Part 2-1 評價

Part 2-1

$10014%

010010011141142129.961283148.15441424168.8961565192.54151706219.49731847250.22691988285.25862129325.194922610370.7221240

(Future Value Interest Factor)

5% 1 10,500 500($10,000 0.05)10,000 ($10,000 1) 10,500 $10,500 = $10,000(1.05)

5,000 10% 1

12 5 5,000 12 5

Chart1

1092727115762512597121331000

1159274.07431276281.56251469328.07681610510

1266770.081387621477455.443789061850930.210281882143588.81

1343916.379344121628894.626777442158924.997272792593742.4601

2093777.929654213386354.940899396848475.1962193310834705.9433884

2813862.454371525516015.3675922514785344.294320628102436.8480643

3%

5%

8%

10%

Sheet1

PV

3510,000,000=$1,000,000

3%5%8%10%

6.75%

3$915,141.66$863,837.60$793,832.24$751,314.80

10,000,000(1+0.0675)35=$1,016,539.065$862,608.78$783,526.17$680,583.20$620,921.32

8$789,409.23$676,839.36$540,268.88$466,507.38

10$744,093.91$613,913.25$463,193.49$385,543.29

25$477,605.57$295,302.77$146,017.90$92,296.00

35$355,383.40$181,290.29$67,634.54$35,584.10

FV

1,000,000=$1,000,000

8%3%5%8%10%

1,000,000(1+0.08)3 =$1,259,712.003$1,092,727.00$1,157,625.00$1,259,712.00$1,331,000.00

5$1,159,274.07$1,276,281.56$1,469,328.08$1,610,510.00

8$1,266,770.08$1,477,455.44$1,850,930.21$2,143,588.81

10$1,343,916.38$1,628,894.63$2,158,925.00$2,593,742.46

25$2,093,777.93$3,386,354.94$6,848,475.20$10,834,705.94

35$2,813,862.45$5,516,015.37$14,785,344.29$28,102,436.85

185601,000,8%=8%12

1,000,8%=8%12

8%=8%12

8%=8%12

1000[SUM(1+8%12)t , t=2~N]=$49,318.43

560

10,000,

8%=8%12

10000[SUM(1+8%12)t , t=1~60]X (1+8%12)=$496,472.23

100,000,

8%420

100,0008%=$1,250,000

6035

20,000420

6.8%=6.8%12

20,000[SUM(1+6.8%12)^t-1 , t=1~420]=$34,350,208.81

672

10,000,

8%=8%12

10,000[SUM(1+8%12)^t-1 , t=1~60]X (1+8%12)=$926,388.27

1000300

8%=8%12

301360700

[1SUM(1+8%12)^t , t=1~360] 7,000,000=$51,363.52

100030

130 $ 1,060,793

1,060,793 = [1SUM(1+R%)^t , t=1~30] 10,000,000

R=10%

Sheet1

0000

0000

0000

0000

0000

0000

3%

5%

8%

10%

Sheet2

0000

0000

0000

0000

0000

0000

3%

5%

8%

10%

Sheet3

Present Value(Discounting)

Chart2

915141.65935316863837.598531476793832.24102017751314.800901578

862608.784384164783526.166468459680583.197033753620921.323059155

789409.234313936676839.362028687540268.884501976466507.380209733

744093.914896725613913.253540759463193.488084684385543.289429531

477605.56926166295302.771697762146017.90491291492295.9981770641

355383.397808387181290.28535257767634.542699430235584.1027383673

3%

5%

8%

10%

Sheet1

PV=1000000

3510,000,0003%5%8%10%

6.75%3$915,141.66$863,837.60$793,832.24$751,314.80

5$862,608.78$783,526.17$680,583.20$620,921.32

10,000,000(1+0.0675)35=$1,016,539.068$789,409.23$676,839.36$540,268.88$466,507.38

10$744,093.91$613,913.25$463,193.49$385,543.29

25$477,605.57$295,302.77$146,017.90$92,296.00

35$355,383.40$181,290.29$67,634.54$35,584.10

FV

1,000,000

8%

1,000,000(1+0.08)3 =$1,259,712.00

Sheet1

0000

0000

0000

0000

0000

0000

3%

5%

8%

10%

Sheet2

Sheet3

Future Value Interest FactorFVIF:

Present Value Interest FactorPVIF :

Basic Present Value Equation

1 (FVIFi , n) (PVIFi ,n) = 1

Annuity$1,000PMT

Ordinary Annuity

(Perpetuity)n

9% 100 4

$323.97$297.22

200 200 12%

(Perpetuity)

12% 50 3

(Continuous Compounding)

