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IAmNeil

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tT
发表于 2011-7-13 14:36 | 只看该作者

CFA Mock AM Q28

please, someone, derived, something
Can someone please explain how 0.008392 is derived? I am missing something here.
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zephyranalyst

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2#
发表于 2011-7-13 14:36 | 只看该作者
Take your cost of $2.3 x .55 = $1,265,000 LTV

Inputs on HP12c:

PV: -1,265,000
N: 300 (25 x 12)
I: .75 ( 9% / 12)

Solve for PMT: $10,615.83......annualized: $127,390.00 / LTV $1,265,000 = 10.07%, this is your constant.

(.55).1007 + (.45).145 = 12.06, letter "B"

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benbenxiong

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3#
发表于 2011-7-13 14:36 | 只看该作者
OK, I'm confused.

Book 5, page 35 - sinking fund factor - uses $1 for future value. Mock exam solution shows the calculation as $1 for present value. When I calcuate the return of capital to lender (see example on page 35) using numbers from question 28 on the mock, I get 0.00089, same number as if I calucated question 28 with $1 for future value.

Why does the book show $1 future value and the mock $1 present value?

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hassan

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4#
发表于 2011-7-13 14:36 | 只看该作者
Thanks. Somehow I always manage to screw this one up.

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tianxin

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5#
发表于 2011-7-13 14:36 | 只看该作者
redleaf Wrote:
-------------------------------------------------------
> OK, I'm confused.
>
> Book 5, page 35 - sinking fund factor - uses $1
> for future value. Mock exam solution shows the
> calculation as $1 for present value. When I
> calcuate the return of capital to lender (see
> example on page 35) using numbers from question 28
> on the mock, I get 0.00089, same number as if I
> calucated question 28 with $1 for future value.
>
> Why does the book show $1 future value and the
> mock $1 present value?


I also didn't get the way this was calculated on the mock solution. However, you can get the same answer doing it the way explained in the CFAI text.

FV = $1
N = 25 X 12 = 300
I/Y = 9 / 12 = .75
PV = $0
PMT = CPT = .00089 x 12 = 0.0107

Then add the 0.0107 to the stated cost of debt of .09 to get 10.07

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