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Historical Examples
The following tables show how the annual percentage rate and the minimum payments for a single $10,000.00
credit advance would have changed based on changes in the index over the last 15 years . The index values are from the first business day of
January. While only one payment amount per year is shown, payments would have varied during each year. The table assumes that no
additional credit advances were taken, that only the minimum payment was made, and that the rate remained constant during each year. It does
not necessarily indicate how the index or your payments would change in the future.
This is an example of a plan available to borrowers with loan to value ratios of 89.9% or less.
This chart shows the January index values for the last 15 years, and
- payment amounts under the three different monthly payment options, for lines having draw periods of 10 years (120 months)
- with a 2% margin and
- an initial interest rate discounted by 6.26% for the first three months,
- based on an initial draw of $10,000.
| Year |
Index Value |
Margin |
Annual Percentage Rate |
Monthly payment equal the greater of the following: $75.00 or 1.500% of the principal balance outstanding on the last day of the billing cycle. |
Monthly payment equal to the accrued finance charge at the end of the billing cycle. |
Monthly payment of accrued finance charges on the last day of the billing cycle or $75.00, whichever is greater |
| 1994 |
6.000 |
2.000 |
8.000 |
$151.00 |
$66.67 |
$75.00 |
| 1995 |
8.500 |
2.000 |
10.500 |
$136.69 |
$87.50 |
$86.59 |
| 1996 |
8.500 |
2.000 |
10.500 |
$126.58 |
$87.50 |
$86.59 |
| 1997 |
8.250 |
2.000 |
10.250 |
$117.20 |
$85.42 |
$84.53 |
| 1998 |
8.500 |
2.000 |
10.500 |
$108.29 |
$87.50 |
$86.59 |
| 1999 |
7.750 |
2.000 |
9.750 |
$100.22 |
$81.25 |
$80.41 |
| 2000 |
8.500 |
2.000 |
10.500 |
$92.18 |
$87.50 |
$86.59 |
| 2001 |
9.500 |
2.000 |
11.500 |
$85.43 |
$95.83 |
$94.84 |
| 2002 |
4.750 |
2.000 |
6.750 |
$79.59 |
$56.25 |
$75.00 |
| 2003 |
4.250 |
2.000 |
6.250 |
$75.00 |
$52.08 |
$75.00 |
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At the end of this year a balloon payment of $4,148.68 would occur. You would be required to pay the entire balance in one payment. |
At the end of this year of payments, a balloon payment of $10,052.08 would occur. You would be required to pay the entire balance in one payment. |
At the end of this year of payments, a balloon payment of $9,426.87 would occur. You would be required to pay the entire balance in one payment. |
| 2004 |
4.000 |
2.000 |
6.000 |
Based on our assumptions, you would not have payments due after 10 years. |
| 2005 |
5.250 |
2.000 |
7.250 |
| 2006 |
7.250 |
2.000 |
9.250 |
| 2007 |
8.250 |
2.000 |
10.250 |
| 2008 |
7.250 |
2.000 |
9.250 |
This is not a commitment to make a loan.
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