Mortgage disclosures

Important Information and legal disclosures for mortgages offered by Ameriprise Bank.

This disclosure describes the features of the Adjustable Rate Mortgage (ARM) program you are considering. Information on other ARM programs is available upon request.

Under this ARM program, your interest rate and monthly payment may change.

How Your Interest Rate is Determined

Your initial interest rate for the loan will be established by us based on market conditions. As a result, your initial interest rate may not be based on the index used to make later adjustments. Your initial interest rate may be discounted (i.e., lower than), equal to or higher than the rate that is based on the index. Please ask us for the current initial interest rate, and whether it is discounted (lower than), equal to or higher than the rate based on the index.

Your interest rate will be periodically adjusted based on the index rate plus a margin. Please ask us for the current index and margin. The index rate is the average of interbank offered rates for one year U.S. Dollar-denominated deposits in the London market, commonly referred to as the one-year “LIBOR” index, as published in the Wall Street Journal forty-five (45) days before a rate change. If this index is no longer available a comparable index will be substituted.

The effective date of a change in the interest rate is a Change Date. Except for your initial interest rate, which may be lower than, equal to or higher than the rate that is based on the index, your interest rate will equal the index rate plus the margin, rounded to the nearest one-eighth of one percentage point (.125%), unless your interest rate “caps” limit the amount of change in the interest rate on a Change Date.

Please note that if your initial interest rate is lower than the rate that is based on the index, your interest rate may increase on the first Change Date even if the index decreases.

How Your Interest Rate Can Change

Your interest rate is fixed for the first ten years. After the initial period, your interest rate can be adjusted up or down every twelve (12) months, based on movements, if any, in your Index. The date every twelve months on which your interest rate can be adjusted is called a “Change Date.” Your first Change Date will occur on your one-hundred twenty-first (121st) Monthly Payment due date. Subsequent Change Dates will occur on the first day of every twelfth (12th) calendar month thereafter. Your payments will be based on the interest rate, current principal balance and remaining term.

Approximately 45 days before each Change Date, your new interest rate will be determined by adding the Margin to the then-current index. This sum will be rounded to the nearest one-eighth of one percent.

Your interest rate cannot increase or decrease by more than five percentage points (5.0%) at your initial Rate Adjustment Date and not more than two percentage points (2%) on each adjustment thereafter. In addition, your interest rate cannot increase by more than five percentage points (5.0%) over your Initial Interest Rate during the term of your ARM loan.

How Your Monthly Payment is Determined

Interest Only Option: You may elect to pay interest only during the initial (ten year) period, in which case your payment will be only enough to pay accrued interest at the initial rate each month. NO NEGATIVE AMORTIZATION WILL EVER OCCUR under this loan program. Under this option, after the initial period, your payment will be determined in the same manner as the Fully Amortizing Option (below).

Fully Amortizing Option: Your initial payment will be based on the interest rate, loan balance, and remaining loan term. Your initial payment will be set at an amount which will fully pay the accruing monthly interest at the Initial Interest Rate and reduce the principal so as to pay off the outstanding loan balance by the end of the loan term in equal monthly installments.

How Your Payment Can Change

Your monthly payment can change every twelve (12) months beginning with your one-hundred twenty-first (121st) payment based on changes in the interest rate. The date every twelve (12) months on which your monthly payment can be adjusted is called a “Payment Adjustment Date.”

You will be notified in writing at least 25, but not more than 120, calendar days before each payment adjustment will be made. This notice will contain information about your current and prior Index and interest rate, the new payment amount, your loan balance, the extent to which we have foregone any increase in the rate and the date on which your first payment is due in the new amount.

Interest Only Option: Your minimum required monthly payment will be interest only for the first ten years under the interest only option. During this period, your payments will be based on the interest rate and outstanding principal loan balance. The amortization period is the period after the interest-only period. For the amortization period, after calculating your new interest rate as provided above, we will then determine the amount of the monthly payment that would be sufficient to repay the expected unpaid principal balance owing as of the Change Date in full on the maturity date in substantially equal payments at the new interest rate.

Fully Amortizing Option: Your monthly payment will be changed to an amount that will fully pay the accruing monthly interest at the then-applicable interest rate and reduce the principal so as to pay off the outstanding loan balance by the end of the loan term in equal monthly installments. Your new payment amount will be due on the due date of your next monthly payment after a Change Date.

