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4 - tix
<br />FOR ILLUSTRATIVE PURPOSES
<br />ASSUME THAT $52,000,000 IS SOLD AT ONE TIME
<br />OUTSTANDING
<br />DEIST
<br />PRINCIPAL
<br />PAID EA YR
<br />6%
<br />INTEREST
<br />6%
<br />TOTAL P&I
<br />7%
<br />INTEREST
<br />7%
<br />TOTAL P&I
<br />8%
<br />INTEREST
<br />8%
<br />TOTAL P &I
<br />52,000,000
<br />2,600,000
<br />3,120,000
<br />5,720,000
<br />3,640,000
<br />6,240,000
<br />4,160,000
<br />6,760,000
<br />49,400,000
<br />2,600,000
<br />2,964,000
<br />5,564,000
<br />3,458,000
<br />6,058,000
<br />3,952,000
<br />6,552,000
<br />46,800,000
<br />2,600,000
<br />2,808,000
<br />5,408,000
<br />3,276,000
<br />5,876,000
<br />3,744,000
<br />6,344,000
<br />44,200,000
<br />2,600,000
<br />2,652.000
<br />5,252,000
<br />3,094,000
<br />5,694,000
<br />3,536,000
<br />6,136,000
<br />41,600,000
<br />2,600,000
<br />2,496,000
<br />5,096,000
<br />2,912,000
<br />5,512,000
<br />3,328,000
<br />5,928,000
<br />39,000,000
<br />2,600,000
<br />2,340,000
<br />4,940,000
<br />2,730,000
<br />5,330,000
<br />3,120,000
<br />5,720,000
<br />36,400,000
<br />2,600,000
<br />2,184,000
<br />4,784,000
<br />2,548,000
<br />5,148,000
<br />2,912,000
<br />5,512,000
<br />33,800,000
<br />2,600,000
<br />2,028,000
<br />4,628,000
<br />2,366,000
<br />4,966,000
<br />2,704,000
<br />5,304,000
<br />31,200,000
<br />2,600,000
<br />1,872,000
<br />4,472,000
<br />2,184,000
<br />4,784,000
<br />2,496,000
<br />5,096,000
<br />28,600,000
<br />2,600,000
<br />1,716,000
<br />4,316,000
<br />2,002,000
<br />4,602,000
<br />2,288,000
<br />4,888,000
<br />26,000,000
<br />2,600,000
<br />1,560,000
<br />4,160,000
<br />1,820,000
<br />4,420,000
<br />2,080,000
<br />4,680,000
<br />23,400,000
<br />2,600,000
<br />1,404,000
<br />4,004,000
<br />1,638,000
<br />4,238,000
<br />1,872,000
<br />4,472,000
<br />20,800,000
<br />2,600,000
<br />1,248,000
<br />3,848,000
<br />1,456,000
<br />4,056,000
<br />1,664,000
<br />4,264,000
<br />18,200,000
<br />2,600,000
<br />1,092,000
<br />3,692,000
<br />10274,000
<br />3,874,000
<br />1,456,000
<br />4,056,000
<br />15,600,000
<br />2,600,000
<br />936,000
<br />3,536,000
<br />1,092,000
<br />3,692,000
<br />1,248,000
<br />3,848,000
<br />13,000,000
<br />2,600,000
<br />780,000
<br />3,380,000
<br />910,000
<br />3,510,000
<br />1,040,000
<br />3,640,000
<br />10,400,000
<br />2,600,000
<br />624,000
<br />3,224,000
<br />728,000
<br />3,328,000
<br />832,000
<br />3,432,000
<br />7,800,000
<br />21600,000
<br />468,000
<br />3,068,000
<br />546,D00
<br />3,146,000
<br />624,000
<br />3,224,000
<br />5,200,000
<br />2,600,000
<br />312,000
<br />2,912,000
<br />364,000
<br />2,964,000
<br />416,000
<br />3,016,000
<br />2,600,000
<br />2,600,000
<br />156,000
<br />2,756,000
<br />182,000
<br />2,782,DD0
<br />208,000
<br />2,808,000
<br />TOTAL
<br />52,000,000
<br />32,760,000
<br />84,760,000
<br />38,220,000
<br />90,220,000
<br />43,680,000
<br />95,680,000
<br />1 ct on
<br />6%
<br />7%
<br />896
<br />TAX RATE =s
<br />367,148
<br />15.58
<br />17.00
<br />18.41
<br />378,162
<br />14.71
<br />16.02
<br />17.33
<br />389,507
<br />13.88
<br />15.09
<br />16.29
<br />401,193
<br />13.09
<br />14.19
<br />15.29
<br />413,228
<br />12.33
<br />13.34
<br />14.35
<br />425,625
<br />11.61
<br />12.52
<br />13.44
<br />438,394
<br />10.91
<br />11.74
<br />12.57
<br />451,546
<br />10.25
<br />11.00
<br />11.75
<br />465,092
<br />9.62
<br />10.29
<br />10.96
<br />479,045
<br />9.01
<br />9.61
<br />10.20
<br />493,416
<br />8.43
<br />8.96
<br />9.48
<br />508,219
<br />7.88
<br />8.34
<br />8.80
<br />523,465
<br />7.35
<br />7.75
<br />8.15
<br />539,169
<br />6.85
<br />7.19
<br />7.52
<br />555,344
<br />6.37
<br />6.65
<br />6.93
<br />572,005
<br />5.91
<br />6.14
<br />6,36
<br />589,165
<br />5.47
<br />5.65
<br />5.83
<br />606,840
<br />5.06
<br />5.18
<br />5.31
<br />625,045
<br />4.66
<br />4.74
<br />4.83
<br />643,796 1
<br />4.28
<br />4.32
<br />4.36
<br />AVERAGE 9.16 9.78 10.41
<br />TAX RATE ASSUMES 3 % GROWTH. NO ADJUSTMENTS FOR
<br />REVALUATION OF REAL PROPERTY MADE.
<br />
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