公司理财英文版第五章第六章-表格.ppt

5.* 2(12) = 24 N; 16.9 / 12 = 1.408333333 I/Y; 3,500 PV; CPT PMT = -172.88 See the Lecture Tip in the IM for a discussion of situations that present a mismatch between the payment period and the compounding period. 5.* 35(12) = 420 N 9 / 12 = .75 I/Y 50 PMT CPT FV = 147,089.22 5.* 3(365) = 1095 N 5.5 / 365 = .015068493 I/Y 15,000 FV CPT PV = -12,718.56 5.* APR = period rate * # of compounding periods per year EAR is the rate we earn (or pay) after we account for compounding We should use the EAR to compare alternatives We need the period rate, and we have to use the APR to get it 5.* Remind students that the value of an investment is the present value of expected future cash flows. 1 N; 10,000 FV; 7 I/Y; CPT PV = -9,345.79 5.* Lecture Tip: Consider a $200,000, 30-year loan with monthly payments of $1330.60 (7% APR with monthly compounding). You would pay a total of $279,016 in interest over the life of the loan. Suppose instead, you cut the payment in half and pay $665.30 every two weeks (note that this entails paying an extra $1330.60 per year because there are 26 two week periods). You will cut your loan term to just under 24 years and save almost $70,000 in interest over the life of the loan.Calculations on TI-BAII plusFirst: PV = 200,000; N=360; I=7; P/Y=C/Y=12; CPT PMT = 1330.60 (interest = 1330.60*360 – 200,000)Second: PV = 200,000; PMT = -665.30; I = 7; P/Y = 26; C/Y = 12; CPT N = 614 payments / 26 = 23.65 years (interest = 665.30*614 – 200,000) 5.* The monthly payment is $506.91. 5.* Using a financial calculator to find the APR: PV = 978 – 50 = 928; FV = -978; N = 3 weeks; CPT I/Y = 1.765% per week; APR = 1.765 (52 weeks per year) = 91.76%!!!Compute the EAR = (1.01765)52 – 1 = 148.34%!!!! You would be better off taking a cash advance on your credit card and paying it off when the refund check comes, even if you have the most expensive card available. Refund needed for a 15% APR:PV + 50 = PV(1 + (.15/52))3PV = $5,761.14 5.* Present value probl