Refinance Loans Home Equity Refinance

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, China Equity PA*(1+YTM)t Ct,B t*Ct,B /PB*(1+YTM)t Actual Bond DP D P Dr -DPDr/(1+r) A B Bond price Duration Excel formula graph title Effect of Maturity on Duration coupon Reminder: Duration(settlement, maturity, coupon, yield, frequency, basis) Effect of Coupon on Duration Alpha N Number of payments Coupon Face Period Payment Checking on formula: the bond duration (with first payment at alpha) should be the duration of the bond with payments at 1, 2, ..., 5 plus (alpha-1): testing whether Excel‘s duration function produces the same result: settlement month maturity day alpha ytm Current date Annual coupon Paid January 1 for each of next 5 years Maturity date Face value Price of bond Time to first payment Date ILLUSTRATION OF CALCULATION OF YTM OF UNEVEN PERIODS This spreadsheet illustrates the unevenYTM VBA function: Coupon rate Time to first payments Epsilon =NPV(B3,B6:B15) =SUM(F6:F15) Using Excel‘s MDurati…………
190 Page 246 Page 187 Page 181 chart Page 181 Page 180 Page 186 chart Page 185 chart Page 184 chart Page 183, chart Page 183 chart Page 177-179 （中文） Page 177-179 Page 178-179 (中文) Page 178-179 getformula Profit Patterns from GP Stock and Options Initial GP stock price Terminal GP stock price stock Bought Written price call put Call price, July Bought call profit Written call profit Put price, July Bought put profit Written put profit Terminal Call exercise price Put exercise price <-- Data table header Profit Patterns from a Spread <-- Data table header, hidden Option time to maturity, T Option exercise price, X Interest rate, r Current stock price, S0 Call Option Payoff Patterns Purchase call option, cash flow < 0 Between times 0 and T: Cash flow = 0 for European option Cash flow > 0 for American option Write (I.e., issue) call option, cash flow > 0 Between times 0 and T: Cash flow = 0 for European option Cash flow < 0 for American option Cash flows of call buyer Put Option Payoff Patterns Purchase put option, cash flow < 0 Cash flows of put buyer Cash flows of put writer Cash flows of call writer Naive minimum put option price, Max(X- S0,0) Time 0 Time 1 <-- =MAX(B3-B5,0) <-- =MA…………
Page 86a (中文) Page 86a Page 86 (中文) Page 86 Page 84 (中文) Page 84 Page 82-83 (中文) Page 82-83 Page 80 (中文) Page 80 solver_adj solver_adj solver_adj solver_adj solver_cvg 1.00E-04 solver_cvg 1.00E-04 solver_drv 1.00 solver_drv 1.00 solver_est 1.00 solver_est 1.00 solver_itr 100.00 solver_itr 100.00 solver_lin .00 solver_lin .00 solver_lin 2.00 solver_lin 2.00 solver_neg 2.00 solver_neg 2.00 solver_num .00 solver_num .00 solver_num .00 solver_num .00 solver_nwt 1.00 solver_nwt 1.00 solver_opt solver_opt solver_opt solver_opt solver_pre 1.00E-06 solver_pre 1.00E-06 solver_scl 2.00 solver_scl 2.00 solver_sho 2.00 solver_sho 2.00 solver_tim 100.00 solver_tim 100.00 solver_tol .05 solver_tol .05 solver_typ 3.00 solver_typ 3.00 solver_typ 3.00 solver_typ 3.00 solver_val .08 solver_val .08 solver_val .07 solver_val .07 Misleading analysis: This is the analysis of the first section of the chapter Asset cost these numbers are copied Interest rate from the next spreadsheet Lease rental payment Annual depreciation Tax rate NPV(leasing) NPV(buying) Principal Loan Of which After-tax at beginning payment, Repayment loan Year of year end of year Interest of principal repayment After-tax cash flows f…………