(Effective Annual Interest RateEAR)im

12% 50 3

18% 1.5%

19.56%

Chart1

1

1

1.1

1.1

1.21

1.21

1.331

1.331

1.4641

1.4641

1.61051

1.6105

Sheet1

1.2510%01

3.9406420791111

11.111.1

1.166666666721.2121.1

1821.33121.21

14.431.33131.21

31.464131.331

41.464141.331

41.6105141.4641

51.6105151.4641

51.61051

01

0.51

0.51.05

11.05

11.1025

1.51.1025

1.51.157625

21.157625

21.21550625

2.51.21550625

2.51.276281562501

31.276281562511.1051709181

31.340095640621.2214027582

3.51.340095640631.3498588076

3.51.407100422741.4918246976

41.407100422751.6487212707

41.4774554438

4.51.4774554438

4.51.551328216

51.551328216

51.6288946268

Sheet1

0

0

0

0

0

0

0

0

0

0

0

1.6105

Sheet2

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

1.6289

Sheet3

0

0

0

0

0

0

1.6487

Chart2

1

1

1.05

1.05

1.1025

1.1025

1.157625

1.157625

1.21550625

1.21550625

1.2762815625

1.2762815625

1.3400956406

1.3400956406

1.4071004227

1.4071004227

1.4774554438

1.4774554438

1.551328216

1.551328216

1.6288946268

1.6289

Sheet1

1.2510%01

3.9406420791111

11.111.1

1.166666666721.2121.1

1821.33121.21

14.431.33131.21

31.464131.331

41.464141.331

41.6105141.4641

51.6105151.4641

51.61051

01

0.51

0.51.05

11.05

11.1025

1.51.1025

1.51.157625

21.157625

21.21550625

2.51.21550625

2.51.276281562501

31.276281562511.1051709181

31.340095640621.2214027582

3.51.340095640631.3498588076

3.51.407100422741.4918246976

41.407100422751.6487212707

41.4774554438

4.51.4774554438

4.51.551328216

51.551328216

51.6288946268

Sheet1

0

0

0

0

0

0

0

0

0

0

0

1.6105

Sheet2

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

1.6289

Sheet3

0

0

0

0

0

0

1.6487

Chart3

1

1.1051709181

1.2214027582

1.3498588076

1.4918246976

1.6487212707

1.6487

Sheet1

1.2510%01

3.9406420791111

11.111.1

1.166666666721.2121.1

1821.33121.21

14.431.33131.21

31.464131.331

41.464141.331

41.6105141.4641

51.6105151.4641

51.61051

01

0.51

0.51.05

11.05

11.1025

1.51.1025

1.51.157625

21.157625

21.21550625

2.51.21550625

2.51.276281562501

31.276281562511.1051709181

31.340095640621.2214027582

3.51.340095640631.3498588076

3.51.407100422741.4918246976

41.407100422751.6487212707

41.4774554438

4.51.4774554438

4.51.551328216

51.551328216

51.6288946268

Sheet1

0

0

0

0

0

0

0

0

0

0

0

1.6105

Sheet2

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

1.6289

Sheet3

0

0

0

0

0

0

1.6487

(Payment)

