Principles of Finance · 免费预览
名义利率与实际利率
名义年利率不考虑年内的复利计算，实际年利率则将其计入；借助计息次数在二者之间换算，借款人可以公平地比较贷款，储蓄者也可以公平地比较存款。
1. Two ways to quote one loan
Two ways to quote one loan
2. The conversion formula
The conversion formula
3. The Truth in Lending context
The Truth in Lending context
4. Frequency as value
Frequency as value
5. The stated rate's flaw
Why does the stated annual rate understate the true annual cost of a loan with monthly compounding?
6. Converting 12 percent monthly
What is the effective annual rate of 12 percent compounded monthly?
7. Comparing two deposits
Bank A offers 8 percent compounded annually, Bank B offers 7.9 percent compounded daily. Which is the better deposit?
8. The quarterly comparison
Which loan is cheaper at the same 12 percent stated rate, one compounded quarterly or one compounded monthly?
9. The continuous limit
What happens to the effective annual rate as the compounding frequency m grows without bound?
10. Why regulation discloses APR
Why do lending regulations require disclosure of the annual percentage rate?
11. The monthly piece of 12 percent
A stated annual rate of 12 percent compounded monthly corresponds to what monthly rate in percent? Write the number.
12. The exponent's count
In the effective rate formula, what letter names the number of compounding periods per year? Write the letter.
13. The better deposit frequency
At the same stated rate, a saver should prefer which compounding frequency, annual or daily? Answer with one word.
14. The ceiling constant
What mathematical constant, approximately 2.718, appears in the continuous compounding limit of the effective rate formula? Answer with one letter.