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  L                              Version 2.1                     
  A                                                              ͵
  R            AN AID FOR MAKING INTELLIGENT FINANCIAL DECISIONS
  D 
                      CHARLTON WOOLARD  -  CopyRight 1989
    
 

                                    (Hit Any Key; "B" for Black/White Display)

 ACQUIRING ITEMS/LOANS/AMORTIZATION 


     This option provides a comprehensive evaluation of a loan.
     You are asked to input any 4 of the following 5 inputs:

       Loan amount ?  Rate ?  Payment ?  # payments per year ?  Years ?
                       

     I will calculate the missing input (Hit <RETURN> to skip an input).

     In addition, you will be shown the complete amortization
     schedule for the loan.

     You may select any one of 5 different amortization schemes:
                A)  Conventional method
                B)  Sum-of-the-years digits (or Rule of 78)
                C)  Graduated Payments (pays interest first)
                D)  Interest only with balloon payment
                E)  Pay % of Outstanding Balance (Credit Card Scheme)

     You may also analyze the effects of making higher payments.


 ACQUIRING ITEMS/LOAN 


 PLEASE RESPOND TO ANY 4 OF THE FOLLOWING 5 QUESTIONS:
        (Hit <RETURN> to skip a question)

 Loan amount being financed ?
 Rate (%) ?
 Payment amount ?                                                               
 # of payments per year ?                                                       
 Years ?                                                                        
                         
 Loan amount being financed ? : 10,000                                          
 Rate (%) ? : 11                                                                
 Payment amount ? :                                                             
 # of payments per year ? : 12                                                  
 Years ? : 4                                                                    
  
 REGULAR PAYMENTS ARE = $ 258.46                                                
 TOTAL INTEREST =     $ 2,405.85 Using The Conventional Amortization Method.    
 FINAL PAYMENT  =         $ 0.00 Using The Conventional Amortization Method.


 ACQUIRING ITEMS/LOAN/CONVENTIONAL METHOD 

                                                                                
                                LOAN  SPECIFICS                                 
                                                                                
  
 TERM OF LOAN          =      4.0 YEAR(S)                                       
                                                                                
 TOTAL INTEREST        =     $ 2,405.85                                         
                                                                                
 TOTAL PAYMENTS        =    $ 12,405.85                                         
                                                                                
 PERIODIC PAYMENT      =       $ 258.46                                         
                                                                                
 FINAL PAYMENT         =       $ 258.23                                         
                                                                                
 PRESENT VALUE         =    $ 10,000.04                                         
  
                                                                                
                                                                                
 ACQUIRING ITEMS/LOAN/CONVENTIONAL METHOD 
                                                                                

 PAYMENT     PRINCIPAL      INTEREST       BALANCE     CUM INTEREST             
                                                                                
    1           166.79         91.67       9833.21          91.67   ( 8/ 3/92)
    2           168.32         90.14       9664.89         181.81   ( 9/ 2/92)
    3           169.87         88.59       9495.02         270.40   (10/ 2/92)
    4           171.42         87.04       9323.60         357.44   (11/ 1/92)
    5           172.99         85.47       9150.61         442.91   (12/ 1/92)
    6           174.58         83.88       8976.03         526.79   (12/31/92)
    7           176.18         82.28       8799.85         609.07   ( 1/30/93)
    8           177.79         80.67       8622.06         689.74   ( 3/ 1/93)
    9           179.42         79.04       8442.64         768.78   ( 3/31/93)
   10           181.07         77.39       8261.57         846.17   ( 4/30/93)
   11           182.73         75.73       8078.84         921.90   ( 5/30/93)
   12           184.40         74.06       7894.44         995.96   ( 6/29/93)

 YEAR  1 :   ANNUAL INTEREST  =       $ 995.96
 OF  4.0     ANNUAL PRINCIPAL =     $ 2,105.56
             PERIODIC PAYMENT =       $ 258.46


 ACQUIRING ITEMS/LOAN/CONVENTIONAL METHOD 


 PAYMENT     PRINCIPAL      INTEREST       BALANCE     CUM INTEREST

   37           231.66         26.80       2692.49        2255.51   ( 7/19/95)
   38           233.78         24.68       2458.71        2280.19   ( 8/18/95)
   39           235.92         22.54       2222.79        2302.73   ( 9/17/95)
   40           238.08         20.38       1984.71        2323.11   (10/17/95)
   41           240.27         18.19       1744.44        2341.30   (11/16/95)
   42           242.47         15.99       1501.97        2357.29   (12/16/95)
   43           244.69         13.77       1257.28        2371.06   ( 1/15/96)
   44           246.93         11.53       1010.35        2382.59   ( 2/14/96)
   45           249.20          9.26        761.15        2391.85   ( 3/15/96)
   46           251.48          6.98        509.67        2398.83   ( 4/14/96)
   47           253.79          4.67        255.88        2403.50   ( 5/14/96)
   48           255.88          2.35          0.00        2405.85   ( 6/13/96)

