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Pure Discount Loans Pure discount loans are relatively simple since they are nothing more than a lump sum. Suppose we have a pure discount loan with the following characteristics: $ Amount to be repaid: Years until repayment: Interest rate: 25,000 7 12% Present value: As you can see, we find the present value using the PV function. Equal Payment To creat an equal payment amortization schedule we need to calculate the loan payment, which we can calculate using the PMT function we discussed earlier. The loan payment will be: Loan amount: $ 350,000 9% Interest rate: This means that the equal annual payments will be: Equal payments: So, the equal annual payment amortization table will look like this: Beginning Balance Total Payment Interest Paid Principal Payment Ending Balance 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 $ $