SCHEME FOR THE ORGAN IZATIOX OF RURAL MORTGAGE CREDIT 65 



Yearly Payments for a Thirty Year Mortgage under the Proposed Scheme (i). 



Year 



Principal 

 Balance 



I $ I,0Ot1.0O 



2 986.88 



3 9^3-Oo 



4 958.31 



5 942.76 



6 926.35 



7 • • • 90S. 97 



8 890.58 



9 871.12 



10 850.54 



II 828.77 



12 805.74 



13 781.37 



14 755-59 



15 728.32 



16 699.47 



17 668.95 



18 636.66 



19 602.50 



20 566.37 



21 528.14 



22 487-70 



23 444-92 



24 399-66 



25 351-78 



26 301-13 



27 247.55 



2,8 : 190.87 



29 131. 10 



30 67.68 



Ordinaril)' it would be expected that the farmers in Western Canada 

 would not care to assume mortgages running from twenty to forty years, 

 but the new scheme allows any farmer to pay off his mortgage in full at 

 any half-yearly period. He will thus benefit by the low rate of interest 

 and the small pa^-ments and yet have the opportunity of discharging his 

 mortgage whenever he is in a position to do so. 



After the necessar}- provincial legislation has been enacted no money 

 will be lent to an}' farmer until the municipality in which he resides has sub- 



(i) In mikiiig the calculations in even dollars and ccnls a small ditTcrence (,-,;cents) ixcurs 

 which would be absorbed in actual practice. 



