【下载】利息理论英文教材(决定降价一半)

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收藏 2008-05-01

利息理论北美教材Contents 1 The Measurement of Interest 2 1.1 Introduction........................................ 2 1.2 TheAccumulationFunctionandtheAmountFunction................ 2 1.3 The Eﬀective Rate of Interest: i ............................ 2 1.4 SimpleInterest ...................................... 3 1.5 CompoundInterest.................................... 3 1.6 PresentValue....................................... 4 1.7 The Eﬀective Rate of Discount: d ............................ 5 1.8 Nominal Rate of Interest and Discount Convertible mthly......................... 9 1.10VaryingInterest ..................................... 13 1.11SummaryofResults ................................... 13 2 Solution of Problems in Interest 14 2.1 Introduction........................................ 14 2.2 ObtainingNumericalResults .............................. 14 2.3 DeterminingTimePeriods................................ 14 2.4 TheBasicProblem.................................... 15 2.5 EquationsofValue.................................... 15 2.6 UnknownTime...................................... 18 2.7 UnknownRateofInterest ................................ 21 2.8 PracticalExamples.................................... 23 3 Basic Annuities 24 3.1 Introduction........................................ 24 3.2 Annuity-Immediate.................................... 24 3.3 Annuity–Due ....................................... 28 3.4 AnnuityValuesOnAnyDate.............................. 33 3.5 Perpetuities........................................ 39 3.6 NonstandardTermsandInterestRates......................... 42 3.7 UnknownTime...................................... 42 3.8 UnknownRateofInterest ................................ 43 3.9 VaryingInterest ..................................... 47 3.10AnnuitiesNotInvolvingCompoundInterest...................... 50 4 More General Annuities 51 4.1 Introduction........................................ 51 4.2 Annuities Payable At A Diﬀerent Frequency Than Interest Is Convertible . . . . . 51 4.3 Further Analysis of Annuities Payable Less Frequency Than Interest Is Convertible 52 4.4 Further Analysis of Annuities Payable More Frequency Than Interest Is Convertible 62 4.5 ContinuousAnnuities .................................. 76 4.6 BasicVaryingAnnuities ................................. 80 4.7 MoreGeneralVaryingAnnuities ............................ 93 4.8 ContinuousVaryingAnnuities.............................. 99 4.9 SummaryOfResults................................... 100 Yield Rates 101 5.1 Introduction........................................ 101 5.2 DiscountedCashFlowAnalysis............................. 101 5.3 UniquenessOfTheYieldRate ............................. 103 5.4 ReinvestmentRates ................................... 104 5.5 InterestMeasurementOfAFund............................ 106 5.6 Time-WeightedRatesOfInterest............................ 109 5.7 PortfolioMethodsandInvestmentYearMethods ................... 112 5.8 CapitalBudgeting .................................... 112 5.9 MoreGeneralBorrowing/LendingModels ....................... 112 6 Amortization Schedules and Sinking Funds 113 6.1 Introduction........................................ 113 6.2 FindingTheOutstandingLoan............................. 113 6.3 AmortizationSchedules ................................. 114 6.4 Sinking Funds . ...................................... 116 6.5 DiﬀeringPaymentPeriodsandInterestConversionPeriods ............. 119 6.6 VaryingSeriesofPayments ............................... 125 6.7 AmortizationWithContinuousPayments ....................... 130 6.8 Step-RateAmountsOfPrincipal ............................ 130 7 Bonds and Other Securities 131 7.1 Introduction........................................ 131 7.2 TypesOfSecurities.................................... 131 7.3 PriceofABond ..................................... 132 7.4 PremiumAndDiscountPricingOfABond ...................... 135 7.5 ValuationBetweenCouponPaymentDates ...................... 140 7.6 DeterminationOfYieldRates.............................. 141 7.7 CallableBonds ...................................... 144 7.8 SerialBonds........................................ 145 7.9 SomeGeneralizations................................... 145 7.10OtherSecurities...................................... 145 7.11ValuationOfSecurities.................................. 145 8 Practical Applications 146 8.1 Introduction........................................ 146 8.2 TruthInLending..................................... 146 8.3 Real Estate Mortgages . . . ............................... 146 8.4 ApproximateMethods .................................. 146 8.5 DepreciationMethods .................................. 146 8.6 CapitalizedCost ..................................... 151 8.7 ShortSales ........................................ 152 8.8 ModernFinancialInstruments ............................. 153 9 More Advanced Financial Analysis 156 9.1 Introduction........................................ 156 9.2 AnEconomicRationaleforInterest........................... 156 9.3 DeterminantsoftheLevelofInterestRates ...................... 156 9.4 RecognitionofInﬂation ................................. 156 9.5 ReﬂectingRiskandUncertainty............................. 156 9.6 YieldCurves ....................................... 157 9.7 InterestRateAssumptions................................ 158 9.8 Duration.......................................... 158 9.9 Immunization....................................... 161 9.10 Matching Assets and Liabilities . . . . .