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王二狗 · 2021年10月09日

这题没懂，7%这个概念在计算中有任何的应用吗？

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  2. FRA

NO.PZ2016012102000152

问题如下：

When market interest rate is 6%, a company issues a $1 million bond with maturity of 3-year, a 5% coupon rate, and annual interest payments.

Which of the following statements is the most correct when the market rate changes to 7% and the carrying value of the bond base on amortized cost.

选项：

A.

The book value of the bonds at the beginning of the Second year will be $990,566.04

B.

The book value of the bonds at the beginning of the Second year will be $973,269.88

C.

The book value of the bonds at the beginning of the Second year will be $981,666.07

解释：

C is correct.

Since the amortized costs will not be affected by the change in market rates, we use 6% to calculate the beginning book value of the bond

N=3    I/Y=6    PMT=1,000,000×5%=50,000    FV=1,000,000 then CPT PV=973,269.88

The new book value= Beginning book value + interest expense -coupon rate=973,269.88+973,269.88×6%-50,000=981,666.07

The ending book value of First Year= the beginning book value of Second Year

这题没懂，7%这个概念在计算中有任何的应用吗？ 

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Kiko_品职助教 · 2021年10月09日

嗨，从没放弃的小努力你好：


题目中说了是base on amortized cost，摊余成本要按历史成本计量，基于的是债券发行时的市场利率，与其后续变化无关，7%就是干扰。

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NO.PZ2016012102000152 问题如下 When market interest rate is 6%, a company issues a $1 million bonwith maturity of 3-year, a 5% coupon rate, anannuinterest payments.Whiof the following statements is the most correwhen the market rate changes to 7% anthe carrying value of the bonbase on amortizecost. A.The book value of the bon the beginning of the Seconyewill $990,566.04 B.The book value of the bon the beginning of the Seconyewill $973,269.88 C.The book value of the bon the beginning of the Seconyewill $981,666.07 C is correct.Sinthe amortizecosts will not affectethe change in market rates, we use 6% to calculate the beginning book value of the bon=3 I/Y=6 PMT=1,000,000×5%=50,000 FV=1,000,000 then CPT PV=973,269.88The new book value= Beginning book value + interest expense -coupon rate=973,269.88+973,269.88×6%-50,000=981,666.07The enng book value of First Year= the beginning book value of SeconYear考点债券利息费用的计算 由于摊余成本(amortizecosts ), 用的是发行时的市场利率(market interest rate )，不受后续市场利率变化的影响 ,所以我们采用6%计算该债券的期初账面价值. N=3 I/Y=6 PMT=1,000,000×5%=50,000 FV=1,000,000CPT PV = 973,269.88第一年债券的现值，使用计算器计算得出973,269.88后续每年的账面价值 = 初始债券账面价值 + 利息费用 - 支付的债券票面利息利息费用 = 初始账面价值 * 债券发行时的市场利息率(market interest rate )第二年债券账面价值 = 973,269.88 + 973,269.88×6% - 50,000 = 981,666.07 1）为什么摊余成本就不收到市场利率变化的影响呢？2）为什么enof book value 需要加上interest expnce， 这个interest expense 是支付给谁的呢？

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