dpulibdoc.dpu.ac.th/thesis/128223.pdf · thesis title a compwative study of the costs of...

A COMPARATIVE STUDY OF THE COSTS OF POST-FINANCE

HOUSING CREDIT PROVIDED FOR THE CUSTOMERS OF

KRUNG THAI BANK AND OTHER BANKS

SAMART THONGPHUAK

A Thesis Submitted in Partial Fulfillment of the Requirements

for the Degree of Master of Business Administration

Department of Business Administration

Graduate School, Dhurakij Pundit University

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Thesis Title A Compwative Study of the Costs of Post-Finance Housing Credit

Provided for the Customers of Krung Thai Bank and Other Banks

Author Sarnart Thongphuak

Thesis Advisor Asst.Prof. Dr. Adillla Pongyeela

Co-Thesis Advisor Assoc. Prof. Sirichai Pongwichai

Department Master of Business Administration M.B. A. ( F h c i a l Management)

Academic Year 2007

ABSTRACT

The purpose of this study was to compare the costs of post-finance housing credit

provided for the customers of Krung Thai Bank and other Banks by conducting comparisons of

interest present values, interest future values, interest revenue rate (IRR,), and internal rate of

return (IRRJ of Krung Thai Bank and those of the other 14 Banks to which they consisted of 12

commercial banks and 2 specific banks. These were categorized into 4 groups, i.e., large,

medium, small, and specific banks. The credit amounts used in this study were 500,000 baht,

1,000,000 baht, and 3,000,000 baht, and within the periods of 20, 25, and 30 years respectively.

And independent t-test was used in finding out the differences of each pair of interest values of

Krung Thai Bank and the aher Banks one at a time.

The fmdings could be concluded as the following.

1 . All interest present values of Krung Thai Bank and the other Banks including all

of Iarge, medium, and small, and specific banks had no signiticant difference at 0.05.

2. All interest future values of Krung Thai Bank and the other Banks including all of

large, medium. small, and specific banks had no significant difference at 0.05.

3. Most of interest revenue rates (IRR,) of Krung Thai Banks and the other Banks

inchding all of large, medium, small, and specific banks had no significant difference at 0.05,

except interest revenue rate of Thanachat Bank (to which it was a medium bank) had significant

difference at 0.05 from that of Krung Thai Bank.

4. All hnds of internal rate of return (1%) of h n g Thai Banks were lower than ail

that of the most other Banks of all sizes including specific banks, except that of Thai Bank. That

was to say the 20-year-period IRR, of Krung Thai Bank was lower than that of Thai Bank but

higher than the 30-year-period IRR, of Thai Bank. All kinds of the IRR, of Krung Thai Bank,

however, were higher only than that of UOB Bank (a small bank). DPU

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d . 4 4 awnstumans~o~k (Building Societies)

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~ ~ ~ ~ ; ; G u o J I

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~ ~ ~ U % ~ ~ ' I ~ J I U V D J Building Societies Commission

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d d a ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ I R I ~ W ~ ~ ~ U L W O ~ W U ~ S ~ ~ Y I ~ A I W " ~ W ~ ~ J A I I ~ ~ ~ ~ ' U rniu Abbey National

( I J ~ U I U ~ 19891, Cheltenham & Glucester ( L ~ ~ U U I U B 1995 11nznm~1f iud7~n~a~0 .1

Lioyds Bank Group) H!O Halifax &LBU Building Societies d f ~ ~ i ~ ~ l f i 1 & d f ~ t d i U ~ i 8 ~

au imrlu8 1997 2001 ? # ~ Q M U I U Financial Services and Markets Act 2000 d d i h

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2. &CIS l R F l r l l $ ~ U ~ U d ? J 20 ~ T ~ W I U U I &lUROfit&I?Ut$J a4 Building societies W Y

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I ~ ~ ~ ~ ~ I ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ U ~ ~ U ~ ~ ~ ~ ~ D ~ ~ I ~ ~ ~ I ~ W ' S I R O ~ I ~ U ~ E U ~ ~ I ~ ad~"lr8nia~ ihklid

R i n i ~ ~ n n o n i d u r z u z ~ u iYafu Building societies ~ ~ ~ ~ l J ~ u r i ? ~ ~ u n i r ~ t ~ u ~ w u ~ ~ d a w ~ ~ n

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In Jlu3 2000 c i~wu~t~i~nnidunouhbioalr iq~ni lr 'ounz 2 uo.rbnnonQujwuoa

Bank of England

3. i T~udna Building Societies O:I${II.I jl~&Tl*nnidun~du~w 4 Ysr 6 5 d ~ ' J ~ i ~ 1 3 d I d ~ ~ ~ ~ ~ ~ ~ ! A ' T ~ ~ ~ ~ ~ ~ ~ ~ i # ( d 3 4 ~ ; ~ 6 b a ~ i r i i i n ~ r l i iu i id iu

(Prepayment Penalty)

Building Societies i i m s u ? ~ ~ ~ n i r ~ m P n u n n i u n i ~ a d " ~ i ~ ~ ~ d o d ~ ~ l ~ ~ ~ rnn'ljz 441 m r 4 i ~ r n 6 f i u . r n & ~ ~ m o ~ ~ ~ m o ~ i n i ~ i ~ n ~ ' ~ ~ ~ w a ~ n i u ~ u ~ uonsm&~umr~ririld~nw

* L a w =4 p r p r A i l u r ~ l n r c u ~ ~ ( u ~ ~ w l ~ u n ~ f ~ i ~ z w d t i u m r u u ~ u r r u ~ ~ ~ m m r ~ ~ ~ i ~ ~ i ~ I n * ~ u ~ ~ ~ ~ ~ n ~ lr v d G4ii m a 1 f i ~ i i n i l ~ ~ ~ ~ i " ~ ~ n i 5 + 1 ~ ~ w d 1 n i i o L d ~ ~ 1 u 0 ~ 1 n m ~~d~~nm.rnmGuiuwui i~~l i

rnui~ohsz~h~ori i4~~u'uou m ~ ~ m l j u ~ ~ d ? ~ ~ u m ~ f l ~ ~ ~ o ~ n ~ n ~ ~ ~ ~ n i ~ ~ ~ ~ ~ u ~ i ~ ~ ~

i o l d i I

-2' , ioldadnlnnu~u n ~ ~ ~ o ~ u ? m n ' o i ~ n ~ ~ ' n ~ ~ ~ ~ u f i o ~ ~ i ~ ~ ~ ~ o ~ ~ u (Housing Start) du5wuiru.a ,

, a :aa ? ~ n ~ ~ : u o ~ m r ~ o l q l i ~ ' ~ ~ T m n i ~ ~ n r v ~ n s n d i ~ ~ r i i s u . r nau luog31nn1r~l~ndorjo7fiui

X 4 w 2 d d nuo~u3iiu&n~~1lnrndiu1iY ~ ~ ~ M I ~ I R I ~ ~ ~ B ~ L ~ Z L I W ~ U U ~ ? a o ~ o n s ~ ~ o n ~ u u n g ~ u u 014 A pld d 8x1 A; i u o t o ~ n s ~ ~ ~ n u l ~ r n r ( o ~ w ~ u ~ m ' i ~ n ~ ~ ~ ~ ~ ~ ~ ~ ' t l ~ m n i ~ ~ ~ ~ ~ ~ i i squii.rmdr:uu

~~l&i8@?&~d3~rff9Lf i f J J ~ ~ I ~ ~ ~ O ~ O I ~ ~ U I ~ U U O ~ W U L O ~

a* 41 nlr i jnr~ui in$~uAado~iruuo~nuolu~nuooldun~~uli l@uuo~~nnu

(American Dream) &I%l ~ ~ ~ l ~ ~ . l ~ ~ l ~ ~ ~ ~ ~ ~ 7 ~ 8 1 ~ ~ 1 ~ ~ 7 5 ~ 0 ~ ~ 4 1 8 ~ 9 1 ~ i i " ~ ~ 1 ~ r l l 1 ~ ? % ; 6 ~ ~

Li~uo~dntjoiiYu i ~ d r n s w ~ ~ ~ o ~ o ~ ~ d a ~ ~ w ~ ~ u d ~ ~ ~ w n t ~ u ~ ~ ~ n ~ ~ ~ ~ n pi3umnYyi;

u n u m 1 u n 1 r ~ ~ u ~ ~ o ~ 0 1 ~ u ~ 1 ~ % " L I ~ ~ ~ i n 0 ~ d ~ ~ 1 n ~ ~ a " i l ~ n 1 5 ~ 9 b n ~ 1 ~ w " oci~.r~siicnu 42 4 4 d m u n v ~ n l ~ r n ~ a l i u n ~ u r n r R ' l i u ~ ~ ~ n ~ ~ ~ ~ n ~ u ~ ~ ~ ~ ~ !&ld mrlw*onnnswmvm.r

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mrnrra~r7u~ao~woRo~o~#u ~td1l~diu1mdu~Aol41ud~~?u1S~d~jo~iiucSu ~ ~ u q u l n n

ilrniju<do(io~iu (Primary ong gage ~ a r k e t ) sn: ~ ? U ~ ~ ~ U R ~ ~ ~ ~ ~ ~ A U { ~ D ~ B I ~ U Y

(Secondary Mortgage Market) gdz

1. 0 1 0 m m d l (Primary M~rtgage Market) i 4 ~ a ~ m t r n ~ ~ u ~ ~ o ~ o i ~ a t ~ u n ~ ~ ~ ~ n n ~ ~ u ~ m ~ ~ ~ d d ~ ~ ~ ~ ~ ' l ~ n a ~ D ~ ~ ~ I I H Y - A* A 2 w

drra~auhuar P a n 1 u l u m ~ t . r u n u u n u 1 ~ 1 1 u n ~ ~ ~ w ' ~ u 1 ~ ~ ~ 0 ~ ~ ~ ~ ~ ~ 0 ~ ~ ~ ~ 1 ~ ~ ii ~IIUIN 9,000 n ~ ~ l j u I F I U I ~ ~ J I S U 4 n j u kuJ

ni%Ji 1 Savings and Loan Association (S&L)

1 ~ 3 1 83 I ! n ~ ! f l l Oxford Provident Building Association 418~43 mmadu YjiwuCniiis ~iluiirialtrn omifu i r ~ u n ~ ~ a i n r n r ~ i i ~ ? n ~ ~ ~ a ~ ~ ~ i i ~ n i ' a " ~ w f i d l w ~

1932 ~mroonn~wuiu Federal Home Loan Bank Act ~in:i;rnrkkno~riu Federal Home v A r

Loan Bank Board (FHLBB) I ~ o : o ~ ~ ~ H u w ~ P L H ? u H ~ ~ I w ~ & o ~ ~ ~ ~ ~ A ~ ' u ~ u ~ I ~ RIIGUQIUVQJ S&L a d 1 4

doln"o2 2 find llA.1934 ~#fimsooflngnu2uNaiiond Housing Act ml

~ l i ~ ~ 4 1 I l ~ N f f J l u ' u S&L ~ ~ U ~ V ~ ~ ~ ~ ~ ~ " I U ~ " ~ J ~ ~ ~ ~ T ~ O O % J M ~ ' W ~ J " (Building Socielies) VDJ