Initial and Maximum Interest Rate and Payment

Interest Only Option: For example, on a $10,000, 30 year loan with an initial interest rate of 6.50% (this is an initial interest rate that was in effect in March, 2006), the maximum amount the interest rate under this program can increase is 5 percentage points to 11.50%. The Monthly Payment can rise from an initial payment of $54.17 to a maximum of $106.65 in the eleventh year.

To determine how much your monthly payment would be under the same scenario, divide your mortgage amount by $10,000; then multiply the quotient by the monthly payment amount. For example, a $100,000 loan made under the conditions described above, the initial payment would be $541.70 ($100,000 / $10,000 = $10; $10 x $54.17). The maximum payment amount would be $1,066.50 ($100,000 / $10,000 = $10; $10 x $106.65).

Fully Amortizing Option: For example, on a $10,000, 30 year loan with an initial interest rate of 6.50% (this is an initial interest rate that was in effect in March, 2006), the maximum amount the interest rate under this program can increase is 5 percentage points to 11.50%. The Monthly Payment can rise from an initial payment of $63.21 to a maximum of $90.41 in the eleventh year.

To determine how much your monthly payment would be under the same scenario, divide your mortgage amount by $10,000; then multiply the quotient by the monthly payment amount. For example, a $100,000 loan made under the conditions described above, the initial payment would be $632.10 ($100,000 / $10,000 = $10; $10 x $63.21). The maximum payment amount would be $904.10 ($100,000 / $10,000 = $10; $10 x $90.41).

Additionally, on a $10,000, 15 year loan with an initial interest rate of 6.50% (this is an initial interest rate that was in effect in March, 2006), the maximum amount the interest rate under this program can increase is 5 percentage points to 11.50%. The Monthly Payment can rise from an initial payment of $87.11 to a maximum of $97.92 in the eleventh year.

To determine how much your monthly payment would be under the same scenario, divide your mortgage amount by $10,000; then multiply the quotient by the monthly payment amount. For example, a $100,000 loan made under the conditions described above, the initial payment would be $871.10 ($100,000 / $10,000 = $10; $10 x $87.11). The maximum payment amount would be $979.20 ($100,000 / $10,000 = $10; $10 x $97.92).

This disclosure describes the features of the Adjustable Rate Mortgage (ARM) program you are considering. Information on other ARM programs is available upon request.

Under this ARM program, your interest rate and monthly payment may change.

How Your Interest Rate and Monthly Payment are Determined

Your initial interest rate for the loan will be established by us based on market conditions. As a result, your initial interest rate may not be based on the index used to make later adjustments. Your initial interest rate may be discounted (i.e., lower than), equal to or higher than the rate that is based on the index. Please ask us for the current initial interest rate, and whether it is discounted (lower than), equal to or higher than the rate based on the index.

Your interest rate will be periodically adjusted based on the index rate plus a margin. Please ask us for the current index and margin. The index rate is the average of interbank offered rates for one year U.S. Dollar-denominated deposits in the London market, commonly referred to as the one-year “LIBOR” index, as published in the Wall Street Journal forty-five (45) days before a rate change. If this index is no longer available a comparable index will be substituted.

The effective date of a change in the interest rate is a Change Date. Except for your initial interest rate, which may be lower than, equal to or higher than the rate that is based on the index, your interest rate will equal the index rate plus the margin, rounded to the nearest one-eighth of one percentage point (.125%), unless your interest rate “caps” limit the amount of change in the interest rate on a Change Date.

Please note that if your initial interest rate is lower than the rate that is based on the index, your interest rate may increase on the first Change Date even if the index decreases.

How Your Interest Rate Can Change

Your interest rate is fixed for the first seven years. After the initial period, your interest rate can be adjusted up or down every twelve (12) months, based on movements, if any, in your Index. The date every twelve months on which your interest rate can be adjusted is called a “Change Date.” Your first Change Date will occur on your eighty-fifth (85th) Monthly Payment due date. Subsequent Change Dates will occur on the first day of every twelfth (12th) calendar month thereafter. Your payments will be based on the interest rate, current principal balance and remaining term.

Approximately 45 days before each Change Date, your new interest rate will be determined by adding the Margin to the then-current index. This sum will be rounded to the nearest one-eighth of one percent.