 YEAR  4 :   ANNUAL INTEREST  =       $ 177.14
 OF  4.0     ANNUAL PRINCIPAL =     $ 2,924.15
             PERIODIC PAYMENT =       $ 258.46
                FINAL PAYMENT =       $ 258.23   ( 6/13/96)

 ACQUIRING ITEMS/LOAN/CONVENTIONAL METHOD 


                        1st PAYMENT vs RATE COMPARISONS

                            4.0 - YEAR LOAN AMOUNTS

   RATES         10000         12000         14000         16000         18000  
                                                                                
  11.00%        258.46        310.15        361.84        413.54        465.23  
  11.25%        259.67        311.60        363.54        415.47        467.41  
  11.50%        260.89        313.07        365.25        417.42        469.60  
  11.75%        262.11        314.53        366.95        419.38        471.80  
  12.00%        263.34        316.01        368.68        421.34        474.01  
  12.25%        264.57        317.48        370.40        423.31        476.23  
  12.50%        265.80        318.96        372.12        425.28        478.44  
  12.75%        267.04        320.45        373.86        427.26        480.67  
  13.00%        268.27        321.92        375.58        429.23        482.89  
  13.25%        269.52        323.42        377.33        431.23        485.14  
  13.50%        270.76        324.91        379.06        433.22        487.37
  13.75%        272.01        326.41        380.81        435.22        489.62



 ACQUIRING ITEMS/LOAN PAYOFF STRATEGY 
                                                                                
                                                                                
     This option accepts information of up to 15 loans, and provides            
     the fastest optimized pay-off strategy for the combined monthly            
     payment amount.  In addition, you are allowed to enter either              
     a new (higher) amount, or new (lower) time period, and details             
     describing the effect of this change is provided.                          
                                                                                
     You are asked to input the following 4 entries for each loan:              
                                                                                
       Loan amount ?  Rate ?  Payment ?  Loan Type ?                            
                                                 
                                                                                
     First, all loans will be prioritized for pay-off emphasis.                 
     Secondly, each monthly payment is distributed and applied so to            
     minimize interest payments.
     Finally, a table showing the pay-off period for each loan is provided.     
                                                                                
     The analysis assumes all loans are active, payments and rates are
     constant throughout the payment period, and the next payment is
     due in one month.  All excess payments are applied to the next loan.


 ACQUIRING ITEMS/LOAN PAYOFF STRATEGY 
                                                                                
 PAY-OFF PRIORITY:                                                              
             OUTSTANDING   ANN.        MONTHLY         LOAN      %      LINE OF 
   LOAN #      BALANCE     RATE        PAYMENT         TYPE   INT/PYMT  CREDIT  
                                                                                
       4       4599.00    8.50 %       200.00      RULE OF 78                   
       1      10000.00   11.00 %       268.00        STANDARD                   
       2       3456.00   12.00 %        56.00       REVOLVING             4000  
       3       5000.00    9.00 %       150.00       INT. ONLY                   
                                                                                
                                                                                
 ACQUIRING ITEMS/LOAN PAYOFF STRATEGY 

                                                                                
                          CURRENT MULTI-LOAN ANALYSIS                           
  
 TIME TO PAY OFF ALL LOANS =           3.4 YEAR(S)   (OR 41 MONTH(S))           
                                                                                
 TOTAL BALANCE             =    $ 23,055.00                                     
                                                                                
 COMBINED RATE (ALL LOANS) =          10.2 %                                    
                                                                                
 TOTAL INTEREST            =     $ 4,451.16                                     
                                                                                
 MINIMUM MONTHLY PAYMENT   =       $ 674.00                                     
                                                                                
 TOTAL PAYMENTS            =    $ 21,702.97                                     
                                                                                
 PRESENT VALUE OF PAYMENTS =    $ 22,078.97                                     
  
                                                                                
                                                                                
              Date of this report      :     AUGUST 21, 1992                    
              Approximate pay-off date :    JANUARY 23, 1996

 ACQUIRING ITEMS/LOAN PAYOFF STRATEGY 
                                                                                
                                                                                
                        MULTI-LOAN OPTIMIZATION RESULTS                         
  
 TIME TO PAY OFF ALL LOANS =           2.8 YEAR(S)   (SAVES 7 MONTH(S))         
                                                                                
 TOTAL BALANCE             =    $ 23,055.00                                     
                                                                                
 COMBINED RATE (ALL LOANS) =          10.2 %                                    
                                                                                
 TOTAL INTEREST            =     $ 3,672.10          (SAVES   $ 779.06)         
                                                                                
