第三章融资的利息因素(房地产金融与投资-武汉理工大学.pptVIP

Chapter 3 The Interest Factor in Financing融资的利息因素 3.1 复利 compound interest 复利有四个基本组成部分 1.本金,即投资的现值present value 2.利息率interest rate 3.期限time 4.未来某特定时期的价值future value 3.2 Future Value终值 常用符号 PV: 现值,即本金principal i: 利息率 I: 利息额 FV: n年后的本息和,即终值 一般公式 计息期间对复利的影响 一般公式 按月计息 m=12 按天计息m=365 名义年利率与实际年收益率 实际年收益率EAY(effective annual yield) 按年计息 按月计息 复利因子IF(interest factors) 对公式 对按月计算公式 为年复利因子 为月复利因子 复利表compound interest table 复利表中列出了不同名义年利率和期限下的复利因子,如下为月复利表 月数 6% 8% 1 1.005000 1.006670 2 1.010025 1.013378 3 1.015075 1.020134 4 1.020151 1.026935 5 1.025251 1.033781 6 1.030378 1.040673 7 1.035529 1.047610 3.3 Present Value现值 现值即未来收益的折现(Discounting),它反映了货币的时间价值(time value),是计算抵押还款额、确定抵押贷款的实际成本和计算收益性房地产价值等一系列的房地产融资活动的基石(cornerstone)。 折现过程是计算复利的逆过程,如 折现因子discounting factors 1元现值表（年折现因子） 年数 6% 15% 1 0.943396 0.869565 2 0.889996 0.756144 3 0.839619 0.657516 4 0.792094 0.571753 5 0.747258 0.497177 6 0.704961 0.432328 Question 1 How much should an investor pay today for a real estate investment that will return 20000 yuan at the end of three years, assuming the investor desires an annual return of 15 percent interest on the amount invested? Question 2 How much should an investor pay to receive 12000 yuan three years (36 months)from now, assuming that the investor desires an annual return of 9 percent compounded monthly? Solution 3.5 年金的终值FVAFuture Value of an Annuity 每隔等长时间收入或支付的等额系列款项叫年金。 年末存款的年金公式 或 年金复利因子FVIFA 月末投入 年末投入 Question 3 An investor pays 200yuan per month into a real estate investment that promises to pay an annual rate of interest of 8 percent compounded monthly. If the investor makes consecutive monthly payments for five years, what is the future value at the end of five years? Solution 3.5 年金的现值PVAPresent Value of an Annuity 基本思路：将投资者定期收入的等额款项（R）折为现值。 月末收入 年末收入 年金现值因子PVIFA 例 Question 4 An investor has an opportunity to invest in a rental property that will provide net cash returns of 400 yuan per year.The investor believes that an