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Katherine · 2024年02月23日

这题

  1. CFA I
  2. Quantitative

NO.PZ2023052407000002

问题如下：

Grey Pebble Real Estate seeks a fully amortizing fixed-rate five-year mortgage loan to finance 75 percent of the purchase price of a residential building that costs NZD5 million. The annual mortgage rate is 4.8 percent. The monthly payment for this mortgage would be closest to:

选项：

A.

NZD70,424.

B.

NZD93,899.

C.

NZD71,781.

解释：

A is correct. The present value of the mortgage is NZD3.75 million

(=0.75×5,000,000), the periodic discount rate is 0.004 (=0.048/12), and the number of periods is 60 (=5×12). Using Equation 8,


Alternatively, the spreadsheet PMT function may be used with the inputs stated earlier.

B is incorrect. NZD93,899 is the result if NZD5 million is incorrectly used as the present value term.

C is incorrect. NZD71,781 is the result if the calculation is made using 4.8 percent as the rate and 5 as the number of periods, then the answer is divided by 12.

这题为什么不可以pv＝0 fv＝5*0.75，站在放贷者的角度

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1 个答案

品职助教_七七 · 2024年02月24日

嗨，努力学习的PZer你好：


无论是站在谁的角度，都只改变现金流的符号，而不会改变现金流发生的时间。

本题的3.75m借款发生在0时点，如果站在借钱人的角度，就是+3.75，放贷者的角度就是-3.75。但无论如何这个现金流的发生时间也不会移到期末时点。

同样，期末时点是没有除PMT之外的独立现金流发生的，所以无论站在哪一方的角度，期末的FV都是0.

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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