Datele problemei:

N
12500
VN
100000 u.m.
n
5 ani
i
0.1
Se cere:
tabelul de amortizare, cote constante, al-pari
Rezolvare:
al-pari: VR=VN
VR
100000 u.m.
cote ct.
Nk
2500 N/n
C
10000 u.m.
VN*i
k
k
Dk
Nk
1
12500 125000000
2500
2
10000 100000000
2500
3
7500 75000000
2500
4
5000 50000000
2500
5
2500 25000000
2500

Qk
250000000
250000000
250000000
250000000
250000000

rk
375000000
350000000
325000000
300000000
275000000

Datele problemei:
N
10000
VN
50000 u.m.
VR
55000 u.m.
n
4 ani
i
0.25
Se cere:
tabel de amortizare, cote ct, supra-pari
Rezolvare:
Nk
2500 N/n
C
12500 u.m.
k
1
2
3
4

k
Dk
10,000 125,000,000
7,500 93,750,000
5,000 62,500,000
2,500 31,250,000

Nk
2,500
2,500
2,500
2,500

Qk
137,500,000
137,500,000
137,500,000
137,500,000

rk
262,500,000
231,250,000
200,000,000
168,750,000

Datele problemei:
N
125000
n
4 ani
i
0.2
VR
100000 u.m.
Se cere:
tabel amortizare rate cvasi-ct, al-pari
Rezolvare:
u
1.2
v
0.833333333
v la n
0.482253086
VN
100,000
r
4,828,614,008.9419
(1+i) la n
2.0736
N1
23286.14009
C
20000

k
1
2
3
4

k
Dk
Nk
125000 2,500,000,000 23286.14
101714 2,034,280,000 27943.37
73771 1,475,420,000 33532.04
40239
804,780,000 40238.45

Nk real
23286
27943
33532
40239
125000

Qk
2,328,600,000
2,794,300,000
3,353,200,000
4,023,900,000

rk
4,828,600,000
4,828,580,000
4,828,620,000
4,828,680,000

Datele problemei:
N
125000
VN
50000 u.m.
VR
55000 u.m.
n
4 ani
i
0.5
Se cere:
tabel de amortizare, rate cvasi constante
Rezolvare:
i'
0.454545455 (VN/VR)*i
C
25000 u.m.
v'
0.6875 1/(1+i')
v' la n
0.223403931
N*VR*i'/(1-v'n)
r
4,023,970,920.52 u.m.
u'
1.454545455 1+i'
u' la n
4.476196981
n
N1
16344.92583 N*i'/(u' -1)

k
1
2
3
4

k
125,000
108,655
84,881
50,300

Dk
3,125,000,000
2,716,375,000
2,122,025,000
1,257,500,000

Nk
16,344.93
23,774.44
34,581.00
50,299.64

Nk real
Qk
rk
16,345
898,975,000 4,023,975,000
23,774 1,307,570,000 4,023,945,000
34,581 1,901,955,000 4,023,980,000
50,300 2,766,500,000 4,024,000,000

Problema 5. Un imprumut obligatar de 10 000 de obligatiuni cu valoarea

nominala de 50 000 u.m., emise la valoarea de 45 000 u.m. este rambursabil
cu rata nominala 0,1 prin rate cvasi-constante in timp de 4 ani. Un obligatar
doreste sa stie care este rata medie de randament daca obligatiunile sunt rambursate
a) al pari;
b) la valoarea de 55 000 u.m..
Rezolvare:
N
10000
VN
50000 u.m
VE
45000 u.m.
i
0.1
n
4 ani
a) rambursarea se face al-pari VR=VN
VR
50000 u.m.
u
1.1
v
0.909091
v la n
0.683013
n
E(m)
2.852879 VE/VN*(1-v )/i
m1
0.15 se dau valori
m2
0.155 se dau valori
n
E(m1)
2.854978 (1-(1/(1+m1)) )/m1
n
E(m2)
2.826343 (1-(1/(1+m2)) )/m2
m
0.150367 (E(m)-E(m1))/(E(m2)-E(m1)) * (m2-m1) +m1
b)
VR
55000
i'
0.090909 VN/VR*i
u'
1.090909
v'
0.916667
v' la n
0.706067
n
E(m)
2.645399 VE/VR*(1-v' )/i'
m1
0.185 se dau valori
m2
0.19 se dau valori
n
E(m1)
2.664116 (1-(1/(1+m1)) )/m1
n
E(m2)
2.638586 (1-(1/(1+m2)) )/m2
m
0.188666 (E(m)-E(m1))/(E(m2)-E(m1)) * (m2-m1) +m1

Problema 6. O societate emite un numar de 10 000 de obligatiuni avand

valoarea nominala de 50 000 u.m. si valoarea de emisiune de 45 000 u.m.. Se
stie ca societatea trebuie sa suporte cheltuieli de emisiune in valoare de 1 milion
u.m.. Imprumutul obligatar va fi rambursat in 4 ani cu rata nominala i = 0, 1.
Sa se calculeze rata de cost a imprumutului obligatar daca rambursarea unei
obligatiuni are loc cu valoarea de:
a) 50 000 u.m.,
b) 55 000 u.m..
Rezolvare
N
10000
VN
50000 u.m.
VE
45000 u.m.
F
1000000 u.m.
n
4 ani
i
0.1
a)
u
1.1
v
0.9090909
v la n
0.6830135
r
157735402 u.m.
E(t)
2.8465392 (N*VE-F)/r
t1
0.15 se dau valori
t2
0.155 se dau valori
n
E(t1)
2.8549784 (1-(1/(1+t1)) )/t1
n
E(t2)
2.8263428 (1-(1/(1+t2)) )/t2
t
0.1514736 (E(t)-E(t1))/(E(t2)-E(t1))*(t2-t1)+t1
b)
VR
55000
i'
0.0909091
u'
1.0909091
v'
0.9166667
v' la n
0.7060667
r
170106645 u.m.
E(t)
2.6395206 (N*VE-F)/r
t1
0.185 se dau valori
t2
0.19 se dau valori
n
E(t1)
2.6641161 (1-(1/(1+t1)) )/t1
n
E(t2)
2.6385855 (1-(1/(1+t2)) )/t2
t
0.1898169 (E(t)-E(t1))/(E(t2)-E(t1))*(t2-t1)+t1