Chart1

5250010480.8169095119

52421.393873178710559.4230363332

52342.198200406210638.6187091057

52262.408560087910718.408349424

52182.020497467210798.7964120447

52101.029524376810879.787385135

52019.431118988310961.3857905235

51937.220725559411043.5961839524

51854.393754179811126.4231553321

51770.945580514811209.8713289971

51686.871545547311293.9453639646

51602.166955317611378.6499541943

51516.827080661111463.9898288508

51430.847156944711549.9697525671

51344.222383800511636.5945257114

51256.947924857611723.8689846542

51169.018907472711811.7980020391

51080.430422457411900.3864870544

50991.177523804511989.6393857073

50901.255228411712079.5616811002

50810.658515803512170.1583937084

50719.382327850712261.4345816612

50627.421568488212353.3953410237

50534.771103430512446.0458060814

50441.425759884912539.391149627

50347.380326262712633.4365832492

50252.629551888312728.1873576235

50157.168146706212823.6487628057

50060.990780985112919.8261285267

49964.092085021213016.7248244907

49866.466648837513114.3502606744

49768.109021882413212.7078876294

49669.013712725213311.8031967866

49569.175188749313411.6417207625

49468.587875843613512.2290336683

49367.246158091113613.5707514208

49265.144377455413715.6725320564

49162.27683346513818.5400760469

49058.637782894613922.1791266172

48954.22143944514026.5954700669

48849.021973419514131.7949360924

48743.033511398814237.783398113

48636.25013591314344.5667735989

48528.66588511114452.1510244009

48420.27475242814560.5421570839

48311.070686249814669.746223262

48201.047589575414779.7693199365

48090.199319675814890.617589836

47978.519687752115002.2972217598

47866.002458588915114.814450923

47752.64135020715228.1755593049

47638.430033512215342.3868759997

47523.362131942215457.4547775697

47407.431221110415573.3856884015

47290.630828447415690.1860810645

47172.954432839415807.8624766725

47054.395464264415926.4214452475

46934.94730342516045.8696060869

46814.603281379416166.2136281325

46693.356679168416287.4602303435

46571.200727440816409.6161820711

46448.128606075216532.6883034366

46324.133443799516656.6834657124

46199.208317806616781.6085917052

46073.346253368816907.470656143

45946.540223447817034.2766860641

45818.783148302317162.0337612096

45690.067895093217290.7490144187

45560.387277485117420.4296320268

45429.734055244917551.082854267

45298.100933837917682.715975674

45165.480564020317815.3363454915

45031.865541429117948.9513680827

44897.248406168518083.5685033434

44761.621642393418219.1952671184

44624.9776778918355.8392316218

44487.308883652918493.508025859

44348.607573458918632.2093360529

44208.866003438518771.9509060733

44068.07637164318912.7405378689

43926.23081760919054.5860919029

43783.321421919719197.4954875922

43639.340205762819341.4767037491

43494.279130484619486.5377790272

43348.130097141919632.6868123699

43200.884946049219779.9319634627

43052.535456323219928.2814531887

42903.073345424320077.7435640876

42752.490268693620228.3266408182

42600.777818887520380.0390906244

42447.927525707820532.8893838041

42293.930855329320686.8860541826

42138.779209922920842.037699589

41982.46392717620998.3529823359

41824.976279808521155.8406297034

41666.307475085721314.5094344262

41506.448654327521474.3682551844

41345.390892413621635.4260170982

41183.125197285421797.6917122265

41019.642509443721961.1744000682

40854.933701443222125.8832080687

40688.989577382722291.8273321292

40521.800872391722459.0160371202

40353.358252113322627.4586573986

40183.652312182822797.1645973291

40012.673577702822968.143331809

39840.412502714323140.4044067976

39666.859469663323313.9574398486

39492.004788864423488.8121206474

39315.838697959623664.9782115523

39138.351361372923842.4655481389

38959.532869761924021.28403975

38779.373239463824201.4436700481

38597.862411938424382.9544975735

38414.990253206624565.8266563053

38230.746553284324750.0703562276

38045.121025612624935.6958838993

37858.103306483425122.7136030285

37669.682954460725311.1339550512

37479.849449797825500.9674597141

37288.592193849925692.2247156619

37095.900508482425884.9164010294

36901.763635474726079.0532740371

36706.170735919426274.6461735924

36509.110889617526471.7060198944

36310.573094468326670.2438150436

36110.546265855526870.2706436564

35909.01923602827071.7976734838

35705.980753476927274.8361560349

35501.419482306727479.3974272052

35295.324001602627685.4929079092

35087.682804793327893.1341047186

34878.484299007928102.332610504

34667.716804429128313.1001050827

34455.36855364128525.4483558709

34241.42769097228739.3892185399

34025.882271832928954.9346376789

33808.720262050329172.0966474615

33589.929537194429390.8873723175

33369.49788190229611.3190276099

33147.412989194929833.403920317

32923.662459792530057.1544497193

32698.233801419630282.5831080922

32471.114428108930509.7024814029

32242.291659498430738.5252500134

32011.752720123330969.0641893885

31779.484738702931201.3321708089

31545.474747421831435.34216209

31309.709681206231671.1072283057

31072.176376993931908.640532518

30832.86157332147.9553365119

30591.751907976232389.0650015357

30348.833920464632631.9829890472

30104.094048046832876.7228614651

29857.518626585833123.2982829261

29609.093889463933371.723020048

29358.805966813533622.0109426984

29106.640884743333874.1760247686

28852.584564557534128.2323449544

28596.622821970334384.1940875415

28338.741366313834642.0755431981

28078.925799739834901.8911097721

27817.161616416535163.6552930954

27553.434201718335427.3827077936

27287.728831409835693.088078102

27020.030670824135960.7862386878

26750.324774033936230.492135478

26478.596083017836502.220826494

26204.829426819136775.9874826928

25929.009520698937051.8073888129

25651.120965282837329.695944229

25371.148245701137609.6686638108

25089.075730722537891.7411787893

24804.887671881638175.9292376303

24518.568202599438462.2487069125

24230.101337297538750.7155722143

23939.470970505939041.3459390059

23646.660875963439334.1560335485

23351.654705711839629.1622038001

23054.435989183339926.3809203286

22754.988132280840225.8287772311

22453.294416451640527.5224930603

22149.337997753640831.4789117582

21843.101905915441137.7150035964

21534.569043388541446.2478661234

21223.722184392541757.0947251193

20910.543973954142070.2729355577

20595.016926937542385.7999825744

20277.123427068142703.6934824437

19956.845725949843023.971183562

19634.165942073143346.6509674388

19309.066059817343671.7508496946

18981.527928444643999.2889810673

18651.533261086644329.2836484253

18319.063633723444661.7532757885

17984.10048415544996.7164253569

17646.625110964845334.191798547

17306.618672475745674.1982370362

16964.062185697946016.7547238139

16618.936525269346361.8803842425

16271.222422387546709.5944871243

15920.900463734147059.9164457778

15567.951090390847412.8658191211

15212.354596747347768.4623127645

14854.091129401648126.7257801103

14493.140686050848487.6762234611

14129.483114374848851.333795137

13763.098110911349217.7187986006

13393.965219921849586.8516895901

13022.063832249949958.753077262

12647.373184170450333.4437253415

12269.872356230350710.9445532815

11889.540272080751091.2766374311

11506.355697351474.4612122119

11120.297238208451860.5196713035

10731.343340673652249.4735688382

10339.472288907352641.3446206045

9944.662204252853036.154705259

9546.891043963453433.9258655485

9146.136599971853834.6803095401

8742.376497650254238.4404118617

8335.588194561254645.2287149506

7925.748979199155055.0679303127

7512.835969721855467.9809397901

7096.826112673355883.9907968385

6677.696181697156303.1207278148

6255.422776238456725.3941332734

5829.982320238957150.834589273

5401.351060819457579.4658486925

4969.505066954258011.3118425577

4534.42022813558446.3966813769

4096.072253024658884.7446564872

3654.43666810159326.3802414109

3209.488816290459771.3280932215

2761.203855591260219.6130539206

2309.556757686860671.260151825

1854.522306548261126.2946029637

1396.075097025961584.7418124859

934.189533432362046.6273760796

468.839828111762511.9770814002

menu

CHAPTER

2

Introduction

1FVPV2Excel3 Excel Excel XY

FV

PV1,000,000

i8%

1.