~3Fb'dfllf i 1 4 7 0 0 ~ l x I l I % ~

1) 11.13 1981 ~ ~ I T O ql~l~ s & L ~ ~ ~ u ? ~ ( u I # ~ w ~ ~ s ~ ~ o ~ ~ ~ u R o u K ~

2) 1982 imso yqml$ S&L diiiiiudiou~u~~o4~fln~~nzdpiou?u~~~

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odoin'u!~odiau'oufoc~~: 70 uoPiluniwt%wum

3) I989 n & ~ i n ? n ~ i r n ~ d & a ~ ~ ~ r n o i ~ u FSLIC Q~dlunmlj~du~l~n B 4 . 9 d . Y

S&L 66OL j ~ i n & Savings Association Insurance Fund (SAIF) C I I J L S U ~ D ~ ~ U M ~ I M U ~ ~ R ~ ds=n'ur~utl~nuaq S&L b b W W n O ~ U SAIF ' L ~ ~ M I S P ~ U ~ W U Federal Deposit Insurance

4 r * w 5 m

Corporation (FDIC) ~ s ! f l u n m ~ u n r n i d r ~ n ' u ~ u d i n ~ ~ ~ ~ u ~ ~ i ~ ~ ~ a ~ Mutual Savings Banks

4; $fll5b& Resolution Funding Corpontion (Refoorp) i ; j o l ~ ~ ~ ~ u ~ a o n l r

non xem Coupon Securities ~:UZLXII 308 30,000 & I U ~ H ? U ~ I ~ o I # I u ~ I ~ ~ ~ ~ ~ ~ ~ I ~ w ~

L + U L ~ ~ L ~ I S ' U I R H ~ ~ W R ~ O ~ W O ~ S&L

flius 2 Saving Banks

~i lunm~umsa~uAui~~~"uni~~u~duuuau~n~r iaili2di~uunnns&u'ou

ssrr ~ r n ~ l ~ ~ u u r i d r z ~ ~ ~ u ~ u w * o ~ ~ p d ~ d i ~ u

nr/ui 3 Commercial Banks 4 B

~ ~ ~ ~ ~ ~ ~ I ~ ~ N ' ~ ~ ~ ~ ~ W P I I ~ ~ P ~ ~ I ~ ~ S ~ O U ~ U L ' ~ ~ D ~ D ~ Q ~ ~ O I ~ * I L ~ ~ ~ ~ T ~ " I I U ~ * D U ~ ~ I 4, F4

Savings and Loan Association W?O Mortgage Companies ~ I U ~ W ~ / ~ ~ ~ ~ U I % D I W O R I ~ ~ I U ~ ~ ~ ~ I

ndu$d Mortgage Companies, Mortgage Bmkm pr dw A cl ifluuiu'ngm'oniaiionIrd IdUibwumruPhnGu ~ ~ d j i m C d r l n ' o u i i u l r o n

eejo~kl%tridr:aialru T R ~ ~ ~ ~ ~ ~ ~ U ~ U ~ U ~ ~ ~ ~ ~ B ~ U O I ~ ~ I ~ U ~ U ~ ~ ~ I ~ U ~ ~ O ~ O ~ ~ ~ ~ I ~ ' ~ I ~

2. ~ ~ . ~ ~ ~ B ~ G U ( $ B ~ B I G U (Secoadary Mortgage Market) I !

~ ~ o a ~ u t J n d o r j o ~ ~ u ~ I f i ' ~ n ~ ~ u ~ u m n ~ ~ ~ u 1nuiii;mrdo n o i ~ u r n r ~ u l u ~ m ~ ~ ~ ~ n i i i

5qodGuf$ndoidu (Mortgage Loans) d i n ~ d d o u { 1 ~ i ~ f i d 5 ~ ~ - 1 ~ ~ U I U I U I ~ ~ ' I I ~ ~ O ~ Y ' U

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~ ~ n i u n a i ~ u m s i j u ~ ~ n m . r d ~ ~ ~ ~ ~ ~ ~ ~ u ~ d o ~ o i i u u i t ~ i i ~ m w o Y

6~rw'unin%i

1. ~ ~ U G ~ ~ I ~ U { ~ D ~ D I ~ U ! ~ * I ~ M ~ U P ~ S ' W ~ " L ~ W I V R ~ ~ U (Investment Portfolio) * I

2. tiim~~~11zltd~~1~~u{~o~mbln'~bupls1rn~nunlr an41 securiti~ation*~ u A ' Y - A , , r d Y

~ranronfiu'u'luuiu l ~ m s o o n n s ~ m ~ n u n u n ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ u ~ ~ d a ~ n ' ~ (Mortgage ~ a c k e d

MloynnanL?111 r n r ~ o r i r y o d i ~ u ~ ~ n ~ ~ i 8 u ~ ~ ~ ~ n ~ f l u ~ a n a ~ ~ ~ w " ~ securitization tdoo::

~ l % ~ ~ n ' s ~ d 3 ~ 4 l ~ ~ ~ l ~ ~ w ' ~ ~ I ~ 1 8 n'9; 1938 lislo'a~s Federal National

Mortgage Association (FNMA) M ~ Q Fannie Mae I ~ u ~ o I ~ u ~ ~ ~ u I I ~ . ~ ~ ~ ~ f~ iiinu*1d1um5 %I . Y

~ai-Yqodidu&awi-dd?d '5:n'U htr Federal Housing Administration (FHA) lJ09fg d A 1] 1968 h i d Government National Association (GNMA) ~ 1 0 Ginnie Mae %(lfiu

no~fiurnr~uilen~auio~fi Fannie Mae n ~ ~ ~ ~ n m ~ n i n ~ ~ m ~ a ~ " i i ~ u o ~ f i l 1 u 1 t u i a u ~ i p I v o ~

Department of Housing and Urban Development (HUD) TRU Ginnie Mae ~ O L S U H I ~ ~ U J ~ U

d d 1970 Federal Home loan Mortgage Corporation (FHLMC) n+o Freddie Mae

Y I d A 4 ad

4-14 7 Sunmniisn ~ ~ n ~ o o n n ~ ~ ~ i r ~ u ~ ~ ~ ~ ~ ~ ~ u ~ ~ ~ ~ ~ ~ ~ ~ n ~ un'q i i an i i Participation

Certificate (PC) 1fiudhnsyu Tnuii Freddie Mae ~ $ u ~ ~ ~ d ~ ~ t i ~ a ~ i ~ i ~ ~ d ~ ~ n d i a ~ p s * ~ ~ d f i n

1 1970 I B U ~ U U J Fannie Mae I ~ U O O ~ ~ ~ I H I ~ M ~ I ~ T I ~ U Z ~ ~ ~ I G U { ~ Q ~ Q ~ ~ U W ~ UMn'Q (Mortgage-

Backed Securities: MBS) I ~ W bZ~'l6llfl'~ Fredhe Mae l lW Ginnie Mae ~ D U I ~ ~ I R ~ B R % U I ~ ~ U I

i~riGuriiqan^akvil MBS 620

A 4 ~:uurn~Wuiwonarjoia'uIum~i~ao~

1. ~ z Y u I ~ ~ ~ ~ ; ~ ~ u M ? w ~ I ~ u P ~ ~ ~ ~ w ? w ~ " (securitization) 5 ~ u u A A d ~ d ~ ~ r ' w ~ l d ~

d 1 44 n i i n n i v r u n o ~ a r n ~ i ~ i u u ~ ~ ~ i ~ u ~ 1 9 u a r imsnd(~ecuritization) M ~ O ~ ~ ~ ~ Y U I U U I U U O ~ Y ,

m a 4 9 A 4 4 mr o a n ~ n r n a n u n u n u ~ ~ ~ ~ w ~ n o ~ ~ i ~ u ~ d u d ' i ~ ~ u artg gage-Backed Securities) izn?rG

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* I 4 4 4 w uiuns~msnhuamRro~i.aniwndo9 m ~ i ~ ~ r n u n u o m ~ i n o n ~ ~ t l n ~ ~ ~ ~ u ~ ~ ~ ~ ~ o ~8

1 muisnu~u1fi~ludnniuuo~~u~m~1RonIduIia:n31uiiiu~

u o n o 1 n ~ ~ ~ ~ ~ ~ l o m a l w " 1 ~ ~ i ~ 3 d n ~ ~ " 1 s i ~ 0 1 ~ " ~ n ~ ' 1 ~ ~ 1 . u ' i ~ 1 ~ d ~ ~ ~ ~ ~ 1 1 ~ 0 ~ 0 ~ ~ 1 ~ u

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4 m u B 4 9 9 nloGqnqu u ~ a m ~ h i ~ u a ~ u ~ o i u o u ~ f i o ~ n i ~ d o ~ 1 u nnlliudoz ~ i o u i i u ~ d o (Zunriui~ ' Y W u

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fl'uld

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2 A J nulnrio:l$5~ w n n s ~ ~ u o i f i ~ m ~ ~ ~ o n ~ ' ~ ~ ~ ~ ~ e l ~ ~ q ~ u ~ w ' o l n ~ n r j ~ u ~ ~ u n a i ~ ~ i t l ~ u ~ ~ ~ m ~ u

n i a ~ m a i n ~ ~ d ~ u w ~ ~ e l ~ ~ ~ d

2. 5 ~ ~ u n r n n r o . i ~ ~ u u ' l M ' ~ n i w ~ i 0 ~ n " U d 0 1 ~ ~ f l 1 5 ~ (Liquidity Facility) I ~ U

B r~uumainsn . r~n~ iuunu~~uon~~~ ~ i i i i u m ~ ~ ~ u n r n ~ u m r ~ u A c ~ ~ Federal Home Loan

Bank (FHLB) 12 A A ~ . I I u ~ ~ M ~ J ~ TRU FHLB O ~ P ~ ? U L N R O ~ I I L ~ U ~ I ~ ~ O ~ G U ~ ~ T ~ ~ U ~ ~ O ~ O ~ 4

~ ~ P ? ~ T ~ ~ ? u ~ ~ ~ ~ ~ ~ I ~ u ~ P I ~ ~ H ~ ~ ~ u I w o ~ B ~ o ~ ~ ~ ~ (s&L) 7 ~ u d FHLB r~nuf iuo~nnm~yu Y U 4 Y

~ ~ u m r a a n ( u f d u n a ~ n ~ ~ ~ i r n r ~ ~ ~ r r ~ m o n o ~ o ~ ~ u ~ m t l FHLB %h ~uiut?qjryi~u{&d 2- J t

