.0%
27                 -               -                 -               -               -           0.0%
28                 -               -                 -               -               -           0.0%
29                 -               -                 -               -               -           0.0%
30                 -               -                 -               -               -           0.0%

Page 5 of 11
Monthly Amortization Table                                                         www.excel-skills.com

Repayment     Opening           Loan         Interest                        Closing        % Capital
Number       Balance        Repayment      Charged        Capital Repaid    Balance       Outstanding
1         1,000,000.00       8,997.26       7,500.00          1,497.26    998,502.74         99.85%
2           998,502.74       8,997.26       7,488.77          1,508.49    996,994.25         99.70%
3           996,994.25       8,997.26       7,477.46          1,519.80    995,474.45         99.55%
4           995,474.45       8,997.26       7,466.06          1,531.20    993,943.25         99.39%
5           993,943.25       8,997.26       7,454.57          1,542.69    992,400.56         99.24%
6           992,400.56       8,997.26       7,443.00          1,554.26    990,846.31         99.08%
7           990,846.31       8,997.26       7,431.35          1,565.91    989,280.39         98.93%
8           989,280.39       8,997.26       7,419.60          1,577.66    987,702.74         98.77%
9           987,702.74       8,997.26       7,407.77          1,589.49    986,113.25         98.61%
10          986,113.25       8,997.26       7,395.85          1,601.41    984,511.84         98.45%
11          984,511.84       8,997.26       7,383.84          1,613.42    982,898.42         98.29%
12          982,898.42       8,997.26       7,371.74          1,625.52    981,272.90         98.13%
13          981,272.90       8,997.26       7,359.55          1,637.71    979,635.18         97.96%
14          979,635.18       8,997.26       7,347.26          1,650.00    977,985.19         97.80%
15          977,985.19       8,997.26       7,334.89          1,662.37    976,322.82         97.63%
16          976,322.82       8,997.26       7,322.42          1,674.84    974,647.98         97.46%
17          974,647.98       8,997.26       7,309.86          1,687.40    972,960.58         97.30%
18          972,960.58       8,997.26       7,297.20          1,700.06    971,260.52         97.13%
19          971,260.52       8,997.26       7,284.45          1,712.81    969,547.72         96.95%
20          969,547.72       8,997.26       7,271.61          1,725.65    967,822.07         96.78%
21          967,822.07       8,997.26       7,258.67          1,738.59    966,083.47         96.61%
22          966,083.47       8,997.26       7,245.63          1,751.63    964,331.84         96.43%
23          964,331.84       8,997.26       7,232.49          1,764.77    962,567.07         96.26%
24          962,567.07       8,997.26       7,219.25          1,778.01    960,789.06         96.08%
25          960,789.06       8,997.26       7,205.92          1,791.34    958,997.72         95.90%
26          958,997.72       8,997.26       7,192.48          1,804.78    957,192.94         95.72%
27          957,192.94       8,997.26       7,178.95          1,818.31    955,374.63         95.54%