2.

3.

Future value of $1,000,000 at 8%

yearBeginning amountinterest earnedEnding AmountFormulaFunction

01000000

110000008000010800001080000$1,080,000

210800008640011664001166400$1,166,400

311664009331212597121259712$1,259,712

41259712100776.961360488.961360488.96$1,360,489

51360488.96108839.11681469328.07681469328.0768$1,469,328

1.FV

1,080,000.00

$31,259,712.00

$51,469,328.08

$81,850,930.21

$102,158,925.00

$256,848,475.20

$3514,785,344.29

2.FV

$1,259,712

3%1092727

5%1157625

8%1259712

10%1331000

20%1728000

30%2197000

3.FV

Sensitivity analysis (period v.s. interest rate)

$1,080,0003%5%8%10%15%

31,092,727.001,157,625.001,259,712.001,331,000.001,520,875.00

51,159,274.071,276,281.561,469,328.081,610,510.002,011,357.19

81,266,770.081,477,455.441,850,930.212,143,588.813,059,022.86

101,343,916.381,628,894.632,158,925.002,593,742.464,045,557.74

151,557,967.422,078,928.183,172,169.114,177,248.178,137,061.63

n420

discount rate0.0056666667=6.8%/12

payment20000

pv0

FV$34,350,208.81=FV(E148,E147,-E149,E150)

FV

0000

0000

0000

0000

0000

3%

5%

8%

10%

,

PV

FV1,000,000

i6.75%

n35

Excel

PV101,653.91$101,653.91

Discount rate10%

Payment1,000

year5

Year012345

Payment1,0001,0001,0001,0001,000

Present value factor100%91%83%75%68%62%

PV of payment909826751683621

PV of all payments3,791

$3,791

1.

discount rate$3,791

3%4,579.71

5%4,329.48

8%3,992.71

10%3,790.79

12%3,604.78

2.

payment$3,791

5001,895.39

10003,790.79

15005,686.18

20007,581.57

25009,476.97

3.

year$3,791

32,486.85

53,790.79

85,334.93

106,144.57

157,606.08

4.

$3,7913%5%8%10%12%

32,828.612,723.252,577.102,486.852,401.83

54,579.714,329.483,992.713,790.793,604.78

87,019.696,463.215,746.645,334.934,967.64

108,530.207,721.736,710.086,144.575,650.22

2517,413.1514,093.9410,674.789,077.047,843.14

3521,487.2216,374.1911,654.579,644.168,175.50

5.

(Future values)(Compounding)

PVFVin FVIF=(1+i)^n

key in

a.TableYear 0Ending amount D59)PV1000000b.Beginning amountEnding amount B60D59c.interest earned=Benginning amount*iC60=B60 * $E$28d.Eending amount=Beginning amount+interest earnedD60 B60+C60e.Eending amountB60:D60 64Eending amount

E60=$E$27*(1+$E$28)^A60

FV(i, T,,PV) iTPVPVCFVCF60FV($E$28,A60,,-$E$27)ExcelfxFVFV

1,000,0008%Excel

D79:D84E78F60D78:E84 A60('8%)

D89:D94E88F62D88:E94E28(3)

A104:A108B103:F103A103F60A103:F108E28A60

B104:F108XY3%,5%,8%,10%,15%XY

603520,0004206.8%=6.8%12

FV=(, , , )FVE151=FV(E148,E147,-E149,E150)Excel /FV/

1,000,0008%

Step1

Future Values

Step2

Sensitivity analysis

$Excel$$E$28A1A2+A3A1B1B1B2+B3B1A1$A$2+A3B1B1$A$2+B3A2

$A1A$1$A1AA$1A2$A1+B1B2B2$A1+C1

F4F4F4F4 A1F4$A$1F4A$1F4$A1F4A1

Back

()A1B1+C1A1A3A2B2+C2A3B3+C3

A1A10110A11A22A1A2A10A3A10310

Back

1. A60

2.

Back

PV

00000

00000

00000

00000

00000

00000

3%

5%

8%

10%

12%

,

Mortgage

Interest rate8%

Payment2,000

Amount borrowed7,985

BeginningPlusLessEnding

YearBalanceInterestPaymentBalance

17,985.00638.80(2,000)6,623.80

26,623.80529.90(2,000)5,153.70

35,153.70412.30(2,000)3,566.00

43,566.00285.28(2,000)1,851.28

51,851.28148.10(2,000)(0.62)(0)

