Web Appendix Figure 1. Operational Steps of Experiment
57,533 direct
mail
solicitations
with randomly
different offer
interest rates
sent out to
former clients.
5,028
clients go to
branch and
apply for
loan.
Client is
offered ro
(regardless
of whether
she brings
in letter).
Loan officer
makes credit
and loan supply
decisions based
on “normal”
interest rates,
hence “blind” to
experimental
rates. 4,348
clients are
approved.
Client offered
loan at rc
(contract rate).
Borrower may
revise size and
maturity.
Contract
finalized and
client told
whether rate
is good for
one year
(D=1) or just
one loan
(D=0).
Client given
short survey
and then
picks up
cash
Repayment
behavior
observed.
Web Appendix Table 1. Summary Statistics for Sample Frame, Borrowers, and Other Sub-Samples of Interest
All
Borrowed
10.3
(6.9)
1116.4
(829.9)
4.3
(3.9)
5.9
(5.8)
1156.0
(825.7)
4.9
(4.2)
6.0
(5.8)
1161.4
(798.2)
4.8
(4.2)
5.8
(5.8)
1150.9
(851.6)
4.9
(4.2)
12.7
(6.1)
1086.4
(785.2)
3.6
(3.5)
2.8
(1.7)
1176.5
(878.4)
5.7
(4.2)
2.8
(1.6)
1229.7
(994.5)
6.6
(4.3)
1,656
2.88%
53,296
92.64%
2,030
3.53%
551
0.96%
132
3.04%
3,939
90.59%
223
5.13%
54
1.24%
54
2.53%
1,926
90.30%
123
5.77%
30
1.41%
78
3.52%
2,013
90.88%
100
4.51%
24
1.08%
1,407
3.26%
40,687
94.18%
887
2.05%
220
0.51%
93
1.50%
5,658
91.17%
369
5.95%
86
1.39%
156
1.92%
6,951
85.54%
774
9.52%
245
3.02%
57,533
4,348
2,133
2,215
43,201
6,206
8,126
7.88
(2.42)
7.08
(2.42)
0.43
(0.50)
0.41
(0.49)
7.18
(2.30)
6.53
(2.26)
0.47
(0.50)
0.40
(0.49)
7.16
(2.32)
6.46
(2.25)
0.47
(0.50)
0.40
(0.49)
7.22
(2.29)
6.58
(2.27)
0.47
(0.50)
0.40
(0.49)
8.10
(2.48)
7.29
(2.52)
0.46
(0.50)
0.41
(0.49)
7.20
(1.85)
6.56
(1.87)
0.47
(0.50)
0.39
(0.49)
5.73
(1.36)
5.28
(1.34)
0.48
(0.50)
0.39
(0.49)
152.56
(359.28)
0.09
(0.21)
0.22
(0.29)
0.12
(0.32)
131.10
(337.39)
0.08
(0.19)
0.20
(0.28)
0.10
(0.30)
173.21
(378.09)
0.11
(0.23)
0.24
(0.30)
0.14
(0.33)
180.13
(404.86)
0.12
(0.24)
0.25
(0.31)
0.14
(0.35)
224.49
(408.52)
0.13
(0.24)
0.32
(0.31)
0.17
(0.38)
57.40
(181.67)
0.03
(0.11)
0.10
(0.19)
0.04
(0.19)
0.48
0.49
1
0
0.47
(0.50)
(0.50)
(0)
(0)
(0.50)
0.44
0.46
0.39
0.52
Married, proportion
0.44
(0.50)
(0.50)
(0.49)
(0.50)
(0.50)
1.59
1.90
1.82
1.97
# of dependents
1.40
(1.74)
(1.75)
(1.61)
(1.87)
(1.68)
41.25
40.90
41.74
40.10
Age
40.93
(11.53)
(11.13)
(11.38)
(10.82)
(11.55)
6.78
6.98
7.45
6.53
Education (# of years, estimated from occupation)
6.76
(3.32)
(3.38)
(3.51)
(3.19)
(3.30)
3.42
3.42
3.39
3.45
Monthly gross income at last loan (000's Rand)*
3.39
(19.66)
(2.13)
(2.19)
(2.07)
(22.46)
0.07
0.07
0.08
0.06
Home mortgage, proportion
0.07
(0.25)
(0.25)
(0.26)
(0.24)
(0.25)
551.35
559.95
547.77
571.69
External credit score
549.59
(215.64)
(204.05)
(203.20)
(204.22)
(215.38)
0.12
0.10
0.11
0.10
No external credit score, proportion
0.12
(0.32)
(0.30)
(0.31)
(0.30)
(0.32)
93.82
95.13
93.34
96.86
Months at Employer
91.34
(88.01)
(85.55)
(82.33)
(88.53)
(87.25)
4,348
43,201
57533
2133
2215
Standard deviations in parentheses. Money amounts in South African Rand, ~7.5 Rand = US $1 at the time of the experiment.
