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Leaiatu · 2019年11月30日

问一道题：NO.PZ2016021705000067

  1. CFA I
  2. Corporate Issuers

问题如下：

William Jones is evaluating three possible means of borrowing $1 million for one month:

Drawing down on a line of credit at 7.2 percent with a 1/2 percent commitment fee on the full amount with no compensating balances.

A banker’s acceptance at 7.1 percent, an all-inclusive rate.

Commercial paper at 6.9 percent with a dealer’s commission of 1/4 percent and a backup line cost of 1/3 percent, both of which would be assessed on the $1 million of commercial paper issued.

Which of these forms of borrowing results in the lowest cost of credit?

选项：

A.

Line of credit.

B.

Banker’s acceptance.

C.

Commercial paper.

解释：

B is correct.

Line cost= Interest+Commitment fee Net Proceed ×12 = (0.072×$1,000,000×1/12)+(0.005 ×$1,000,000×1/12)  $1,000,000 ×12 = $6,000 + 416. 67 $1,000,000 ×12=0.077 or 7.7 percent  

Banker's acceptance cost = Interest Net Proceed ×12 = (0.071×$1,000,000×1/12) $1,000,000-(0.071×$1,000,000×1/12) ×12 = $5,916. 67 $994,083. 33 ×12=0.0714 or 7.14 percent  

Commercial paper cost= Interest+ Dealer's commission + Backup costs Net proceed ×12＝(0.069×$1,000,000×1/12)+( 0.0025×$1,000,000×1/12 )+( 0.003333×$1,000,000×1/12 ) $1,000,000−( 0.069×$1,000,000×1/12 )

    ×12 = $5,750+208.33+277.78 $1,000,000−5,750 ×12=0.0753or7.53percent  

老师，分子为什么要乘以1/12，然后又要在尾部乘以12呢？

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企鹅_品职助教 · 2019年12月01日

嗨，爱思考的PZer你好：


题目的第一句话说“William Jones is evaluating three possible means of borrowing $1 million for one month”， 这一百万只借一个月，所以要先乘以1/12， 后面乘以12是为了把三种方法都换算成年化的相比较。

这道题因为是三种方法相比较，所以其实后面不用乘以12也可以。答案的计算这样写比较正式和规范。


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虽然现在很辛苦，但努力过的感觉真的很好，加油！


Leaiatu · 2019年12月01日

谢谢

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NO.PZ2016021705000067 想问一下c项哪里表述rate是inclusive的了？谢谢老师

2021-02-17 01:00 1 · 回答

NO.PZ2016021705000067 Banker’s acceptance. Commercipaper. B is correct. 1. Line of cret Line cost=Interest+Commitment FeeNet Procee12Line\ cost = \frac{Interest+Commitment\ Fee}{Net\ Procee\times12Line cost=Net Proceenterest+Commitment Fee​×12 (0.072×1,000,000×112)+(0.05×1,000,000×112)1,000,000×12\frac{(0.072\times1,000,000\times\frac{1}{12})+(0.05\times1,000,000\times\frac{1}{12})}{1,000,000}\times121,000,000(0.072×1,000,000×121​)+(0.05×1,000,000×121​)​×12 =6,000+416.671,000,000×12=\frac{6,000+416.67}{1,000,000}\times12=1,000,0006,000+416.67​×12 =0.077 or 7.7%=0.077\ or\ 7.7\%=0.077 or 7.7% 2. Banker’s acceptanBanker′s acceptance cost=InterestNet Procee12Banker's\ acceptance\ cost=\frac{Interest}{Net\ Procee\times12Banker′s acceptance cost=Net Proceenterest​×12 =(0.071×1,000,000×112)1,000,000−(0.071×1,000,000×112)×12=\frac{(0.071\times1,000,000\times\frac{1}{12})}{1,000,000-(0.071\times1,000,000\times\frac{1}{12})}\times12=1,000,000−(0.071×1,000,000×121​)(0.071×1,000,000×121​)​×12 =5916.67994,083.33×12=\frac{5916.67}{994,083.33}\times12=994,083.335916.67​×12 =0.0714 or 7.14%=0.0714\ or\ 7.14\%=0.0714 or 7.14% 3. Commercipaper Commercial paper cost=Interest+aler′s commission+Backup costsNet Procee12Commercial\ paper\ cost=\frac{Interest+aler's\ commission+Backup\ costs}{Net\ Procee\times12Commercial paper cost=Net Proceenterest+aler′s commission+Backup costs​×12 =(0.069×1,000,000×112)+(0.0025×1,000,000×112)+(0.003333×1,000,000×112)1,000,000−(0.069×1,000,000×112)×12=\frac{(0.069\times1,000,000\times\frac{1}{12})+(0.0025\times1,000,000\times\frac{1}{12})+(0.003333\times1,000,000\times\frac{1}{12})}{1,000,000-(0.069\times1,000,000\times\frac{1}{12})}\times12=1,000,000−(0.069×1,000,000×121​)(0.069×1,000,000×121​)+(0.0025×1,000,000×121​)+(0.003333×1,000,000×121​)​×12 =5,750+208.33+277.781,000,000−5,750×12=\frac{5,750+208.33+277.78}{1,000,000-5,750}\times12=1,000,000−5,7505,750+208.33+277.78​×12 =0.0753 or 7.53%=0.0753\ or\ 7.53\%=0.0753 or 7.53% 为什么第一个解答里面分母没有减去interest 呢