0.0

0.0

0.0

0.0

0.0

Mortgage amortization schedule

Principal7,000,000.00

period24020 years

discount rate0.0075i=9%

payment$62,980.82

periodbeginning balancepaymentinterest paidprincipal paidending balance

07,000,000.00

17,000,000.00$62,980.82$52,500.00$10,480.82$6,989,519.18

26,989,519.18$62,980.82$52,421.39$10,559.42$6,978,959.76

36,978,959.76$62,980.82$52,342.20$10,638.62$6,968,321.14

46,968,321.14$62,980.82$52,262.41$10,718.41$6,957,602.73

56,957,602.73$62,980.82$52,182.02$10,798.80$6,946,803.94

66,946,803.94$62,980.82$52,101.03$10,879.79$6,935,924.15

76,935,924.15$62,980.82$52,019.43$10,961.39$6,924,962.76

86,924,962.76$62,980.82$51,937.22$11,043.60$6,913,919.17

96,913,919.17$62,980.82$51,854.39$11,126.42$6,902,792.74

106,902,792.74$62,980.82$51,770.95$11,209.87$6,891,582.87

116,891,582.87$62,980.82$51,686.87$11,293.95$6,880,288.93

126,880,288.93$62,980.82$51,602.17$11,378.65$6,868,910.28

136,868,910.28$62,980.82$51,516.83$11,463.99$6,857,446.29

146,857,446.29$62,980.82$51,430.85$11,549.97$6,845,896.32

156,845,896.32$62,980.82$51,344.22$11,636.59$6,834,259.72

166,834,259.72$62,980.82$51,256.95$11,723.87$6,822,535.85

176,822,535.85$62,980.82$51,169.02$11,811.80$6,810,724.06

186,810,724.06$62,980.82$51,080.43$11,900.39$6,798,823.67

196,798,823.67$62,980.82$50,991.18$11,989.64$6,786,834.03

206,786,834.03$62,980.82$50,901.26$12,079.56$6,774,754.47

216,774,754.47$62,980.82$50,810.66$12,170.16$6,762,584.31

226,762,584.31$62,980.82$50,719.38$12,261.43$6,750,322.88

236,750,322.88$62,980.82$50,627.42$12,353.40$6,737,969.48

246,737,969.48$62,980.82$50,534.77$12,446.05$6,725,523.43

256,725,523.43$62,980.82$50,441.43$12,539.39$6,712,984.04

266,712,984.04$62,980.82$50,347.38$12,633.44$6,700,350.61

276,700,350.61$62,980.82$50,252.63$12,728.19$6,687,622.42

286,687,622.42$62,980.82$50,157.17$12,823.65$6,674,798.77

296,674,798.77$62,980.82$50,060.99$12,919.83$6,661,878.94

306,661,878.94$62,980.82$49,964.09$13,016.72$6,648,862.22

316,648,862.22$62,980.82$49,866.47$13,114.35$6,635,747.87

326,635,747.87$62,980.82$49,768.11$13,212.71$6,622,535.16

336,622,535.16$62,980.82$49,669.01$13,311.80$6,609,223.36

346,609,223.36$62,980.82$49,569.18$13,411.64$6,595,811.72

356,595,811.72$62,980.82$49,468.59$13,512.23$6,582,299.49

366,582,299.49$62,980.82$49,367.25$13,613.57$6,568,685.92

376,568,685.92$62,980.82$49,265.14$13,715.67$6,554,970.24

386,554,970.24$62,980.82$49,162.28$13,818.54$6,541,151.70

396,541,151.70$62,980.82$49,058.64$13,922.18$6,527,229.53

406,527,229.53$62,980.82$48,954.22$14,026.60$6,513,202.93

416,513,202.93$62,980.82$48,849.02$14,131.79$6,499,071.13

426,499,071.13$62,980.82$48,743.03$14,237.78$6,484,833.35

436,484,833.35$62,980.82$48,636.25$14,344.57$6,470,488.78

446,470,488.78$62,980.82$48,528.67$14,452.15$6,456,036.63

456,456,036.63$62,980.82$48,420.27$14,560.54$6,441,476.09

466,441,476.09$62,980.82$48,311.07$14,669.75$6,426,806.35

476,426,806.35$62,980.82$48,201.05$14,779.77$6,412,026.58

486,412,026.58$62,980.82$48,090.20$14,890.62$6,397,135.96

496,397,135.96$62,980.82$47,978.52$15,002.30$6,382,133.66

506,382,133.66$62,980.82$47,866.00$15,114.81$6,367,018.85

516,367,018.85$62,980.82$47,752.64$15,228.18$6,351,790.67

526,351,790.67$62,980.82$47,638.43$15,342.39$6,336,448.28

536,336,448.28$62,980.82$47,523.36$15,457.45$6,320,990.83

546,320,990.83$62,980.82$47,407.43$15,573.39$6,305,417.44

556,305,417.44$62,980.82$47,290.63$15,690.19$6,289,727.26

566,289,727.26$62,980.82$47,172.95$15,807.86$6,273,919.40

576,273,919.40$62,980.82$47,054.40$15,926.42$6,257,992.97

586,257,992.97$62,980.82$46,934.95$16,045.87$6,241,947.10

596,241,947.10$62,980.82$46,814.60$16,166.21$6,225,780.89

606,225,780.89$62,980.82$46,693.36$16,287.46$6,209,493.43

616,209,493.43$62,980.82$46,571.20$16,409.62$6,193,083.81

626,193,083.81$62,980.82$46,448.13$16,532.69$6,176,551.13

