精品課程ppt公司金融導(dǎo)論第六章(參考版)
2024-08-12 16:02本頁(yè)面
【正文】 CPT PV = 《 公司金融學(xué) 》 西南民族大學(xué) 經(jīng)濟(jì)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(jì)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(jì)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(jì)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(jì)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? 。 10,000 FV。 3500 PV。 CPT FV = ? You have more money in the first account. 《 公司金融學(xué) 》 西南民族大學(xué) 經(jīng)濟(jì)學(xué)院 Computing APRs from EARs ? If you have an effective rate, how can you pute the APR? Rearrange the EAR equation and you get: ?????? ?? 1 E A R ) (1 m A P R m1《 公司金融學(xué) 》 西南民族大學(xué) 經(jīng)濟(jì)學(xué)院 APR Example ? Suppose you want to earn an effective rate of 12% and you are looking at an account that pounds on a monthly basis. What APR must they pay? ? ?1 1 . 3 9 %o r 8 6 5 5 1 5 21 1 )(12 12 ????APR《 公司金融學(xué) 》 西南民族大學(xué) 經(jīng)濟(jì)學(xué)院 Computing Payments with APRs ? Suppose you want to buy a new puter system and the store is willing to sell it to allow you to make monthly payments. The entire puter system costs $3500. The loan period is for 2 years and the interest rate is % with monthly pounding. What is your monthly payment? – 2(12) = 24 N。 / 2 = I/Y。 100 PV。 那么月利率是多少 ? – 簽署協(xié)議事項(xiàng) !!! – 60 N – 10,000 PV – PMT – CPT I/Y = .75% 《 公司金融學(xué) 》 西南民族大學(xué) 經(jīng)濟(jì)學(xué)院 年金 – 不用財(cái)務(wù)計(jì)算器找出利率 ? 反復(fù)實(shí)驗(yàn) 選擇一個(gè)利率并且根據(jù)這個(gè)利率來(lái)計(jì)算現(xiàn)值把 計(jì)算出來(lái)的現(xiàn)值和實(shí)際的貸款總額相比較 如果計(jì)算出來(lái)的現(xiàn)值＞貸款總額，那么說(shuō)明利率太低 如果計(jì)算出來(lái)的現(xiàn)值 貸款總額 ,那么說(shuō)明利率太高了 ． 調(diào)整利率并且重復(fù)這個(gè)過(guò)程直到計(jì)算出來(lái)的現(xiàn)值和貸款總額相等． 《 公司金融學(xué) 》 西南民族大學(xué) 經(jīng)濟(jì)學(xué)院 Quick Quiz – Part III ? You want to receive $5000 per month for the next 5 y
數(shù)學(xué)相關(guān)推薦
鄂ICP備17016276號(hào)-1