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전체 댓글
JohnKwon ( john.kwon2**@gmail.com )
Sep, 09, 05:38 PM ReplyAce Co. sold to King Co. a $20,000, 8% 5-year note that required five equal annual year-end payments. This notes was discounted to yield a 9% rate to King. The present value factors of an ordinary annuity of $1 for five periods are as follows:
8% 3.992
9% 3.890
What should be the total interest revenue earned by King on this ntoe?
풀이 1.
Two steps to consider:
1. Ace has a 20000 note receivable 8% interest, which will be payd back in five payments
The present value of an 8% ordinary anuity for five years is 3.992
Ace will receive back five payments of 5010 each.. ( 20.000/3.992 = 5010/year.)
2. Ace sell the note to King. Thus King will receive 5 payments of 5010/year.
King will not pay 20000 for note because is discounted for 9% (same as bonds)
PV of the note for King is not 20000 because the note was discounted with 9%
PV =Anual payment x Factor
Factor = 3.890 ( ordinary anuity of 9% for 5 years)
PV of the note for King is 3.890×5010= 19489. Thus King will pay 19489 for note
19489 is the amount which King will pay for note, and will receive in exchange 5 payments of 5010
Difference from how much King pay for note and the amount receive in five payments is the interest
25050 – 19489 = 5561
풀이 2.
This question is using annual payments to calculate the PV of the note,
too. It's just that this question doesn't give you the annual payment, so
you need to figure it out by yourself.
X (the annual payment) times present value factor an ordinary
annuity of $1= $20,000 (Face Value of the note) -왜 Face value가 현재가치금액으로 간주되는건지 모르겠음!
X = $20,000 divided by 3.992 (present value factor an ordinary
annuity of $1)
X= $5010
You'll just have to practice as many questions as possible, and remember
the patterns of how these questions are asked & solved. I think the actual
exam questions usually give you the amount of annual payment and/or
the discounted note.