【正文】 e next year that could be provided only by an automobile. You have the option of buying an automobile and selling it after one year or of leasing the automobile for the year. 2022/8/19 Chen Jianhui 8 If you rented, the market rental fee would be the sum of two ponent fees the pure rental price and depreciation. During the duration of the rental contract, the rental agency would not be able to use the services of the automobile. 2022/8/19 Chen Jianhui 9 As a result, you would have to pensate the agency for the value of the services it could not use. This fee may be viewed as the pure rental price. 2022/8/19 Chen Jianhui 10 As you use the automobile , you consume transportation services and use up part of the automobile39。Interest Rate 利 率 2022/8/19 Chen Jianhui 2 Part One: What is interest rate? The owner of an asset who does not need it at the moment can (1) sell it and surrender possession permanently or (2)rent it and regain possession at the maturity of the rental period. 2022/8/19 Chen Jianhui 3 In the absence of a psychological preference for owning an asset per se, the owner (or buyer of the services would be indifferent between selling (buying) or renting the asset if the sum of the expected rental fees over its expect life, discounted to the present by the market rate of inter (the present value), were equal to the price of the asset. 如果資產(chǎn)有效期內(nèi)的預(yù)期租金按市場(chǎng)利率（現(xiàn)有價(jià)值）打折后，與資產(chǎn)的價(jià)格相等，資產(chǎn)的所有者（或勞務(wù)的購(gòu)買(mǎi)者）假如不是心理上對(duì)擁有個(gè)人財(cái)產(chǎn)的偏愛(ài)，可能對(duì)賣(mài)（或買(mǎi)）資產(chǎn)或租賃資產(chǎn)反映冷淡。 2022/8/19 Chen Jianhui 7 The annual rental tee may be viewed as the owner39。 ?reserve 準(zhǔn)備金，儲(chǔ)備金 指銀行為預(yù)防萬(wàn)一而提存的準(zhǔn)備基金。 存款余額 100% 2022/8/19 Chen Jianhui 34 The bank deposits the reserve in the Federal Reserve Bank or branch that services your geographical area of the United States. After setting aside the $120 reserve, your bank is free to loan out $880. Another bank customer es to borrow the $880 and deposits the money with the bank. 2022/8/19 Chen Jianhui 35 Note that the money supply has increased by $880, as your $1,000 remains on deposit and the bank has lent 880 new dollars to another client. After deducting 12 percent of $880 ($) as a reserve, the bank loans out the remainder or $ to a third client. money supply 貨幣供應(yīng)量 指某一時(shí)期一國(guó)經(jīng)濟(jì)中流通的貨幣量。 2022/8/19 Chen Jianhui 36 Again the money supply rises. If this process continues to its limit, a total of $8, circulates in the system. After deducting your original $1,000 deposit, $7, of new money is being used in the munity and represents a increase in the money supply. 2022/8/19 Chen Jianhui 37 A simple way to calculate the maximum possible expansion with a 12 percent reserve requirement is to divide your original $1,000 by (percentage of deposit to be set aside in reserve), which equals $8,. What happens if the Fed wishes to rein in the money supply by increasing reserve requirements? reserve requirements 準(zhǔn)備金要求量，法定存款準(zhǔn)備金規(guī)定 在美國(guó)，銀行法規(guī)定商業(yè)銀行須將其部分存款另外保管，作為對(duì)存款的準(zhǔn)備金。 M1是狹義的貨幣。 2022/8/19 Chen Jianhui 52 M3是定義更寬的貨幣。 a 2022/8/19 Chen Jianhui 55 M2 is the most often used reference to money supply. M3 is an even broader definition of the money supply, as it includes all of the ponents of M1 and M2 plus a number of financial assets and instruments generally employed by large (jumbo) certificates of deposit. 2 is the most often used reference to money supply. M2是衡量貨幣供應(yīng)量最常用的參考值。 2022/8/19 Chen Jianhui 70 1. Principal amount (P), or the amount borrowed 2. Rate of interest (R), calculated as a percentage of the principal amount 3. Time (T), the period over which the interest is calculated As an equation or formula, simple interest is: I = P R T principal amount 本金金額 2022/8/19 Chen Jianhui 71 Interest (I) is a ratio and is usually expressed as a percent. For example, consider an interest rate as the ratio of 12 divided by 100. In percentage form the rate would be 12 percent。 in this case 假使這樣的話， 既然是這樣 a 2022/8/19 Chen Jianhui 78 Annual pounding calls for only one amount of interest to be calculated each year. For one full year when the full principal plus interest is paid together, pound interest and simple interest yield the same dollar amount. 2022/8/19 Chen Jianhui 79 In multipleyear pounding, interest is puted at the end of each year and added to the principal。 2022/8/19 Chen Jianhui 93 If, for example, a bank’s base rate was below money market rates, a customer could borrow from a bank and lend these funds to the money market, thus making a profit on the deal. 2022/8/19 Chen Jianhui 94 Most borrowing customers pay a margin over base rate to meet the interest rate charged on loans and overdrafts. The amount of this margin will vary largely according to the degree of risk perceived by the bank, and to some extent on the amount borrowed and the time period of the loan, together with the security, if any is offered. margin n. 差額，保證金 抵押，擔(dān)保 a 多數(shù)借款人要支付一個(gè)高于基本利率的差額，以此支付銀行貸款和透支收取的利息。 2022/8/19 Chen Jianhui 96 Other borrowers will pay higher rates of between 2 and 4 percent over base rate, with any security offered being taken into account when fixing the rate. 別的借款人支付的利率比基本利率要高 2至 4個(gè)百分點(diǎn)，而且在確定利率時(shí)要考慮所提供的抵押品。s money, whether the facilities are used or not this is known as an arrangement fee. 不過(guò)，如果借款一經(jīng)審批，無(wú)論借款是否履行，銀行都會(huì)索取一筆辦理和承諾動(dòng)用銀行款項(xiàng)的特別費(fèi)用。例如，本金為 1000元，年利率為 5%，則不管時(shí)間多長(zhǎng)，利率都是 50元 2022/8/19 Chen Jianhui 104 The APR charged on personal loans will always, at any one time, be considerably higher than that charged on parable overdrafts, and will be approaching the rates charged by hirepurchase panies. ? APR= annual percentage rate 年利率 ?h