NO.PZ2018062005000022
问题如下:
Alex Inc’s bond :
remaining years 3
sold at $1,100
par value $1,000
coupon rate 6%(the coupon is paid semiannually)
marginal tax rate 25%
According to the above data, the after-tax cost of debt is:
选项:
A.1.26%
B.2.52%
C.1.89%
解释:
C is correct. PV=-1,100;FV=1,000;N=6,PMT=30,I/Y=1.26 and then 1.26*2=2.52
After-tax cost of debt=2.52%*(1-25%)=1.89%
为什么PMT是30呢?