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EXHIBIT 12
ASSOCIATES CORPORATION OF NORTH AMERICA
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN MILLIONS)
<TABLE>
<CAPTION>
JUNE 30 DECEMBER 31
------------------- ----------------------------------------------------
2000 1999 1999 1998 1997 1996 1995
-------- -------- -------- -------- -------- -------- --------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
Fixed Charges(a)........
Interest expense...... $1,861.0 $1,655.3 $3,396.7 $3,047.2 $2,682.4 $2,351.7 $2,113.0
Implicit interest in
rent............... 15.2 14.5 30.0 24.2 20.9 18.4 17.1
-------- -------- -------- -------- -------- -------- --------
Total fixed
charges.......... $1,876.2 $1,669.8 $3,426.7 $3,071.4 $2,703.3 $2,370.1 $2,130.1
======== ======== ======== ======== ======== ======== ========
Earnings(b).............
Earnings before
provision for income
taxes................. $1,557.5 $1,330.0 $2,931.2 $2,069.0 $1,756.2 $1,547.6 $1,315.1
Fixed charges........... 1,876.2 1,669.8 3,426.7 3,071.4 2,703.3 2,370.1 2,130.1
-------- -------- -------- -------- -------- -------- --------
Earnings, as
defined.......... $3,433.7 $2,999.8 $6,357.9 $5,140.4 $4,459.5 $3,917.7 $3,445.2
======== ======== ======== ======== ======== ======== ========
Ratio of Earnings to
Fixed Charges......... 1.83 1.80 1.85 1.67 1.65 1.65 1.62
======== ======== ======== ======== ======== ======== ========
</TABLE>
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(a) For purposes of such computation, the term "fixed charges" represents
interest expense and a portion of rentals representative of an implicit
interest factor for such rentals.
(b) For purposes of such computation, the term "earnings" represents earnings
before provision for income taxes, plus fixed charges.
