自考金融（Self-taught Finance）.docVIP

自考金融（Self-taught Finance） The third chapter, interest and interest rates Section 1 basic concepts of interest and interest rates Memorizing: Interest: Western economists from the surface of the lending relationship, that interest is the owner of money by selling the right to use the money obtained from the borrower to the compensation, or is the shortage of funds to raise funds from the market cost. In essence, interest is a special form of surplus value, and is part of the profit. Income: the income obtained by investors through investment. The return on investment consists of two parts: basic income and capital income. The basic income of an investment consists of interest and dividend income; capital gains are spreads resulting from an increase in asset prices. Interest rate: the ratio of interest to principal. It is an index reflecting the level of interest. Formula: interest rate (R) = interest (I) / principal (P). Namely: R=I/P Yield: the ratio of income to investment. Reflects the level of income indicators. In the investment and financing, the commonly used yield is the yield to maturity. Understand： What is the difference and relation between interest rate and yield? Interest rates are the ratio of interest to principal at a given period. Yield is the ratio of income to investment. Interest rates and yields are both distinct and interrelated. For a deposit, the amount due is equal to the initial investment capital, so the interest rate is the same as the yield. For the majority of debt obligations, such as negotiable bond certificate, because two is the market price fluctuations, the bond market in two, realize the value of uncertainty, may be higher or lower than the nominal interest rate and rate of return. As a result, some bonds have nominal interest rates, but the actual yield is not equal to the coupon rate. This yield, which reflects the actual profitability of investors, is also known as the effective interest rate. Second types of interest rates Me