精品課程ppt公司金融導論第六章二(編輯修改稿)

　

【文章內容簡介】 ??????? ??PVMcGrawHill/Irwin 169。 2022 The McGrawHill Companies, Inc. All rights reserved. Annuity – Sweepstakes Example ? Suppose you win the Publishers Clearinghouse $10 million sweepstakes. The money is paid in equal annual installments of $333, over 30 years. If the appropriate discount rate is 5%, how much is the sweepstakes actually worth today? – PV = 333,[1 – 1/] / .05 = 5,124, McGrawHill/Irwin 169。 2022 The McGrawHill Companies, Inc. All rights reserved. Buying a House ? You are ready to buy a house and you have $20,000 for a down payment and closing costs. Closing costs are estimated to be 4% of the loan value. You have an annual salary of $36,000 and the bank is willing to allow your monthly mortgage payment to be equal to 28% of your monthly ine. The interest rate on the loan is 6% per year with monthly pounding (.5% per month) for a 30year fixed rate loan. How much money will the bank loan you? How much can you offer for the house? McGrawHill/Irwin 169。 2022 The McGrawHill Companies, Inc. All rights reserved. Buying a House Continued ? Bank loan – Monthly ine = 36,000 / 12 = 3,000 – Maximum payment = .28(3,000) = 840 – PV = 840[1 – 1/] / .005 = 140,105 ? Total Price – Closing costs = .04(140,105) = 5,604 – Down payment = 20,000 – 5604 = 14,396 – Total Price = 140,105 + 14,396 = 154,501 McGrawHill/Irwin 169。 2022 The McGrawHill Companies, Inc. All rights reserved. Annuities on the Spreadsheet Example ? The present value and future value formulas in a spreadsheet include a place for annuity payments ? Click on the Excel icon to see an example McGrawHill/Irwin 169。 2022 The McGrawHill Companies, Inc. All rights reserved. Quick Quiz – Part II ? You know the payment amount for a loan and you want to know how much was borrowed. Do you pute a present value or a future value? ? You want to receive 5000 per month in retirement. If you can earn .75% per month and you expect to need the ine for 25 years, how much do you need to have in your account at retirement? McGrawHill/Irwin 169。 2022 The McGrawHill Companies, Inc. All rights reserved. Finding the Payment ? Suppose you want to borrow $20,000 for a new car. You can borrow at 8% per year, pounded monthly (8/12 = .66667% per month). If you take a 4 year loan, what is your monthly payment? – 20,000 = C[1 – 1 / ] / .0066667 – C = McGrawHill/Irwin 169。 2022 The McGrawHill Companies, Inc. All rights reserved. Finding the Payment on a Spreadsheet ? Another TVM formula that can be found in a spreadsheet is the payment formula – PMT(rate,nper,pv,fv) – The same sign convention holds as for the PV and FV formulas ? Click on the Excel icon for an example McGrawHill/Irwin 169。 2022 The McGrawHill Companies, Inc. All rights reserved. Finding the Number of Payments – Example ? Start with the equation and remember your logs. – 1000 = 20(1 – 1/) / .015 – .75 = 1 – 1 / – 1 / = .25 – 1 / .25 = – t = ln(1/.25) / ln() = months = years ? And this is only if you don’t charge anything more on the card! McGrawHill/Irwin 169。 2022 The McGrawHill Companies, Inc. All rights reserved. Finding the Number of Payments – Another Example ? Suppose you borrow $2022 at 5% and you are going to make annual payments of $. How long before you pay off the loan? – 2022 = (1 – 1/) / .05 – .136161869 = 1 – 1/ – 1/ = .863838131 – = – t = ln() / ln() = 3 years McGrawHill/Irwin 169。 2022 The McGrawHill Companies, Inc. All rights reserved. Finding the Rate ? Suppose you borrow $10,000 from your parents to buy a car. You agree to pay $ per month for 60 months. What is the monthly interest rate? – Sign convention matters!!! – 60 N