 MINIMUM MONTHLY PAYMENT   =       $ 800.00                                     
                                                                                
 TOTAL PAYMENTS            =    $ 21,325.52                                     
                                                                                
 FINAL PAYMENT             =      $ -324.23          (ON LOAN 3: INT. ONLY)     
  


              Date of this report      :     AUGUST 21, 1992
              Approximate pay-off date :       JUNE 24, 1995

 ACQUIRING ITEMS/LOAN PAYOFF STRATEGY 
                                                                                
                                                                                
                       MULTI-LOAN EARLY PAY-OFF SCHEDULE                        
  
 LOAN # 1    $ 10,000.00  11.00 %     STANDARD Paid in  2 YEAR(S) AND  5 MONTHS 
 LOAN # 2     $ 3,456.00  12.00 %    REVOLVING Paid in  2 YEAR(S) AND  9 MONTHS 
 LOAN # 3     $ 5,000.00   9.00 %    INT. ONLY Paid in  2 YEAR(S) AND 10 MONTHS 
 LOAN # 4     $ 4,599.00   8.50 %   RULE OF 78 Paid in  1 YEAR(S) AND  4 MONTHS 
  


 ACQUIRING ITEMS/LOAN PAYOFF STRATEGY 
                                                                                
                                                                                
                       MULTI-LOAN EARLY PAY-OFF SCHEDULE                        
 
 LOAN # 1    $ 10,000.00  11.00 %     STANDARD Paid in  2 YEAR(S) AND  5 MONTHS 
 LOAN # 2     $ 3,456.00  12.00 %    REVOLVING Paid in  2 YEAR(S) AND  9 MONTHS
 LOAN # 3     $ 5,000.00   9.00 %    INT. ONLY Paid in  2 YEAR(S) AND 10 MONTHS
 LOAN # 4     $ 4,599.00   8.50 %   RULE OF 78 Paid in  1 YEAR(S) AND  4 MONTHS
 

    ENTER NEW TIME TARGET IN MONTHS (add a "m" [i.e. "24m"]),
    OR,   ENTER NEW MONTHLY PAYMENT (or, hit <return> to exit) :


 ACQUIRING ITEMS/LEASE 
                                                                                
                                                                                
    When evaluating lease arrangements it is important to know                  
    how much financing is being provided.  This is the only way to              
    effectively compare lease arrangements.  The lease arrangement              
    which provides the most financing is clearly the better choice.             
                                                                                
    This option uses lease payments to calculate the true value of the          
    lease and compares the NET LEASE VALUE with that of an EQUIVALENT           
    LOAN to determine if borrowing offers an advantage over leasing.
    Obtaining a loan may be better if it provides more financing.               
                                                                                
    NOTE: To utilize this option you must first know your true                  
          LEASE CASH OUTFLOW AMOUNTS (payments) for each payment period.        
          These are typically the tax shield of your payments, less the         
          payment amount, and less any lost depreciation tax shields.           
                                                                                
          You may simply hit <RETURN> to repeat entries and avoid retyping, or  
          add a "c" to your last number entry to repeat automatically for the   
          remainder of all payments.


 ACQUIRING ITEMS/LEASE 
                                                                                
                                                                                
                                                                                
 Interest rate (%) ? : 11                                                       
 Tax rate (%) ? : 28                                                            
  
 The lease provides $ 4,900.00 of initial financing.                            
 An equivalent loan provides $ 2,054.12 of initial financing.
 The lease provides $ 2,845.88 more financing than an equivalent loan.          
                                                                                
 BOTTOM LINE :  THE LEASE IS PROBABLY MORE ATTRACTIVE.                          
                                                                                
                                                                                
 (Use Option A3 or B3-1 for Detailed Buy vs Lease Analysis.)                    
                                                                                

 ACQUIRING ITEMS/BUY vs RENT 
                                                                                
                                                                                
                                                                                
    This option compares the true NET ADVANTAGE OF A LEASE                      
    to BUYING the same asset, over the life of the lease (in years).

    Both the Financial Advantage (i.e. payments made) and the Operating
    Advantage (i.e. cash flow, expense savings, etc.) are
    provided.  In addition, you may view a table detailing
    the cash flow differences of BUYING vs RENTING.


 ACQUIRING ITEMS/BUY vs RENT 
                                                                                
                                                                                
       COMPARISON OF BUYING vs RENTING                                          
                                                                                
 AMOUNT FINANCED FOR PURCHASE         $  10000.00                               
 AVG TAX DEDUCTIBLE RATE                     0.280                              
 INTEREST RATE                               0.110                              
 INVESTMENT RATE                             0.060                              
 AVG ANNUAL RENT INCREASE                    0.020                              
 PERIODIC RENT                        $    300.00                               
 EXPECTED ACTUAL SALVAGE              $   3500.00                               
 EXPENSE OF ARRANGING LEASE           $    500.00                               
 ANNUAL EXPENSE SAVING DUE TO LEASE   $    150.00                               
 EXPECTED DURATION OF LEASE                  6.0  YEARS                         
 LIFE OF LOAN                                5.0  YEARS                         
                                                                                
