精品課程ppt公司金融導(dǎo)論第六章-資料下載頁
2025-08-01 16:02本頁面
【正文】 學(xué) 》 西南民族大學(xué) 經(jīng)濟學(xué)院 Present Value with Daily Compounding ? You need $15,000 in 3 years for a new car. If you can deposit money into an account that pays an APR of % based on daily pounding, how much would you need to deposit? – 3(365) = 1095 N – / 365 = .015068493 I/Y – 15,000 FV – CPT PV = 12, 《 公司金融學(xué) 》 西南民族大學(xué) 經(jīng)濟學(xué)院 Continuous Compounding ? Sometimes investments or loans are figured based on continuous pounding ? EAR = eq – 1 – The e is a special function on the calculator normally denoted by ex ? Example: What is the effective annual rate of 7% pounded continuously? – EAR = – 1 = .0725 or % 《 公司金融學(xué) 》 西南民族大學(xué) 經(jīng)濟學(xué)院 Quick Quiz – Part V ? What is the definition of an APR? ? What is the effective annual rate? ? Which rate should you use to pare alternative investments or loans? ? Which rate do you need to use in the time value of money calculations? 《 公司金融學(xué) 》 西南民族大學(xué) 經(jīng)濟學(xué)院 Pure Discount Loans – Example ? Treasury bills are excellent examples of pure discount loans. The principal amount is repaid at some future date, without any periodic interest payments. ? If a Tbill promises to repay $10,000 in 12 months and the market interest rate is 7 percent, how much will the bill sell for in the market? – 1 N。 10,000 FV。 7 I/Y。 CPT PV = 《 公司金融學(xué) 》 西南民族大學(xué) 經(jīng)濟學(xué)院 Interest Only Loan Example ? Consider a 5year, interest only loan with a 7% interest rate. The principal amount is $10,000. Interest is paid annually. – What would the stream of cash flows be? ? Years 1 – 4: Interest payments of .07(10,000) = 700 ? Year 5: Interest + principal = 10,700 ? This cash flow stream is similar to the cash flows on corporate bonds and we will talk about them in greater detail later. 《 公司金融學(xué) 》 西南民族大學(xué) 經(jīng)濟學(xué)院 Amortized Loan with Fixed Principal Payment Example ? Consider a $50,000, 10 year loan at 8% interest. The loan agreement requires the firm to pay $5,000 in principal each year plus interest for that year. ? Click on the Excel icon to see the amortization table 《 公司金融學(xué) 》 西南民族大學(xué) 經(jīng)濟學(xué)院 Amortized Loan with Fixed Payment Example ? Each payment covers the interest expense plus reduces principal ? Consider a 4 year loan with annual payments. The interest rate is 8% and the principal amount is $5000. – What is the annual payment? ? 4 N ? 8 I/Y ? 5000 PV ? CPT PMT = ? Click on the Excel icon to see the amortization table 《 公司金融學(xué) 》 西南民族大學(xué) 經(jīng)濟學(xué)院 Work the Web Example ? There are web sites available that can easily prepare amortization tables ? Click on the web surfer to check out the CMB Mortgage site and work the following example ? You have a loan of $25,000 and will repay the loan over 5 years at 8% interest. – What is your loan payment? – What does the amortization schedule look like? 《 公司金融學(xué) 》 西南民族大學(xué) 經(jīng)濟學(xué)院 Quick Quiz – Part VI ? What is a pure discount loan? What is a good example of a pure discount loan? ? What is an interest only loan? What is a good example of an interest only loan? ? What is an amortized loan? What is a good example of an amortized loan
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