1

1
2
3
4

2
5
6
7

3
8
9
10

4
11
12
13

Ch. 3

 XX !

: 500

10

18% ?

3.1

:
3.1.1 (nominal interest rate)

(annual percentage rate: APR)

,
(annual basis)
18%

1.5%

3.1.1

18%

(APR)

3.1.2

(annual effective yield)

(annual effective interest rate)
1 18% , 1
?

F 1(1 i ) 1(1 0.015)

1.1956
12

ia 19.56%
18%

: 1.5%

12

3.1.2

18%

: 1.5%
18%

1.5%
=

19.56 %

3.1.2

ia (1 r / M )
ia =
r =
M =

3.1.2

vs.

4%

4.00%

4.04%

4.06%

4.07%

4.08%

5.00

5.06

5.09

5.12

5.13

6.00

6.09

6.14

6.17

6.18

7.00

7.12

7.19

7.23

7.25

8.00

8.16

8.24

8.30

8.33

9.00

9.20

9.31

9.38

9.42

10

10.00

10.25

10.38

10.47

10.52

11

11.00

11.30

11.46

11.57

11.62

12

12.00

12.36

12.55

12.68

12.74

3.1.2

9%

+ (2.25%)

=10,000
+ 225

=
+ (2.25%)

= 10,225
+230.06

=
+ (2.25%)

= 10,455.06
+ 235.24

=
+ (2.25 %)
= 1

= 10,690.30
+ 240.53
= 10,930.83

3.2

3.2.1
( )

i [1 r / CK ] 1
C

i
r
C
K

=
=
=
=

3.2.1

3.2

8/12%
2.013 %

i (1 0.08 /12)3 1 2.013%

ia (1 0.08 /12)12 1 8.24%

ia (1 2.013) 4 1 8.24%

3.2.2

As M, r/M0

ic lim [(1 r / CK ) ] 1
C

CK

lim [(1 r / CK )
CK

CK 1/ K

(e r )1/ K 1
C =
K =
r/K =
CK =

3.2.2

3.3 : 8%
1)

= , =

1
2
1

, r = 8%

K = 4
C = 1

i [1 r / CK ]C 1
[1 0.08 /(1)(4)]1 1
2.000% /

3.2.2

3.3 : 8%
2)

= , =

1
2
3

, r = 8%

K = 4
C = 3

i [1 r / CK ]C 1
[1 0.08 /(3)(4)]3 1
2.013% /

3.2.2

3.3 : 8%
a)

= , =

1
2
13

, r = 8%

52

K = 4
C = 13
i [1 r / CK ]C 1
[1 0.08 /(13)(4)]13 1
2.0186% /

3.2.2

3.3 : 8%
b)

= , =

1
2
91.25

, r = 8%

365

K = 4
C = 91.25
i [1 r / CK ]C 1
[1 0.08 / (91.25)(4)]91.25 1
2.0199% /

3.2.2

3.3 : 8%
c)

= , =

1
2

, r = 8%

K = 4

i er / K 1
e0.02 1
2.0201% /

3.2.2

3.3 : 8%

8%

8%

8%

8%

8%

2.000% /

2.013% /

2.0186% /

2.0199% /

2.0201% /

3.3

1: (e.g., , , , )
2: (e.g., , , , )
3: .

3.3

1: =

2: <

3: >

3.3.1

1 : (M) .

2 : .

i = r/M
3 : (N) .

N = M ()
4: i N .

3.3.1

3.4
: (:)
= 21,599
4% = 21,599 (0.04) = 863.96
= 21,599 (0.01) = 215.99
= 22,678.95

= 2,678.95
= 8.5% APR
= 48
:

3.3.1

3.4
20,000

48

A
: P = 20,000(), r = 8.5% /
K = 12
N = 48

A
1: M = 12
2: i = r/M = 8.5%/12 = 0.7083% /
3: N = (12)(4) = 48
4: A = 20,000(A/P, 0.7083%,48) = 492.97()

3.3.1

3.4
20,000

48

A
25 ?

3.4 !

3.3.2

1 : (M), ( K),

(C)
2 : .
: i = (1 + r/M)C 1

: i = e r/K -1

3 : (N) .

N = K ()
4: i N .

3.3.2

3.5

12%, 100 .
3 ?

F=?

1
0

2
4

A = 1,000

3
8

9 10 11

12

3.3.2

F=?

3.5

1
0

2
4

3
8

9 10 11

A = 1,000
1: M = 12 /
K = 4 /
C = 3
2: i [1 0.12 /(3)( 4)]3 1

3.030 %
3: N = 4(3) = 12
4: F = 1,000 (F/A, 3.030%, 12)
= 14,216.24()

12

3.3.2

3.5 ()

1
0

2
4

3
8

9 10 11

A = 1,000
1: M = 12 /
K = 4 /
C = 3
2: i e0.12/ 4 1
3.045% /

3:
4:

N = 4(3) = 12
F = 1,000 (F/A, 3.045%, 12)
= 14,228.37()

F=?

12

3.4 ()

(amortized loan)

3.4.1

3.4.1

< >

5/18

6/17
7/1

3.4.1

3.6
- 18%, 200
- 10% 2 .
- ?
- ,

3.4.2

.
,
/

3.4.2

3.7 /

A 5,000( A / P,1%,24)
235.37

5,000

i = 1% /
1 2 3 4

5 6

22 23 24

A=
?

3.4.2

3.7 /

3.4.2

_ 3.4 ():

25
, ?

3.4.3

2,000
,

(3 900)
, ,

? ( vs. )

3.4.3

3.8

A: 2,620 , 1.9%
36 .

B: 2,404.8 , 5%

3.4.3

3.9 vs

14,695

14,695

2,000

APR (%)

3.6%

372.55

236.45

36

36

495

300

8.673.10
2,000

731.45

3.4.3

3.9 vs

Salvage Value

(APR)

(effective interest rate) .
,
.

3.19 ) .

35,000
.
4% 10
?

3.37) .

826
226
9.25% 48 .
48 ?

3.39) 3,500

5 .
1 15%, 2 20%, 3 25%
4 30%, 5 35% .
(a)
(b) 5