融资的利息因素PPT课件.ppt

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1、Chapter3TheInterestFactorinFinancing融资的利息因素1.本章要点1、年金的终值的计算2、年金的现值的计算3、投资收益率的计算4、实际收益率与名义年利率3.1复利compoundinterest复利有四个基本组成部分1.本金,即投资的现值presentvalue2.利息率interestrate3.期限time4.未来某特定时期的价值futurevalue3.2FutureValue终值常用符号PV:现值,即本金principali:利息率I:利息额FV:n年后的本

2、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(effectiveannualyield)按年计息按月计息复利系数IF(interestfactors)对公式对按月计算公式为年复利系数为月复利系数复利表compoundinteresttable复利表中列出了不同名义年利率和期限下的复利系数,如下为月复利表月数6%8%11.0050001.00667021.0100251.01337831.0150751.02013441

3、.0201511.02693551.0252511.03378161.0303781.04067371.0355291.0476103.3PresentValue现值现值即未来收益的折现(Discounting),它反映了货币的时间价值(timevalue),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,如折现系数discountingfactors1元现值表（年折现系数）年数6%15%10.94

4、33960.86956520.8899960.75614430.8396190.65751640.7920940.57175350.7472580.49717760.7049610.432328Question1Howmuchshouldaninvestorpaytodayforarealestateinvestmentthatwillreturn20000yuanattheendofthreeyears,assumingtheinvestordesiresanannualreturnof15pe

5、rcentinterestontheamountinvested?Question2Howmuchshouldaninvestorpaytoreceive12000yuanthreeyears(36months)fromnow,assumingthattheinvestordesiresanannualreturnof9percentcompoundedmonthly?Solution3.5年金的终值FVAFutureValueofanAnnuity每隔等长时间收入或支付的等额系列款项叫年金。年末

6、存款的年金公式或年金复利系数FVIFA月末投入年末投入Question3Aninvestorpays200yuanpermonthintoarealestateinvestmentthatpromisestopayanannualrateofinterestof8percentcompoundedmonthly.Iftheinvestormakesconsecutivemonthlypaymentsforfiveyears,whatisthefuturevalueattheendoffiveyea

7、rs?Solution3.5年金的现值PVAPresentValueofanAnnuity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系数PVIFA例Question4Aninvestorhasanopportunitytoinvestinarentalpropertythatwillprovidenetcashreturnsof400yuanperyear.Theinvestorbelievesthatanannualreturnof10percentshould

8、beearnedonthisinvestment,howmuchshouldtheinvestorpayfortherentalproperty?SolutionQuestion5Arealestatepartnershippredictsthatitwillpay$300attheendofeachmonthtoitspartnersoverthenextsixmonths.Assumingthepartnersdesirean8percentreturncompoundedmo