Problema 7.O societate comerciala emite un numar de 225 000 de obligatiuni

la valoarea de 10 000 u.m., cu valoarea nominala de 12 500 u.m. si rambursabile
pe timp de 5 ani cu rata nominala anuala de 0, 15. Sa se intocmeasca tabelele
de amortizare stiind ca rambursarea se face:
a) al pari prin cote constante,
b) supra pari prin cote constante ( V R = 15 000 u.m.),
c) al pari prin rate cvasi-constante,
d) supra pari prin rate cvasi-constante ( V R = 15 000 u.m.).
Sa se determine apoi rata medie de randament, rata personala de randament,
precum si rata de cost stiind ca societatea comerciala are cheltuieli de emisiune
de 1 milion u.m., atat in cazul rambursarii al pari, cat si in cazul rambursarii
supra pari.
Rezolvare:
N
225000
VE
10000 u.m.
VN
12500 u.m.
n
5 ani
i
0.15
a)
al pari prin cote constante
C
1875
Nk
45000
k
k
Dk
Nk
Qk
rk
1
225000 421875000
45000 562500000 984375000
2
180000 337500000
45000 562500000 900000000
3
135000 253125000
45000 562500000 815625000
4
90000 168750000
45000 562500000 731250000
5
45000 84375000
45000 562500000 646875000
b)
supra pari prin cote constante ( V R = 15 000 u.m.),
VR
15000 u.m.
k
k
Dk
Nk
Qk
rk
1
225000 421875000
45000 675000000 1096875000
2
180000 337500000
45000 675000000 1012500000
3
135000 253125000
45000 675000000 928125000
4
90000 168750000
45000 675000000 843750000
5
45000 84375000
45000 675000000 759375000
c)
al pari prin rate cvasi-constante,
u
1.15
v
0.8695652
v la n
0.4971767
r
839012491
u la n
2.0113572
N1
33370.999
k
k
Dk
Nk
Nk real
Qk
rk
1
225000 421875000 33370.9993
33371 417137500 839012500
2
191629 359304375 38376.6492
38377 479712500 839016875
3
153252 287347500 44133.1466
44133 551662500 839010000
4
109119 204598125 50753.1186
50753 634412500 839010625
5
58366 109436250 58366.0864
58366 729575000 839011250
d)
supra pari prin rate cvasi-constante ( V R = 15 000 u.m.).
VR
15000 u.m.
i'
0.125
C
1875

u'
v'
v' la n
r
u' la n
N1

1.125
0.8888889
0.554929
947882382
1.8020325
35067.159
k
k
Dk
Nk
Nk real
1
225000 421875000 35067.1588
35067
2
189933 356124375 39450.5536
39451
3
150482 282153750 44381.8728
44382
4
106100 198937500 49929.6069
49930
5
56170 105318750 56170.8078
56170
rata medie de randament pentru cazul al-pari
E(m)
2.6817241
m1
0.25
m2
0.255
E(m1)
2.68928
E(m2)
2.6619439
m
0.251382
rata medie de randament pentru cazul supra-pari
E(m)
2.3737122
m1
0.3
m2
0.35
E(m1)
2.4355698
E(m2)
2.2199614
m
0.3143449
rata personala de randament pentru cazul al-pari
anul k
E(tp)
tp1
tp2
E(tp1)
1
10000
0.44
0.43 9982.6389
2
10000
0.3
0.2 9948.2249
3
10000
0.2
0.3 11183.449
4
10000
0.2
0.3 10882.041
5
10000
0.2
0.25 10630.867
rata personala de randament pentru cazul supra-pari
VR
15000
anul k
E(tp)
tp1
tp2
E(tp1)
1
10000
0.7
0.6 9926.4706
2
10000
0.3
0.4 11427.515
3
10000
0.35
0.3 9276.406
4
10000
0.25
0.3
10572
5
10000
0.2
0.25 11635.561
rata de cost pentru cazul al-pari
F
1000000
E(t)
2.6805322
t1
0.2
t2
0.25
E(t1)
2.9906121
E(t2)
2.68928
t
0.2514515
rata de cost pentru cazul supra-pari
E(t)
2.3726572
t1
0.35

Qk
526005000
591765000
665730000
748950000
842550000

rk
947880000
947889375
947883750
947887500
947868750

E(tp2)
tpk
10052.4476 0.437513 ** se poate afla din ecuatia de grad 1
11545.1389 0.2967578 ** se poate afla din ecuatia de grad 2
9094.78835 0.2566607
8438.29873 0.2360939
9138.4 0.221135

E(tp2)
10546.875
9948.97959
10232.7037
9313.61822
9957.6

tpk
0.6881481 ** se poate afla din ecuatia de grad 1
0.3965493 ** se poate afla din ecuatia de grad 2
0.3121669
0.2727276
0.2487366

t2
E(t1)
E(t2)
t

0.3
2.2199614
2.4355698
0.3145895

e afla din ecuatia de grad 1 solutia exacta

e afla din ecuatia de grad 2 solutia exacta

e afla din ecuatia de grad 1 solutia exacta

e afla din ecuatia de grad 2 solutia exacta