金融市场学——计算+简答

1. As the proprietor of a business ,you plan to purchase new business premises costing $480000.In addition,stamp duty os 0.75 percent of the purchase price and legal expenses of $3200 are payable.The down payment is $140000 and a mortgage loan from your bank at 9.2 percent per annum. The loan will be amortized by monthly installments over the next seven years.What is the amount of each monthly instalment?

PV=PMT*(1-(1+i)^-n)/r

480000*(1+0.75%)+3200-140000=

PMT*(1-(1+9.2%/12)^-7*12)/(1+9.2%/12)

PMT=$5622

2.A company invests its purplus funds by buying a commercial bill with a face value of $100000,at a current yield to maturity of 9.35% per annum and 120days to maturity.After 45 days ,the bill is sold at a yield of 6.84% per annum.What rate of return did the company earn on the bill? FV=PV(1+yield*t/365)

100000=PV(1+7.35%*120/365) PV=97640.58

FV=selling price(1+6.84%*75/365) selling price = 98614 Yield= selling price-PV=98614-97640.58=973.42

3.A menaged fund is to restructure its balance sheet through the sale of $5 mil of Treasury bonds that mature on 30 Sept 2010.The bonds pay a fixed half-yearly coupon of 7.5% per annum.Settlement date for the sale is 17 July 2004.Calculate the price at which to be sold.Current yields on similar bond issues are 8.35% per anunm.

C=5000000*(7.5%/2)=187500

I=8.35%/2=4.175%

N=13

K=108/182=0.593

P=(187500(1-(1+4.175%)^-13)

/4.175%+5000000(1+4.175%)^-13)(1+4.175%)^0.593=$4907694