28          955,374.63       8,997.26       7,165.31          1,831.95    953,542.68         95.35%
29          953,542.68       8,997.26       7,151.57          1,845.69    951,696.99         95.17%
30          951,696.99       8,997.26       7,137.73          1,859.53    949,837.46         94.98%
31          949,837.46       8,997.26       7,123.78          1,873.48    947,963.98         94.80%
32          947,963.98       8,997.26       7,109.73          1,887.53    946,076.45         94.61%
33          946,076.45       8,997.26       7,095.57          1,901.69    944,174.77         94.42%
34          944,174.77       8,997.26       7,081.31          1,915.95    942,258.82         94.23%
35          942,258.82       8,997.26       7,066.94          1,930.32    940,328.50         94.03%
36          940,328.50       8,997.26       7,052.46          1,944.80    938,383.70         93.84%
37          938,383.70       8,997.26       7,037.88          1,959.38    936,424.32         93.64%
38          936,424.32       8,997.26       7,023.18          1,974.08    934,450.24         93.45%
39          934,450.24       8,997.26       7,008.38          1,988.88    932,461.36         93.25%
40          932,461.36       8,997.26       6,993.46          2,003.80    930,457.56         93.05%
41          930,457.56       8,997.26       6,978.43          2,018.83    928,438.73         92.84%
42          928,438.73       8,997.26       6,963.29          2,033.97    926,404.76         92.64%
43          926,404.76       8,997.26       6,948.04          2,049.22    924,355.54         92.44%
44          924,355.54       8,997.26       6,932.67          2,064.59    922,290.95         92.23%
45          922,290.95       8,997.26       6,917.18          2,080.08    920,210.87         92.02%
46          920,210.87       8,997.26       6,901.58          2,095.68    918,115.19         91.81%
47          918,115.19       8,997.26       6,885.86          2,111.40    916,003.80         91.60%
48          916,003.80       8,997.26       6,870.03          2,127.23    913,876.57         91.39%
49          913,876.57       8,997.26       6,854.07          2,143.19    911,733.38         91.17%
50          911,733.38       8,997.26       6,838.00          2,159.26    909,574.12         90.96%
51          909,574.12       8,997.26       6,821.81          2,175.45    907,398.67         90.74%
52          907,398.67       8,997.26       6,805.49          2,191.77    905,206.90         90.52%
53          905,206.90       8,997.26       6,789.05          2,208.21    902,998.69         90.30%
54          902,998.69       8,997.26       6,772.49          2,224.77    900,773.92         90.08%
55          900,773.92       8,997.26       6,755.80          2,241.46    898,532.47         89.85%
56          898,532.47       8,997.26       6,738.99          2,258.27    896,274.20         89.63%
57          896,274.20       8,997.26       6,722.06          2,275.20    893,999.00         89.40%
58          893,999.00       8,997.26       6,704.99          2,292.27    891,706.73         89.17%
59          891,706.73       8,997.26       6,687.80          2,309.46    889,397.27         88.94%
60          889,397.27       8,997.26       6,670.48          2,326.78    887,070.49         88.71%
61          887,070.49       8,997.26       6,653.03          2,344.23    884,726.26         88.47%
62          884,726.26       8,997.26       6,635.45          2,361.81    882,364.45         88.24%