~uiinrounmu~iiu~iurnn~8n~umuuu i n u ~ u ~ u a ~ & ~ ~ ~ i i ; u ~ ~ u ~ f o ~ d ~ u u ~ ~ ~ i f i u ~ i

iuor {u d$~inrr~~rr:n~uds:~n~a~inutiufiu idadainndudrzln~And?$oonn~wuiu~Ru

$Jnnr o c ~ ~ n i ~ u i n d i ~ 0 8 1 ~ a 1 1 ~ 0 n 1 ~ ~ o ~ 5 ' ~ i 1 ~ ~ ~ ~ d ~ ~ i 3 u ~ 5 ' ~ U"UII?IUI~IU &;llisi

ninPislmmrvd 18 i~a:n?nuiFTn-~ssv6 19 tniu 0 o n n ~ n ~ i u ~ s o ~ i u r n ~ 1 0 ~ ~ r ' ~ ~ i i ' 5 ~ ~

oA-1~iiuniw 69uu'odiiuo.rnn~Gutinr.~~on'an~3uniwu'ui94tSuniindr::n'u(u~l~

ngwuiudfi~unrluln'dn~r inR . r~ inzn~uqupk lnao l~un~rk~u idon i r oony'u~di i : a w & 9 9 4 nrindw=Yu n . r u m o l n r ? n o ~ ~ o y Y u ~ ~ n ' ~ n a ~ ~ ~ ~ ~ ~ 1 ~ i ~ ~ ~ ~ ~ ~ ~ ~ ~ n " ~ ~ o d ~ ~ ~ ~ ~ X ~ ~ ~ n i h

yprdv u Y & q g m w ~ n ? i W u { n d ~ ~ ~ ~ ~ n ? w u " ~ B ~ ~ P I ~ ~ ~ W M U ~ no~liudhlu'umrlawiz~~~utnumzd

~ t l f l i l Mortgage Bank lsdu mS Landsehafi LAtI:: Hypothekenbank ~ U L U Q I ~ U flll bi.1

credit ~oncier 1udi4i~fl n?oms kt& Mortgage Bank ~ U ~ R U U I ~ ~ ~ u { ~ G ~ T L ~ ~ u L ~ ¶ J U ~ ~ L ~ U

d~uuuo-rinc~u ~ i o G u n i ~ ~ ~ ~ ~ d i j ~ ~ ~ % o o ~ ~ ~ ~ ~ u n i w u " i d u ~ ~ ~ ~ u ~ ~ (Mortgage Band

M ~ Q Covered Mortgage Bond n% Covered Bond) 99- R B A i ] o p ~ u ~ ~ ~ ~ ~ ~ ~ u ~ a o i ~ ~ n ~ ~ ~ i ~ ~ ~ a ~ ~ ~ ~ ~ i ~ w " ~ n ~ ~ ~ ~ ~ ~ u ~ n ~ ~ ~ ~ ~ ~ suims

oou3u~mzoo~l jurn~Gu1~wi~f i "~ Mortgage Bank G U ~ ~ O ~ F ~ ~ ~ % J U ~ U U ~ ~ ~ M ~ ~ W ~fi~dernd&au d 4 2 4 4 a~umrrznuljuoinna~~~qu r ~ u u n m n y u ~ t n ~ m ~ o ~ n ~ ~ ~ ~ ~ ~ ~ ~ ~ w ~ ~ ~ ~ ~ i ~ a ~ ~ ~ ~ ~ ~ d ~

d ~ : ~ n n I u r l l r d i ; ~ z u u n i ~ ~ u ~ n w i z 5 ~ ~ ~ u n i i s z Mortgage Bond k ~ ~ ~ t f m f l ~ A 0 V B rnsGuiawit.iio8uni Mortgage Bank ~ ~ l w u i ~ m ~ o u ~ u l n l 5 ~ n ~ t ~ 1 9 ibu iol3b?{ mu

~ u ~ u ~ ~ n s 1 u ~ f f o u ~ t n 1 i ' ~ 1 f i a i % ~ i d u ~ o i n n i ~ i a JR+IX uonaind n e i ~ u l l q i i n ~ i d n o n

fu{~umrnn~u A8enii "Mortgage Bond H ~ Q Covered Bond nio Covered Mortgage Band''

~ n u l ~ l ? n ~ ~ i ~ u ~ d n ~ o i ~ 1 1 1 ~ ~ ~ 5 ~ ~ ~ d ~ ~ n ' ~ n ~ ~ o ~ n f u ~

if umronn Mortgage Bond 1 + i d o f l l j u ~ ~ ~ m 5 ~ D V I U i ~ U 1 1 d a 4 1 W ~ oioPJl~k;rj-tul

nu'uny u r n r ~ o u 1 u d o d o i ~ u ~ a 1 d y ' u ~ ~ d r : n ' u 1 ~ u u 8 ! ~ 6 ~ w u ~ n o n ~ d u n ~ ~ ~ ~ n z i n ~ ~ u

~un~m;oufuf i ig~~nn30~wmin (CammUnal ~ o n d ) ~ ~ I ~ J I J ~ U D U U ~ ~ I ~ J L W T I . ~ ~ F I ~ ~ U ~ J L U ~ P ~ i ~ n ~ ~ f l u ~ ~ ~ ~ ~ ~ ~ ~ ~ o n ' b ~ u ~ ~ n ~ u I U ~ ~ ~ O I ~ G ~ ~ M U I U ~ ~ I M U ~ ~ X ~ ~ ~ ~ I O P ~ ' ~ ~ ~ ? L J ~ ? W ~ ~ ~ ~ ~ n~ndr:r iuqani~~ni i fu{uin dau i~do~ l rnn~u lu~~~d 'uu~un 'a unuJnuo.1 Mortgage

i 9 , 4 4 4 3

Bond ~nfiulc~ric&?ud16qd7~s'~ R ' ~ ~ ~ U ~ W Q ~ ~ O ~ D I # O L I R Z I ~ U F I ~ I ~ ~ ~ H U W X I ~ ~ I ~ I ~ O U ~ U ~ I ~ ~ ~

d%eb?lwleraf ;Id (3 E'YU Bausparkassen) 2 4

~o~o1riu1udr:1w~1u0fs~'~i51n~~~~9~11n d r : a i r r r ~ r ~ i l n r o ~ 0 ' ~ 1 0 ~ ~ 1 8 ~ 1 ~ ~ d ~ ~ ~

n u ~ o ~ 1 R i ~ u n a ' ~ ~ ~ ~ n s i o ~ 1 4 ~ ~ r n u i u ~ u n i ~ ~ i l ~ ~ ~ u r:uutYyqioouriou{ (Contractual d J 4

system) $ P L ~ U S : U U B ~ ? U W I : T I T U ~ A G ~ O ~ O I ~ U ~ ~ ~ V U L U O ~ O I ~ ~ A I W ~ ~ G U " I ~ ~ " T I U U ~ ! ~

plplpl v u a m r ~ ~ - r d o u ~ u ~ n ~ ~ ? a ~ n ~ ~ u r i o u i t a ~ ~ W u ~ i~uriaiiumrPi~ufimljuBu~rono~oidu

~ f l< l Bausparkassen UPr A cl

I . a o i f i u ~ w Y { ~ A o i o ~ o ~ f i S u d ~ r ~ n ~ ~ u o s l i u d a o ~ G u l n ~ ~ n o n s ~ o ~ p i u

nmnwalu iiu au~nismGu'rb ~ u l f l l s o o u ~ u (Savings Banks n70 Sparkassan) a r n n l r ~ g

(Landesbanken) 6 u 7 f111 d 0 i V 3 i 3 u D 4 (Hypothakenbanken) l LR t 6 u l(n 1 0 0 u V l h 6 (Co-op

Banks H ~ Q Vokbanken) I?U& Building Societies Bausparkassen i l t l :d~ 7 l 6 d ~

lunrcu noiu 'u id iaf iu inr i iQ~rs~u6~n'ut~un~u~r i io Hypothekenbank ~n::

Bausparlrassen r i n o r ~ ~ u ~ ~ 1 r i u g n v 0 9 b ~ 1 n 1 ~ ~ 1 f i i ~ u " ) . 1 ' i 0 ~ ~ 1 n ~ 5 0 0 ~ ~ u

Mortgage Bond i j ~ n j i Pfandbriefe l u i ~ ~ s h ~ ~ I ~ ~ ~ I ~ u u ~ ~ u ~ ~ ~ ~ Q u ~ o w ~ w ~ o L ~ u I I Contract

srv A 4 Savings r n r ~ n ~ ~ w o n o ~ o ~ b ~ { ' i i n ~ n ~ u q iiuuw?ou q h (Loan Package) hmrnflul~

noiu'und~a:idu~~nfii~3~1l~urj~1n$101s~'uf M ~ ~ ~ O J ~ U L D ~ iwr x w ~ ~ u n o n t d u d i ~ ~ n d

Beusparkssse ~ I U ~ I U U O ~ U ~ ~ B U ~ ~ ~ I ~ ~ O ~ ~ ~ L ~ U ~ W O ~ J G U { R O ~ ~ ~ U F N ~ Q I ~ ~ Hypothekenbank

~DIOIJWOIW~I:~DUIU Loan to Value I#u.~?A L~u{?KII;LCU 60 % VO~SIRI~?IU 1qA09tjllWd~

ainauimrw~~'a;w;oauini5oou~u1u~n3o1iuafiui~wnoniduaau~3

3. +~qini~oourinu{ (contract savings) iunsriuiir.-uu~l~{[din~uriaud~z i =i dPiou{n~os~uu~yqioop~f;~u~ (Contractual System) T R U ~ I U ~ O ~ ~ U ~ ~ U I ~ ~ M O ~ Q ~ ~ U

Gun41 Bausparkassen ${arloadvYqtgiw7o contract t i i n u n ~ c t ~ u u n z ~ z u z t a a ~ A o ~ ~ o a

nunv ibu auimssoui?~ od147r!niu { t j o : ~ ~iiu~uRnufi1un~i~l~ua~uo1naois~'u

rnsl%1iin'-r~'nu~64iEu d - r u l n y l d l ~ i su~~ iaoouf i~ fiifu nmsriimuuos Bausparkassen

4. qu@n&dreiYu (Mongage Bond H ~ O Covered Bond) ~ u L u Q ~ ~ u ~ ~ ~ z ? ~ ~ ~ ~ I u

I~~uw~LL~FZI Fi.H.1970 k l 3 5 f l i f 9 Landschaff PI.ff.1990 ~ W l 5 0 0 n Mortgage Bank Act

4 ~ ~ ~ u ~ ~ u u n ~ s ~ u u i l o ~ y " ~ v o ~ ~ ~ ~ " ~ d ~ 0 ~ 1 e r 0 ~ o ~ " u ~unsriuduny~u~ijniind~~n"pd~~'uud~i

?d&;aa (International Housing Finance Sourcebook, 2000)

I~IWI:%J~$U Caisse d'Epagne (Saving Bank) HDIGU Credit Foncier I A ~ E ~ ~ P ( O ~ ~ W Caisse de

binancement de I'Habitat 'Pi~Ld?~lfIl%l!l Securitization 4 A

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n s o u n q u r n ~ l h 3 m ~ u ~ ~ ~ u 1 n i ~ ~ 1 s M ' ~ 6 1A61ri di~udwJr:mn i~usjnslnr t m nYiun~s Tou

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2,000 siu wuii y n~nqg.r'lalun1~44uinistiuau1ms"lnuw1fu'auunn~ol:~nu"ou~umr

tiion~Gau~msdu 7 Tnuiiy n ~ n q p l o n"o ~~1un:~~n9urnsu17ndon"1I~uin1~ dAmw

i d msilnlnt$oq ~~nis~diuut~iuudiu~u~ui~niwono~ai8uunt~l4u~n1s

au~msn~~hufiu~u 1 f i 1 ~ 8 w " mrti~iu'umr? ~ ~ ~ " ~ ~ O ' U L ~ ~ I I S S U ~ I I (Descriptive Research)

