The LOAN Procedure

is equivalent to specifying the BREAKINTEREST, BREAKPAYMENT, PWOFCOST, and TRUEINTEREST options. The loan comparison report includes all the criteria. You need to specify the MARR= option for present worth of cost calculation.

specifies the periods for loan comparison reports. If you specify the START= option in the PROC LOAN statement, you can specify the AT= option as a list of dates expressed as SAS date literals instead of periods. The comparison periods do not need to be in time sequence. If you do not specify the AT= option, the comparison period defaults to the first LIFE= option specification. If you do not specify the LIFE= option for any of the loans, the loan comparison period defaults to the first calculated life.

specifies breakeven analysis of the interest paid. The loan comparison report includes the interest paid for each loan through the specified comparison period (AT= option).

specifies breakeven analysis of payment. The periodic payment for each loan is reported for every comparison period specified in the AT=option.

specifies the MARR (minimum attractive rate of return) in percent notation. The MARR reflects the cost of capital or the opportunity cost of money. The MARR= option is used in calculating the present worth of cost.

calculates the present worth of cost (net present value of costs) for each loan based on the cash flow through the specified comparison periods. The calculations account for down payment, initialization costs, and discount points, as well as the payments and outstanding principal balance at the comparison period. If you specify the TAXRATE= option, the present worth of cost is based on after-tax cash flow. Otherwise, before-tax present worth of cost is calculated. You need to specify the MARR= option for present worth of cost calculations.

specifies income tax rate in percent notation for the after-tax calculations of the true interest rate and present worth of cost for those assets that qualify for tax deduction. If you specify this option, the amount specified in the POINTS= option and the interest paid on the loan are assumed to be tax-deductible. Otherwise, it is assumed that the asset does not qualify for tax deductions, and the cash flow is not adjusted for tax savings.

calculates the true interest rate (effective interest rate based on the cash flow of all payments, initialization costs, discount points, and the outstanding principal balance at the comparison period) for all the specified loans through each comparison period. If you specify the TAXRATE= option, the true interest rate is based on after-tax cash flow. Otherwise, the before-tax true interest rate is calculated.

suppresses the printing of the loan comparison report. The NOCOMPRINT option is usually used when an OUTCOMP= data set is created to store loan comparison information.

writes the loan comparison report to an output data set.