0.47
(0.50)
0.45
(0.50)
2.09
(1.72)
40.88
(10.97)
6.84
(3.27)
3.52
(3.98)
0.08
(0.26)
556.07
(195.64)
0.10
(0.29)
93.95
(86.71)
6,206
0.49
(0.50)
0.47
(0.50)
2.20
(1.85)
43.26
(11.65)
6.82
(3.46)
3.49
(1.94)
0.06
(0.24)
557.10
(230.95)
0.13
(0.34)
106.92
(91.80)
8,126
A. Prior Transactions
# of months since last loan
Size of last loan prior to project (Rand)
# of prior loans with the lender
Male
Borrowed
Lender-Defined Risk Category
High
Medium
Low
Risk
Risk
Risk
Female
Borrowed
Maturity of last loan prior to project
1 or 2 months
4 months
6 months
12 months
Number of Observations
B. Randomized Variables
Offer Interest Rate
Contract Interest Rate
Proportion Receiving Rate for One year (vs. one loan)
Proportion Receiving a Contract Rate < Offer Rate
C. Default Measures
Monthly Average Past Due Amount
Monthly Avg Past Due Amount, Proportion of Principal
Proportion of Months With Some Arrearage
Account is in Collection (3+ months arrears)
D. Client Characteristics
Female, proportion
Web Appendix Table 2. Experimental Integrity Checks
OLS
Dependent variable:
Female
Married
External credit score
No External credit score
Internal credit score
Log (Size of last loan prior to project)
Maturity of last loan prior to project
# of prior loans with the lender
Gross income
Years at Employer
Mean education
# of dependants
Age
Home bond
# of months since last loan
Contract
Rate
(1)
0.009
(0.022)
0.017
(0.022)
-0.000
(0.000)
-0.017
(0.093)
-0.001
(0.001)
-0.017
(0.017)
-0.010
(0.011)
0.003
(0.003)
-0.001
(0.001)
0.000
(0.002)
0.002
(0.003)
0.002
(0.007)
-0.000
(0.001)
0.053
(0.041)
-0.001
(0.002)
Offer Interest Rate
Contract Interest Rate
Dynamic Repayment Incentive
Constant
Observations
Joint F-Test
R-squared
7.700***
(0.297)
57339
0.87
0.10
Rate Valid for
Rejected = 1,
One Year (versus
conditional on
Offer Rate
One Loan)
Applied =1
applied=1
(2)
(3)
(4)
(5)
0.028
-0.002
(0.021)
(0.004)
0.022
0.004
(0.021)
(0.004)
-0.000
0.000
(0.000)
(0.000)
-0.006
0.016
(0.091)
(0.016)
-0.002
0.000
(0.001)
(0.000)
-0.003
-0.004
(0.017)
(0.003)
-0.011
-0.001
(0.010)
(0.002)
0.003
0.001**
(0.003)
(0.001)
-0.000
0.000
(0.000)
(0.000)
0.001
-0.000
(0.002)
(0.000)
-0.002
-0.000
(0.003)
(0.001)
-0.005
0.000
(0.006)
(0.001)
-0.001
-0.000*
(0.001)
(0.000)
0.028
0.011
(0.040)
(0.007)
-0.001
-0.001***
(0.002)
(0.000)
-0.003***
(0.001)
0.000
-0.001
(0.001)
(0.002)
-0.014
(0.012)
8.369***
0.228***
0.081***
0.334***
(0.292)
(0.051)
(0.005)
(0.075)
57339
57339
57533
5028
0.96
0.01
0.14
0.37
0.04
0.09
* significant at 10%; ** significant at 5%; *** significant at 1%. Robust standard errors in parentheses. Columns 1 through 3
test whether the randomized variables are correlated with information observable before the experiment launch. For column 3,
if the dormancy variable is omitted the F-test is 0.21. Column 4 shows that the decision to borrow by the client was affected
by the Offer Interest Rate, but not the Contract Interest Rate, hence verifying the internal controls of the experimental protocol.