636,176,551.13$62,980.82$46,324.13$16,656.68$6,159,894.44

646,159,894.44$62,980.82$46,199.21$16,781.61$6,143,112.83

656,143,112.83$62,980.82$46,073.35$16,907.47$6,126,205.36

666,126,205.36$62,980.82$45,946.54$17,034.28$6,109,171.09

676,109,171.09$62,980.82$45,818.78$17,162.03$6,092,009.05

686,092,009.05$62,980.82$45,690.07$17,290.75$6,074,718.30

696,074,718.30$62,980.82$45,560.39$17,420.43$6,057,297.87

706,057,297.87$62,980.82$45,429.73$17,551.08$6,039,746.79

716,039,746.79$62,980.82$45,298.10$17,682.72$6,022,064.08

726,022,064.08$62,980.82$45,165.48$17,815.34$6,004,248.74

736,004,248.74$62,980.82$45,031.87$17,948.95$5,986,299.79

745,986,299.79$62,980.82$44,897.25$18,083.57$5,968,216.22

755,968,216.22$62,980.82$44,761.62$18,219.20$5,949,997.02

765,949,997.02$62,980.82$44,624.98$18,355.84$5,931,641.18

775,931,641.18$62,980.82$44,487.31$18,493.51$5,913,147.68

785,913,147.68$62,980.82$44,348.61$18,632.21$5,894,515.47

795,894,515.47$62,980.82$44,208.87$18,771.95$5,875,743.52

805,875,743.52$62,980.82$44,068.08$18,912.74$5,856,830.78

815,856,830.78$62,980.82$43,926.23$19,054.59$5,837,776.19

825,837,776.19$62,980.82$43,783.32$19,197.50$5,818,578.69

835,818,578.69$62,980.82$43,639.34$19,341.48$5,799,237.22

845,799,237.22$62,980.82$43,494.28$19,486.54$5,779,750.68

855,779,750.68$62,980.82$43,348.13$19,632.69$5,760,117.99

865,760,117.99$62,980.82$43,200.88$19,779.93$5,740,338.06

875,740,338.06$62,980.82$43,052.54$19,928.28$5,720,409.78

885,720,409.78$62,980.82$42,903.07$20,077.74$5,700,332.04

895,700,332.04$62,980.82$42,752.49$20,228.33$5,680,103.71

905,680,103.71$62,980.82$42,600.78$20,380.04$5,659,723.67

915,659,723.67$62,980.82$42,447.93$20,532.89$5,639,190.78

925,639,190.78$62,980.82$42,293.93$20,686.89$5,618,503.89

935,618,503.89$62,980.82$42,138.78$20,842.04$5,597,661.86

945,597,661.86$62,980.82$41,982.46$20,998.35$5,576,663.50

955,576,663.50$62,980.82$41,824.98$21,155.84$5,555,507.66

965,555,507.66$62,980.82$41,666.31$21,314.51$5,534,193.15

975,534,193.15$62,980.82$41,506.45$21,474.37$5,512,718.79

985,512,718.79$62,980.82$41,345.39$21,635.43$5,491,083.36

995,491,083.36$62,980.82$41,183.13$21,797.69$5,469,285.67

1005,469,285.67$62,980.82$41,019.64$21,961.17$5,447,324.49

1015,447,324.49$62,980.82$40,854.93$22,125.88$5,425,198.61

1025,425,198.61$62,980.82$40,688.99$22,291.83$5,402,906.78

1035,402,906.78$62,980.82$40,521.80$22,459.02$5,380,447.77

1045,380,447.77$62,980.82$40,353.36$22,627.46$5,357,820.31

1055,357,820.31$62,980.82$40,183.65$22,797.16$5,335,023.14

1065,335,023.14$62,980.82$40,012.67$22,968.14$5,312,055.00

1075,312,055.00$62,980.82$39,840.41$23,140.40$5,288,914.60

1085,288,914.60$62,980.82$39,666.86$23,313.96$5,265,600.64

1095,265,600.64$62,980.82$39,492.00$23,488.81$5,242,111.83

1105,242,111.83$62,980.82$39,315.84$23,664.98$5,218,446.85

1115,218,446.85$62,980.82$39,138.35$23,842.47$5,194,604.38

1125,194,604.38$62,980.82$38,959.53$24,021.28$5,170,583.10

1135,170,583.10$62,980.82$38,779.37$24,201.44$5,146,381.65

1145,146,381.65$62,980.82$38,597.86$24,382.95$5,121,998.70

1155,121,998.70$62,980.82$38,414.99$24,565.83$5,097,432.87

1165,097,432.87$62,980.82$38,230.75$24,750.07$5,072,682.80

1175,072,682.80$62,980.82$38,045.12$24,935.70$5,047,747.11

1185,047,747.11$62,980.82$37,858.10$25,122.71$5,022,624.39

1195,022,624.39$62,980.82$37,669.68$25,311.13$4,997,313.26

1204,997,313.26$62,980.82$37,479.85$25,500.97$4,971,812.29

1214,971,812.29$62,980.82$37,288.59$25,692.22$4,946,120.07

1224,946,120.07$62,980.82$37,095.90$25,884.92$4,920,235.15

1234,920,235.15$62,980.82$36,901.76$26,079.05$4,894,156.10

1244,894,156.10$62,980.82$36,706.17$26,274.65$4,867,881.45

1254,867,881.45$62,980.82$36,509.11$26,471.71$4,841,409.75

1264,841,409.75$62,980.82$36,310.57$26,670.24$4,814,739.50

1274,814,739.50$62,980.82$36,110.55$26,870.27$4,787,869.23