2021-02-15 23:37 1 · 回答

Banker’s acceptance. Commercipaper. B is correct. 1. Line of cret Line cost=Interest+Commitment FeeNet Procee12Line\ cost = \frac{Interest+Commitment\ Fee}{Net\ Procee\times12Line cost=Net Proceenterest+Commitment Fee​×12 (0.072×1,000,000×112)+(0.05×1,000,000×112)1,000,000×12\frac{(0.072\times1,000,000\times\frac{1}{12})+(0.05\times1,000,000\times\frac{1}{12})}{1,000,000}\times121,000,000(0.072×1,000,000×121​)+(0.05×1,000,000×121​)​×12 =6,000+416.671,000,000×12=\frac{6,000+416.67}{1,000,000}\times12=1,000,0006,000+416.67​×12 =0.077 or 7.7%=0.077\ or\ 7.7\%=0.077 or 7.7% 2. Banker’s acceptanBanker′s acceptance cost=InterestNet Procee12Banker's\ acceptance\ cost=\frac{Interest}{Net\ Procee\times12Banker′s acceptance cost=Net Proceenterest​×12 =(0.071×1,000,000×112)1,000,000−(0.071×1,000,000×112)×12=\frac{(0.071\times1,000,000\times\frac{1}{12})}{1,000,000-(0.071\times1,000,000\times\frac{1}{12})}\times12=1,000,000−(0.071×1,000,000×121​)(0.071×1,000,000×121​)​×12 =5916.67994,083.33×12=\frac{5916.67}{994,083.33}\times12=994,083.335916.67​×12 =0.0714 or 7.14%=0.0714\ or\ 7.14\%=0.0714 or 7.14% 3. Commercipaper Commercial paper cost=Interest+aler′s commission+Backup costsNet Procee12Commercial\ paper\ cost=\frac{Interest+aler's\ commission+Backup\ costs}{Net\ Procee\times12Commercial paper cost=Net Proceenterest+aler′s commission+Backup costs​×12 =(0.069×1,000,000×112)+(0.0025×1,000,000×112)+(0.003333×1,000,000×112)1,000,000−(0.069×1,000,000×112)×12=\frac{(0.069\times1,000,000\times\frac{1}{12})+(0.0025\times1,000,000\times\frac{1}{12})+(0.003333\times1,000,000\times\frac{1}{12})}{1,000,000-(0.069\times1,000,000\times\frac{1}{12})}\times12=1,000,000−(0.069×1,000,000×121​)(0.069×1,000,000×121​)+(0.0025×1,000,000×121​)+(0.003333×1,000,000×121​)​×12 =5,750+208.33+277.781,000,000−5,750×12=\frac{5,750+208.33+277.78}{1,000,000-5,750}\times12=1,000,000−5,7505,750+208.33+277.78​×12 =0.0753 or 7.53%=0.0753\ or\ 7.53\%=0.0753 or 7.53% 为什么佣金要除以12，不是按次收费的么

2020-11-18 22:33 1 · 回答

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