Analysis of Demo (Prepared by HowardSoft)...Page 4
R-O-I ANALYSIS
2000 2001 2002 2003 2004
Proceeds from Sale-
Gross Sales Price 104,881 115,369 126,906 139,596 153,556
Commission 6,293 6,922 7,614 8,376 9,213
Other Closing Costs 3,146 3,461 3,807 4,188 4,607
Net Sales Price 95,442 104,986 115,484 127,033 139,736
Prepayment Penalty 4,784 4,750 4,712 4,671 4,626
Loan Balance 79,733 79,161 78,536 77,852 77,104
Pre-tax Proceeds 10,925 21,075 32,236 44,510 58,006
Taxes on Sale -4,239 -660 2,004 4,880 7,989
After-tax Proceeds 15,164 21,734 30,232 39,629 50,017
Cash Return-
Returned Equity 15,164 21,734 30,232 39,629 50,017
Cum Cash Flow (FV) -670 -2,028 -3,407 -4,810 -6,237
Total Return 14,494 19,707 26,825 34,820 43,780
Cash Investment-
Original Equity 20,500 20,500 20,500 20,500 20,500
Cum Cash Flow (PV) -654 -1,885 -3,016 -4,055 -5,007
Total Investment 21,154 22,385 23,516 24,555 25,507
Investment Attributes-
Gross Multiplier 36 19 20 21 22
Capitalization Rate 1.4% 2.5% 2.4% 2.3% 2.2%
Cash on Cash -11.9% -23.4% -22.7% -22.0% -21.2%
Net Present Val (NPV) -6,355 -2,184 3,244 8,854 14,650
Rates of Return (after-tax)-
Rtn on Orig Eqty (ROE) -50.0% -2.6% 11.4% 16.3% 18.4%
Eqty Rtn on Tot Invst -48.6% -1.9% 10.6% 14.7% 16.1%
Rtn on Prior-yr Equity 8.6% 34.6% 33.2% 27.0% 23.2%
Internal Rate of Rtn (IRR) -50.0% -2.4% 11.1% 15.7% 17.4%
Final Mgmt Rate (FMRR) -48.6% -1.9% 10.6% 14.7% 16.1%
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