1284,787,869.23$62,980.82$35,909.02$27,071.80$4,760,797.43

1294,760,797.43$62,980.82$35,705.98$27,274.84$4,733,522.60

1304,733,522.60$62,980.82$35,501.42$27,479.40$4,706,043.20

1314,706,043.20$62,980.82$35,295.32$27,685.49$4,678,357.71

1324,678,357.71$62,980.82$35,087.68$27,893.13$4,650,464.57

1334,650,464.57$62,980.82$34,878.48$28,102.33$4,622,362.24

1344,622,362.24$62,980.82$34,667.72$28,313.10$4,594,049.14

1354,594,049.14$62,980.82$34,455.37$28,525.45$4,565,523.69

1364,565,523.69$62,980.82$34,241.43$28,739.39$4,536,784.30

1374,536,784.30$62,980.82$34,025.88$28,954.93$4,507,829.37

1384,507,829.37$62,980.82$33,808.72$29,172.10$4,478,657.27

1394,478,657.27$62,980.82$33,589.93$29,390.89$4,449,266.38

1404,449,266.38$62,980.82$33,369.50$29,611.32$4,419,655.07

1414,419,655.07$62,980.82$33,147.41$29,833.40$4,389,821.66

1424,389,821.66$62,980.82$32,923.66$30,057.15$4,359,764.51

1434,359,764.51$62,980.82$32,698.23$30,282.58$4,329,481.92

1444,329,481.92$62,980.82$32,471.11$30,509.70$4,298,972.22

1454,298,972.22$62,980.82$32,242.29$30,738.53$4,268,233.70

1464,268,233.70$62,980.82$32,011.75$30,969.06$4,237,264.63

1474,237,264.63$62,980.82$31,779.48$31,201.33$4,206,063.30

1484,206,063.30$62,980.82$31,545.47$31,435.34$4,174,627.96

1494,174,627.96$62,980.82$31,309.71$31,671.11$4,142,956.85

1504,142,956.85$62,980.82$31,072.18$31,908.64$4,111,048.21

1514,111,048.21$62,980.82$30,832.86$32,147.96$4,078,900.25

1524,078,900.25$62,980.82$30,591.75$32,389.07$4,046,511.19

1534,046,511.19$62,980.82$30,348.83$32,631.98$4,013,879.21

1544,013,879.21$62,980.82$30,104.09$32,876.72$3,981,002.48

1553,981,002.48$62,980.82$29,857.52$33,123.30$3,947,879.19

1563,947,879.19$62,980.82$29,609.09$33,371.72$3,914,507.46

1573,914,507.46$62,980.82$29,358.81$33,622.01$3,880,885.45

1583,880,885.45$62,980.82$29,106.64$33,874.18$3,847,011.28

1593,847,011.28$62,980.82$28,852.58$34,128.23$3,812,883.04

1603,812,883.04$62,980.82$28,596.62$34,384.19$3,778,498.85

1613,778,498.85$62,980.82$28,338.74$34,642.08$3,743,856.77

1623,743,856.77$62,980.82$28,078.93$34,901.89$3,708,954.88

1633,708,954.88$62,980.82$27,817.16$35,163.66$3,673,791.23

1643,673,791.23$62,980.82$27,553.43$35,427.38$3,638,363.84

1653,638,363.84$62,980.82$27,287.73$35,693.09$3,602,670.76

1663,602,670.76$62,980.82$27,020.03$35,960.79$3,566,709.97

1673,566,709.97$62,980.82$26,750.32$36,230.49$3,530,479.48

1683,530,479.48$62,980.82$26,478.60$36,502.22$3,493,977.26

1693,493,977.26$62,980.82$26,204.83$36,775.99$3,457,201.27

1703,457,201.27$62,980.82$25,929.01$37,051.81$3,420,149.46

1713,420,149.46$62,980.82$25,651.12$37,329.70$3,382,819.77

1723,382,819.77$62,980.82$25,371.15$37,609.67$3,345,210.10

1733,345,210.10$62,980.82$25,089.08$37,891.74$3,307,318.36

1743,307,318.36$62,980.82$24,804.89$38,175.93$3,269,142.43

1753,269,142.43$62,980.82$24,518.57$38,462.25$3,230,680.18

1763,230,680.18$62,980.82$24,230.10$38,750.72$3,191,929.46

1773,191,929.46$62,980.82$23,939.47$39,041.35$3,152,888.12

1783,152,888.12$62,980.82$23,646.66$39,334.16$3,113,553.96

1793,113,553.96$62,980.82$23,351.65$39,629.16$3,073,924.80

1803,073,924.80$62,980.82$23,054.44$39,926.38$3,033,998.42

1813,033,998.42$62,980.82$22,754.99$40,225.83$2,993,772.59

1822,993,772.59$62,980.82$22,453.29$40,527.52$2,953,245.07

1832,953,245.07$62,980.82$22,149.34$40,831.48$2,912,413.59

1842,912,413.59$62,980.82$21,843.10$41,137.72$2,871,275.87

1852,871,275.87$62,980.82$21,534.57$41,446.25$2,829,829.62

1862,829,829.62$62,980.82$21,223.72$41,757.09$2,788,072.53

1872,788,072.53$62,980.82$20,910.54$42,070.27$2,746,002.26

1882,746,002.26$62,980.82$20,595.02$42,385.80$2,703,616.46

1892,703,616.46$62,980.82$20,277.12$42,703.69$2,660,912.76

1902,660,912.76$62,980.82$19,956.85$43,023.97$2,617,888.79

1912,617,888.79$62,980.82$19,634.17$43,346.65$2,574,542.14

1922,574,542.14$62,980.82$19,309.07$43,671.75$2,530,870.39