Column 5 shows that the decision by the branch manager to reject applicants was not predicted by the contract interest rate or
the dynamic repayment incentive. Column 5 sample frame includes only those who applied for a loan. Regressions include
controls for lender-defined risk category, month of offer letter and branch.
Web Appendix Table 3. Identifying Information Asymmetries: Comparison of Means
Hidden Information Effect
Average Monthly Proportion Past Due
Proportion of Months in Arrears
Account in Collection Status
Full Sample
# of observations
Average Monthly Proportion Past Due
Proportion of Months in Arrears
Account in Collection Status
Female
# of observations
Average Monthly Proportion Past Due
Proportion of Months in Arrears
Account in Collection Status
Male
# of observations
Hidden Action Effect 1
High Offer,
Low Contract
(1)
0.102
(0.009)
0.211
(0.011)
0.123
(0.013)
625
Low Offer,
Low Contract
(2)
0.082
(0.004)
0.202
(0.006)
0.101
(0.007)
2087
t-stat:
diff≠0
(3)
1.90*
0.101
(0.013)
0.209
(0.02)
0.121
(0.019)
307
0.067
(0.005)
0.181
(0.008)
0.082
(0.008)
1047
2.42**
0.103
(0.013)
0.213
(0.016)
0.126
(0.019)
318
0.099
(0.007)
0.223
(0.009)
0.120
(0.010)
1040
0.72
1.50
1.55
1.88*
0.30
-0.51
0.26
High Offer,
High Contract
(4)
0.105
(0.006)
0.244
(0.008)
0.139
(0.009)
1636
High Offer,
Low Contract
(5)
0.102
(0.009)
0.211
(0.011)
0.123
(0.013)
625
0.089
(0.007)
0.221
(0.011)
0.107
(0.121)
779
0.101
(0.013)
0.209
(0.02)
0.121
(0.019)
307
0.120
(0.008)
0.264
(0.011)
0.168
(0.013)
857
0.103
(0.013)
0.213
(0.016)
0.126
(0.019)
318
t-stat:
diff≠0
(6)
0.23
2.38**
0.99
-0.85
0.64
-0.65
1.05
2.60***
1.87*
Hidden Action Effect 2
No Dynamic
Dynamic
Incentive,
Incentive,
Low Contract
Low Contract
(7)
(8)
0.094
0.079
(0.006)
(0.005)
0.217
0.188
(0.008)
(0.008)
0.118
0.092
(0.008)
(0.008)
1458
1254
0.078
(0.007)
0.194
(0.010)
0.102
(0.011)
724
0.071
(0.007)
0.180
(0.010)
0.078
(0.011)
630
0.111
(0.009)
0.240
(0.011)
0.134
(0.013)
734
0.087
(0.008)
0.197
(0.011)
0.107
(0.012)
624
t-stat:
diff≠0
(9)
1.94**
2.70***
2.16**
0.65
0.97
1.57
1.97**
2.77***
1.48
"High" is defined as above the median offer rate for that risk category. This is equal to 7.77% for high risk clients, 7.50% for medium risk clients and 6.00% for low risk clients. Sample sizes vary due to exclusions motivated the intuition summarized in Figure
1 of the paper. The column headings indicate which rate cells are included in any given analysis. T-tests assume unequal variances across columns.
