靜宜大學 98 學年度第 2 學期企管系『財務管理』小考一

【注意事項】本試卷共有 5 大題，每題值 20 分。請在答案卷上依序作答，需寫明計

算或推理過程，並請清楚以劃雙底線方式標明答案。
請寫上你的考試座位 A1~H8。（2010 年 3 月 11 日）

第1題
You want to lease a set of golf clubs from Hook N Shank. The lease contract is in the form of 12
equal monthly payments at a 12 percent stated annual interest rate, compounded monthly.
Because the clubs cost $5,000 retail, Hook N Shank wants the PV of the lease payments to
equal $5,000. Suppose that your first payment is due immediately, what will your monthly lease
payments be?
【分析】
分期付款，求年金。

PVIF12% 12,1
A × PVIFAr ,n = PV × PVIFr ,1 ⇒ A = $5,000 × =
PVIFA12% 12,12

r = 1.00% n = 12 PV = $5,000
A = $439.85

第2題
陳老師在 2009 年 2 月 1 日買一輛機車，金額$66,000，頭期款$6,000，餘款分 24 個月分期
付款（3 月 1 日起每月付相同金額）
，利息為年利率 14.4%。分期付款合約書有提前付清條
款，若提前付清需付未償還債務金額之 2%的違約金。陳老師在 2009 年暑假獲得一筆意外
之財，因此計畫在 2009 年 9 月 1 日一次付清購買該機車之欠款，請計算陳老師需要準備
多少錢。
【分析】
PV $66,000 − $6,000
A= = =
PVIFAr ,n PVIFA14.4% 12,24

2009 年 9 月 1 日前已經付 6 期（3~8 月）

，9 月 1 日需付第 7 期並清償未付的 17 期債務：

應付金額 = A + ⎡⎣ A × PVIFA14.4% 12,17 ⎤⎦ × (1 + 2% ) =

r = 1.2% n = 24 PV = $60,000 已付期數 =6

違約金 = 2% A = $2,892.12 欠款 = $44,236.68 應付 = $48,013.54

©2010 陳欣得 財務管理‧小考一 1/3

第3題
某機車借款宣稱利息只有 12%，其業務是這樣執行的：
假設借款$10,000，應收利息 $10,000 × 12% = $1, 200 由借款扣除，實付$8,800。欠款分
12 個月，每月償還金額為 $10,000 12 = $833.3 。
請計算真正的年利率為何。
【分析】
PV = A × PVIFAr , n ⇒ $8,800 = $833.3 × PVIFAr ,12 ⇒ r= ⇒ APR = 12 × r

n = 12 PV = $8,800 A = $833.3
r = 2.02% APR = 24.28%

第4題
This is a classic retirement problem. A time line will help in solving it. Your friend is celebrating
her 35th birthday today and wants to start saving for her anticipated retirement at age 65. She
wants to be able to withdraw $90,000 from her savings account on each birthday for 15 years
following her retirement; the first withdrawal will be on her 66th birthday. Your friend intends
to invest her money in the local credit union, which offers 8 percent interest per year. She wants
to make equal annual payments on each birthday into the account established at the credit union
for her retirement fund.
If she starts making these deposits on her 36th birthday and continues to make deposits
until she is 65 (the last deposit will be on her 65th birthday), what amount must she deposit
annually to be able to make the desired withdrawals at retirement?
【分析】
需要金額（65 歲生日時）：每年提領 A = 90,000 ，共 n = 15 年。
（ r = 8% ）
FV65 = A × PVIFAr , n = $90,000 × PVIFA8%,15

資金來源：年存金額 A1 ，共存 n = 65 − 35 年。
（ r = 8% ）
FV65 × PVIF8%,30
A1 × PVIFA8%,30 = FV65 × PVIF8%,30 ⇒ A1 = =
PVIFA8%,30

A = $90,000 n = 15 r = 8% n2 = 30
FV65 = $770,353.08 A1 = $6,800.24

©2010 陳欣得 財務管理‧小考一 2/3

第5題
The Mallory Corporation has two different bonds currently outstanding. Bond M has a face
value of $1,000,000 and matures in 20 years. The bond pays $36,000 every six months over the
life of the bond. Bond N also has a face value of $1,000,000 and a maturity of 20 years: it
makes no coupon payments over the life of the bond. If the required return on both these bonds
is 10 percent compounded semiannually, what is the current price of Bond M? Of Bond N?
【分析】
PM = I × PVIFAr , n + FV × PVIFr ,n = $36,000 × PVIFA10% 2,40 + $1,000,000 × PVIF10% 2,40 =
PN = FV × PVIFr ,n = $1,000,000 × PVIF10% 2,40 =

r = 5% n = 40 I = $36,000 FV = $1,000,000
PM = $759,772.79 PN = $142,045.68

©2010 陳欣得 財務管理‧小考一 3/3