Your interest rate cannot increase or decrease by more than five percentage points (5.0%) at your initial Rate Adjustment Date and not more than two percentage points (2%) on each adjustment thereafter. In addition, your interest rate cannot increase by more than five percentage points (5.0%) over your Initial Interest Rate during the term of your ARM loan.

How Your Monthly Payment is Determined

Interest Only Option: You may elect to pay interest only during the first ten years, in which case your payment will be only enough to pay accrued interest at the initial rate each month. NO NEGATIVE AMORTIZATION WILL EVER OCCUR under this loan program. Under this option, after the initial period, your payment will be determined in the same manner as the Fully Amortizing Option (below).

Fully Amortizing Option: Your initial payment will be based on the interest rate, loan balance, and remaining loan term. Your initial payment will be set at an amount which will fully pay the accruing monthly interest at the Initial Interest Rate and reduce the principal so as to pay off the outstanding loan balance by the end of the loan term in equal monthly installments.

How Your Payment Can Change

Your monthly payment can change every twelve (12) months beginning with your eighty-fifth (85th) payment based on changes in the interest rate. The date every twelve (12) months on which your monthly payment can be adjusted is called a “Payment Adjustment Date.”

You will be notified in writing at least 25, but not more than 120, calendar days before each payment adjustment will be made. This notice will contain information about your current and prior Index and interest rate, the new payment amount, your loan balance, the extent to which we have foregone any increase in the rate and the date on which your first payment is due in the new amount.

Interest Only Option: Your minimum required monthly payment will be interest only for the first ten years under the interest only option. During this period, your payments will be based on the interest rate and outstanding principal loan balance. The amortization period is the period after the interest-only period. For the amortization period, after calculating your new interest rate as provided above, we will then determine the amount of the monthly payment that would be sufficient to repay the expected unpaid principal balance owing as of the Change Date in full on the maturity date in substantially equal payments at the new interest rate.

Fully Amortizing Option: Your monthly payment will be changed to an amount that will fully pay the accruing monthly interest at the then-applicable interest rate and reduce the principal so as to pay off the outstanding loan balance by the end of the loan term in equal monthly installments. Your new payment amount will be due on the due date of your next monthly payment after a Change Date.

Initial and Maximum Interest Rate and Payment

Interest Only Option: For example, on a $10,000, 30 year loan with an initial interest rate of 6.375% (this is an initial interest rate that was in effect in March, 2006), the maximum amount the interest rate under this program can increase is 5 percentage points to 11.375%. The Monthly Payment can rise from an initial payment of $53.13 to a maximum of $105.79 in the eleventh year.

To determine how much your monthly payment would be under the same scenario, divide your mortgage amount by $10,000; then multiply the quotient by the monthly payment amount. For example, a $100,000 loan made under the conditions described above, the initial payment would be $531.30 ($100,000 / $10,000 = $10; $10 x $53.13). The maximum payment amount would be $1,057.90 ($100,000 / $10,000 = $10; $10 x $105.79).

Fully Amortizing Option: For example, on a $10,000, 30 year loan with an initial interest rate of 6.375 (this is an initial interest rate that was in effect in March, 2006, the maximum amount the interest rate under this program can increase is 5 percentage points to 11.375%. The Monthly Payment can rise from an initial payment of $62.39 to a maximum of $93.87 in the eighth year.

To determine how much your monthly payment would be under the same scenario, divide your mortgage amount by $10,000; then multiply the quotient by the monthly payment amount. For example, a $100,000 loan made under the conditions described above, the initial payment would be $623.90 ($100,000 / $10,000 = $10; $10 x $62.39.). The maximum payment amount would be $938.70 ($100,000 / $10,000 = $10; $10 x $93.87).

Additionally, on a $10,000, 15 year loan with an initial interest rate of 6.375% (this is an initial interest rate that was in effect in March, 2006), the maximum amount the interest rate under this program can increase is 5 percentage points to 11.375%. The Monthly Payment can rise from an initial payment of $86.43 to a maximum of $106.43 in the eighth year.

To determine how much your monthly payment would be under the same scenario, divide your mortgage amount by $10,000; then multiply the quotient by the monthly payment amount. For example, a $100,000 loan made under the conditions described above, the initial payment would be $864.30 ($100,000 / $10,000 = $10; $10 x $86.43). The maximum payment amount would be $1,064.30 ($100,000 / $10,000 = $10; $10 x $106.43).

