Table 4 Guarantor’s net liability (NL) and probability of net loss (Unit: KRW, %)

Age	pmt	N L ˜			Prob. N L ˜ > 0
		Lower	Median	Upper
60	311,090	−6,016,258	−4,738,076	−3,459,983	0.0000
70	388,290	−3,147,836	−2,515,314	−1,817,815	0.0000
80	518,080	−1,061,171	−790,068	−456,401	0.0000