 SENSITIVITY ANALYSIS ON "AMOUNT FINANCED"                                      
    WITH A RANGE OF 8000.000 TO 12000.000                                       
                                                                                

 ACQUIRING ITEMS/BUY vs RENT 
                                                                                
                                                                                
                                                                                
                                             ANNUAL     PRESENT                 
                     LOAN       DEDUCTIBLE   CASH FLOW  VALUE OF                
                     INTEREST   INTEREST     SAVINGS    CASH FLOW               
                       AT         AT         WITH       DISC. AT                
 YEAR      RENT      0.110      0.280        LEASE      0.060                   
                                                                                
   1       3600        1099         308        -658        -619                 
   2       3672         908         254        -104         -93                 
   3       3745         694         194         -44         -37                 
   4       3820         453         127          23          18                 
   5       3897         182          51          99          74                 
   6       3975           3           1       -3351       -2340                 
                                                                                
 TOTAL    22709        3339         935       -4035       -2997                 
                                                                                
                                                                                
 ACQUIRING ITEMS/BUY vs RENT 
                                                                                
                                                                                
  
 FINANCIAL ADVANTAGE OF LEASE  $ -4,493.62                                      
                                                                                
 OPERATING ADVANTAGE OF LEASE  $ -2,997.34                                      
                                                                                
       NET ADVANTAGE OF LEASE  $ -7,490.96    (Excluding Downpayments)
 
                    BUYING IS MORE ATTRACTIVE THAN LEASING.
 

 NOTE: VALUE OF LEASE =  $ 11,927.07

 ACQUIRING ITEMS/BUY vs RENT 
                                                                                
                                                                                
  SENSITIVITY ANALYSIS ON "AMOUNT FINANCED"                                     
                                                                                
  
 AMOUNT FINANCED =    8000.00
                                                                                
                                                                                
                                             ANNUAL     PRESENT                 
                     LOAN       DEDUCTIBLE   CASH FLOW  VALUE OF                
                     INTEREST   INTEREST     SAVINGS    CASH FLOW               
                       AT         AT         WITH       DISC. AT                
 YEAR      RENT      0.110      0.280        LEASE      0.060                   
                                                                                
   1       3600         879         246        -596        -561                 
   2       3672         727         203         -53         -47                 
   3       3745         555         156          -6          -5                 
   4       3820         362         101          49          38                 
   5       3897         145          41         109          81                 
   6       3975           3           1       -3351       -2340                 

 TOTAL    22709        2671         748       -3848       -2834


 ACQUIRING ITEMS/BUY vs RENT 
                                                                                


                                             ANNUAL     PRESENT
                     LOAN       DEDUCTIBLE   CASH FLOW  VALUE OF
                     INTEREST   INTEREST     SAVINGS    CASH FLOW
                       AT         AT         WITH       DISC. AT
 YEAR      RENT      0.110      0.280        LEASE      0.060

   1       3600         879         246        -596        -561
   2       3672         727         203         -53         -47
   3       3745         555         156          -6          -5
   4       3820         362         101          49          38
   5       3897         145          41         109          81
   6       3975           3           1       -3351       -2340

 TOTAL    22709        2671         748       -3848       -2834


 NET ADVANTAGE OF LEASE =    $ -9,612.05  BUY !

 NOTE: VALUE OF LEASE   =     $ 9,779.06

 SAVING/PRESENT VALUE OF ANNUITIES-PERPETUITIES 


 PRESENT VALUE OF ANNUITIES/PERPETUITIES

     What is the total value of all periodic payments {annuity}
       at a specific discount rate ?
     What is the total value of payments made forever {perpetuity}
       at a specific discount rate ?
 
     This option allows you to answer the above questions
     regarding Annuities and Perpetuities.


 SAVING/PRESENT VALUE OF ANNUITIES-PERPETUITIES 
                                                                                
                                                                                
                                                                                
 Annual rate (%) ? (include a "c" for continuous compounding): 9                
 Regular payment amount ? : 400                                                 
 # of payments per year ? : 6                                                   
 Total years ? (Hit <RETURN> if Forever) : 20                                   
  
 THE PRESENT VALUE OF THE ANNUITY IS $ 22,199.38                                
                                                                                

 SAVING/SAVING FOR A CERTAIN AMOUNT 
                                                                                
                                                                                
                                                                                
 SAVING FOR A CERTAIN AMOUNT                                                    
                                                                                
     How long will it take to save a certain amount, given                      
       specific deposits at a given interest rate ?                             
     How much will I save if I make regular deposits of a
       specific amount at a given interest rate ?
     How much should I deposit at regular intervals, to save
       a specific amount at a given interest rate ?
 