Page 6 of 11
Monthly Amortization Table                                                        www.excel-skills.com

Repayment     Opening          Loan         Interest                        Closing        % Capital
Number       Balance       Repayment      Charged        Capital Repaid    Balance       Outstanding
63          882,364.45       8,997.26       6,617.73          2,379.53    879,984.92         88.00%
64          879,984.92       8,997.26       6,599.89          2,397.37    877,587.55         87.76%
65          877,587.55       8,997.26       6,581.91          2,415.35    875,172.19         87.52%
66          875,172.19       8,997.26       6,563.79          2,433.47    872,738.73         87.27%
67          872,738.73       8,997.26       6,545.54          2,451.72    870,287.01         87.03%
68          870,287.01       8,997.26       6,527.15          2,470.11    867,816.90         86.78%
69          867,816.90       8,997.26       6,508.63          2,488.63    865,328.27         86.53%
70          865,328.27       8,997.26       6,489.96          2,507.30    862,820.97         86.28%
71          862,820.97       8,997.26       6,471.16          2,526.10    860,294.87         86.03%
72          860,294.87       8,997.26       6,452.21          2,545.05    857,749.82         85.77%
73          857,749.82       8,997.26       6,433.12          2,564.14    855,185.68         85.52%
74          855,185.68       8,997.26       6,413.89          2,583.37    852,602.32         85.26%
75          852,602.32       8,997.26       6,394.52          2,602.74    849,999.57         85.00%
76          849,999.57       8,997.26       6,375.00          2,622.26    847,377.31         84.74%
77          847,377.31       8,997.26       6,355.33          2,641.93    844,735.38         84.47%
78          844,735.38       8,997.26       6,335.52          2,661.74    842,073.64         84.21%
79          842,073.64       8,997.26       6,315.55          2,681.71    839,391.93         83.94%
80          839,391.93       8,997.26       6,295.44          2,701.82    836,690.11         83.67%
81          836,690.11       8,997.26       6,275.18          2,722.08    833,968.03         83.40%
82          833,968.03       8,997.26       6,254.76          2,742.50    831,225.53         83.12%
83          831,225.53       8,997.26       6,234.19          2,763.07    828,462.46         82.85%
84          828,462.46       8,997.26       6,213.47          2,783.79    825,678.67         82.57%
85          825,678.67       8,997.26       6,192.59          2,804.67    822,874.00         82.29%
86          822,874.00       8,997.26       6,171.55          2,825.70    820,048.29         82.00%
87          820,048.29       8,997.26       6,150.36          2,846.90    817,201.40         81.72%
88          817,201.40       8,997.26       6,129.01          2,868.25    814,333.15         81.43%
89          814,333.15       8,997.26       6,107.50          2,889.76    811,443.39         81.14%
90          811,443.39       8,997.26       6,085.83          2,911.43    808,531.95         80.85%
91          808,531.95       8,997.26       6,063.99          2,933.27    805,598.68         80.56%
92          805,598.68       8,997.26       6,041.99          2,955.27    802,643.41         80.26%
