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Mikan · 2021年02月17日

c项哪里表述rate是inclusive的了

NO.PZ2016021705000067

问题如下：

William Jones is evaluating three possible means of borrowing $1 million for one month:

Drawing down on a line of credit at 7.2 percent with a 1/2 percent commitment fee on the full amount with no compensating balances.

A banker’s acceptance at 7.1 percent, an all-inclusive rate.

Commercial paper at 6.9 percent with a dealer’s commission of 1/4 percent and a backup line cost of 1/3 percent, both of which would be assessed on the $1 million of commercial paper issued.

Which of these forms of borrowing results in the lowest cost of credit?

选项：

A.

Line of credit.

B.

Banker’s acceptance.

C.

Commercial paper.

解释：

B is correct.

1. Line of credit

$Line\ cost = \frac{Interest+Commitment\ Fee}{Net\ Proceed}\times12$

$\frac{(0.072\times1,000,000\times\frac{1}{12})+(0.05\times1,000,000\times\frac{1}{12})}{1,000,000}\times12$

$=\frac{6,000+416.67}{1,000,000}\times12$

$=0.077\ or\ 7.7\%$

2. Banker’s acceptance

$Banker's\ acceptance\ cost=\frac{Interest}{Net\ Proceed}\times12$

$=\frac{(0.071\times1,000,000\times\frac{1}{12})}{1,000,000-(0.071\times1,000,000\times\frac{1}{12})}\times12$

$=\frac{5916.67}{994,083.33}\times12$

$=0.0714\ or\ 7.14\%$

3. Commercial paper

$Commercial\ paper\ cost=\frac{Interest+Dealer's\ commission+Backup\ costs}{Net\ Proceed}\times12$

$=\frac{(0.069\times1,000,000\times\frac{1}{12})+(0.0025\times1,000,000\times\frac{1}{12})+(0.003333\times1,000,000\times\frac{1}{12})}{1,000,000-(0.069\times1,000,000\times\frac{1}{12})}\times12$

$=\frac{5,750+208.33+277.78}{1,000,000-5,750}\times12$

$=0.0753\ or\ 7.53\%$

想问一下c项哪里表述rate是inclusive的了？谢谢老师

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王琛_品职助教 · 2021年02月18日

- 题干中并没有明确说明，这道题是课后题，根据原版书正文及例题的解答，可以认为如果考查 Commercial paper 的融资成本，默认为按照全包报价
- 参考原版书 P193 的正文 "if a borrowing involves a dealer’s fee and a backup fee and is quoted as all inclusive, the cost is"

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NO.PZ2016021705000067 Banker’s acceptance. Commercipaper. B is correct. 1. Line of cret Line cost=Interest+Commitment FeeNet Procee12Line\ cost = \frac{Interest+Commitment\ Fee}{Net\ Procee\times12Line cost=Net Proceenterest+Commitment Fee×12 (0.072×1,000,000×112)+(0.05×1,000,000×112)1,000,000×12\frac{(0.072\times1,000,000\times\frac{1}{12})+(0.05\times1,000,000\times\frac{1}{12})}{1,000,000}\times121,000,000(0.072×1,000,000×121)+(0.05×1,000,000×121)×12 =6,000+416.671,000,000×12=\frac{6,000+416.67}{1,000,000}\times12=1,000,0006,000+416.67×12 =0.077 or 7.7%=0.077\ or\ 7.7\%=0.077 or 7.7% 2. Banker’s acceptanBanker′s acceptance cost=InterestNet Procee12Banker's\ acceptance\ cost=\frac{Interest}{Net\ Procee\times12Banker′s acceptance cost=Net Proceenterest×12 =(0.071×1,000,000×112)1,000,000−(0.071×1,000,000×112)×12=\frac{(0.071\times1,000,000\times\frac{1}{12})}{1,000,000-(0.071\times1,000,000\times\frac{1}{12})}\times12=1,000,000−(0.071×1,000,000×121)(0.071×1,000,000×121)×12 =5916.67994,083.33×12=\frac{5916.67}{994,083.33}\times12=994,083.335916.67×12 =0.0714 or 7.14%=0.0714\ or\ 7.14\%=0.0714 or 7.14% 3. Commercipaper Commercial paper cost=Interest+aler′s commission+Backup costsNet Procee12Commercial\ paper\ cost=\frac{Interest+aler's\ commission+Backup\ costs}{Net\ Procee\times12Commercial paper cost=Net Proceenterest+aler′s commission+Backup costs×12 =(0.069×1,000,000×112)+(0.0025×1,000,000×112)+(0.003333×1,000,000×112)1,000,000−(0.069×1,000,000×112)×12=\frac{(0.069\times1,000,000\times\frac{1}{12})+(0.0025\times1,000,000\times\frac{1}{12})+(0.003333\times1,000,000\times\frac{1}{12})}{1,000,000-(0.069\times1,000,000\times\frac{1}{12})}\times12=1,000,000−(0.069×1,000,000×121)(0.069×1,000,000×121)+(0.0025×1,000,000×121)+(0.003333×1,000,000×121)×12 =5,750+208.33+277.781,000,000−5,750×12=\frac{5,750+208.33+277.78}{1,000,000-5,750}\times12=1,000,000−5,7505,750+208.33+277.78×12 =0.0753 or 7.53%=0.0753\ or\ 7.53\%=0.0753 or 7.53% 为什么第一个解答里面分母没有减去interest 呢

2021-02-15 23:37 1 · 回答

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2020-11-18 22:33 1 · 回答

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