T~ul iu 'oy ad r:~nnu"oqnq;uqi (Secondary data) l h ~ h $~~~u~;o~r113d3ui ru 1 (Quantitative Data) ~ ~ n - ~ ~ ~ n A . r q a r r n w (Qualitative Data) ~ ~ 4 3 ~ 1 f l l 5 ~ 1 4 7 ~.lR"f~u fi~uluu

w.n. zsso (Imru~nd 2) i DPU

Agency for Real Estate Affairer ( I U ~ ~ B I I ~ ~ ~ ~ ~ D ~ ~ ~ I U ~ ~ ~ ~ I W ~ X I M I U ~ S L I R ~ ~ ~ U N W ~ ~ I ~ ~ Y

U I U ~ ~ €U W.H. 2549) Y Y

Tnulun~~flnlnnStiil440yn m itnu iiquiuu W.R.2550 (Y nsmnd 2) d d u ~ilr v n n U ~ i v a 9 ~ u ~ m 5 4 ~ n ~ ~ u j r n f r91niuds~~1.au~11d1~olaaau1urlbt4~ioinauin1.1

wi~'r$m~nu~rnr~aw~:~oLi~li'u msdnln$!:llis?u~oi~un~~~u8u 5uY kid u3GwGuyu 4 d U W A A ui~wmrn 'mr lnqi~o; ~iazuirjndsGuii'in ~do-ro~nno1ljrrmsl3u~na1U' unndmiiulaon

A A o ~ o ~ l t d u u ~ ~ d i l n f ~ ~ u i ' ~ ~ ~ w ~ ~ ~ ~ # u ~ a ~ ~ d ~ u u ~ ~ 4 4.4

~ I ~ ? ~ ~ ~ I ~ ~ ~ ~ U ~ ~ ~ ~ ~ O ~ ~ ~ M I ~ D I W O W O ~ O I ~ U S ~ ~ ~ ~ - ~ ~ O U ~ ~ ~ I ~ 7 uo-rauinls

I n m s n i r d r i ~ l n ~ + ~ u f i i ~ ~ ~ ~ u ~ o ~ n ~ n n ~ ~ i < ~ o : L ~ o n w ~ ~ ~ ~ ~ n d p ; i i ~ P S " ~ ~ ~ + i i t l ~ u n i ~ f l x ~ 1

3.2 f l l ~ l l l l ~ 3 ? 6 ; l % d (Conceptual Framework)

3.3 fi~wunlwY

1. i:ou1vronldu61i rilu?orolnlf o u 1 u u o 4 6 ~ 1 ~ 1 7 ~ ~ ~ 7 f l w m 1 $ m iud 30

~ ~ U I U U MA. 2550

2. ~ ~ ~ I R o ~ ~ ~ ~ G u ( ~ o ~ B ~ ~ u (MLR) ( ~ l ~ d 1 ~ m f l ~ 0 d ~ ~ ~ f i l 6 ~ 1 ~ 7 5 DI :¶Ji

iY~~id~i iax

6PllFbl3

1, auim~sn~~lnu

2. aulnlsnl.rrnn

m'alidawiu

MPQl OUilnU

o ~ n l l y c h i ~ o u e . r a r r i m ~ ~ ~ ~ I u o u I R ~ ( ~ u t u r e Value: FV)

3. nu-rni~ niinr'lnu

4. au~ms'lnan~lrv'

s. ~uini~nnls?nu

6. ~ U I F ~ ~ S U A S H A ' ~ J ~ ~ ~ ~ ~

7, auin7~n~.rrr?uqmai

a, auim~lnanuifin

9. nu~rnrunuAilouhi~n'~dns~ui~a

10. nu~n~stu%im

I I , mu7nirgtad

12, auini~n'nlil

I 3, a u i n i ~ 1 n u i ~ ~ ~ m ~ 4 o . r ~ a ~ o o

14. I U ~ ~ ~ ~ D B U ~ U

15. auims81~1~a~1nsi:d

qati lilsqih (Present VaIut: PV) J Cms7~onualvu (mterest ~wtnut ate: IRR,)

8 f l 3 l~n~0 I l l l n~ (Internal Rate of Return: 1 9 )

3.5 g ~ ~ ~ ~ ~ ~ l ~ ~ l u 3 ~

3.5.1 yclciiluou~mn (Future value: FV)

FV = P V ( ~ + i)"

3.5.2. pdlhgu'u (Present value: PV)

l i n r i ~ ~ o p ~ u a ~ ~ r ~ S i ~ n " u Y ~ m ' i 9 ~ ~ ~ i n ~ ~ a u d ~ n r i i i l ~ ~ ~ u ~ S p d n ~ ~ u a u n ~ 5 n ~ r i ~

(Discounting Process) FV = P ~ ( l f i ) n nrnmmqnri~ilspliu (FV) ~ ~ a s ( i . r d n

i w 3.53 h % l ~ l b ~ l l l l t l 3 ~ 1 (Interest Revenue Rate: IRR,)

3.5.4 & l 5 1 ~ E l m ~ l J l l n ~ (Internal Rate of Return: IRRJ

3.6 rna%l~~izW(&qja 2 9-a

nis#nwi~o'unfdu ~v-;l%n155~n.jlzin1qn%i (Statistical Analysis) n'au'bdsiinr u

8 1 ~ t a ~ d SPSS for Windows ~ u n i ~ ~ ~ n ~ i ~ ~ ~ a y n ~ ~ ~ u u i ~ u ' u ~ i ~ m ~ 1 w n c I ~ u ~ i n u d o n ~

(Intend Rate of Return: IW) U D P E U I ~ S ~ ~ . I Y ~ U ~ ~ U E U ~ ~ I ~ ~ U Agui~Snuo:: Ilaznntfau

nu~n'~iuGi?urnr nanoudi?i (t- test) i4onn~ouii1iadoltIus iuduog r t d ~ l u oumn ( F U ~ Y

Value: FV) Q ~ ~ F ~ I ~ u ~ Q @U (Present Value: PV) I L D Z ~ ~ ~ I ~ B ~ ~ I ~ U ? ¶ J (Interest Revenue Rate: P A 4

IRR,) 1ln~5m~iw aaou~mudann (IRRJ ~ ~ - l l u ~ u d u l ~ ~ l w o d o d m 8 u ~ ~ ~ Gilitifiu Awlla: 4 A ~ o n ~ ~ u v o ~ a u i m s n l ~ ~ ~ u ~ ~ ~ u ~ n i ~ o u ~ w n d i l d ~ m s o n ' d s i w a rnrqdwni~n~uYomuo~iu~

i 8 l d

uln nn:: 3,000,000 u2n lunai 20 25 9 ~ ~ a e 3 0 8 ~nafluu6i?uuainriiuo.r ;niiluouinn 2 ,

(Future Value: N) 3Jndl'luth p h (Present Value: PV) ~%I~IRO~~~UUS~J (Interest Revenue

Rate: IRR,) ~ ~ n r h n ~ n m ~ u l l ~ u n l ~ h (Internal Rate of Return: Iw) ~ ~ U ~ ~ ~ . I D O R I ~ U 4

4 i . 4 4.1 ~~~IG~~ULC;UU&U~P~GUI~~LWOP~B~BI~"UWB~GU&U soo,ooo u3n

rnr6fiuuiiuu~ndiilogliu (Pment Value: PV) ~ ~ ~ I ~ U B U I ~ P I (Future Value: FV) ir A d

~ m n R o n i f k u (IRR,) u o c A u y u ~ u 1 a o ~ w s n o ~ 0 1 4 ~ ~ 0 ~ lpiuRu soo,ooo uln ~ : n i ~ ; l i

auirnrn~q~nun'uau~n15~~ Gut41 Auoinsuimsuuiw~w y u u i n n n i ~ uulnk8n llnr

a w a w auirnr~aw~~~ot~us:u:~aai 20 J ~~~inRq~umlsi.rd 4.1 i?Iur.u:na~ 25 J RPIIRWIU 611514i 4.2 L ~ A ~ L ~ w ~ z u ~ ~ ~ ~ I 301 ~ t l l f l ~ 9 1 ~ F 1 1 5 1 9 d 4.3 m~uRii%

FV - X

S.D. t P - X I S.D. t P

, = In

'ifl' (

fl-j.lh~

nu (In$)

b (hi)

9,026.70

8,409.43

9,026.70

10.199.lO

9,479.36

9.026.70

8,956.03

9,625.28

P ,835

P ,998

-36 DPU

I. y nciiilogliu (Present value) VO4~OnAioU831UlRlln~J~ p?ucu~uinvuuw~w~

numan~irlnu auimsnl~uioyau~ auimrunrnawlnu nuain imzmu~mrhuauim~ d 9 d a au~rnruuin~itn 1X11ri au~mqlod su~m3n^~TX a u ~ r n r n a u R " ~ ~ n u n ~ a i ~ ~ w ~ ~ i t l i ~ ~ tin::

awims~numr~~l rdo~~ut iau rrnznuin~s~nw~Gs lk;rifiau~n1%oin~5a~1n5izH' iia:aulnlls

oouav Wiimiul~anoi~ ~ O ~ I ~ G P ~ ' ~ ~ ~ S ~ ~ ~ W I ~ B ~ ~ " ~ ~ Z K U O . O ~

3. hnnoni$Gu (Interest Revenue Rate: IRR,) U O . I B U I ~ ~ ~ ~ . ~ ~ ~ U ~ ~ ~ U I ~ I ~

fl (1114)

rhu (h$)

P .882

nu (In$

(fi€

P ,990

9,258.30

9,322.05

-7.300*

b10 (In$)

fijll~

, = In

* 1wn41sn'woti1~~w'~di~fynia~o'w'ii'i:~~

nfl (I

Ifl (hl$

P .849

w v (In$)

9,868.67

15,509.73

4 A d oinmind 4.2 m r ~ f i u u ~ t i u u d i u q u d u 1 1 1 ~ ~ w 0 ~ 0 ~ ~ ~ 8 1 1 ~ 0 ~ ~ ~ ~ ~ 500,000 u ~ n

a:nii.rnuirn~nq~lnun'~~uini~vu1~1~ot; uuinnrnc uuini in i~a~nu~rnstnw~~Fio

rnuiiirilllu5:s~naig" 25 3 w u i ~ Y

1. ynciiiloglju (Present Value) U O . ~ R O ~ ~ ~ ~ U V Q ~ ~ U ~ ~ I T ~ ~ ~ ~ M C ~ ~ " E ~ ~ U ~ ~ I ~ ~ U I R ~ P ~ ~

IAui 5uImrnl.rtnw au~rnslnuwiiiiau' un:: au~mmiinrhu suimsuuinnmc Ykii

3. ~fl5lnQni6Ufu (Interest Revenue Rate: IRR,) ~ 0 4 ~ u I ~ ~ ~ ~ P ~ Y I u ~ " ' L ~ ~ u I ~ ~ ~

uui~lnqj 1M1lfi 1 u ~ r n m 3 . 1 1 ~ ~ 5 w ~ m ~ r n ~ ~ i i i ~ b kin:: aumsndnshu sulmrruin

6Ulnl'i

n y h u (Ini)

n.j~inw ('lnqi)

f i l a l ~ ~ (hod') 'In~wl&; (hi)

14,765.83

15,378.2s

14,765.83

15,363.46

19,906.96

15.378.25

19,906.96

21.028.75

8,91s.48

9,038.74

8,9 15.48

9.167.39

- IRR,

X S .D.