Web Appendix Table 4. Identifying Information Asymmetries, By Gender of Borrower
OLS
Male
Dependent Variable:
Offer Rate
Contract Rate
Dynamic Repayment
Incentive Indicator
Constant
Observations
R-squared
Monthly
Average
Proportion
Past Due
(1)
-0.002
(0.004)
0.005
(0.003)
-0.014
(0.009)
0.108***
(0.025)
2215
0.05
Proportion of
Months in
Arrears
(2)
-0.004
(0.005)
0.014***
(0.005)
-0.025**
(0.012)
0.178***
(0.040)
2215
0.12
Female
Account in
Collection
Status
(3)
0.001
(0.007)
0.010
(0.007)
-0.020
(0.015)
0.092**
(0.043)
2215
0.04
Standardized
Index of Three
Default
Measures
(4)
-0.007
(0.018)
0.036**
(0.017)
-0.076*
(0.040)
0.002
(0.127)
2215
0.07
Monthly
Average
Proportion
Past Due
(5)
0.010***
(0.003)
-0.005
(0.004)
-0.007
(0.008)
0.050***
(0.015)
2133
0.05
Proportion of
Months in
Arrears
(6)
0.008*
(0.005)
-0.001
(0.005)
-0.006
(0.012)
0.097***
(0.026)
2133
0.10
Account in
Collection
Status
(7)
0.013**
(0.005)
-0.009
(0.006)
-0.017
(0.012)
0.043
(0.027)
2133
0.04
Standardized
Index of Three
Default
Measures
(8)
0.040**
(0.016)
-0.020
(0.017)
-0.039
(0.036)
-0.246
(0.073)
2133
0.07
* significant at 10%; ** significant at 5%; *** significant at 1%. Robust standard errors in parentheses are corrected for clustering at the branch level. Results reported here are
estimated using the base OLS specification on samples split by gender. The specification includes controls for lender-defined risk category and month of offer letter. Adding
loan size and maturity as additional controls does not change the results. Using tobit or probit instead of OLS produces qualitatively similar results. For Columns (4) and (8), we
created an index of the three measures by calculating the mean of the standardized value (relative to the low offer and contract interest rate group, standardized at mean zero,
standard deviation one) of each of the three measures of default.
Web Appendix Table 5: Heterogeneity by Gender, or by Other Demographics?
OLS
Dependent Variable: Monthly Average Percentage Past Due
Number of
Dependents in
Demographic Control Variable(s):
Married
Household
Educated
(1)
(2)
(3)
0.023
(0.435)
0.415
(0.393)
-1.158
(1.160)
-2.985
(1.939)
-1.838
(1.952)
0.089
(0.432)
0.482
(0.446)
-1.098
(1.237)
-2.558
(1.980)
-0.036
(0.536)
0.887*
(0.456)
-1.042**
(0.476)
0.813
(1.350)
-0.135
(0.540)
0.195
(0.511)
-0.577
(1.211)
10.161***
(2.476)
4317
0.05
Experimental Variables
Offer Rate
Contract Rate
Dynamic Repayment Incentive Indicator
Female
Demographic Variable (see column heading)
Female * Experimental Variables
Female * Offer Rate
Female * Contract Rate
Female * Dynamic Repayment Incentive
Demographic Control Variable * Experimental Variables
Demographic Variable * Offer Rate
Demographic Variable * Contract Rate
Demographic Variable * Dynamic Repayment Incentive
Constant
Observations
R-squared
Age
(4)
Log of
Monthly Gross