     This option assists you in meeting your saving goals by
     providing the answers to the above questions.  All deposits are equal.


 SAVING/SAVING FOR A CERTAIN AMOUNT 


 Annual rate (%) ? (include a "c" for continuous compounding) : 10              
 # of payments per year ? : 12                                                  
                                                                                
 PLEASE RESPOND TO 2 OF THE FOLLOWING 3 QUESTIONS:                              
                                                                                
 TOTAL YEARS ? :                                                                
 What is the targeted FUTURE AMOUNT ? :                                         
 What are the regular DEPOSIT AMOUNTS ? :                                       
                   
 TOTAL YEARS ? :                                                                
 What is the targeted FUTURE AMOUNT ? : 100,000                                 
 What are the REGULAR DEPOSIT AMOUNTS ? : 50                                    
                                                                                
  
 YOU MUST SAVE FOR 28 YEAR(S) AND 10 MONTH(S)                                   

 SAVING/SAVING FOR REGULAR WITHDRAWALS 
                                                                                
                                                                                
                                                                                
 SAVING FOR REGULAR WITHDRAWALS                                                 
                                                                                
     How long can I withdraw a certain amount, given                            
       specific withdrawals at a given interest rate ?                          
     How much should I invest to allow regular withdrawals of                   
       a certain amount over time at a given interest rate ?                    
     Given a certain amount, how much can I withdraw at regular                 
       intervals over time at a given interest rate ?                           
                   
     This option assists you in meeting your withdrawal objectives by           
     providing the answers to the above questions.  All withdrawals are equal.  

 SAVING/SAVING FOR REGULAR WITHDRAWALS 
                                                                                
                                                                                
                                                                                
 Annual rate (%) ? (include a "c" for continuous compounding) : 9               
 # of withdrawals per year ? : 12                                               
                                                                                
 PLEASE RESPOND TO 2 OF THE FOLLOWING 3 QUESTIONS:                              

 TOTAL YEARS ? :
 What is the INVESTMENT AMOUNT ? :
 What are the desired regular WITHDRAWALS ? :
 
 TOTAL YEARS ? :
 What is the INVESTMENT AMOUNT ? : 100,000
 What are the desired regular WITHDRAWALS ? : 50

 
 YOU CAN WITHDRAW FOREVER


 BUSINESS DECISIONS/BUYING & SELLING A BUSINESS 
                                                                                
                                                                                
    Firm "A" is considering buying firm "B" (both are public companies).        
                                                                                
    This option will assist you in determining the market values                
    of both firms, the cost to firm "A" of acquiring firm "B",                  
    and the net gain or financial benefit of the acquisition.                   
                                                                                
    You provide the stock price and share quantity of both firms.               
    A table of 9 scenarios is developed since firm "B" stock price              
    may fluctuate due to acquisition rumors.  This table will display           
    a range of firm "B" stock prices, the effect this movement                  
    has on the market value of firm "B", and the cost to firm "A"               
    should it continue to pursue the acquisition.                               
                                                                                
    You may then select any one of the 9 price scenarios to produce
    a second table which displays a range of BENEFIT values,
    and the COST and NET GAIN for both methods (cash and common stock)
    of acquiring firm "B".


 BUSINESS DECISIONS/BUYING & SELLING A BUSINESS 
                                                                                
 Share price of COMPANY A                   =      $ 50                         
 Share price of COMPANY B                   =      $ 34                         
 Intrinsic value of COMPANY A               = $ 50,000,000                      
 Intrinsic value of COMPANY B               = $ 34,000,000                      
 REASONABLE CASH OFFER TO ACQUIRE/MERGE WITH COMPANY B = $ 42,500,000           
 NET COST TO ACQUIRE / MERGE WITH COMPANY B = $ 8,500,000                       
  
                                                                                
                          FINANCED BY CASH              BY COMMON STOCK         
                            
        BENEFIT         COST        NET GAIN           COST        NET GAIN     
                                                                                
    $ 51,700,000    $ 6,800,000    $ 44,900,000  $ -10,245,945    $ 61,945,945  
    $ 59,775,000    $ 6,800,000    $ 52,975,000   $ -6,535,810    $ 66,310,810  
    $ 67,850,000    $ 6,800,000    $ 61,050,000   $ -2,825,675    $ 70,675,675  
    $ 75,925,000    $ 6,800,000    $ 69,125,000      $ 884,459    $ 75,040,540  
    $ 84,000,000    $ 6,800,000    $ 77,200,000    $ 4,594,594    $ 79,405,405  
    $ 92,075,000    $ 6,800,000    $ 85,275,000    $ 8,304,729    $ 83,770,270
   $ 100,150,000    $ 6,800,000    $ 93,350,000   $ 12,014,864    $ 88,135,135
   $ 108,225,000    $ 6,800,000   $ 101,425,000   $ 15,725,000    $ 92,500,000
   $ 116,300,000    $ 6,800,000   $ 109,500,000   $ 19,435,135    $ 96,864,864