6.64 .52

6.87 .33

8.9 15.48

9,027.41

8,915.48

9,036.22

8,9 I 5-48

8,98 1.7 1

8,915.48

9,672.20

8,915.48

10,655.63

-1.832

-1.543

9,284.35

9,038.74

9,284.85

9.504.78

6.87 -

nqq'lnu ( 3 ~ ~ ) flih~bl~ ( ~ H i i )

ny1nu (1174) n n l l h ~ (flaw)

qd?nu (In$)

nqad O ~ B U ~ 1na3.1)

~~?.I%wu ('7~4)

- 1.690

-1.461

-1.437

-3.545

-7.900*

9,284.85

9,360.06

9,284.85

9,501.98

9.284.8s

9,475.78

9,284.85

19,906.96

20,901.21

19,906.96

20,582.63

19,906.96

20,4 15.25

19,906.96

-.788 URSHPW~WU (n013)

nqglwu (In$

BU%IFI (flfi1.1) -1.878

.651 22.103.27

14,765.83

15,287.71

14,765.83

15,069.29

14,765.83

14,963.17

14,765.83

10,117.80 15,8 18.38

14,765.83

17,166.13

19,906.96

25,157.37

9,284.85

10,658.81

, = In

P ,956

15,2B4.72

1. {&li l9gliU (%sent Value) V O . I ~ D ~ ~ ~ U U O . I % U I ~ ~ ~ ~ ~ ~ ~ ~ C I ~ " L I B M ~ ~ ~ ~ V ~ ~ ~ ~ W ~

au in i r~nurns~mtdo~~~ei~u iinzauinisinvrirfi" !B;i~f;auin~sn~nisn~~n~i:H' 1tn:suini5 444 ooudu 1 ~ ~ n ~ ~ u ~ m n ~ i ~ o ~ i ~ ~ ~ u d i ~ ~ w i ~ f l n 6 ; 1 ~ f ~ ~ ~ 0.05

2. +aii~uouinn (~uhlre Value) U O P I D ~ L ~ U U O . I I U I R I ~ ~ ~ ~ ~ ~ U ~ ' Y P U ~ R ' I ' ~ ' U U I ~

YLiti suirnmm3lnu suirnsn~~Piinysui su~mtunrnn~.rlnu aunn iiazauimrlnu

auIrn3 auim~uualdn 1Ciiiri suimr;lnd su1m3n'nln' nuirns~~nun'~iou~ibid~do~iu~ou

3. <H>IRonr~U?¶J (Interest Revenue Rate: IRR,) ~ 0 1 6 ~ l m 7 n l 4 h ~ ; ~ n ~ l f l l ~

uuinlnqj 7611t-i auimrnranw auimrlnuwiru'.ab tin- s u ~ r n s n i n r h u nulmruuiR

i i d 4.2 f H 5 i ~ ~ ~ l ~ d h d ~ ~ h ~ 1 1 0 1 ~ ~ ~ ~ ~ ~ l w " L l 1 1 8 9 ~ ~ ~ p d 1,000,000 Ul?l

rn~6d?uu6iuu;~diilu~iu (Present Value: PV) ~ ~ I ~ ~ I ~ U O U I ~ R (Future Value: FV) 4 A

an~l~ontduru (IRR,) Eiur?uiiui401wono~oi~uvac~~u~u i,ooo,ooo uin 5:niiq

auimrnl~'lnufiu~u~~i~6u Bu~ii~~~iuoinauirnruu1~1w~ uu3nnm.r uuwiiiin ianzauims P w

~awi=iio ~dus~uzr?ai 20% 6ast~~slurni i~i 4 . 4 I ~ U S : U : A ~ ~ I 25 d W P A ~ ~ W ~ I U ~ ~ ~ W ~ 4.5 4 w

~ ~ n : k ~ u 3 ~ ~ ~ ~ 3 n 1 3 0 d R ~ ~ ~ ~ F ~ ~ I U A ~ S I I I ~ 4.6 muriiriu

I. yfldl&g¶h (Present Value) U Q ~ R O ~ ~ ~ U V O ~ E U ~ ~ ~ ~ ~ ~ ~ ~ U ~ E ~ B U ~ A ~ ~ Y U I R ~ H ~

2. ~ d l ~ ~ ~ ~ l n p l (Future Value) V O ~ R O ~ ~ ~ U U O . I I U I ~ ~ ~ ~ ~ ! P ~ U K ' F I ~ U I ~ ~ ~ U U ~ F I

3. hnnonidu!h (Interest Revenue Rate: IRR,) u 0 ~ 6 u l m r n ~ ~ ~ n u ~ 6 u i n l ~

U U I V I I H ~ 7RluTi aumnnlqmw auimahuwitu'ab kin:: au~m¶nGnrlnu auimruum

amw (hi)

u (h$)

h (9114)

nu (%M$)

s (hi)

P ,882

28,772.00

37,539.57

39,734.76

28.772.00

28,772.00

- ,898

P ,990

.54 .oo

P -402

P -849

n' (lh

111 .' d

(Il.r$

4 ----

U ( i~w

l:fi'r

.33 DPU

2. unn'i'luouinn (~uture Value) U Q ~ E ~ O ~ A ~ ~ U Q ~ ~ U I ~ ~ ~ ~ ~ ~ ~ W ~ ~ ' I I ~ U ~ ~ I ~ ~ ~ W ~ R

lnoj 7nY1tri auimsn1;linw auirn~'lnuw18au' ling suimaniin~lnu auwnruuwnrn.r

IXud su~msnmrYnu auimrnq.r~~nyaui au~msunrwna~Ynu su.aim ~ ~ n - ~ u i r n r h u

mulmr su~mruu~~i i in IGiuri auimrylod suim~ WnlX auirnn~nuril~ouh~id~do~iutiotr

u w 3. &nRoni;clru (Interest Revenue Rate: IRR,) u 0 . l ~ ~ l m 5 n ~ 4 h u ~ u ~ u l f l l 5

a u m i m m r l n u au in iml tn ioyau~ a u i n ~ r u n ~ n n ~ . r l n u auaim ~mtauimrlnuaumm~

auimrulnn~iin 1Ld ~u~msgToJ auimsn'nlFi suirnx~au4~illou khd~wdos-~ulios tin::

UU~RIHD~ 1A11nl slnnimrrrlnw aulfinlnuwiriiwa' rm: s u i m ~ n Z n r l n u a u i m r r u i a

4 1; 4 3 A I ~ ~ & ~ ~ u A ~ P ~ ~ & w ~ ~ ~ u A ~ D I W o w ~ % ; ~ i f i a ~ o ~ G u & u 3,000,000 urn

rn r~ f i vuduus/ndiilv@u (present V ~ W : PV) y nrii'luoumn ( F U ~ Value: FV) A A 4

~ m n n o n l d a i u (IRR,) ~uyuiiuiroiwono~oiduuo.rf iu6~ iu,ooo,ooo uln rr.41~

suinim1Phuciuau~fi1Au iiu.rri1riuarnau~m~vw1~9'~~ uuimna7.r uuimliin aa:auinlr a w u w m r n z i i a i ~ u s z u ~ i ~ n i 20 J n.rlinRq1ualn9i 4.7 duxua~3rn 25 J R a i t n n q ~ u ~ i ~ i d 4.8

un~~durz~zrarri 30% ~ w ~ n s % u r n 5 1 d 4.9 n~udiGu

FV PV I i W l A l T - -

X S.D. t P X S.D. t P

nq~lnu ( I n 4 I 1 3,430.4 I 54,660-29 90,374.06 52.693.32 6.60 -60 -.463 .909 -.348 .989 -1.259 ,924 -

n;.liww (1~6) 12 1,897.00 52,021 .R7 96,620.94 5 1.972.74 6.82 -39 - ------ -. - -

f l i 4 l ~ ~ (1~6) 1 13,430.41 54.660.29 90,374.06 52,694.32 6.60 .60 -.446 ,913 -.324 ,995 - 1.076 ,887

huwidr; (1~4) 121,714.82 53,765.59 96,330.4 I 52,856.07 6.83 .66 -

n y l w u [InnJ I 13,430.41 54,660.29 90,374.06 52,694.32 6.60 .60 -.019 .849 ,018 ,723 -1.032 .792

nznslno (In$ I 13,789.56 s9.43~.36 90,042.83 55,841.43 6.83 .70 ----- -

nqqlnu (Inc$ I 13,430.4 I 54,660.29 90,374.06 52,694.32 6.60 .60 ,029 .720 .055 .798 -1.057 ,804

nnislnu Innis) I 12,875.4 58,334.28 89,369.61 54,715.69 6.81 .60 -

nlallno (1114) I 13,430.41 54,660.29 90,374.06 52,694.32 6.60 .60 ,070 ,721 .087 ,807 -1.023 .679

n ~ a d o y a n (naw 1 12,087.67 57,855.83 88,806.1 7 54,265.5 1 6.80 -56 -

n l ~ l n u (9114) 1 13,430.41 54,660.29 90374.06 52.694.32 6.60 .60 -.334 ,480 -2.62 1 ,876

U ~ S U ~ ' I ~ ~ ~ U ( f lR1Q) 120,039.74 63,011.76 94,172.00 59,191 -24 7.11 .57 - - - ----- -

n:~%wfi (hi) I 1 3,430.4 1 54.660.29 90,374.06 52,694.32 6-60 .60 - -1.300 ,352 -.884 .294 -6.100' .026 nurwi (na7.1) I ~ P , S O ~ . ~ S 65,533.30 107,767.95 64,977.02 7.50 -00

.ri 4.7

, = In

* ~lnn~~;lfi'usti~~~u'ud~~yn~~n~~~s:~u

1. q n 6 1 ~ o g ~ u { h m t Value) ~ 0 . 1 ~ 0 n i ~ ~ V 0 4 6 U l m 5 ~ ~ 9 ~ n U n " f l ~ ~ 1 n 1 ~ ~ ~ 1 ~ 1 ~ ~ ~

2 . qa6iIuouinm ( F U ~ Value) u ~ ~ n o n t $ ~ ~ t u u i n i ~ n ~ ~ 1 n u f i p J ~ u i n i ~ u u i m

- 3. Qs~~onl f iu iu (Interest Revenue Rate: IRR,) V O ~ I U ~ R I ~ ~ ~ ~ ~ M U ~ I U I R I ~

6 86,3 1

6 (hi)

lnu (1

6 86,3 1

u (1114)

8 6.63

56,3 13

nu (In$)

