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lanlanlanlan · 2023年06月07日

利息费用难道不是用face value * coupon rate 吗

  1. CFA I
  2. FRA

NO.PZ2016012102000151

问题如下：

When market intertest rates are 8%, a company issues a $1 million bond with a 10% coupon rate, 5 years to maturity, and the interest is paid on an annual.

According to the information, which of the following statements about the bond is correct?

选项：

A.

For the first period the interest expense is $100,000.

B.

For the first period the interest expense is $86,388.

C.

For the first period the interest expense is $80,000.

解释：

B is correct.

the first period the interest expense=market interest rate × book value = 8% × $1,079,854 = $86,388.

考点：债券利息费用的计算

根据已知条件，算出债券的现值为$1,079,854。第一年利息 = 债券账面价值 * 市场利息率(market interest rate ) = $86,388

不理解为什么要算出PV of the bond 之后再算interest

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王园圆_品职助教 · 2023年06月07日

同学你好，利息费用不等于coupon payment，只要溢价或折价发行债券，这两者就是完全不相同的。

建议同学有时间再听一下何老师基础班关于bond那一章节的讲解，会有更多原理的讲解

请参考以下讲义截图，不管溢价折价发行，计入I/S表的当期interest expense=当期carrying amount* 发行时候的的市场interest rate

carrying amount = 债券初始入账价值 -溢价的累计摊销（+折价的累计摊销）

债券入账价值用coupon payment，到期年限，发行当时市场利率进行计算确定

每一期的溢价摊销 = coupon rate*face value - interest expense // 折价摊销 = interest expenses - coupon rate*face value -

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NO.PZ2016012102000151问题如下When market intertest rates are 8%, a company issues a $1 million bonwith a 10% coupon rate, 5 years to maturity, anthe interest is paion annual.Accorng to the information, whiof the following statements about the bonis correct?A.For the first periothe interest expense is $100,000.B.For the first periothe interest expense is $86,388.C.For the first periothe interest expense is $80,000. B is correct.the first periothe interest expense=market interest rate × book value = 8% × $1,079,854 = $86,388.考点债券利息费用的计算 根据已知条件，算出债券的现值为$1,079,854。第一年利息 = 债券账面价值 * 市场利息率(market interest rate ) = $86,388 这题的pv怎么算的。

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