93          802,643.41       8,997.26       6,019.83          2,977.43    799,665.98         79.97%
94          799,665.98       8,997.26       5,997.49          2,999.76    796,666.21         79.67%
95          796,666.21       8,997.26       5,975.00          3,022.26    793,643.95         79.36%
96          793,643.95       8,997.26       5,952.33          3,044.93    790,599.02         79.06%
97          790,599.02       8,997.26       5,929.49          3,067.77    787,531.26         78.75%
98          787,531.26       8,997.26       5,906.48          3,090.78    784,440.48         78.44%
99          784,440.48       8,997.26       5,883.30          3,113.96    781,326.52         78.13%
100         781,326.52       8,997.26       5,859.95          3,137.31    778,189.21         77.82%
101         778,189.21       8,997.26       5,836.42          3,160.84    775,028.37         77.50%
102         775,028.37       8,997.26       5,812.71          3,184.55    771,843.83         77.18%
103         771,843.83       8,997.26       5,788.83          3,208.43    768,635.40         76.86%
104         768,635.40       8,997.26       5,764.77          3,232.49    765,402.90         76.54%
105         765,402.90       8,997.26       5,740.52          3,256.74    762,146.16         76.21%
106         762,146.16       8,997.26       5,716.10          3,281.16    758,865.00         75.89%
107         758,865.00       8,997.26       5,691.49          3,305.77    755,559.23         75.56%
108         755,559.23       8,997.26       5,666.69          3,330.57    752,228.66         75.22%
109         752,228.66       8,997.26       5,641.71          3,355.54    748,873.12         74.89%
110         748,873.12       8,997.26       5,616.55          3,380.71    745,492.41         74.55%
111         745,492.41       8,997.26       5,591.19          3,406.07    742,086.34         74.21%
112         742,086.34       8,997.26       5,565.65          3,431.61    738,654.73         73.87%
113         738,654.73       8,997.26       5,539.91          3,457.35    735,197.38         73.52%
114         735,197.38       8,997.26       5,513.98          3,483.28    731,714.10         73.17%
115         731,714.10       8,997.26       5,487.86          3,509.40    728,204.70         72.82%
116         728,204.70       8,997.26       5,461.54          3,535.72    724,668.97         72.47%
117         724,668.97       8,997.26       5,435.02          3,562.24    721,106.73         72.11%
118         721,106.73       8,997.26       5,408.30          3,588.96    717,517.77         71.75%
119         717,517.77       8,997.26       5,381.38          3,615.88    713,901.89         71.39%
120         713,901.89       8,997.26       5,354.26          3,643.00    710,258.90         71.03%
121         710,258.90       8,997.26       5,326.94          3,670.32    706,588.58         70.66%
122         706,588.58       8,997.26       5,299.41          3,697.85    702,890.74         70.29%
123         702,890.74       8,997.26       5,271.68          3,725.58    699,165.16         69.92%
124         699,165.16       8,997.26       5,243.74          3,753.52    695,411.64         69.54%

Page 7 of 11
Monthly Amortization Table                                                        www.excel-skills.com