 BUSINESS DECISIONS/BUSINESS FINANCIAL PERFORMANCE ANALYSIS 
                                                                                
                                                                                
    This option analyzes the financial performance of any public                
    company (firms that offer common shares of stock).  The analyses            
    are based on rules-of-thumbs and generally accepted benchmarks.             
                                                                                
    You provide 15 entries which are typically found in annual reports.         
    From these entries, up to 28 financial ratios are provided.                 
    The ratios are categorized by:                                              
            MANAGEMENT EFFECTIVENESS, OWNERS RETURN, and LENDERS RISKS.         
                                                                                
    At your option, an explanation of each ratio and/or a summary               
    of recommendations are also provided.                                       
                                                                                
    NOTE: You may direct the output to a printer, to a text file                
          entitled "BUS.TXT", or simply view on your screen.  In addition,      
          your financial entries may be stored for future recall.               
                                                                                
          You may only analyze one firm at a time.                              

 BUSINESS DECISIONS/BUSINESS FINANCIAL PERFORMANCE ANALYSIS 
                                                                                
                        Company: ??                                             
                                                                                
                        BALANCE SHEET INFORMATION                               
                                                                                
    Current Assets _________________       Total Assets ________________        
    Current Liabilities ____________       Retain Earnings _____________        
    Total Shareholder Equity ____________                                       
                                                                                
                                                                                
                        OPERATING STATEMENT INFORMATION                         
                                                                                
    Revenues _______________________       Cost Of Goods Sold __________        
    Marketing Expenses _____________       Interest Expenses ___________        
    Earnings Before Taxes __________       Net Income __________________        
                                                                                
                                                                                
                        OTHER INFORMATION                                       
                                                                                
    Share Price ____________________       Earnings Per Share __________        
    Operating Income _______________       Tax Rate ____________________


 BUSINESS DECISIONS/INTERNAL RATE OF RETURN 
                                                                                
                                                                                
                                                                                
     This option determines the INTERNAL RATE OF RETURN and the                 
     payback period at a specified discount rate.  If the                       
     investment is not recoverable, you are alerted to this fact.               
                                                                                
     You are asked to enter the initial investment, the discount                
     rate, and a stream of cash flows (if payments are inconsistent)            
     or the amount of fixed payments.  If you enter the individual              
     cash flows, you can alter any entry if necessary.                          
                                                                                
     NOTE: The periods are unspecified so if you want an annual IRR,            
           be sure to provide annual payments (vs monthly).                     
                                                                                
           To end your stream of entries, simply hit <RETURN>.                  

 BUSINESS DECISIONS/INTERNAL RATE OF RETURN/FIXED 
                                                                                
                                                                                
                                                                                
 Fixed payment amount : 10                                                      
                                                                                
 Enter the total number of payments (MAX = 100 Payments) : 15
 

 IRR =   -17.75 %
 Investment is not recoverable when discounted at  9.00%


 ACQUIRING ITEMS/CORPORATE BUY vs LEASE 
                                                                                
                                                                                
                                                                                
    This option compares the true NET ADVANTAGE OF A LEASE                      
    to BUYING the same asset, over the life of the lease (in years).            
                                                                                
    You are asked to enter the PURCHASE parameters of the asset,                
    and the LEASING parameters of a lease contract.  For the                    
    purchase of the asset you are also allowed to structure a loan.             
    The financials of the purchase arrangement are compared with the            
    financials of the lease to provide "the bottom line" - the net              
    advantage of the lease.  If the net advantage of the lease                  
    is negative, the analysis favors buying.                                    
                                                                                
    Both the Financial Advantage (i.e. payments made) and the Operating         
    Advantage (i.e. cash flow, expense savings, etc.) are                       
    provided.  In addition, you may view a table detailing                      
    the cash flow differences of BUYING vs LEASING.                             
                                                                                

 BUSINESS DECISIONS/BUY vs MAKE 
                                                                                
                                                                                
    This option allows you to accurately determine whether it is better         
    to BUY or MAKE components ("components" is used in the generic              
    sense - it could be anything).                                              
                                                                                
    You provide cost and tax rate information, as well as investment,           
    depreciable life (max=35), salvage value, cost of capital (or               
    discount rate), and the yearly demand of your components.                   
                                                                                
    The present value of the cost to make and the cost to buy                   
    (including the effect of all taxes) are provided.                           
    In addition, a table of your expenses and cash flows are                    
    provided at your option.                                                    
                                                                                
    NOTE: If you select Double-Declining-Balance or Sum-Of-The-Years-Digits as  
          your depreciation scheme, the depreciation method switches to         
          the straight-line method when switching is advantageous.              
                                                                                

 BUSINESS DECISIONS/BUY vs MAKE 
                                                                                
                                                                                
                                                                                
