金融市场与金融机构Chapter3解析
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Part II
Fundamentals of Financial Markets
制作人：王曼舒 1
Chapter Three
What do Interest Rates mean and what is their role in valuation
制作人：王曼舒
2
Chapter Preview
制作人：王曼舒
9
2. Fixed-payment loan
(分期固定支付贷款)
Fixed-payment loans are also called fully amortized loans, in which the lender provides the borrower with an amount of funds, which must be repaid by making the same payment every period (such as a month), consisting of part of the principal and interest for a set number of years.
制作人：王曼舒
11
4. A Discount Bond
A discount bond, also called a zerocoupon bond, is bought at a price below its face value (at discount), and the face value is repaid at the maturity date.
制作人：王曼舒
13
3.1.3 Yield to Maturity（到期收益率） Simple Loan
We examine the terminology and calculation of various rates, and we show the importance of these rates in our lives and the general economy. Topics include:
制作人：王曼舒
5
3.1.1 Present Value
Present value is the concept based on the commonsense notion that a dollar of cash flow paid to you one year from now is less valuable to you than a dollar paid to you today.
制作人：王曼舒
4
3.1 Measuring Interest Rates
Different debt instruments have very different streams of cash payments to the holder (known as cash flows), with very different timing.
制作人：王曼舒 10
3. Coupon Bond (息票债券)
A coupon bond pays the owner of the bond a fixed interest payment (coupon payment) every year until the maturity date, when a specified final amount (face value or par value) is repaid.
制作人：王曼舒
6
3.1.1 Present Value
Simple loan of $1 Year 1 $1.10 2 $1.21 3 $1.33 n 1(1+i)n
$1 PV of fut ure $1 = 1+ i n
制作人：王曼舒
7
3.1.2 Four Types of Credit Instruments
1. 2. 3. 4.
Simple Loan Fixed Payment Loan Coupon Bond Discount Bond
制作人：王曼舒
8Leabharlann 1. Simple loan (简单贷款)
Simple loan is a loan, in which the lender provides the borrower with an amount of funds, which must be repaid to the lender at the maturity date along with an additional payment for the interest.
Measuring Interest Rates The Distinction Between Real and Nominal Interest Rates The Distinction Between Interest Rates and Returns
制作人：王曼舒 3
Since interest rates are among the most closely watched variables in the economy, it is imperative that what exactly is meant by the phrase interest rates is understood. In this chapter, we will see that a concept known as yield to maturity (YTM,到期收益 率) is the most accurate measure of interest rates.
制作人：王曼舒
12
3.1.3 Yield to Maturity（到期收益率）
Yield to maturity = interest rate that equates the present value of all future payments with its value today.
Fundamentals of Financial Markets
制作人：王曼舒 1
Chapter Three
What do Interest Rates mean and what is their role in valuation
制作人：王曼舒
2
Chapter Preview
制作人：王曼舒
9
2. Fixed-payment loan
(分期固定支付贷款)
Fixed-payment loans are also called fully amortized loans, in which the lender provides the borrower with an amount of funds, which must be repaid by making the same payment every period (such as a month), consisting of part of the principal and interest for a set number of years.
制作人：王曼舒
11
4. A Discount Bond
A discount bond, also called a zerocoupon bond, is bought at a price below its face value (at discount), and the face value is repaid at the maturity date.
制作人：王曼舒
13
3.1.3 Yield to Maturity（到期收益率） Simple Loan
We examine the terminology and calculation of various rates, and we show the importance of these rates in our lives and the general economy. Topics include:
制作人：王曼舒
5
3.1.1 Present Value
Present value is the concept based on the commonsense notion that a dollar of cash flow paid to you one year from now is less valuable to you than a dollar paid to you today.
制作人：王曼舒
4
3.1 Measuring Interest Rates
Different debt instruments have very different streams of cash payments to the holder (known as cash flows), with very different timing.
制作人：王曼舒 10
3. Coupon Bond (息票债券)
A coupon bond pays the owner of the bond a fixed interest payment (coupon payment) every year until the maturity date, when a specified final amount (face value or par value) is repaid.
制作人：王曼舒
6
3.1.1 Present Value
Simple loan of $1 Year 1 $1.10 2 $1.21 3 $1.33 n 1(1+i)n
$1 PV of fut ure $1 = 1+ i n
制作人：王曼舒
7
3.1.2 Four Types of Credit Instruments
1. 2. 3. 4.
Simple Loan Fixed Payment Loan Coupon Bond Discount Bond
制作人：王曼舒
8Leabharlann 1. Simple loan (简单贷款)
Simple loan is a loan, in which the lender provides the borrower with an amount of funds, which must be repaid to the lender at the maturity date along with an additional payment for the interest.
Measuring Interest Rates The Distinction Between Real and Nominal Interest Rates The Distinction Between Interest Rates and Returns
制作人：王曼舒 3
Since interest rates are among the most closely watched variables in the economy, it is imperative that what exactly is meant by the phrase interest rates is understood. In this chapter, we will see that a concept known as yield to maturity (YTM,到期收益 率) is the most accurate measure of interest rates.
制作人：王曼舒
12
3.1.3 Yield to Maturity（到期收益率）
Yield to maturity = interest rate that equates the present value of all future payments with its value today.