This disclosure describes the features of the Adjustable Rate Mortgage (ARM) program you are considering. Information on other ARM programs is available upon request.

Under this ARM program, your interest rate and monthly payment may change.

How Your Interest Rate is Determined

Your initial interest rate for the loan will be established by us based on market conditions. As a result, your initial interest rate may not be based on the index used to make later adjustments. Your initial interest rate may be discounted (i.e., lower than), equal to or higher than the rate that is based on the index. Please ask us for the current initial interest rate, and whether it is discounted (lower than), equal to or higher than the rate based on the index.

Your interest rate will be periodically adjusted based on the index rate plus a margin. Please ask us for the current index and margin. The index rate is the average of interbank offered rates for one year U.S. Dollar-denominated deposits in the London market, commonly referred to as the one-year “LIBOR” index, as published in the Wall Street Journal forty-five (45) days before a rate change. If this index is no longer available a comparable index will be substituted.

The effective date of a change in the interest rate is a Change Date. Except for your initial interest rate, which may be lower than, equal to or higher than the rate that is based on the index, your interest rate will equal the index rate plus the margin, rounded to the nearest one-eighth of one percentage point (.125%), unless your interest rate “caps” limit the amount of change in the interest rate on a Change Date.

Please note that if your initial interest rate is lower than the rate that is based on the index, your interest rate may increase on the first Change Date even if the index decreases.

How Your Interest Rate Can Change

Your interest rate is fixed for the first five years. After the initial period, your interest rate can be adjusted up or down every twelve (12) months, based on movements, if any, in your Index. The date every twelve months on which your interest rate can be adjusted is called a “Change Date.” Your first Change Date will occur on your sixty-first (61st) Monthly Payment due date. Subsequent Change Dates will occur on the first day of every twelfth (12th) calendar month thereafter. Your payments will be based on the interest rate, current principal balance and remaining term.

Approximately 45 days before each Change Date, your new interest rate will be determined by adding the Margin to the then-current index. This sum will be rounded to the nearest one-eighth of one percent.

Your interest rate cannot increase or decrease by more than five percentage points (5.0%) at your initial Rate Adjustment Date and not more than two percentage points (2%) on each adjustment thereafter. In addition, your interest rate cannot increase by more than five percentage points (5.0%) over your Initial Interest Rate during the term of your ARM loan.

How Your Monthly Payment is Determined

Interest Only Option: You may elect to pay interest only during the first ten years, in which case your payment will be only enough to pay accrued interest at the initial rate each month. NO NEGATIVE AMORTIZATION WILL EVER OCCUR under this loan program. Under this option, after the initial period, your payment will be determined in the same manner as the Fully Amortizing Option (below).

Fully Amortizing Option: Your initial payment will be based on the interest rate, loan balance, and remaining loan term. Your initial payment will be set at an amount which will fully pay the accruing monthly interest at the Initial Interest Rate and reduce the principal so as to pay off the outstanding loan balance by the end of the loan term in equal monthly installments.

How Your Payment Can Change

Your monthly payment can change every twelve (12) months beginning with your sixty-first (61st) payment based on changes in the interest rate. The date every twelve (12) months on which your monthly payment can be adjusted is called a “Payment Adjustment Date.”

You will be notified in writing at least 25, but not more than 120, calendar days before each payment adjustment will be made. This notice will contain information about your current and prior Index and interest rate, the new payment amount, your loan balance, the extent to which we have foregone any increase in the rate and the date on which your first payment is due in the new amount.

Interest Only Option: Your minimum required monthly payment will be interest only for the first ten years under the interest only option. During this period, your payments will be based on the interest rate and outstanding principal loan balance. The amortization period is the period after the interest-only period. For the amortization period, after calculating your new interest rate as provided above, we will then determine the amount of the monthly payment that would be sufficient to repay the expected unpaid principal balance owing as of the Change Date in full on the maturity date in substantially equal payments at the new interest rate.

Fully Amortizing Option: Your monthly payment will be changed to an amount that will fully pay the accruing monthly interest at the then-applicable interest rate and reduce the principal so as to pay off the outstanding loan balance by the end of the loan term in equal monthly installments. Your new payment amount will be due on the due date of your next monthly payment after a Change Date.