         CASH FLOWS ONLY (EXCLUDES INVESTMENTS)         
                                                                                
           ---- IF BUYING ----     ---- IF MAKING ----     NET BUY CASH FLOW    
  YEAR     EXPENSE   CASH FLOW     EXPENSE   CASH FLOW     ADVANTAGE            
                                                                                
      0           0           0           0       -3000       -3000             
      1        4500        3240        9900        6328        3088             
      2        4500        3240        7500        4600        1360             
      3        4500        3240        5100        2872        -368             
      4        4500        3240        2700        1144       -2096             
      5        4500        3240        -700         136       -3104             

 BUSINESS DECISIONS/BUY vs MAKE 
                                                                                
                                                                                
 THE PRESENT VALUE OF THE COST TO MAKE IS $ 15,793.77                           
                                                                                
 THE PRESENT VALUE OF THE COST TO BUY  IS $ 12,602.47

 YOU SHOULD BUY THE COMPONENTS AT A SAVINGS OF $ 3,191.30
 


   BUSINESS DECISIONS/BREAK-EVEN ANALYSIS 
                                                                                
                                                                                
                                                                                
    This option allows you to quickly assess how many units you                 
    should sell in order to recover your cost (i.e. break-even).                
                                                                                
    A 2-column table is provided that illustrates your UNIT and TOTAL VOLUME    
    sales, variable cost, contribution margins, operating income                
    (income before expenses are paid), and break-even (units and sales).

    In addition, your degree of operating leverage is computed.  Operating
    leverage reflects the amount your income changes for every %
    change in sales.


   BUSINESS DECISIONS/BREAK-EVEN ANALYSIS 
                                                                                
  Selling price of the unit : 45                                                
  Total fixed cost (usually much larger than variable cost) : 3,000
  # of units sold     : 19                                                      
  # of units produced : 20                                                      
  Variable cost per unit : 20                                                   
  Your desired [gross] profit impact (in $) : 10,000                            
                                                                                
                                     UNIT              TOTAL                    
                                                                                
   SALES                 =        $ 45.00           $ 855.00                    
   VARIABLE COST         =        $ 20.00           $ 400.00                    
   CONTRIBUTION          =        $ 23.95           $ 455.00
   OPERATING INCOME      =      $ -133.95        $ -2,545.00
   BREAK-EVEN (UNITS)    =           -                126
   BREAK_EVEN (SALES)    =       $ 178.95         $ 3,400.00
   DEGREE OF OPER. LEV.  =           -                 -0.34

   * At a break-even of 126 units, every % change
       in sales effectively changes operating income by -0.34 % .

   * Required unit volume for gross profit of $ 10,000.00 is 543 units.


 INSURANCE/TERM 
                                                                                
                                                                                
                                 TERM INSURANCE                                 
                                                                                
 TERM INSURANCE protects you for only a specified period, or term - usually
   5, 10, 20 years.  Term insurance pays a benefit only if you die during       
   the period covered.  The insurance stops when you stop making                
   payments or when the specified term expires.                                 
                                                                                
 CHARACTERISTICS:                                                               
   . Low initial premiums                                                       
   . Protection for a specified period                                          
   . Usually renewable                                                          
   . No cash value                                                              
   . Premium rises with each new term                                           
                                                                                
 BEST SUITED FOR/WHEN:                                                          
   . Buyer wants consistent and low payments                                    
   . Buyer is not concerned with cash value or investment value                 
   . Buyer wants coverage only for a fixed period of time


 INSURANCE/TERM 
                                                                                
                                                                                

 Does TERM INSURANCE truly meet my objectives ?                                 
                                                                                
 Should I use my premium payment dollars differently ?                          
                                                                                
 Is TERM INSURANCE really worth it to me ?                                      
           
 This option helps you to address the above questions by providing some         
 facts on comparable loan and savings programs.                                 
                                                                                

 In addition, you may view a table that displays, for each
 additional year of living, the present cash value of the policy
 and the net advantage of both a loan and comparable savings.


 INSURANCE/TERM 
                                                                                
                                                                                
                      PRESENT               PRESENT  NET SAVINGS     NET LOAN   
 YEAR OF     CUMM.    CASH        CUMM.      VALUE    ADVANTAGE      ADVANTAGE  
 ADDITIONAL  ANNUAL   VALUE OF    ANNUAL       OF       OVER           OVER
 LIVING      PYMNTS   INSURANCE   SAVINGS     LOAN    INSURANCE      INSURANCE  
                       
   0              0           0          0      6532            0        6532   
   1           1200           0       1200      6271         1200        6271   
   2           2400           0       2472      6020         2472        6020   
   3           3600           0       3820      5779         3820        5779   
   4           4800           0       5250      5548         5250        5548   
   5           6000           0       6765      5326         6765        5326   
   6           7200           0       8370      5113         8370        5113   
   7           8400           0      10073      4908        10073        4908   
   8           9600           0      11877      4712        11877        4712   
   9          10800           0      13790      4524        13790        4524   
  10          12000           0      15817      4343        15817        4343   
                                                                                

