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sarasara · 2020年03月22日

问一道题:NO.PZ2017102901000067 [ CFA I ]

问题如下:

A company issues €10,000,000 face value of 10-year bonds dated 1 January 2015 when the market interest rate on bonds of comparable risk and terms is 6%. The bonds pay 7% interest annually on 31 December. Based on the effective interest rate method, the interest expense on 31 December 2015 is closest to:

选项:

A.

€644,161.

B.

€700,000.

C.

€751,521.

解释:

A is correct.

N=10, I/Y=6, FV=10,000,000, PMT=700,000, PV= €10,736,008.71

The interest expense is calculated by multiplying the carrying amount at the beginning of the year by the effective interest rate at issuance. As a result, the interest expense at 31 December 2015 is €644,161 (€10,736,008.71 × 6%).

这道题我计算BASE法则全都会,但是对于题目问法很困惑。这个interest rate 应该是2015年支付的annual interest expense.  但是为什么问at the end of 2015???  我开始认为是用 PV @ end of 2015*interest rate 计算下一年的interest rate 呢 

1 个答案

郭大路 · 2020年03月23日

2015年年初借的钱,一年支付一次利息,所以2015年年底支付利息。计算方式就是 本金 * 利率。

本金 PV*6% = €10,736,008.71 × 6%。

不知道说清楚没有。