第三章 货币的时间价值 chapter3- Time value of money.ppt

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Ch3 Time Value of Money Credit card Do you have a credit card? Do you know how is the interest charged? * Ch3 Time Value of Money 建行、工行等大部分银行:透支利息按月计收复利 农业银行: 透支利息按月计收取单利 利率：大部分银行按日息万分之5计算，但也有例外，如： 中银长城人民币卡规定：自透支之日起15天内按日息万分之五计算，超过15天按日息万分之十计算，超过30天或透支金额超过规定限额的，按日息万分之十五计算 * Ch3 Time Value of Money If a credit card charges DAILY interest at 0.05%, compounded monthly. What is the EFF%? Is it expensive? EFF% = ( 1 + 1.5% )12 - 1 =20% * Ch3 Time Value of Money 招商银行个 人 贷 款 参 考 利 率 (自2011年7月生效)???? ? 贷款年限 年利率 6月-1年 (含1年) 6.1% * Ch3 Time Value of Money Again:When is each rate used? iNOM written into contracts, quoted by banks and brokers. Not used in calculations or shown on time lines. iPER Used in calculations and shown on time lines. If m = 1, iNOM = iPER = EAR. EAR Used to compare returns on investments with different payments per year. * Ch3 Time Value of Money What is the FV of $100 after 3 years under 10% semiannual compounding? Quarterly compounding? * Ch3 Time Value of Money In class exercises: P.131 3-37a;d P.131 3-38a;d P.132 3-40 P.132 3-41 P.132 3-44 * Ch3 Time Value of Money Summary of Ch 3: p.123 Key concepts: Compounding; discounting Annuity; ordinary annuity; annuity due; Perpetuity Nominal interest rate; periodic interest rate; effective rate of return * Ch3 Time Value of Money Key TVM calculation techniques: Compounding and discounting of single sums; Solve for I or N, given pv, fv, n or I; Calculate FV and PV of various types of annuities; Solve for I or N, given pv/fv,annual payment A, n or I; Conversion among various types of interest rates. * Ch3 Time Value of Money Assignment 3 P.127 3-2,5,8; P.132 3-42,43 Suppose you are going to buy a mobile. The price for lump-sum payment is 2500 yuan. The price for payment by instalment is 2450 yuan, paid monthly for 6 months. A 1% fee of the price is