Initial and Maximum Interest Rate and Payment

Interest Only Option: For example, on a $10,000, 30 year loan with an initial interest rate of 6.250% (this is an initial interest rate that was in effect in March, 2006), the maximum amount the interest rate under this program can increase is 5 percentage points to 11.250%. The Monthly Payment can rise from an initial payment of $52.08 to a maximum of $104.93 in the eleventh year.

To determine how much your monthly payment would be under the same scenario, divide your mortgage amount by $10,000; then multiply the quotient by the monthly payment amount. For example, a $100,000 loan made under the conditions described above, the initial payment would be $520.80 ($100,000 / $10,000 = $10; $10 x $52.08). The maximum payment amount would be $1,049.30 ($100,000 / $10,000 = $10; $10 x $104.93).

Fully Amortizing Option: For example, on a $10,000, 30 year loan with an initial interest rate of 6.250% (this is an initial interest rate that was in effect in March, 2006), the maximum amount the interest rate under this program can increase is 5 percentage points to 11.250%. The Monthly Payment can rise from an initial payment of $61.57 to a maximum of $93.18 in the sixth year.

To determine how much your monthly payment would be under the same scenario, divide your mortgage amount by $10,000; then multiply the quotient by the monthly payment amount. For example, a $100,000 loan made under the conditions described above, the initial payment would be $615.70 ($100,000 / $10,000 = $10; $10 x $61.57). The maximum payment amount would be $931.80 ($100,000 / $10,000 = $10; $10 x $93.18).

Additionally, on a $10,000, 15 year loan with an initial interest rate of 6.250% (this is an initial interest rate that was in effect in March, 2006), the maximum amount the interest rate under this program can increase is 5 percentage points to 11.250%. The Monthly Payment can rise from an initial payment of $85.74 to a maximum of $106.28 in the sixth year.

To determine how much your monthly payment would be under the same scenario, divide your mortgage amount by $10,000; then multiply the quotient by the monthly payment amount. For example, a $100,000 loan made under the conditions described above, the initial payment would be $857.40 ($100,000 / $10,000 = $10; $10 x $85.74). The maximum payment amount would be $1,062.80 ($100,000 / $10,000 = $10; $10 x $106.28).

This disclosure describes the features of the Adjustable Rate Mortgage (ARM) program you are considering. Information on other ARM programs is available upon request.

Under this ARM program, your interest rate and monthly payment may change.

How Your Interest Rate is Determined

Your initial interest rate for the loan will be established by us based on market conditions. As a result, your initial interest rate may not be based on the index used to make later adjustments. Your initial interest rate may be discounted (i.e., lower than), equal to or higher than the rate that is based on the index. Please ask us for the current initial interest rate, and whether it is discounted (lower than), equal to or higher than the rate based on the index.

Your interest rate will be periodically adjusted based on the index rate plus a margin. Please ask us for the current index and margin. The index rate is the average of interbank offered rates for one year U.S. Dollar-denominated deposits in the London market, commonly referred to as the one-year “LIBOR” index, as published in the Wall Street Journal forty-five (45) days before a rate change. If this index is no longer available a comparable index will be substituted.

The effective date of a change in the interest rate is a Change Date. Except for your initial interest rate, which may be lower than, equal to or higher than the rate that is based on the index, your interest rate will equal the index rate plus the margin, rounded to the nearest one-eighth of one percentage point (.125%), unless your interest rate “caps” limit the amount of change in the interest rate on a Change Date.

Please note that if your initial interest rate is lower than the rate that is based on the index, your interest rate may increase on the first Change Date even if the index decreases.

How Your Interest Rate Can Change

Your interest rate is fixed for the first three years. After the initial period, your interest rate can be adjusted up or down every twelve (12) months, based on movements, if any, in your Index. The date every twelve months on which your interest rate can be adjusted is called a “Change Date.” Your first Change Date will occur on your thirty-seventh (37th) Monthly Payment due date. Subsequent Change Dates will occur on the first day of every twelfth (12th) calendar month thereafter. Your payments will be based on the interest rate, current principal balance and remaining term.

Approximately 45 days before each Change Date, your new interest rate will be determined by adding the Margin to the then-current index. This sum will be rounded to the nearest one-eighth of one percent.