8 6.63

lntl (n

ln~ (4

.OO DPU

2. yariilunuinn (Future Value) V O ~ R O ~ ~ ~ U U D ~ I U I C ~ J ~ ~ J ~ ~ U ~ " Y ~ U I ~ I ~ ~ U U I R

3. < ~ f l ~ ~ n l g t J ? ~ (Interest Revenue Rare: IRR,) % ~ . l 5 ~ 1 n l 1 n ~ . l ~ ~ ~ ~ ~ d ~ l f l l ~

= Interest Re

e Rate

10 (1~q

1s (na>a) -

119.441.74

1 19,441.74

55,709.M

(f fl)

P ,956

-7.018

-1.437

53,981.61

53,493.69

1 19,441.74

143,197.54

-2.919

84,974.23 -

99,746.18

88,595.00

88,909.50

61,138.37

4 .379

1 19,441.74

55,709.06

€rtfln

) 1 19,441.74

7u ( aw

88,595.00

92,269.46

2. ~ ~ ~ ' ~ I ~ U D U I R R (Future Value) U O ~ Y ~ Q ~ ~ ~ ~ U U O ~ U U ~ ~ ~ ~ ~ ~ ~ ~ ~ I I ~ " E ~ ~ U I ~ ~ ~ ~ U U ~ F I

3. h 5 7 ~ 8 f i l ~ b h (Interest Revenue Rate: IRR,) i ( l ~ 0 9 1 ~ l m ' l n ~ ~ ~ n ~ n ' ~ ~ u l a 1 f

4.4 rnnfiuul+uu$mnn$1~1~~111wu (Internal Rate of Return: IRW

~ l l i d ~ ~ ~ t ~ ~ ~ ~ ~ ~ ? ~ ~ ~ ~ f l 1 1 ~ ~ (Internal Rate of Return: 1%) S ? S J F ~ I ~ ~ U ! ~ U U A A 4

n"u~uiiub.aaawono~o18d~o~~~od~u 500,000 U I M 1,000,000 UIW Iiil:: 3,000,000 UIW RnDR '

r ~ u : ~ ~ a ~ ~ ~ i u o i ~ d - i y ~ i 20 7 25 30 7 ~ m 6 ~ 1 m f nj4 h ~ t i ~ m u ~ n i ~ & i kiinn.t'luaisicd ' i

IRR, = Internal Kate o f Return

8UlBIS

nfdn8 (1~4) n~ann (In$)

nqllnu (Ini) ~UWICY; (hi)

n ~ ~ l n ~ (I@) nJn~Inu (In41

n l ~ l n u ( l n i ) nnirlna (mi41

n l ~ l n u (In41 tyldop8m (tm.~)

nldnu (Ini)

~ m n > 4 b ( r m ~ )

nl4 1 nu (In41 8 ~ - I R (mlq)

~ I J ~ U ( 1 ~ 4 1 'I~UIUI~IJ (mi@

n l ~ l n n (In41 glaii (tin)

n i ~ l n u [lnpj)

;ntb(~tln)

nlrlna {ln$

~~nur(rmui~hn'(iiin,

n l 4 h (In41 lnu~n~iia (tin)

I nqqlnu (tnq)

UWm-mdq)

nlrlna (lnoj) aouau ( w n ~ f i r

Xtl:l'l~l{ 20

C f i ~ t l n t i u I- (%I

J Z P Z I . ~ ~ ~ ( 309

8 ' ~ ~ i n n n i u IRR (YO)

5w.m urn

6 . 4 ~

~ l l l ~ l ? ~ l { 25

~nnnnnl iu I- ("D)

5m.m urn

v1iu~~r3u~ 1.00acm

aiu.rjiju{

3.m.m u ~ n

?.mm urn

R ~ u ~ J L ~ u ~ 1.wm

r.mo.cm urn

oinms~d 4.10 I # U U ~ ~ ~ U U ~ ~ ~ ~ S I W R R O E ~ L I P ~ U (Internal Rate of Return: 1%) 5 7 ~

d ci~araulijuu n a o n ~ : u ~ ~ m m i J ' ~ n u ~ i ~ ~ ~ ~ ~ ~ ~ ~ ~ u ~ $ ~ ~ ~ n ~ ~ ~ ~ u ~ ~ E W I ~ I ~ O P ~ A A ~ ~ ~ A U 4 nrju n'o

~ ~ ~ U I U I ~ I S U U I ~ ~ ~ ~ ~ ~ u ~ u I ~ ~ u u I ~ ~ ~ ~ ~ ~ U B U ~ ~ ~ U U I R A ~ ; ~ t inen+~~u~~~~in~~:nPD

1. nrju~uirnsuuinlvly nu~msnlthuii bnwnmoui~nu (Internal Rate of

em: 1%) i l n j l I U ~ R ~ I A I ~ I Y ~ W I U I ~ T ~ ~ U W ~ I U P Y ~ au~rnsnihrhu

2, nrjunu~rnruuinnmd ~u i rn~n~s~~e f i~ms iwam~ut~nu (Internal Rate of

em: 1-1 41ni1 a u ~ m ~ n m ~ h a au~msn~s~<iioynui au1m3unsna?.rhu II~:

auim~aua~m ~ i w u m ~ ~ ~ u u ~ d u u ~ ~ w . ; i i ~ ~ ~ 1 n 1 ~ n ~ ~ 1 n e r n ' ~ ] u 1 1 n i 1 dn?iu

1imnpi146u iudnn'o oiniuvluiuiJo soo,wo uin i,ooo,ooo UIM im:: 3,000,ooo UIW L]U+JP

rzuznalzo 7 auimsn~ thnu i i b s i w a n o u 1 ~ a u q . m d 1 ~ ~ 1 ~ 1 ~ 1 ~ ~ ~ ~ 1 n ~ ~ Sud~arzuznai

3. n ~ u l ~ l m 5 ~ ~ i ~ l 8 n 5ulrnsn~-rhcl~hnwam0flkI '~1~ (Internal Rate of

4. nq'uauirn~law1:n'a s u ~ m s n ~ ~ h u ~ ~ ~ ~ l w a ~ ; ~ ~ ' ~ ] b b n u (Internal Rate of

Return: 1%) Xlnj i ~UIRI~DDUBU E U I ~ ~ T O I ~ T ~ P L ~ ~ I ~ ~

5.1 ~ ~ d ~ ~ f l l ~ f l f l ~ l A a n i s 8 n u i b d u ~ ~ u n i r ~ d ~ u u 1 ~ i u u b i u ~ u ~ u ~ ~ o i w ono(jo1duuoqfi9aYu3nia

a B aulm5n~.r~nu~nuin150~ i~uma~~ul~ . ru~sulu (Descriptive Research) ~ ~ ~ u Y ~ u ~ u L % € I A a Y Y

w - 4 1wono~oif iulurnr4n~1n~~~ no 3.rGuC soo,ooo uin i,m,ooo uln tin:: 3,oao,ooo u ~ n lu

t3al20125 1 lba130 3 ~ R U A ~ ~ U A ~ ~ U U O I ~ T ~ I ' U O ~ ~ O ~ ~ ~ U Q U ~ ~ F ; I (Future Value: FV) ;nFi11~ Y

OJY"U (Present Value: PV) &I 5 I R ~ f ~ l f k l ? ' ~ (Interest Revenue Rate: IRR,) IIFI$WIIS 1

wnoouunu ( ~ n d Rate of w IRR,~ ~ ~ . r ~ u ~ n ~ ~ n ~ ~ 1 n u f i " 1 J n u ~ n i ~ w ~ r ~ " ~ U " d u i 1 a z ~ u i n i ~

A Q W I E ~ ~ r~ul3uis ruimr ooniilu 4 nrju f a nuimruu~ulI~$ auimauu1nnrn.r nuim, Y Y

uulnkifn irn-auirns~aw~~Ra ~ l a : i o ~ ndl#lum38n~1~%"9d Yiibri 6mtiRonAiuiiukio i ct

iwnnodmritl ru iud 30 Squiuu 2ss0 (1msuinff 2)

~~ui i%~ds:nt ~ u ~ ~ ? ~ u A ~ o A G u P J A ~ u ' ~ ] ~ E ~ ~ ~ ~ ~ ~ ~ J ' u (Present Value) UO4RORIh l

uo.rauim~n~~hut iuru~ni~~u ~ d o ~ ~ u u ~ d u u ~ n i ~ l u ~ u i n m (~umre Value) ~O.IRORI$U

A A 2 , u o ~ a u l m a n q . r ~ n u ~ ~ ~ ~ 1 ~ ~ ~ 0 ~ 1 ~ 0 1 ~ ~ ~ l ~ ~ u f l ~ ~ ~ 1 ~ 0 n ~ f l u a (Interest Revenue Rate: IRR,)

uo.raon~~uuo-rauimrnq.rlnuhnuima6uAtnz~Wd~~d.juu~iuu~m~i~nm~u~A~u (Internal

Rate of Return: 1%) uowonl~Uuo.raulmSn~9~MUn"'L1BU1n11~Pd

uo- rsu1~7rn~d~ nun"u~u1mi~8u~~~nd1~n'u qndi'luouinn (Future Value) SO~RDHI$UUO~

d ~ u l m r n ~ ~ h u n ' u a u l n 1 ~ 0 ~ I 1 ~ n ~ l ~ n " ~ ~sinoniifuh (Interest Revenue Rate: IRR,) u8.r

~ u ~ m ~ n l ~ h a f i u s u ~ ~ ~ ~ d u ~ ~ ~ n ~ ~ ~ n " ~ i~n:bnwnnouunu (Internal Rate of ~ m : 1%)

u o . r a u i r n ~ n ~ . r h u ~ ~ ~ u i n ~ ~ ~ u ~ ~ w n ~ i ~ ~ u wnnoun~~n '~ iubnurn5nf i~~ou~~~~~~1~0 - r~ A ~ I

~ Q . ~ R Q ~ ~ ~ u I ~ ~ z ~ ~ ~ ~ R O ~ I ~ C I L ~ M ~ I ~ ~ 63uriibi (t- test) 1Y

wnrn~ibn;dY&%ii

1. m3lfi uui!uu ya'fhq opcu (Present Value: PV) ; a f i l $ ~ ~ ~ l f l F I (Future Value: FV) A 4 . i <R3lnDfilfU~¶J (m,) ~ ~ ~ ~ ' ~ ~ ) U ~ U A ~ D ~ W Q M D ~ ~ O ~ ~ U ~ O ~ ~ ~ U ~ U 500,000 i n W l,ooo,ooo UIW

A A d 1) yndiilqlju (Present ~ a i u e : PV) V D . I A O ~ ~ ~ ~ U O J X U ~ U ~ W L ~ O I W O W O ~ O I ~ U I

2 ) y niiluouim ( F U ~ Value: Fv) UD9RDnl~uV0.1r10nldUt109~U~uaUI~0

~do~ltrtiou ~ ~ n ~ r n w ~ n i ~ l n u i ~ l ~ n ' m i ~ ~ ~ i u c i ~ u ~ ! a ~ m u ~ n i ~ l a w i ~ i i o ?l i t6 nu~n l ro in~ r

a.nnn:n' ~m:auimsoouftu 'luszv:na~fj 203 25 3 30Y ~iijn~iuimn4i.mfiuocii~i Jud1:q 99d

wisnowpla&u 0.05 2 , d i d

3) Qnmoniuur u (Interest Revenue Rate: IRR,) U ~ ~ ~ U Y U I ) U ~ ~ U A % O A W O M O ~ ~ O I ~ U