1932,530,870.39$62,980.82$18,981.53$43,999.29$2,486,871.10

1942,486,871.10$62,980.82$18,651.53$44,329.28$2,442,541.82

1952,442,541.82$62,980.82$18,319.06$44,661.75$2,397,880.06

1962,397,880.06$62,980.82$17,984.10$44,996.72$2,352,883.35

1972,352,883.35$62,980.82$17,646.63$45,334.19$2,307,549.16

1982,307,549.16$62,980.82$17,306.62$45,674.20$2,261,874.96

1992,261,874.96$62,980.82$16,964.06$46,016.75$2,215,858.20

2002,215,858.20$62,980.82$16,618.94$46,361.88$2,169,496.32

2012,169,496.32$62,980.82$16,271.22$46,709.59$2,122,786.73

2022,122,786.73$62,980.82$15,920.90$47,059.92$2,075,726.81

2032,075,726.81$62,980.82$15,567.95$47,412.87$2,028,313.95

2042,028,313.95$62,980.82$15,212.35$47,768.46$1,980,545.48

2051,980,545.48$62,980.82$14,854.09$48,126.73$1,932,418.76

2061,932,418.76$62,980.82$14,493.14$48,487.68$1,883,931.08

2071,883,931.08$62,980.82$14,129.48$48,851.33$1,835,079.75

2081,835,079.75$62,980.82$13,763.10$49,217.72$1,785,862.03

2091,785,862.03$62,980.82$13,393.97$49,586.85$1,736,275.18

2101,736,275.18$62,980.82$13,022.06$49,958.75$1,686,316.42

2111,686,316.42$62,980.82$12,647.37$50,333.44$1,635,982.98

2121,635,982.98$62,980.82$12,269.87$50,710.94$1,585,272.04

2131,585,272.04$62,980.82$11,889.54$51,091.28$1,534,180.76

2141,534,180.76$62,980.82$11,506.36$51,474.46$1,482,706.30

2151,482,706.30$62,980.82$11,120.30$51,860.52$1,430,845.78

2161,430,845.78$62,980.82$10,731.34$52,249.47$1,378,596.31

2171,378,596.31$62,980.82$10,339.47$52,641.34$1,325,954.96

2181,325,954.96$62,980.82$9,944.66$53,036.15$1,272,918.81

2191,272,918.81$62,980.82$9,546.89$53,433.93$1,219,484.88

2201,219,484.88$62,980.82$9,146.14$53,834.68$1,165,650.20

2211,165,650.20$62,980.82$8,742.38$54,238.44$1,111,411.76

2221,111,411.76$62,980.82$8,335.59$54,645.23$1,056,766.53

2231,056,766.53$62,980.82$7,925.75$55,055.07$1,001,711.46

2241,001,711.46$62,980.82$7,512.84$55,467.98$946,243.48

225946,243.48$62,980.82$7,096.83$55,883.99$890,359.49

226890,359.49$62,980.82$6,677.70$56,303.12$834,056.37

227834,056.37$62,980.82$6,255.42$56,725.39$777,330.98

228777,330.98$62,980.82$5,829.98$57,150.83$720,180.14

229720,180.14$62,980.82$5,401.35$57,579.47$662,600.68

230662,600.68$62,980.82$4,969.51$58,011.31$604,589.36

231604,589.36$62,980.82$4,534.42$58,446.40$546,142.97

232546,142.97$62,980.82$4,096.07$58,884.74$487,258.22

233487,258.22$62,980.82$3,654.44$59,326.38$427,931.84

234427,931.84$62,980.82$3,209.49$59,771.33$368,160.51

235368,160.51$62,980.82$2,761.20$60,219.61$307,940.90

236307,940.90$62,980.82$2,309.56$60,671.26$247,269.64

237247,269.64$62,980.82$1,854.52$61,126.29$186,143.35

238186,143.35$62,980.82$1,396.08$61,584.74$124,558.60

239124,558.60$62,980.82$934.19$62,046.63$62,511.98

24062,511.98$62,980.82$468.84$62,511.98$0.00

(Present values)(discount)

3510,000,0006.75%

1.PV PVFV/(1+i)^nC45C32/(1+C33)^C342.PV a.PV(,,,) D45-PV(C33,C34,,C32) b. /PV/

Excel1. a. TableC68G68Payment 1000C68$C$49D68G68 b.PV Factor=100%/(1+i)^nB69100%C69PV Factor$B$69/(1+$C$48)^C67D69G69 c.PV of Payment=Payment*PV FactorC70C68*C69 D70G70 d.B71SUM(B70G70)

2.Excel a.PV=(,,) B72-PV(C48,C50,C49) b. /PV/

E88:E92F87B72E87:F92C48

E96:E100F95B72E95:F100C49

E105:E109F104B72E104:F109C50

A119:A124B118:F118A118B72A118:F124C48C50

B119:F124XY3%,5%,8%,10%,12%XY

Present Values

Step1

Step2

Sensitivity analysis

1.L12L7M12=L12*$L$5N12=-$L$6O12=SUM(L12:N12)2.L13=O12M12M13N12N13O12O133.L13O1316

1.F41=B34B42=F41C42 =$B$37D42=B42*$B$36 E42=C42-D42F42B42-E42 2.B42F42281 240

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principal paid

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1.()XY 2.A42A281D42D281E42E281 InterestPrincipal paid 3.XY/

Amortization Table

$1,000,0008%20$50,000

1-4"3510,000,0006.75%"1. 1-3510,000,0006.75% 2. 3. 4.

1.

MBD00490F5E.unknown

MBD00FB503C.unknown

MBD00B8B376.unknown

Documents

Part 2-1 評價