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- 2011-7-11
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2#
发表于 2011-7-13 16:27
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Kiakaha Wrote:
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> Hi guys, hoping someone can help -- very
> confused...
>
> in the lease examples in the CFA textbooks (lessee
> on page 523, lessor on page 534 and 536) they have
> tables showing the interest expense for the first
> year is 0. but in the text they say it is the
> beginning value of the liability/receivable (ie
> after the Jan 1 payment), multiplied by the
> interest rate.
>
> why don't the tables and the text seem to match?
> and if you're asked to work out the interest
> expense for Year 2, do you assume interest expense
> of 0 in year 1 (ie the whole payment reduces the
> liability/receivable)?
>
> I'm hoping there is a logical explanation to this
> that I just can't see! thanks much
Say you take a lease (you are lessee) on 1st jan 2006 and your lease is $100 annually payable jan 1 each year for 4 yrs starting today. That is NPV of $317 (considering IR = 10%). So today, you pay $100 to the lessor. So now your payable is $217. Of course this $100 has no interest component since your lease had just started so you didn't accrue any interest.
Now, for the whole year of 2006, you accrue interest on $217 and on 1st jan 2007, you pay $100. Out of this $100, $21.7 is the interest you accrued last year and rest goes in reducing the lease amount.
Basically, you do ACCRUE interest in first year but since in your first year PAYMENT, there is no interest, the tables puts 0 against first year interest. |
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