2, msi~uutduu&slw~ns'uliwu (Internal Rate of Re-: q) ~ J o ~ ~ Y u ~ u ~ u ~ ~ D

A B 4 1) X J P ~ I % I ~ ~ ~ U (Present Value: PV) U ~ ~ R B ~ ~ ~ ~ U O J ~ ~ U ~ U ~ W L % B L W O ~ O ~ O ~ ~ U (

UO~I;U~U 500,000 uin i,ooo,ooo u m itnz 3,ooo,ooo uinio~nu~msn1.r~nu~u~uin~r '

2) qniiluouinn puhlre Value: Fv) U O ~ R Q ~ ~ ~ U V Q ~ R O ~ ~ ~ U U Q ~ X U ~ U ~ U I ~ B

d #i 1wonodo1R-uun~8uiu 500,000 uln i,ooo,ooo uin ilnz 3,000,000 uin~oaauimrn~~lnu

d o ~ ~ u t i o u ~ ~ n : a w ~ n i . s l n u ~ ~ ~ % ~ m i w " o ~ i u t i o t l itn:mwini~lnwiziio 7A~tf; a u ~ n ~ . j o i n i r

~ 4 1 ~ 1 3 1 ~ 6 ~ia:auinisoouiu lus:eznai~ 208 25 7 30Y ~ i i i n ~ ~ u u n n ~ i i ~ n ' u o i i ~ i j JuG7iYy 494 m ~ ~ n o f l n ~ z ; ~ 0.05

2' w A 4 8 3) k ~ i ~ f l i ~ ~ f (Interest Revenue Rate: IRR,) U O ~ ~ U ; U B U % I A % ~ A W D M D ~ Q I ~ U

dr 2. n lak f iuu~t iuu&~lwnn~~~~nu (Internal Rate of Return: q) 9J 04iuyuiiul~a

1) n junuimruuim'in~ suimrnqchuii o'n~iwonouunu (mtemal Rate of

Retwn: 1%) nulnmq.rmw au~mslnuwxiab au~mrnilnsbu I !

2 ) nq'uau1m5uumnm.r suirnm~c7~uiiQriwnmof1~inu (Internal Rate of

Return: I q ) ilfijl Y~UIRITYIHIIIYIU 8lll$illn~4~?0~1~1 I U ~ ~ ~ U R S H ~ ~ ( ~ U A L ~ E ' ~ U I ~ ~ ~ ~

au win idwmstllf uuf uun'ua~ubnwnflofl~~~u w) r:rli1d~uirnsn~chufi"L11~7n?s"1nu d mumr oinhuzuiao sw,m vim ~,WO,OMI YIM tin: 3,000,WO UIW 1ui~u7ui;iiifi~ i

n37u ~ m n ~ l s h ~ u r ~ u : ~ a ~ ~ { m ~ u d q q i n l d l & h ~ ~ n n ~ ~ u ~ i s ~ . r d 5.1

3) ntjunuim~uu~nt8n 5 u l r n r n ~ . r ~ n o i j b ~ l w 0 ~ ~ 9 ~ ~ i ~ ' l d (Internal Rate of

Return: 19) qqn j~ ~ u i n n y l t d I I ~ ~ E ~ * I W ~ R D V ~ ~ U (Internal Rate of ~etum: IW) d1n+

~u~msn'n~nY auirnr~mu8iouhb~d~w"~~~u~~tl auimr~numsn'nidonudou

4) ~ ~ U I I U I ~ ~ l ~ i 1 ~ i ? ( 1 ~ u I ~ ~ ~ ~ ~ ~ u ~ ~ ~ ~ I w ~ ~ o P ] I ~ ~ u (Internal Rate of

Return: 1%) vim31 ~ U I ~ T O O U ~ U auimso~mrncmnsd

1. yndilug ~ p h ( ~ r e s e n t value: PV) O L A Z P ~ # I U ~ U ~ ~ ~ I ~ U O U ~ ~ ~ huqnril ( ~ ~ ~ G U I ~ U ~ ~ S Z Y 3unlsaFin'l (Discounting process)

2. #nril'luoulnn(~uture Value: FV) I ~ U ~ ~ L U ~ U ~ T M U ~ U (Compounding process)

4~l~unirrau~on~~utin=:~u~u1uda1u'l

3. ~I lRonih~l iu (Interest Revenue Rate: IRR,) L S U ~ F I ~ I ~ B U I ~ T Y 8711 ~int-111 B 9 ddouiiui.aolnqnK1 K I ~ ~ ~ ~ ~ I ~ . I U ~ ~ . ~ ~ ~ W ' ~ ~ ~ I ~ ~ ~ A I ~ ~ I P ~ I ~ ~ ~ ~ I ~ ~ I U Y ~ ~ ' ~ U I ~ ~ ' ~ U

4. &35lwn~loulmu (Internal Rate of R e m : IRRJ ~3~6af1womouunudlbiua3n

m s n ~ v l u u n ~ A ~ u ~ n ~ i ~ 1 ~ q ~ ~ ~ ~ ~ P ~ u v o ~ ~ n d ' i ~ 1 u ~ ~ ~ ~ i ~ i ~ ~ ~ 1 ~ r " ~ 1 u ~ ~ ~ n m ~ ~ ~ ~ u

na1.r nrjuau~m~uuim~n ~m~nrjuauimr~aw~:n'o

w n o i ~ i i n l n m u i r o n n " n ~ ~ ~ u ~ ~ d l ~ ~ ~ d A A A

1. yariiilogriu (Present Value: PV) U Q I R Q ~ ~ ~ U U O ~ ~ U ~ U ~ U I ~ ~ L W O ~ O ~ Q I ~ U ~ U ~ ~ ~ ~

2. qnd~luou~nn (~ururc Value: FV) v ~ ~ ~ D ~ ~ ~ ~ u o ~ R ~ ~ ~ ~ ~ ~ o ~ ~ u ~ u ~ u I ~ B 4

iwonodo38uun.1Wudiu 500,ooo inn l,ooo,ooo uin tin: s,ooo,ooo u~nuntau~mrnr-rlnu

n'unuinisuu~n'ln~ su~msuuinnmt auimruu~~ldn iiazau1mraaw2:Ro Iur-u.-nmj 20 44- 'J 25 3 30 3 ~ ~ ~ ~ 3 l ~ l 6 ~ ~ ~ l 4 ~ 0 ~ 1 9 ~ o d " ~ 8 l ~ ~ ~ 1 9 f l 0 ~ ~ 5 ~ n " U 0.05 ~ ~ H F I P + ~ ~ U $ I U ? U & U ~ U

~udad~vi~riuuosl~dag~w 1n15finif ~ R C W ~ ~ ~ 0 n 1 ~ ~ ~ l ~ n ' ~ 1 ~ i ~ ~ n ~ 1 1 w ' n i ~ ~ i 6 i i ~ ~ 0 ~ ~ d i d

lufluiflol (FV) U D . I I U ~ R I ~ ~ ~ ~ ~ M U ~ ~ V B U I ~ S O U U I L ~ U U ~ ~ U U ~ U ~ ~ ~ ~ W ~n11~ilflnd3.lii~

o i i , i G i i ~ws1~mrd~u~orrn61y0~19~0~ ~ n w (FV) iin~iuriuriu~6unodi1u

d 8 d 3. ~nWo"dtJ%I (Interest Revenue Rate: IRR,) U O P ~ ~ ~ U ~ U I T D I Y ~ Q ' Y ~ O ~ O ~ ~ U

U Q P ~ ~ U X U 500,000 uin 1 ,ooo,ooo uin urr: 3,00O,C40 u ~ n u o ~ a u ~ ~ ~ r ~ ~ ~ ! n u n " u n u i n i ~ DPU

3) b~i~nmouunu (nu(3 uo.rsu~rnrn~t!nu ~ ~ q ~ t n i i i m z d ~ n i ~ ~ u i n 1 J w u i n W d U liin Ra; nn q t n i ~ auimrgloi i t nailoil su~msn^n~X au~n~runuk1ouril~1d~A051uri~u

u 4' a u ~ r n r l n u a ~ ~ m ~ d ~ ~ i ~ t i ~ ~ O I ~ W ~ ~ T ~ ~ U ~ U U O U i ~ n ~ l ~ l ~ ~ d u j 1 t ~ ~ m ~ n ~ ~ 1 n u n i ~ 1 1 ~ 0

d d a u ~ u ~ # o i ~ i . r i u n ' u ~ u ~ n i ~ ' ~ u i ~ ~ d n ~ ~ un6uau~msglod ivi~i?ud~nnwnsloulinu

(1%) q4fii1

4) ~ Y ~ ~ H ~ ~ P I O U A I Y I U uo~au~mrnl.rIwu i i n i ~ m i m 5 i n w i ~ t k m ~

s u m 3 n'o auimrnnuZu auimsoin~rnc~n~isd oinwnrnaiiu1u4od itnn tln~~nduii s u ~ m r n ~ ~ ~ u n i l n ~ 0 d d 0 ~ ~ ~ 1 ~ ~ 0 ~ 1 s i ~ u ' u n ' ~ ~ u i n 1 ~ ~ n w i ~ i i ~ ~ ~ 2 auim114ili?u

nii-dlnun~d s u ~ m r n l ~ h u i i ~ ~ ~ a ~ e r u n ~ i 9 u ~ o P ~ w (w) ~nriiluouinn (FV)

~ ~ ~ a n ~ i i ~ r i u a u i m ~ w ~ ~ ~ u ' ~ ~ i i u a u 14 auinir n'Qubnnont$u?u (m,) i~mnpi~.rriu~iu~ 1 4 4 1

auimr Lvi~tu ZQ nruim~swnmnuni~ainonIdu~u (IRR,) qwjiau~m~n~~Ynu 11mqii

a u ~ n i ~ a u l n ~ l o : r n u ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ i n ~ i o " p l l ~ ~ m ~ n ~ d u ~ ' ~ l k ; i ~ a a d u e no~nXo tciu ilvn tv aa~rrqmR (2546) Aoiuidoauo~~~~~monidu~u (IRR,) ~ I X I ~ I IRR,

n - i ~ i n m t i i a u ~ n ~ r m u ~ i o ~ ~ ~ ~ r ~ e r ~ i ~ i n m n n ~ d u ~ ' u o J ~ n ~ ~dlurn.rnn'un'uX~winpn$iio: A A 4 ~ i i o n u i r n r ~ u n o ~ w o n o ~ ~ ~ ~ ~ u ~ ~ ~ w i ~ ~ ~ ~ ~ 2 ~lriq~gn~m~wi~on~uimlnl.rlnuumii

m r ~ ~ i i u r i i ~ m ~ i s o n ~ d o ~ u i ~ ~ m u ~ n i ~ n l ~ ~ n u ~ o u n i i ~ u i n 7 ~ ~ u ~ l ~

ri3uQ~1~nnau11nt.i (1%)

r ru r~7m{ 2 0 3 suirn~n:s?nu gani? auini~hnuauinis i~dlur:l?nl 3 0 3 auim~nlchu l in i i rnu~~~s~nuau~n i~ unn.rii ~~urnrniiwasiobn~nwop11tmu (1-1 A asnonnboqriu Brigham and Ehrhardl (2002: 307) dnrii~I-YIuitap y nriiuo-li~urnui?m