Your interest rate cannot increase or decrease by more than two percentage points (2.0%) at any Change Date. In addition, your interest rate cannot increase by more than six percentage points (6.0%) over your Initial Interest Rate during the term of your ARM loan.

How Your Monthly Payment is Determined

Interest Only Option: You may elect to pay interest only during the first ten years, in which case your payment will be only enough to pay accrued interest at the initial rate each month. NO NEGATIVE AMORTIZATION WILL EVER OCCUR under this loan program. Under this option, after the initial period, your payment will be determined in the same manner as the Fully Amortizing Option (below).

Fully Amortizing Option: Your initial payment will be based on the interest rate, loan balance, and remaining loan term. Your initial payment will be set at an amount which will fully pay the accruing monthly interest at the Initial Interest Rate and reduce the principal so as to pay off the outstanding loan balance by the end of the loan term in equal monthly installments.

How Your Payment Can Change

Your monthly payment can change every twelve (12) months beginning with your thirty-seventh (37th) payment based on changes in the interest rate. The date every twelve (12) months on which your monthly payment can be adjusted is called a “Payment Adjustment Date.”

You will be notified in writing at least 25, but not more than 120, calendar days before each payment adjustment will be made. This notice will contain information about your current and prior Index and interest rate, the new payment amount, your loan balance, the extent to which we have foregone any increase in the rate and the date on which your first payment is due in the new amount.

Interest Only Option: Your minimum required monthly payment will be interest only for the first ten years under the interest only option. During this period, your payments will be based on the interest rate and outstanding principal loan balance. The amortization period is the period after the interest-only period. For the amortization period, after calculating your new interest rate as provided above, we will then determine the amount of the monthly payment that would be sufficient to repay the expected unpaid principal balance owing as of the Change Date in full on the maturity date in substantially equal payments at the new interest rate.

Fully Amortizing Option: Your monthly payment will be changed to an amount that will fully pay the accruing monthly interest at the then-applicable interest rate and reduce the principal so as to pay off the outstanding loan balance by the end of the loan term in equal monthly installments. Your new payment amount will be due on the due date of your next monthly payment after a Change Date.

Initial and Maximum Interest Rate and Payment

Interest Only Option: For example, on a $10,000, 30 year loan with an initial interest rate of 6.00% (this is an initial interest rate that was in effect in March, 2006), the maximum amount the interest rate under this program can increase is 6 percentage points to 12.00%. The Monthly Payment can rise from an initial payment of $50.00 to a maximum of $110.11 in the eleventh year.

To determine how much your monthly payment would be under the same scenario, divide your mortgage amount by $10,000; then multiply the quotient by the monthly payment amount. For example, a $100,000 loan made under the conditions described above, the initial payment would be $500.00 ($100,000 / $10,000 = $10; $10 x $50.00). The maximum payment amount would be $1,101.10 ($100,000 / $10,000 = $10; $10 x $110.11).

Fully Amortizing Option: For example, on a $10,000, 30 year loan with an initial interest rate of 6.00% (this is an initial interest rate that was in effect in March, 2006), the maximum amount the interest rate under this program can increase is 6 percentage points to 12.00%. The Monthly Payment can rise from an initial payment of $59.96 to a maximum of $99.25 in the sixth year.

To determine how much your monthly payment would be under the same scenario, divide your mortgage amount by $10,000; then multiply the quotient by the monthly payment amount. For example, a $100,000 loan made under the conditions described above, the initial payment would be $599.60 ($100,000 / $10,000 = $10; $10 x $59.96). The maximum payment amount would be $992.50 ($100,000 / $10,000 = $10; $10 x $99.25).

Additionally, on a $10,000, 15 year loan with an initial interest rate of 6.00% (this is an initial interest rate that was in effect in March, 2006), the maximum amount the interest rate under this program can increase is 6 percentage points to 12.00%. The Monthly Payment can rise from an initial payment of $84.39 to a maximum of $111.46 in the sixth year.

To determine how much your monthly payment would be under the same scenario, divide your mortgage amount by $10,000; then multiply the quotient by the monthly payment amount. For example, a $100,000 loan made under the conditions described above, the initial payment would be $843.90 ($100,000 / $10,000 = $10; $10 x $84.39). The maximum payment amount would be $1,114.60 ($100,000 / $10,000 = $10; $10 x $111.46).