"Wayne.B" wrote in message
...
On Wed, 1 Feb 2006 18:42:52 -0800, "Dene" wrote:

If you are proficient with Excel, create a spreadsheet where every
column is one month of the repayment period. Start with the loan
amount and monthly payment. Use the monthly interest rate (annual
rate/12) to calculate the interest paid in the first month. The
remainder of the payment after interest is ammortization. Calculate
the second and subsequent columns by subtracting ammortization from
the principle amount of the previous month. Recalculate interest for
the current month and keep rolling the whole thing forward. It's
actually easier than my description.

The bottom line is that you will be shocked at how slowly you are
actually paying the boat off until the last few years of the loan.

I understand, as I'm quite familiar with amortization tables. However, with
my income, I need all the write-off's I can get. I'd prefer to spend
pleasure money on something tax deductible vs. European vacations or cars or
resorts or.......

Now....when I approach retirement and have a fixed income, different story.
Likely I will own most of the boat and just keep it....who knows.

-Greg