(Time Value of Money) il ~uuIqn~~m~l/ iu~m~m~~wontdu ~ ~ Q I T L I T U W ? O ~ I U ? U ~ ~ ~ ~

iasdiuG.~lu~idnz 9z jSdx ~ ~ ~ ~ u l n l i ~ ~ f l - i ~ ~ l ~ n d ~ ~ ~ ~ ~ ~ u ~ u i i ~ n ~ ~ v 0 9 20 %?15941?1?cf

B H gaiu ~ i ~ n ~ i , : 1 4 u i m r ~ u i ~ o ~ n ~ i B ~ o ~ a u ~ 1 n n u i n 1 f d ~ 2 iiria$q:nn~in.rarl~on{lu

r:orr-rm 20 Y I R ~ ~ ~ i m r h ~ a u i n ~ s i~nz18on{Iurcu~nm 30 .Jlruauirnmlc?nu~wf~: d v &r B dr~nfimnii o h ! ~ ~ P ~ ~ ~ ~ ~ ~ ~ U U O ~ ~ ~ J ~ ~ J ~ ~ U I U I L ~ ~ ~ ~ U I ~ I ~ ~ ~ E ~ O U ~ U I T N r - ~ m i u q

t d a ~ a i n ~ ~ l s i ~ n ~ l o m (1%) n a ~ ~ ~ z ~ ~ i ? r n i ~ ~ r g ~ { ~ ? ~ u g ? ~ i l j ~ d i d < i 6.1 4194 4 au1rn~9nid~Bmnwn~10 '~1~~n'~ (m) d18Q14UlWB~D~Bln*u9~~fid3Z~El'IId01flbU1~73tU

u i o n i ~ a u i n ~ r d ~ n'15gnwanouunu (%) q~ $ 4 ; ~ m 5 d s u i ~ 1 ~ n ~ ~ l m u i j d i ~ r n s i u d wnnnuunu (1%) i 1 njllu~madwifo~ A M U U ~ ~ ~ U B U I ~ I ~ ~ T D U I W U ~ I U ~ ~ ~ G ~ ~ ~ ~ ~ I ~ U

~~ou&~ual iorJi innu?n*~~cIpJ'%uni~~i~~~ui~u~u~Ba~w"oRo~oia 'un'unu1n~~~u ri;! oio DPU

i cl . (2548). u ~ n ~ ~ r ~ i ~ ~ ~ ~ ~ ~ ~ i % ~ n ~ ~ ~ ~ 8 u ~ ~ ( ! w ~ , * tonmsdrznoumr urruit1~119

~ ~ i m ~ i ~ ~ ~ i i n ~ m ~ r n ~ ~ u i ~ o i o ~ o ~ + o 2 I ~ D U W ( I H ? ~ ~ U U 2548 N L ~ L L S U

vlofpu. (Qd~cu~) . Q W 4 Exror ixMrnd liazna:. (2541). ~~Zrrr~uluascina. n7.rmwuwiuns: usunss:ILl~n::

d d. Swiwnv o ~ h . u A a d, numv~uarono~o18r1. (2548). ~ ( ; a n 1 ~ i ; u u m ~ a s u ~ - a " n ~ ~ 1 ~ n ~ a G ~ d 1 ~ ~ 1 1 ~ ~ 0 i ~ u (Housing

A 4 Finance Training Program). nvlnw r : ~ U l F i d ¶ d r r t r o w ~ ~ f l l ~ ~

4 I U ~ I ~ S O I F I I ~ ~ A R S I . ~ . ~ l n n i ~ l i j o n ~ ~ ~ ~ z ~ a n ~ I u n ~ ~ ~ . BU/;UIUD 20 LUWUU 2550, ain

http:llwww.ghb.co.th 4 4 auin~roimr~.rmsi~n' . i u m a u r n ~ u o ~ u s e n e ~ o ~ ~ u . ~ U F ~ U L U ~ O 20 L~wuu 2550, vin

http:l/vnvw.ghb.co.th

ainr~midamwi

Boeree, C.G. (2006). Sigmund Freud. Available FTP: h~://webs~ace.s~.edulceboer/fireudbmd,

1010912550.

Brigham, E.F. and M.C. Ehrhardt, (2002). Financial management: Theory and practice. lon

ed. Albert Complex: Lehigh Press, Inc.

Lea, M.J. (200 1). "International Housing Finance Sourcebook 2000." International Union for

Housing Finance. 4fh ed.

fl) 30

xu1n7$

O J ~ J

firmn:n'

D O ~ I ~ U

'Inlmidr6

lrinouBiuor

riorrdinum

~ 0 4 - i 4 f i ~ {

unnraub

unwoanii

JrrtGurin~

1.700*2,100

0.25Yo

uorariu{

(1.00C-10,000

0.05Yo

vnwriju$

(2.500-5.000

7.0046

6m~iaen1Cu

3; 1 MRR-1.30%

$d 2 MRR-1.25%

nd 3 MRR-1.W.

nhvinu'u MRR A - . -

m A Jn 1-3 = 6 . m

ukninuSl MRR-0.50% " "

- 4 Jn I = 6.25%

q i 2 = 6.50%

~i 3 - 6.75%

nd 4 = 7 . ~ 0 - 4 Jn 5 = 7.25%

nhnnriu MRR J Y ' "

?i 1 - 6.25%

31 2 = 6.50%

3; 3 - 6 7 5 %

34 4 = 7.W".

if 3-10 = 7.25.i

niaiinfiu MRK

I aA 1 - s . 5 0 ~

q i 1 - 6.50%

nfiqloliu MLR J -

~ ~ L R + I . W O (fliiliiu 3,CdO,W uinl

MLR+Z rn (d;iiu 3.m.000 ulnl

. A Jn 1 = 4.25Y"

U;~PI~!;U MLR

m 4 dn 1-2 = MLR-1.25%

~84qinliu MLR

3d 1 = MLR-1.75% . A Jn 2 = MLR-0.75%

uh.lnnh MLR

riinsrudrm

5M1.MWI

0.25Yfi VO42.l

~~ i ju f i

-------- 7Wr8O%

70Yr85%

IUI~IY

nldlna

nlrlnn

nan~lnu

n ~ l r l n u

nlrdayrm

'Inu~uimr

7 . 0 ~

7 . w ~

J Cnllrmontuu

a; I - 4.25Ye

nn'~nnulu MLRQ.ZSB8 2 I

ait I = 4 . ~ ~ 1

nGqnnu*u MLR

ad I - 4.50%

nn'qrinulu MLR " "

ad I = 73%

3d 2 = 6 W % nn'~nnCu MMLR

lu idmm& ad 1-3 - MLR-I w% nn'ninCu MMLR

'Jd I - 4.00%

nhinu'u MLR

ild 1.2 - J.fS% *

nn'qinu'u MLR

~d 1-3 - 6.75%

nfiaijrinCu MLR

- J Jn I = MLR-3.0096

nhnnu'u MLR

- J Jn I -2 - MLR- 1.50%

nn'anncu MLR

u - " J; 1-3 - MLR-1 .OD%

nfiq;rp~nu*u MLR

3'$1-a~<45ol.a

5$ z = MLR-I.Z!4;

nidoinu*u MLR 0.5m

mna~siqfl~ryqli MLR

5 i I - nrd 3.25%

'-1-MLR-IWm i l d , . rlhnnu*u MLR-0.5-

'Irioouhun~

innh~nua

V D J U D ~ ~ U

uonarju[

un~a~fiub

ua~ l rdut

unaadtu$

V O J ~ J ~ U {

Jr:~tusini

0.25Y~

var?azu(

( I ,000-5.000

2,675-5.350

rilrrru~liuu

0 . s ~ U B ~

aaljutj

0.25% UOJ

a d u t

I ,000 uin

10Ljut

q ~ q n

WUIUIWQ:

M t R (Minimum b a n Rak) nul~d4 gnb~r~ulnnj&i ds:~nnCufi~~~ui;~::u::~~a~ ltiuun#liiillu~nlrlju 11n:nioii

Hfinmfwu'PiildrefiuojiaIi3u~Ho ~ A U B U ~ R ~ ' ~ O ~ ~ J ~ D I ~ I ~ ~ ~~elnwl~~z~~~il~o~ntinnfw6dl~~id'1::n'u . ~ ~ u ~ ~ d r : % n ~ ~ n ~ G u v o ~

pnir.iuvia~riu

MRR (Minimum Retail Rate) nului% Q f l d l ~ ? U ~ O B ~ U ~ ~ ~ U ~ ~ ~ ~ S ~ W ~ B U ~ ~ ~ ~ U ~ ~ I S ~ U ~ tIa:n?oin~nn?w6{idr:n'u d i v Y oii.r1i7u~ne t w u n u 1 c l ~ s o 1 ~ n ' ~ ~ r ~ 1 i ; ~ d ~ ~ 1 n n 1 1 a ~ ~ ~ i ~ ~ ~ ~ n ~ n n 5 ' ~ ~ n 1 ~ r i 1 ~ s ~ n ' u 1 ~ 1 ~ ~ ~ d ~ ~ ~ 1 n i ~ n i s 1 3 ~ u 0 . 1 ~ n d i ~ 1 d ~ ~ ' i i u

1 ~ 1 ~ 1 1

uamn~~Inu

~ttlfl

u~nudrmud

I # I ~

lnu~asia

~dondau

fitrttf

C~iaundu

aaonoiq3qqi MLR

14 I = 4.7%

nfiwinfiu M L R - 0 . 1 ~ ~ ~

4 doun 14 = 3.4%

doud 7-12 = 3.%

Gaqiniu MLR- I.WO uilKe~lli81nil

I#OU~ 14 - 3.75%

d0ud 7-12 = 3.99%

n~aoinifu MLR- I.WO ~ R ' X a ~ l i i ~ n i ~

5.25Yo A w 3 dud- . A

dn 1 = n ~ d 4.75% . A Jn 2-3 = MLR- 1.w0

nh.rs,niu MLR-0.75% t t i i o l ~ l i i ~ n i i

5.500X

anoslelykqtyl~~~

R ~ ~ B A ~ $ V ~ ~ M L R

a:, I = ~ L R - ~ O W

36 2 = MtR4.75Yo - - J; 3 - MLR-O.5OBh

nkeinliu MLR in3

7 . s ~ .

7 . 5 ~

7 ~ d u t

80-90./0

Jtr~Su~~rn

2,500-

rii~rluBm

1,m uin

aldu6.

'Inaau4iunl

riou Ainua

UOP-~~,?U{

m *e91~3u6

u n n l i u ~

rer~rfiufi

ro l7~ iu t j

~ ~ l 3 l d 1 1 {

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