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Future value
Present value
Rates of return
Amortization;;;;;;After 1 year:;After 3 years:;;;;10%;Solve FVn = PV(1 + i )n for PV:;;;;;;;;Have payments but no lump sum FV, so enter 0 for future value.;;;;Input in “CFLO” register:
CF0 = 0
CF1 = 100
CF2 = 300
CF3 = 300
CF4 = -50
Enter I = 10, then press NPV button to get NPV = 530.09. (Here NPV = PV.);;;;;;;;An investment with monthly payments is different from one with quarterly payments. Must put on EFF% basis to compare rates of return. Use EFF% only for comparisons.
Banks say “interest paid daily.” Same as compounded daily.;;;;;iPer:;(Used for calculations if and only if
dealing with annuities where payments don’t match interest compounding periods.);;;Payments occur annually, but compounding occurs each 6 months.
So we can’t use normal annuity valuation techniques.;;;Or, to find EAR with a calculator:;EFF% = 10.25
P/YR = 1
NOM% = 10.25;;;;;;Interest declines. Tax implications.;;Amortization tables are widely used--for home mortgages, auto loans, business loans, retirement plans, etc. They are very important!
Financial calculators (and spreadsheets) are great for setting up amortization tables.;On January 1 you deposit $100 in an account that pays a nominal interest rate of 10%, with daily compounding (365 days).
How much will you have on October 1, or after 9 months (273 days)? (Days given.);iPer = 10.0% / 365
= 0.027397% per day.;;;;You are offered a note that pays $1,000 in 15 months (or 456 days) for $850. You have $850 in a bank that pays a 7.0% nominal rate, with 365 daily compounding, which is a daily rate of 0.019178% and an EAR of 7.25%. You plan to leave the money in the bank if you don’t buy the note. The note is riskless.
Should you buy it?;3 Ways to Solve:
1. Greatest future wealth: FV
2. Greatest wealth today: PV
3. Highest rate of return: Highest EFF%;;;;;Find the EFF% on note and compare with 7.25% bank pays, which is your opportunity cost of capital:;;Using interest conver
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