利息论第四章剖析.ppt

利息论讲义——第四章 分期偿还与偿债基金 引言 债务偿还的问题是利息论中的一大类问题，是每个个人和家庭都需要面对的问题。 债务的偿还主要有三种方式: 1.满期偿还:到期一次性偿还本金和利息 2. 分期偿还（amortization):按一定的时间间隔,分期偿还本金和利息 3. 偿债基金（sinking fund）:每期支付利息,并按期另存一笔钱,建立基金,使基金到期积累值恰好等于贷款本金。 利息论讲义——第四章 分期偿还与偿债基金 4-1 未偿还贷款余额 在分期偿还中有4个基本量 L：贷款本金（贷款金额） n：还款期限 i：贷款利率 R：分期偿还方式中每次还款金额 利息论讲义——第四章 分期偿还与偿债基金 定义： 为k时刻的未偿还贷款余额（outstanding balance just after kth payment). 计算k时刻的未偿还贷款余额有两种方法，一种是将来法，一种是过去法。 利息论讲义——第四章 分期偿还与偿债基金 将来法（by prospective method)： 利息论讲义——第四章 分期偿还与偿债基金 利息论讲义——第四章 分期偿还与偿债基金 例4.1.1 A loan of 100000 is being repaid by 15 equal annual installments at the end of each year at 6%interest effective annually. Immediately after the 8th pmt, the loan renegotiated as follows: (1):The borrower will made seven annual pmt of k to repay the loan with the first pmt made three years from the date of renegotiation. (2):The interest rate is changed to 7.5% effective annually. Calculate k. 利息论讲义——第四章 分期偿还与偿债基金 4-2分期偿还表 利息论讲义——第四章 分期偿还与偿债基金 利息论讲义——第四章 分期偿还与偿债基金 利息论讲义——第四章 分期偿还与偿债基金 例4.2.1 L=380,n=3,i=0.1 试列出分期偿还明细表。 利息论讲义——第四章 分期偿还与偿债基金 例4.2.2 Mark takes out a 30-year loan on Jan.1, 1992 for 20000 at an annual effective rate of 5%. Pmts are made at the end of each year. On Jan.1, 2002, Mark takes out a 20-year loan for 10000 at an annual effective rate of 7%. Pmts are also made at the end of each year. Calculate the principal of the year 2002 on both loans. 利息论讲义——第四章 分期偿还与偿债基金 4-3偿还频率与计息频率不一致的分期偿还表 利息论讲义——第四章 分期偿还与偿债基金 模型一：一个支付期有k个计息期，总共有n个计息期，每次还款额为1。 利息论讲义——第四章 分期偿还与偿债基金 例4.3.1 A loan of L is to be repaid with 40 pmts of 100 at the end of each quarter. Interest on the loan is charged at a nominal rate i, convertible monthly. The outstanding balance immediately after the 8th and 24th pmts are 2308.15 and 1345.50. Calculate the amount of interest repaid in the 15th pmt. 利息论讲义——第四章 分期偿还与偿债基金 模型二：一个计息期中有m个支付期，共有n个计息期，每一个支付期上还款1/m。 利息论讲义——第四章 分期偿还与偿债基金 例4.3.2 A loan is being a