 INSURANCE/WHOLE LIFE 
                                                                                
                                                                                
                              WHOLE LIFE INSURANCE                              
                                                                                
 WHOLE LIFE is the most common type of insurance.  You are insured as
   long as you make payments - usually your whole life (or to age 100).         
   Whole Life accumulates "CASH VALUE" which you can use in a variety of ways.  
   You may borrow it, use as collateral for future payments, or withdraw it.    
                                                                                
 CHARACTERISTICS:                                                               
   . Protection for life                                                        
   . Fixed premiums with growing cash value                                     
   . More expensive than Term                                                   
   . Flexible usage of cash value (i.e. tax free loans)                         
   . Available as UNIVERSAL, VARIABLE and ADJUSTABLE LIFE                       
                                                                                
 BEST SUITED FOR/WHEN:                                                          
   . Buyer who is concerned about increases in premium                          
   . Buyer who wants Life Insurance for whole life                              
   . Buyer who is looking for investment benefits from insurance


 INSURANCE/WHOLE LIFE 
                                                                                
                                                                                

 Does WHOLE LIFE INSURANCE truly meet my objectives ?                           
                                                                                
 Should I use my premium payment dollars differently ?                          
                                                                                
 Is WHOLE LIFE INSURANCE really worth it to me ?                                
                                                                                
 When is the best time to cancel this insurance ?                               
           
 This option helps you to address the above questions by providing some         
 facts on comparable loan and savings programs.                                 
                                                                                
                                                                                
 In addition, you may view a table that displays, for each                      
 additional year of living, the present cash value of the policy                
 and the net advantage of both a loan and comparable savings.                   
                                                                                

 INSURANCE/WHOLE LIFE 
                                                                                
                                                                                
                      PRESENT               PRESENT  NET SAVINGS     NET LOAN
 YEAR OF     CUMM.    CASH        CUMM.      VALUE    ADVANTAGE      ADVANTAGE  
 ADDITIONAL  ANNUAL   VALUE OF    ANNUAL       OF       OVER           OVER     
 LIVING      PYMNTS   INSURANCE   SAVINGS     LOAN    INSURANCE      INSURANCE  
                       
   0              0       15000          0      6475       -15000       -8525   
   1           1200       14558       1200      6280       -13358       -8277   
   2           2400       14129       2472      6092       -11657       -8037   
   3           3600       13712       3820      5909        -9892       -7803   
   4           4800       13308       5250      5732        -8058       -7576   
   5           6000       12915       6765      5560        -6151       -7355   
   6           7200       12535       8370      5393        -4164       -7142   
   7           8400       12165      10073      5231        -2093       -6934   
   8           9600       11806      11877      5074           70       -6732   
   9          10800       11458      13790      4922         2331       -6536   
  10          12000       11121      15817      4775         4696       -6346   
                                                                                

 INSURANCE/LIMITED PAYMENT LIFE 
                                                                                
                                                                                
                         LIMITED PAYMENT LIFE INSURANCE
                                                                                
 LIMITED PAYMENT LIFE is similar to Whole Life except payments are made         
   only as long as you specify.  The insurance, however, covers you for         
   your whole life and accumulates "CASH VALUE" which you may access.           
   You may borrow it, use as collateral for future payments, or withdraw it.    
                                                                                
 CHARACTERISTICS:                                                               
   . Protection for life, even after payments stop                              
   . Fixed premiums with growing cash value                                     
   . More expensive than ordinary whole life or term                            
   . Flexible usage of cash value (i.e. tax free loans)                         
   . Available as universal, variable and adjustable life                       
                                                                                
 BEST SUITED FOR/WHEN:                                                          
   . Buyer who is NOT concerned with expensive premiums                         
   . Buyer who wants Life Insurance for whole life but can pay-off              
   . Buyer who is looking for investment benefits from insurance


 INSURANCE/ENDOWMENT 


                              ENDOWMENT INSURANCE

 ENDOWMENT INSURANCE is a combination of limited payment and an annuity that
   endows or begins payment at a specified period (i.e. at age 65).
   Endowment insurance is very flexible and accumulates CASH VALUE rapidly.
   Payments can be a lump sum or set monthly amounts.

 CHARACTERISTICS:
   . Most expensive
   . Protection for a specific period which usually extends after death
   . Most flexible - policy can be tailored to coincide with future events
   . Rapid cash accumulation
   . Similar to social security

 BEST SUITED FOR/WHEN:
   . Buyer wants to use insurance as a retirement plan
   . Buyer is not concerned with high premium costs
   . Buyer wants cash paid in an annuity and cash paid upon death

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