Repayment     Opening          Loan         Interest                        Closing        % Capital
Number       Balance       Repayment      Charged        Capital Repaid    Balance       Outstanding
125         695,411.64       8,997.26       5,215.59          3,781.67    691,629.96         69.16%
126         691,629.96       8,997.26       5,187.22          3,810.03    687,819.93         68.78%
127         687,819.93       8,997.26       5,158.65          3,838.61    683,981.32         68.40%
128         683,981.32       8,997.26       5,129.86          3,867.40    680,113.92         68.01%
129         680,113.92       8,997.26       5,100.85          3,896.41    676,217.51         67.62%
130         676,217.51       8,997.26       5,071.63          3,925.63    672,291.89         67.23%
131         672,291.89       8,997.26       5,042.19          3,955.07    668,336.82         66.83%
132         668,336.82       8,997.26       5,012.53          3,984.73    664,352.08         66.44%
133         664,352.08       8,997.26       4,982.64          4,014.62    660,337.46         66.03%
134         660,337.46       8,997.26       4,952.53          4,044.73    656,292.73         65.63%
135         656,292.73       8,997.26       4,922.20          4,075.06    652,217.67         65.22%
136         652,217.67       8,997.26       4,891.63          4,105.63    648,112.04         64.81%
137         648,112.04       8,997.26       4,860.84          4,136.42    643,975.62         64.40%
138         643,975.62       8,997.26       4,829.82          4,167.44    639,808.18         63.98%
139         639,808.18       8,997.26       4,798.56          4,198.70    635,609.48         63.56%
140         635,609.48       8,997.26       4,767.07          4,230.19    631,379.30         63.14%
141         631,379.30       8,997.26       4,735.34          4,261.91    627,117.38         62.71%
142         627,117.38       8,997.26       4,703.38          4,293.88    622,823.50         62.28%
143         622,823.50       8,997.26       4,671.18          4,326.08    618,497.42         61.85%
144         618,497.42       8,997.26       4,638.73          4,358.53    614,138.89         61.41%
145         614,138.89       8,997.26       4,606.04          4,391.22    609,747.67         60.97%
146         609,747.67       8,997.26       4,573.11          4,424.15    605,323.52         60.53%
147         605,323.52       8,997.26       4,539.93          4,457.33    600,866.19         60.09%
148         600,866.19       8,997.26       4,506.50          4,490.76    596,375.42         59.64%
149         596,375.42       8,997.26       4,472.82          4,524.44    591,850.98         59.19%
150         591,850.98       8,997.26       4,438.88          4,558.38    587,292.60         58.73%
151         587,292.60       8,997.26       4,404.69          4,592.57    582,700.04         58.27%
152         582,700.04       8,997.26       4,370.25          4,627.01    578,073.03         57.81%
153         578,073.03       8,997.26       4,335.55          4,661.71    573,411.32         57.34%
154         573,411.32       8,997.26       4,300.58          4,696.67    568,714.64         56.87%
155         568,714.64       8,997.26       4,265.36          4,731.90    563,982.74         56.40%
156         563,982.74       8,997.26       4,229.87          4,767.39    559,215.35         55.92%
157         559,215.35       8,997.26       4,194.12          4,803.14    554,412.21         55.44%
158         554,412.21       8,997.26       4,158.09          4,839.17    549,573.04         54.96%
159         549,573.04       8,997.26       4,121.80          4,875.46    544,697.58         54.47%
160         544,697.58       8,997.26       4,085.23          4,912.03    539,785.55         53.98%
161         539,785.55       8,997.26       4,048.39          4,948.87    534,836.68         53.48%
162         534,836.68       8,997.26       4,011.28          4,985.98    529,850.70         52.99%
163         529,850.70       8,997.26       3,973.88          5,023.38    524,827.32         52.48%
164         524,827.32       8,997.26       3,936.20          5,061.05    519,766.26         51.98%
165         519,766.26       8,997.26       3,898.25          5,099.01    514,667.25         51.47%
166         514,667.25       8,997.26       3,860.00          5,137.26    509,530.00         50.95%
167         509,530.00       8,997.26       3,821.47          5,175.78    504,354.21         50.44%
168         504,354.21       8,997.26       3,782.66          5,214.60    499,139.61         49.91%
169         499,139.61       8,997.26       3,743.55          5,253.71    493,885.90         49.39%
170         493,885.90       8,997.26       3,704.14          5,293.12    488,592.78         48.86%
171         488,592.78       8,997.26       3,664.45          5,332.81    483,259.97         48.33%
172         483,259.97       8,997.26       3,624.45          5,372.81    477,887.16         47.79%
173         477,887.16       8,997.26       3,584.15          5,413.11    472,474.05         47.25%
174         472,474.05       8,997.26       3,543.56          5,453.70    467,020.35         46.70%
175         467,020.35       8,997.26       3,502.65          5,494.61    461,525.74         46.15%
176         461,525.74       8,997.26       3,461.44          5,535.82    455,989.92         45.60%
177         455,989.92       8,997.26       3,419.92          5,577.34    450,412.59         45.04%
178         450,412.59       8,997.26       3,378.09          5,619.17    444,793.42         44.48%
179         444,793.42       8,997.26       3,335.95          5,661.31    439,132.11         43.91%
180         439,132.11       8,997.26       3,293.49          5,703.77    433,428.35         43.34%
181         433,428.35       8,997.26       3,250.71          5,746.55    427,681.80         42.77%
182         427,681.80       8,997.26       3,207.61          5,789.65    421,892.15         42.19%
183         421,892.15       8,997.26       3,164.19          5,833.07    416,059.08         41.61%
184         416,059.08       8,997.26       3,120.44          5,876.82    410,182.27         41.02%
185         410,182.27       8,997.26       3,076.37          5,920.89    404,261.37         40.43%
186         404,261.37       8,997.26       3,031.96          5,965.30    398,296.08         39.83%

