HIGHWAY BOXDS. 



17 



Table 9. — Repayment of a 5 per cent $100,000 loan, including both principal and interest, 

 by a uniform annual payment of $8,024-259 1 for 20 years. 



Adjusted to nearest cent. 



Adjusted to $100 bonds. 





Principal 





Principal 



Princi- 

 pal owing 

 at begin- 

 ning of 

 year. 





Princi- 





Years 



owing at 



Interest 



repaid at 



Interest 



pal repaid 







beginning 



for year. 



end of 



for year. 



at end of 







of year. 





year. 





year. 





1 



$100, 000. 00 



$5. 000. 00 



$3, 024. 25 



$100, 000 



$5, 000 



$3,000 



$8, 000 



2 



96, 975. 75 



4,848.79 



3, 175. 47 



97,000 



4,850 



3,200 



8,050 



3 



93,500. 28 



4,690.02 



3,334.24 



93, 800 



4,690 



3,300 



7,990 



4 



90, 466. 04 



4,523.30 



3,500.96 



90, 500 



4,525 



3,500 



8,025 



5 



86, 965. 08 



4,348.25 



3,676.01 



87, 000 



4,350 



3,700 



8, 050 



6 



83,289.07 



4,164.45 



3,859.81 



83,300 



4,165 



3,900 



8,065 



7 



79,429.26 



3,971.46 



4,052.80 



79, 400 



3,970 



4,100 



8,070 



8 



75, 376. 46 



3,768.82 



4,255.44 



75, 300 



3,765 



4,300 



8,065 



9 



71,121.02 



3,556.05 



4, 468. 21 



71,000 



3, 550 



4,500 



8,050 



10 



66, 652. 81 



3,332.64 



4,691.62 



66, 500 



3,325 



4,700 



8,025 



11 



61,961.19 



3,098.06 



4,926.19 



61,800 



3,090 



4,900 



7,990 



12 



57,035.00 



2,851.75 



5, 172. 51 



56, 900 



2,845 



5, 200 



8,045 



13 



51, 862. 49 



2,593.13 



5,431.13 



51,700 



2,585 



5,400 



7,985 



14 



46,431.36 



2,321.57 



5, 702. 69 



46, 300 



2,315 



5,700 



8,015 



15 



40, 728. 67 



2, 036. 43 



5,987.83 



40, 600 



2,030 



6,000 



8,030 



16 



34,740.84 



1,737.04 



6, 287. 22 



34.600 



1,730 



6.300 



8,030 



17 



28, 453. 62 



1,422.68 



6,601.58 



28, 300 



1,415 



6,600 



8,015 



18 



21,852.04 



1,092.60 



6,931.66 



21,700 



1,085 



6,900 



7,985 



19 



11,920.38 



746. 02 



7, 278. 24 



14, 800 



740 



7,200 



7,940 



20 

 Totals 



7,642.14 



382. 12 



7, 642. 14 



7,600 



380 



7,600 



7,980 





60,485.18 



100, 000. 00 





60, 405 



100, 000 



160, 405 







'Cf. Example 14, p. 101, for details of calculations. 



Serial bonds. — The serial bond differs somewhat from the annuity 

 bond, because, instead of keeping the annual payment of both prin- 

 cipal and interest constant, the principal alone retired each year 

 remains fixed. This type of bond has become more common for high- 

 way purposes in recent years, and during 1912 and 1913 the number of 

 serial issues exceeded the number of issues for any other single given 

 term. The Office of Public Roads received reports for these two 

 years of $15,300,819 in serial highway bonds, which is over 20 per cent 

 of the total county and district bonds for which the period or term of 

 issue was reported. In Tables 10 and 11 are given the necessary 

 annual payments of interest and principal for an issue of $100,000 for 

 20 years at 4 and 5 per cent, respectively, where the bonds are retired 

 by annual payments of $5,000 each. The first retirement is some- 

 times deferred for a number of years. 



Table 10. — Schedule of interest and principal to retire a serial loan of §100,000 at 4 

 per cent, with annual principal repayments of $5,000. 



Years. 



Principal 

 outstand- 

 ing at 

 beginning 

 of year. 



Interest 

 for year. 



Principal 

 repaid at 



end of 



year. 



Total. 



Years. 



Principal 

 outstand- 

 ing at 

 beginning 



of year. 



Interest 

 for year. 



Principal 

 repaid at 



end of 



year. 



Total. 



1 

 2 

 3 

 4 

 5 

 6 

 7 

 8 

 9 

 10 

 11 



$100,000 

 95,000 

 90,000 

 85,000 

 SO, 000 

 75,000 

 70,000 

 65,000 

 60, 000 

 55,000 

 50,000 



$4,000 

 3,800 

 3,600 

 3,400 

 3,200 

 3,000 

 2.800 

 2,600 

 2,400 

 2, 200 

 2,000 



$5,000 

 5,000 

 5,000 

 5,000 

 5,000 

 5,000 

 5,000 

 5,000 

 5,000 

 5,000 

 5,000 



$9,000 

 8,800 

 8,600 

 8,400 

 8,200 

 S.000 

 7,800 

 7,600 

 7,400 ] 

 7,200 i 

 7,000 



12 

 13 

 14 

 15 

 16 

 17 

 18 

 19 

 20 



Totals. 



$45,000 

 40,000 

 35,000 

 30,000 

 25,000 

 20,000 

 15,000 

 10,000 

 5,000 



$1,800 



1,600 



1,400 



1,200 



1,000 



800 



600 



400 



200 



$5,000 

 5,000 

 5,000 

 5,000 

 5,000 

 5,000 

 5,000 

 5,000 

 5,000 



$6,S00 

 6, 600 

 6,400 

 6, 200 

 6,000 

 5,800 

 5,600 

 5,400 

 5,200 





42,000 



100,000 142.000 











52448°— 15- 