Income
(5)
Tenure at
Employment
(6)
0.079
(0.402)
0.260
(0.414)
-0.878
(1.028)
-2.215
(1.886)
-1.761
(2.432)
0.282
(1.162)
0.269
(1.098)
-1.280
(2.678)
-1.887
(1.914)
-0.172
(0.105)
2.700
(2.338)
-0.968
(2.707)
7.378
(8.692)
-2.821
(1.926)
-0.001
(1.669)
0.122
(0.456)
0.404
(0.465)
-1.165
(1.145)
-2.667
(1.875)
-0.015
(0.012)
2.404
(3.274)
0.613
(4.110)
4.842
(12.209)
-1.375
(1.984)
all
0.834*
(0.460)
-1.029**
(0.497)
0.896
(1.343)
0.902*
(0.480)
-1.138**
(0.482)
1.077
(1.351)
0.763*
(0.455)
-0.977**
(0.486)
0.701
(1.336)
0.890**
(0.445)
-1.040**
(0.474)
0.603
(1.353)
0.807*
(0.447)
-0.967**
(0.479)
0.730
(1.328)
0.834*
(0.489)
-1.182**
(0.493)
0.914
(1.424)
-0.046
(0.122)
-0.009
(0.141)
-0.224
(0.353)
8.917***
(2.542)
4317
0.05
-0.400
(0.625)
0.748
(0.583)
-1.577
(1.307)
9.608***
(2.240)
4348
0.05
-0.008
(0.026)
0.006
(0.026)
-0.002
(0.061)
14.984***
(5.136)
4348
0.06
-0.343
(0.289)
0.183
(0.325)
-1.077
(1.042)
9.240
(13.856)
4348
0.05
-0.002
(0.003)
0.001
(0.003)
-0.002
(0.006)
10.281***
(2.642)
4348
0.06
all
All
(7)
all
all
11.328
(15.060)
4317
0.07
* significant at 10%; ** significant at 5%; *** significant at 1%. Each column presents results from a single OLS regression on a version of equation (14). Robust standard errors in parentheses are corrected for
clustering at the branch level. "Educated" is a binary indicator for the top 25% in years of education, predicted by the client's occupation. Regressions include controls for lender-defined risk category and month of offer
letter. Adding loan size and maturity as additional controls does not change the results. The dependent variable here is defined in percentage point terms, not proportions, and hence equals 100x the variable used in other
tables.
Web Appendix Table 6: Are Information Asymmetries Less Severe for
Clients with More Frequent Borrowing History?
OLS
Dependent Variable: Monthly Average Proportion Past Due
Sample:
Offer Rate
Contract Rate
Dynamic Repayment Incentive Indicator
# of prior loans with the lender
Offer Rate*# of prior loans
All
(1)
(2)
(3)
0.008**
(0.003)
0.000
(0.003)
-0.011*
(0.006)
0.001
(0.002)
-0.001***
(0.000)
0.004
(0.003)
0.004
(0.003)
-0.011*
(0.006)
0.000
(0.001)
0.004
(0.003)
0.000
(0.003)
-0.013
(0.010)
Contract Rate*# of prior loans
-0.001***
(0.000)
Rate Valid for One Year*# of prior loans
Constant
Observations
R-squared
0.078***
(0.018)
4317
0.05
0.083***
(0.017)
4317
0.05
0.001
(0.001)
0.105***
(0.014)
4317
0.05
* significant at 10%; ** significant at 5%; *** significant at 1%. Each column presents results
from a single OLS regression on a version of equation (14). Robust standard errors in parentheses
are corrected for clustering at the branch level. Regressions include controls for lender-defined
risk category and month of offer letter. Adding controls for loan size and maturity does not change
the results.