Page 8 of 11
Monthly Amortization Table                                                        www.excel-skills.com

Repayment     Opening          Loan         Interest                        Closing        % Capital
Number       Balance       Repayment      Charged        Capital Repaid    Balance       Outstanding
187         398,296.08       8,997.26       2,987.22          6,010.04    392,286.04         39.23%
188         392,286.04       8,997.26       2,942.15          6,055.11    386,230.92         38.62%
189         386,230.92       8,997.26       2,896.73          6,100.53    380,130.39         38.01%
190         380,130.39       8,997.26       2,850.98          6,146.28    373,984.11         37.40%
191         373,984.11       8,997.26       2,804.88          6,192.38    367,791.73         36.78%
192         367,791.73       8,997.26       2,758.44          6,238.82    361,552.91         36.16%
193         361,552.91       8,997.26       2,711.65          6,285.61    355,267.30         35.53%
194         355,267.30       8,997.26       2,664.50          6,332.75    348,934.55         34.89%
195         348,934.55       8,997.26       2,617.01          6,380.25    342,554.29         34.26%
196         342,554.29       8,997.26       2,569.16          6,428.10    336,126.19         33.61%
197         336,126.19       8,997.26       2,520.95          6,476.31    329,649.88         32.96%
198         329,649.88       8,997.26       2,472.37          6,524.89    323,124.99         32.31%
199         323,124.99       8,997.26       2,423.44          6,573.82    316,551.17         31.66%
200         316,551.17       8,997.26       2,374.13          6,623.13    309,928.05         30.99%
201         309,928.05       8,997.26       2,324.46          6,672.80    303,255.25         30.33%
202         303,255.25       8,997.26       2,274.41          6,722.85    296,532.40         29.65%
203         296,532.40       8,997.26       2,223.99          6,773.27    289,759.14         28.98%
204         289,759.14       8,997.26       2,173.19          6,824.07    282,935.07         28.29%
205         282,935.07       8,997.26       2,122.01          6,875.25    276,059.82         27.61%
206         276,059.82       8,997.26       2,070.45          6,926.81    269,133.01         26.91%
207         269,133.01       8,997.26       2,018.50          6,978.76    262,154.25         26.22%
208         262,154.25       8,997.26       1,966.16          7,031.10    255,123.15         25.51%
209         255,123.15       8,997.26       1,913.42          7,083.84    248,039.31         24.80%
210         248,039.31       8,997.26       1,860.29          7,136.96    240,902.35         24.09%
211         240,902.35       8,997.26       1,806.77          7,190.49    233,711.85         23.37%
212         233,711.85       8,997.26       1,752.84          7,244.42    226,467.43         22.65%
213         226,467.43       8,997.26       1,698.51          7,298.75    219,168.68         21.92%
214         219,168.68       8,997.26       1,643.77          7,353.49    211,815.19         21.18%
215         211,815.19       8,997.26       1,588.61          7,408.65    204,406.54         20.44%
216         204,406.54       8,997.26       1,533.05          7,464.21    196,942.33         19.69%
217         196,942.33       8,997.26       1,477.07          7,520.19    189,422.14         18.94%
218         189,422.14       8,997.26       1,420.67          7,576.59    181,845.54         18.18%
219         181,845.54       8,997.26       1,363.84          7,633.42    174,212.13         17.42%
220         174,212.13       8,997.26       1,306.59          7,690.67    166,521.46         16.65%
221         166,521.46       8,997.26       1,248.91          7,748.35    158,773.11         15.88%
222         158,773.11       8,997.26       1,190.80          7,806.46    150,966.65         15.10%
223         150,966.65       8,997.26       1,132.25          7,865.01    143,101.64         14.31%
224         143,101.64       8,997.26       1,073.26          7,924.00    135,177.64         13.52%
225         135,177.64       8,997.26       1,013.83          7,983.43    127,194.21         12.72%
226         127,194.21       8,997.26         953.96          8,043.30    119,150.91         11.92%
227         119,150.91       8,997.26         893.63          8,103.63    111,047.28         11.10%
228         111,047.28       8,997.26         832.85          8,164.40    102,882.88         10.29%
229         102,882.88       8,997.26         771.62          8,225.64     94,657.24          9.47%
230          94,657.24       8,997.26         709.93          8,287.33     86,369.91          8.64%
231          86,369.91       8,997.26         647.77          8,349.49     78,020.42          7.80%
232          78,020.42       8,997.26         585.15          8,412.11     69,608.32          6.96%
233          69,608.32       8,997.26         522.06          8,475.20     61,133.12          6.11%
234          61,133.12       8,997.26         458.50          8,538.76     52,594.36          5.26%
235          52,594.36       8,997.26         394.46          8,602.80     43,991.56          4.40%
236          43,991.56       8,997.26         329.94          8,667.32     35,324.23          3.53%
237          35,324.23       8,997.26         264.93          8,732.33     26,591.91          2.66%
238          26,591.91       8,997.26         199.44          8,797.82     17,794.09          1.78%
239          17,794.09       8,997.26         133.46          8,863.80      8,930.28          0.89%
240           8,930.28       8,997.26          66.98          8,930.28           -            0.00%
241                -              -              -                 -             -            0.00%
242                -              -              -                 -             -            0.00%
243                -              -              -                 -             -            0.00%
244                -              -              -                 -             -            0.00%
245                -              -              -                 -             -            0.00%
246                -              -              -                 -             -            0.00%
247                -              -              -                 -             -            0.00%
248                -              -              -                 -             -            0.00%

Page 9 of 11
Monthly Amortization Table                                                     www.excel-skills.com

