[CFA Level 1] 请教个一级lease的问题 payments, increase, beginning, 一级

arabdopsis1

 Management of LLW Inc is considering leasing a new saw that will greatly increase the plant's throughput. Information on the machine and the terms of the lease are as follows:
* The machine has a fair market value of $2.8 Million, an estimated useful life of ten years, no salvage value.
* Company incremental borrowing rate is 11.5%
* Lease term of seven years with lease payments of $41,567 due at the beginning of each month
* implicit lease rate is 10%
* the lease does not contain a bargain purchase option and there is no title transfer at the end of the lease

If management leases the machine
C in the first month, cash flow from operation will decrease by approximately $41,567
D in the first month, cash flow from operation will decrease by approximately $ 21,039

答案是D；
不清楚是怎么算出来的； 之看出来是个operating lease； 不是说全部payment 从CFO里减吗？ 非常感谢！

[此贴子已经被作者于2009-4-4 11:37:57编辑过]

arabdopsis1

 多谢多谢！ 偶也刚刚发现啦； 可是大牛哪里去找全真题啊？

兰斯洛特

我个人觉得关键问题在于对LEASE形式的判断，这里应该是个capital lease。未来各期lease payment的折现值是2530189，正好超过2.8M的90%。

 

你计算错误的原因可能是没有注意到payment的支付时间是在每个月的月初，因此是个annuity due，要把计算器设置成BGN模式。（如果用END模式，计算出来的折现值是2509279，只有2.8M的89.6%，不够capital lease的条件。）

 

另：个人心得，Schweser的题目和正式的考试比起来难度偏高，不必花过多心思。多找点往年的全真题吧。