Web Appendix Table 7. Frequency of Monthly Offer and Contract Interest Rates
Low Risk Clients
Offer Interest Contract Interest
Rate
Rate
Freq. Percent Freq. Percent
3.25%
3.49%
3.50%
3.75%
3.99%
4.00%
4.25%
4.44%
4.49%
4.50%
4.75%
4.99%
5.00%
5.25%
5.49%
5.50%
5.55%
5.75%
5.99%
6.00%
6.25%
6.50%
6.75%
6.99%
7.00%
7.25%
7.49%
7.50%
7.75%
7.77%
7.99%
8.00%
8.19%
8.25%
8.50%
8.75%
8.88%
8.99%
9.00%
9.25%
9.49%
9.50%
9.69%
9.75%
9.99%
10.00%
10.25%
10.49%
10.50%
10.75%
10.99%
11.00%
11.11%
11.19%
11.25%
11.50%
11.69%
11.75%
Total
144
281
267
32
367
199
40
208
399
176
45
202
283
45
338
426
288
46
495
402
49
388
422
464
435
399
575
357
354
8,126
1.77%
3.46%
3.29%
0.39%
4.52%
2.45%
0.49%
2.56%
4.91%
2.17%
0.55%
2.49%
3.48%
0.55%
4.16%
5.24%
3.54%
0.57%
6.09%
4.95%
0.60%
4.77%
5.19%
5.71%
5.35%
4.91%
7.08%
4.39%
4.36%
100%
304
347
393
42
580
341
61
380
330
288
39
378
332
49
387
415
267
56
409
315
51
377
335
308
292
273
347
229
201
8,126
3.74%
4.27%
4.84%
0.52%
7.14%
4.20%
0.75%
4.68%
4.06%
3.54%
0.48%
4.65%
4.09%
0.60%
4.76%
5.11%
3.29%
0.69%
5.03%
3.88%
0.63%
4.64%
4.12%
3.79%
3.59%
3.36%
4.27%
2.82%
2.47%
100%
Medium Risk Clients
Offer Interest Contract Interest
Rate
Rate
Freq. Percent Freq. Percent
94
110
116
18
104
99
22
79
139
99
22
117
119
19
149
97
81
20
213
118
24
125
148
231
201
200
260
195
181
200
224
168
235
25
215
35
221
263
214
218
300
37
234
217
6,206
1.51%
1.77%
1.87%
0.29%
1.68%
1.60%
0.35%
1.27%
2.24%
1.60%
0.35%
1.89%
1.92%
0.31%
2.40%
1.56%
1.31%
0.32%
3.43%
1.90%
0.39%
2.01%
2.38%
3.72%
3.24%
3.22%
4.19%
3.14%
2.92%
3.22%
3.61%
2.71%
3.79%
0.40%
3.46%
0.56%
3.56%
4.24%
3.45%
3.51%
4.83%
0.60%
3.77%
3.50%
100%
172
135
163
26
229
144
29
214
136
149
29
211
168
26
239
144
120
27
259
141
25
201
198
192
194
205
212
166
162
138
159
160
167
28
164
23
153
174
128
145
170
28
137
116
6,206
2.77%
2.18%
2.63%
0.42%
3.69%
2.32%
0.47%
3.45%
2.19%
2.40%
0.47%
3.40%
2.71%
0.42%
3.85%
2.32%
1.93%
0.44%
4.17%
2.27%
0.40%
3.24%
3.19%
3.09%
3.13%
3.30%
3.42%
2.67%
2.61%
2.22%
2.56%
2.58%
2.69%
0.45%
2.64%
0.37%
2.47%
2.80%
2.06%
2.34%
2.74%
0.45%
2.21%
1.87%
100%
High Risk Clients
Offer Interest Contract Interest
Rate
Rate
Freq. Percent Freq. Percent
586
756
540
53
754
525
59
494
775
591
60
713
550
67
712
604
513
74
712
586
74
611
569
775
855
834
1,015
849
909
825
1,029
891
1,024
74
830
82
805
1,044
877
890
1,162
89
1,201
889
1,242
1,253
1,276
1,494
1,282
93
1,390
1,385
1,345
1,498
104
99
1,431
1,382
43,201
1.36%
1.75%
1.25%
0.12%
1.75%
1.22%
0.14%
1.14%
1.79%
1.37%
0.14%
1.65%
1.27%
0.16%
1.65%
1.40%
1.19%
0.17%
