2017 官方TOPIC TEST 里面关于derivatives CASE Mink 第3题 - 请查看是否答案有误

The effective cost of the collar
purchased on 1 January for 30 June expiration = ($130,000 – $100,000)[1 +
 (0.05 + 0.02)(180/360)] = $31,050.

Effective total amount of loan = $60,031,050 （我记得应该是 loan - FV premium costs = net amount borrowed）所以我最后求 EAR 是除以 60,000，000 - 31,050 ？ 不知道是不是官方给的答案错了？

Put payoff = $60,000,000[max(0,0.0450 – 0.0600)](180/360)

= $0

Call payoff = –$60,000,000[max(0,0.0600 – 0.0600)](180/360)

= $0

Interest on loan = $60,000,000[0.06 + 0.02](180/360)

= $2,400,000

Effective rate = [(60,000,000 + $2,400,000)/($60,031,050)]^365/180 – 1

= 8.16%