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Hugo(Xie Lanzhi) · 2020年02月13日

问一道题：NO.PZ2018062018000068

  1. CFA I
  2. FRA

问题如下：

PZ company issues three years $1 million with 10% coupon bond pay annually, and market interest rate is 8%, which of the following statement is least likely correct:

选项：

A.

interest expense is $84,123 in first year.

B.

interest payment is $100,000 in first year.

C.

carrying amount is 1,051,542 at the end of the first year.

解释：

C is correct, N=3, I/Y=8, FV=$1,000,000, PMT=$100,000, PV=$1,051,542.

Interest expense=$1,051,542*8%=$84,123, interest payment=PMT=$100,000

Carrying amount=1,051,542+84,123-100,000=1,035,665(BASE).

还是想请问一下B+A-S=E，为啥要加A，减去S呢？

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2 个答案

Olive_品职助教 · 2020年02月17日

Interest expense 不是支出的意思吗？为啥要加上呢？

这里BASE法则里的B，指的是债券的期初价值，也就是期初欠的钱，那么什么东西会增加它当期欠的钱的账面金额呢，就是当期应该支付的利息费用，所以债券的账面价值的增加项是interest expense，而S是其减少项，是当期实际支付给债权人的钱，也就是coupon，这个钱会减少债券账面价值，也就是减少公司欠的钱，最后算出来的是E，即期末债券账面价值。

Olive_品职助教 · 2020年02月14日

嗨，从没放弃的小努力你好：


BASE法则代表了一个科目账面价值的变化过程，从期初的金额B到期末的金额E是怎么变化的。

期间可能会有增加额，也可能会有减少额，前者是A，后者是S，所以从B到E的过程，就是加上增加的，减去减少的：B+A-S=E。

举个简单的例子，小明零花钱一开始有100块钱，当年又从爸妈那里拿了10块，但是中间花掉了50，那么最后剩下的零花钱就是100+10-50=60，这就是BASE法则。


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Hugo(Xie Lanzhi) · 2020年02月16日

Interest expense 不是支出的意思吗？为啥要加上呢？

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NO.PZ2018062018000068 问题如下 PZ company issues three years $1 million with 10% coupon bonpannually, anmarket interest rate is 8%, whiof the following statement is least likely correct: A.interest expense is $84,123 in first year. B.interest payment is $100,000 in first year. C.carrying amount is 1,051,542 the enof the first year. C is correct, N=3, I/Y=8, FV=$1,000,000, PMT=$100,000, PV=$1,051,542.Interest expense=$1,051,542*8%=$84,123, interest payment=PMT=$100,000Carrying amount=1,051,542+84,123-100,000=1,035,665(BASE). 是在enof the first year付pmt，还是在begging of the seconyear付?比如1月1日发的annubon支付的pmt的日期是12月31日吗

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