1.65%
1.36%
0.17%
1.41%
1.32%
1.79%
1.98%
1.93%
2.35%
1.97%
2.10%
1.91%
2.38%
2.06%
2.37%
0.17%
1.92%
0.19%
1.86%
2.42%
2.03%
2.06%
2.69%
0.21%
2.78%
2.06%
2.87%
2.90%
2.95%
3.46%
2.97%
0.22%
3.22%
3.21%
3.11%
3.47%
0.24%
0.23%
3.31%
3.20%
100%
1,017
934
931
80
1,400
845
69
1,220
866
826
77
1,347
809
77
1,330
761
660
92
1,175
766
80
1,286
903
903
881
1,028
977
825
1,033
719
933
830
829
79
984
77
851
814
756
867
879
82
892
727
887
876
892
964
833
73
899
857
800
867
77
72
834
753
43,201
2.35%
2.16%
2.16%
0.19%
3.24%
1.96%
0.16%
2.82%
2.00%
1.91%
0.18%
3.12%
1.87%
0.18%
3.08%
1.76%
1.53%
0.21%
2.72%
1.77%
0.19%
2.98%
2.09%
2.09%
2.04%
2.38%
2.26%
1.91%
2.39%
1.66%
2.16%
1.92%
1.92%
0.18%
2.28%
0.18%
1.97%
1.88%
1.75%
2.01%
2.03%
0.19%
2.06%
1.68%
2.05%
2.03%
2.06%
2.23%
1.93%
0.17%
2.08%
1.98%
1.85%
2.01%
0.18%
0.17%
1.93%
1.74%
100%
Monthly Offer Interest Rate
Web Appendix Table 8: Cross-Tabulation of Individual Cell Sizes for Monthly Offer and Contract Interest Rates
Monthly Contract Interest Rate
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
7.00
7.50
8.00
8.50
9.00
9.50
10.00
10.50
11.00
11.50
Total
3.00
3.50
4.00
4.50
5.00
5.50
1,971
442
154
78
38
41
16
31
24
26
9
10
19
10
5
10
15
10
0
1,809
628
239
178
192
49
145
149
111
54
63
55
44
37
28
42
21
0
0
2,256
417
308
353
82
198
211
199
84
98
98
77
85
62
61
46
0
0
0
1,291
294
353
93
237
254
198
95
107
87
91
91
41
81
31
0
0
0
0
1,464
360
96
273
260
233
101
110
113
98
103
57
99
50
0
0
0
0
0
2,270
143
359
362
330
124
156
147
142
112
70
102
68
2,909
3,844
4,635
3,344
3,417
4,385
Interest rates rounded down to nearest 50 basis points.
6.00
6.50
7.00
7.50
8.00
8.50
9.00
9.50
10.00
10.50
11.00
11.50 Total
0
0
0
0
0
0
774
132
148
71
41
41
27
32
33
26
29
24
0
0
0
0
0
0
0
2,358
477
475
165
211
225
213
183
129
150
117
0
0
0
0
0
0
0
0
2,889
397
132
224
176
161
141
87
121
81
0
0
0
0
0
0
0
0
0
3,083
181
267
217
215
199
124
177
102
0
0
0
0
0
0
0
0
0
0
1,431
128
124
104
100
55
90
61
0
0
0
0
0
0
0
0
0
0
0
2,080
233
252
219
140
196
120
0
0
0
0
0
0
0
0
0
0
0
0
2,140
188
186
125
177
129
0
0
0
0
0
0
0
0
0
0
0
0
0
2,282
201
104
189
93
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,328
123
170
111
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,584
138
83
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,495
106
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,659
1,378
4,703
4,409
4,565
2,093
3,240
2,945
2,869
2,732
1,805
2,601
1,659 57,533
1,971
2,251
3,038
2,025
2,282
3,569
1,253
3,733
4,774
5,123
2,417
3,495
3,661
3,909
4,023
2,765
4,332
2,912