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Weike · 2024年03月15日

怎么算出来的三个选项

  1. CFA I
  2. Corporate Issuers

NO.PZ2023090505000013

问题如下：

An issuer is comparing a bank loan at a rate of 15% with taking advantage of a supplier’s terms of 1/14, net 30, paying on day 14. The best decision in terms of the lower cost of financing is to:

选项：

A.

forgo the discount and use the supplier’s financing to pay on day 30.

B.

borrow from the bank to take advantage of the trade credit terms.

C.

use either option because the cost of the bank loan and the cost of the trade credit are identical.

解释：

B is correct. The cost of the supplier’s trade credit, expressed as an effective annual rate, is 25.769%, which is higher than the 15% interest rate on the bank loan.


EAR of 1/14, net 30 = 0.25769 or 25.769%

A and C are incorrect, because the bank loan rate of 15% is lower than the effective annual rate, 25.769%, on the supplier’s trade credit.

不太理解可以详细解释一下吗

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2 个答案

王琛_品职助教 · 2024年03月18日

嗨，从没放弃的小努力你好：


算出来15%和25%的区别之后怎么看三个选项

1

先看银行贷款，年利率为 15%

这是一个相对直接的融资成本计算，年利率即为其成本

2

再看 The cost of the supplier’s trade credit，计算的结果为 26%

假设供应商的货款是 100 万，则 26% 可以理解为

明明在第 14 天可以享受供应商给的折扣，只用还 99 万

但是偏偏拖到第 30 天再还，而且得还全款 100 万

则多了 16 天，多还 1 万，看似数额相比货款 100 万不多，但是实际的年化成本高达 26%

3

既然银行贷款的成本 15%，小于供应商的融资成本 26%

所以成本较低的一种融资决策是

在第 14 天，先问银行贷款，融资 99 万，享受供应商的折扣，把货款还了

然后在第 30 天，再把银行贷款还了

虽然问银行贷款有利息，即融资成本，但是年化成本只有 15%，所以最终连本带利还给银行的不会超过原来的货款 100 万

准确的结果应该是 99x(1+15%)^(16/365)=99.608390 万

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加油吧，让我们一起遇见更好的自己！

王琛_品职助教 · 2024年03月17日

嗨，爱思考的PZer你好：


1

同学好，这道题其实就是基础班例题，只是改了数据而已，解题思路都是一致的

请参考基础班讲义墨迹版 P185

2

如果我直接按老师课上讲的方法，把解题过程写出来，相当于同学少了一次练习和发现可能的错误的机会

所以建议同学可以先自己做一下，看按照李老师课上教的方法，自己能否算出答案

计算过程中，哪里遇到了问题，记录一下

如果同学没有计算出正确答案，可以继续追问或者评论，把同学的计算过程和遇到的问题说一下，我再回答同学的后续疑问哈

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努力的时光都是限量版，加油！

Weike · 2024年03月18日

算出来15%和25%的区别之后怎么看三个选项

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NO.PZ2023090505000013 问题如下 issuer is comparing a bank loa rate of 15% with taking aantage of a supplier’s terms of 1/14, net 30, paying on y 14. The best cision in terms of the lower cost of financing is to: A.forgo the scount anuse the supplier’s financing to pon y 30. B.borrow from the bank to take aantage of the tra cret terms. C.use either option because the cost of the bank loanthe cost of the tra cret are intical. B is correct. The cost of the supplier’s tra cret, expresseeffective annurate, is 25.769%, whiis higher ththe 15% interest rate on the bank loan.Eof 1/14, net 30 = 0.25769 or 25.769%A anC are incorrect, because the bank lorate of 15% is lower ththe effective annurate, 25.769%, on the supplier’s tra cret. count rate 为啥等于1%？

2024-03-04 17:53 1 · 回答

NO.PZ2023090505000013问题如下 issuer is comparing a bank loa rate of 15% with taking aantage of a supplier’s terms of 1/14, net 30, paying on y 14. The best cision in terms of the lower cost of financing is to: A.forgo the scount anuse the supplier’s financing to pon y 30.B.borrow from the bank to take aantage of the tra cret terms.C.use either option because the cost of the bank loanthe cost of the tra cret are intical. B is correct. The cost of the supplier’s tra cret, expresseeffective annurate, is 25.769%, whiis higher ththe 15% interest rate on the bank loan.Eof 1/14, net 30 = 0.25769 or 25.769%A anC are incorrect, because the bank lorate of 15% is lower ththe effective annurate, 25.769%, on the supplier’s tra cret. 这道题能不能用李老师课上教的方法计算。

2023-10-29 18:33 2 · 回答