Repayment     Opening          Loan      Interest                        Closing        % Capital
Number       Balance       Repayment   Charged         Capital Repaid   Balance       Outstanding
249                  -           -               -              -               -          0.00%
250                  -           -               -              -               -          0.00%
251                  -           -               -              -               -          0.00%
252                  -           -               -              -               -          0.00%
253                  -           -               -              -               -          0.00%
254                  -           -               -              -               -          0.00%
255                  -           -               -              -               -          0.00%
256                  -           -               -              -               -          0.00%
257                  -           -               -              -               -          0.00%
258                  -           -               -              -               -          0.00%
259                  -           -               -              -               -          0.00%
260                  -           -               -              -               -          0.00%
261                  -           -               -              -               -          0.00%
262                  -           -               -              -               -          0.00%
263                  -           -               -              -               -          0.00%
264                  -           -               -              -               -          0.00%
265                  -           -               -              -               -          0.00%
266                  -           -               -              -               -          0.00%
267                  -           -               -              -               -          0.00%
268                  -           -               -              -               -          0.00%
269                  -           -               -              -               -          0.00%
270                  -           -               -              -               -          0.00%
271                  -           -               -              -               -          0.00%
272                  -           -               -              -               -          0.00%
273                  -           -               -              -               -          0.00%
274                  -           -               -              -               -          0.00%
275                  -           -               -              -               -          0.00%
276                  -           -               -              -               -          0.00%
277                  -           -               -              -               -          0.00%
278                  -           -               -              -               -          0.00%
279                  -           -               -              -               -          0.00%
280                  -           -               -              -               -          0.00%
281                  -           -               -              -               -          0.00%
282                  -           -               -              -               -          0.00%
283                  -           -               -              -               -          0.00%
284                  -           -               -              -               -          0.00%
285                  -           -               -              -               -          0.00%
286                  -           -               -              -               -          0.00%
287                  -           -               -              -               -          0.00%
288                  -           -               -              -               -          0.00%
289                  -           -               -              -               -          0.00%
290                  -           -               -              -               -          0.00%
291                  -           -               -              -               -          0.00%
292                  -           -               -              -               -          0.00%
293                  -           -               -              -               -          0.00%
294                  -           -               -              -               -          0.00%
295                  -           -               -              -               -          0.00%
296                  -           -               -              -               -          0.00%
297                  -           -               -              -               -          0.00%
298                  -           -               -              -               -          0.00%
299                  -           -               -              -               -          0.00%
300                  -           -               -              -               -          0.00%
301                  -           -               -              -               -          0.00%
302                  -           -               -              -               -          0.00%
303                  -           -               -              -               -          0.00%
304                  -           -               -              -               -          0.00%
305                  -           -               -              -               -          0.00%
306                  -           -               -              -               -          0.00%
307                  -           -               -              -               -          0.00%
308                  -           -               -              -               -          0.00%
309                  -           -               -              -               -          0.00%
310                  -           -               -              -               -          0.00%

Page 10 of 11
Monthly Amortization Table                                                     www.excel-skills.com

Repayment     Opening          Loan      Interest                        Closing        % Capital
Number       Balance       Repayment   Charged         Capital Repaid   Balance       Outstanding
311                  -           -             -                -               -          0.00%
312                  -           -             -                -               -          0.00%
313                  -           -             -                -               -          0.00%
314                  -           -             -                -               -          0.00%
315                  -           -             -                -               -          0.00%
316                  -           -             -                -               -          0.00%
317                  -           -             -                -               -          0.00%
318                  -           -             -                -               -          0.00%
319                  -           -             -                -               -          0.00%
320                  -           -             -                -               -          0.00%
321                  -           -             -                -               -          0.00%
322                  -           -             -                -               -          0.00%
323                  -           -             -                -               -          0.00%
324                  -           -             -                -               -          0.00%
325                  -           -             -                -               -          0.00%
326                  -           -             -                -               -          0.00%
327                  -           -             -                -               -          0.00%
328                  -           -             -                -               -          0.00%
329                  -           -             -                -               -          0.00%
330                  -           -             -                -               -          0.00%
331                  -           -             -                -               -          0.00%
332                  -           -             -                -               -          0.00%
333                  -           -             -                -               -          0.00%
334                  -           -             -                -               -          0.00%
335                  -           -             -                -               -          0.00%
336                  -           -             -                -               -          0.00%
337                  -           -             -                -               -          0.00%
338                  -           -             -                -               -          0.00%
339                  -           -             -                -               -          0.00%
340                  -           -             -                -               -          0.00%
341                  -           -             -                -               -          0.00%
342                  -           -             -                -               -          0.00%
343                  -           -             -                -               -          0.00%
344                  -           -             -                -               -          0.00%
345                  -           -             -                -               -          0.00%
346                  -           -             -                -               -          0.00%
347                  -           -             -                -               -          0.00%
348                  -           -             -                -               -          0.00%
349                  -           -             -                -               -          0.00%
350                  -           -             -                -               -          0.00%
351                  -           -             -                -               -          0.00%
352                  -           -             -                -               -          0.00%
353                  -           -             -                -               -          0.00%
354                  -           -             -                -               -          0.00%
355                  -           -             -                -               -          0.00%
356                  -           -             -                -               -          0.00%
357                  -           -             -                -               -          0.00%
358                  -           -             -                -               -          0.00%
359                  -           -             -                -               -          0.00%
360                  -           -             -                -               -          0.00%
1,159,342.29

Page 11 of 11

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