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米其林 · 2022年04月01日

怎么区分coupon bond rate跟market interest rate

  1. CFA I
  2. FRA

NO.PZ2018062018000068

问题如下：

PZ company issues three years $1 million with 10% coupon bond pay annually, and market interest rate is 8%, which of the following statement is least likely correct:

选项：

A.

interest expense is $84,123 in first year.

B.

interest payment is $100,000 in first year.

C.

carrying amount is 1,051,542 at the end of the first year.

解释：

C is correct, N=3, I/Y=8, FV=$1,000,000, PMT=$100,000, PV=$1,051,542.

Interest expense=$1,051,542*8%=$84,123, interest payment=PMT=$100,000

Carrying amount=1,051,542+84,123-100,000=1,035,665(BASE).

为什么I/Y是用market interest rate，算PMT是用coupon rate来算？分不清这两个概念

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Kiko_品职助教 · 2022年04月02日

嗨，爱思考的PZer你好：


I/Y是是折现率，我们折现都是用市场利率折现的。

PMT是payment的意思，是每期支付额,是每期支付额,这是基于债券给定的coupon rate等额分期付款的。

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NO.PZ2018062018000068 问题如下 PZ company issues three years $1 million with 10% coupon bonpannually, anmarket interest rate is 8%, whiof the following statement is least likely correct: A.interest expense is $84,123 in first year. B.interest payment is $100,000 in first year. C.carrying amount is 1,051,542 the enof the first year. C is correct, N=3, I/Y=8, FV=$1,000,000, PMT=$100,000, PV=$1,051,542.Interest expense=$1,051,542*8%=$84,123, interest payment=PMT=$100,000Carrying amount=1,051,542+84,123-100,000=1,035,665(BASE). 是在enof the first year付pmt，还是在begging of the seconyear付?比如1月1日发的annubon支付的pmt的日期是12月31日吗

2023-06-23 11:56 1 · 回答

NO.PZ2018062018000068 问题如下 PZ company issues three years $1 million with 10% coupon bonpannually, anmarket interest rate is 8%, whiof the following statement is least likely correct: A.interest expense is $84,123 in first year. B.interest payment is $100,000 in first year. C.carrying amount is 1,051,542 the enof the first year. C is correct, N=3, I/Y=8, FV=$1,000,000, PMT=$100,000, PV=$1,051,542.Interest expense=$1,051,542*8%=$84,123, interest payment=PMT=$100,000Carrying amount=1,051,542+84,123-100,000=1,035,665(BASE). interest expense在实务中的意义是？不是特别理解还是说I/S上就是这么强制规定？虽然我会做这道题，但是难以理解interest expense和interest payment区别

2022-10-01 21:39 1 · 回答

interest payment is $100,000 in first year. carrying amount is 1,051,542 the enof the first year. C is correct, N=3, I/Y=8, FV=$1,000,000, PMT=$100,000, PV=$1,051,542. Interest expense=$1,051,542*8%=$84,123, interest payment=PMT=$100,000 Carrying amount=1,051,542+84,123-100,000=1,035,665(BASE). interest payment是现金流量表真实记录的吗？如果是的，是不是这样理解现金流量表cfo流出计入的还是coupon payment的数字，分析师的观点是观点，但不是现金流量表计入的数字？

2020-02-27 13:34 1 · 回答

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