HIGHWAY BONDS. ive 
TABLE 9.—Repayment of a 5 per cent $100,000 loan, including both principal and interest, 
by a uniform annual payment of $8,024.2591 for 20 years. 
Adjusted to nearest cent. | Adjusted to $100 bonds. 
| Principal Principal hae | Princi- 
SOBRE. | owing at Interest repaid at Pe iy al Interest |pal repaid Total 
*| beginning | for year. end of aineiat | for year. | at end of ; 
of year. 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, 800. 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, 760 | 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 
ul 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, $62. 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 14, 920. 38 746. 02 7, 278. 24 14, 800 740 | 7, 200 7,940 
20 7,642. 14 382. 12 7,642. 14 7, 600 380 | 7, 600 7,980 
Motels) eas ke | 60,485.18 | 100,000.00 | renin & 60,405 | 100,000 | 160, 405 
1Cf. 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. 
ee Principal Paice Principal 
Years.| ingat | interest |repaidat) otal || Years.| ing at | Amterest |repaidat| otal, 
beginning for year.| end of | beginning for year. | end of 
year. | ie year). | 
of year. of year. | 
1 | $100,000 $4, 000 $5,000 | $9,000 | 12 | $45,000 $1, 800 $5,000 | $6,800 
2 95, 000 3, 800 5,000 8, 800 13 40, 000 1,600 5,000 6, 600 
3 90,000 3, 600 5,000 8, 600 14 35, 000 1, 400 5,000 6, 400 
4 85, 000 3,400 5,000 8, 400 15 30, 000 1, 200 5,000 6,200 | 
5 80, 000 3, 200 5,000 8, 200 | 16 25, 000 1,000 5,000 | 6,000 | 
6 75, 000 3, 000 5,000 8,000 | 17 20, 000 800 5,000 5, 800 
7 70, 000 2,800 5, 000 7,800 | 18 15,900 600 5,000 5, 600 
8 65, 000 2, 600 5,000 | 7,600 | 19 10, 000 400 5,000 | 5,400 
9} 69,000 2, 400 5,000 | 7,400 | 2 5,000 200 5,000} 5,200 | 
10 55,000 | 2, 200 5,000 | 7,200 | | | | 
11 50,000 | 2,000 5,000 Cie (UOLO). })) 4M ONBUIS I Se 42,000 | 100,000 | 142,000 | 
| 
os 
52448°—15———2 