Page 261 (中文) Page 261 Page 260 (中文) Page 260 Page 257-258 (中文) Page 257-258 Page 256 (中文) Page 256 Page 255-256 (中文) Page 255-256 Page 252-253(中文) Page 252-253, getformula putoption solver_adj solver_adj solver_adj solver_adj solver_cvg 1.00E-04 solver_cvg 1.00E-04 solver_cvg 1.00E-03 solver_cvg 1.00E-03 solver_drv 1.00 solver_drv 1.00 solver_drv 1.00 solver_drv 1.00 solver_est 1.00 solver_est 1.00 solver_est 1.00 solver_est 1.00 solver_itr 100.00 solver_itr 100.00 solver_itr 100.00 solver_itr 100.00 solver_lin 2.00 solver_lin 2.00 solver_lin 2.00 solver_lin 2.00 solver_neg 2.00 solver_neg 2.00 solver_neg 2.00 solver_neg 2.00 solver_num .00 solver_num .00 solver_num .00 solver_num .00 solver_nwt 1.00 solver_nwt 1.00 solver_nwt 1.00 solver_nwt 1.00 solver_opt solver_opt solver_opt solver_opt solver_pre 1.00E-06 solver_pre 1.00E-06 solver_pre 1.00E-06 solver_pre 1.00E-06 solver_scl 2.00 solver_scl 2.00 solver_scl 2.00 solver_scl 2.00 solver_sho 2.00 solver_sho 2.00 solver_sho 2.00 solver_sho 2.00 solver_tim 100.00 solver_tim 100.00 solver_tim 100.00 solver_tim 100.00 solver_tol .05 solver_tol .05 solver_tol .05 solver_tol .05 solver_typ 3.00 solver_typ 3.00 solver_typ 3.00 solver_ty…………
Page 171, (中文) Page 171, Page 169-172 Page 174 card card output1 output1 output2 output2 output3 output3 output4 output4 output5 output5 printarea printarea random1 random1 random2 random2 random3 random3 random4 random4 random5 random5 number random output1 H E L N Helen‘s 85th Birthday bingo game!!! This column is called "random1" Note: Ctrl + A works macro. Output1 Random Output2 Output3 Output4 Output5 Note: The macro which prints new Bingo cards works only on the Page 224 file. 技巧的说明数字随机数 Helen的第85个生日宾果游戏!!! 结果1 结果2 结果3 结果4 结果5 注意:Ctrl + A 运行宏。 11.00 34.00 40.00 54.00 74.00 14.00 28.00 36.00 61.00 82.00 12.00 18.00 45.00 65.00 73.00 10.00 23.00 37.00 63.00 84.00 8.00 20.00 39.00 59.00 78.00 11.00 .06 34.00 .02 40.00 2.41E-04 54.00 .09 74.00 .03 14.00 .06 28.00 .11 36.00 .07 61.00 .10 82.00 .04 12.00 .24 18.00 .16 45.00 .08 65.00 .10 73.00 .09 10.00 .27 23.00 .16 37.00 .11 63.00 .17 84.00 .21 8.00 .35 20.00 .26 39.00 .13 59.00 .21 78.00 .24 16.00 .37 27.00 .39 50.00 .15 67.00 .27 80.00 .25 15.00 .…………
VBA routines Pictures Early exercise (中文) Early exercise Page 270(中文） Page 270 divrate divrate divrate interest interest interest mean mean mean n n n n output output output S S S S Sigma Sigma Sigma Sigma T T T T X X X X T t=0 t=0.25 t=0.5 t=0.75 t=1 X S n Suu Su S Sud Sd Sdd Cuu = max[X-Suu,qu*max(X-Suuu,0)+qd*max(X-Suud,0)] X-Su > qu*Cuu + qd*Cud max(X-Suuu,0) max(X-Suud,0 max(X-Sudd,0) max(X-Sddd,0) Cud = Cdu = max[X-Sud,qu*max(X-Sudu,0)+qd*max(X-Sudd,0)] Cdd = max[X-Sdd,qu*max(X-Sudd,0)+qd*max(X-Sddd,0)] Cud = Cdu = X-Sud Cdd = X-Sdd <-- =((1-E14)*B9-B5)/(B4-B5) <-- =(B4-(1-E14)*B9)/(B4-B5) Mean Sigma r <-- =E13/4 Early 五个时期的美国二项看涨期权定价状态价格股利率 exp[6%/4] -1 上涨-下跌--包含股利上涨 qu 下跌 qd 初始股票价格执行价格 1+r(Dt) 注意:时期 T = 1 被分成4个子时期。每期的"上涨"定义为 exp[mean*Dt+sigma*sqrt(Dt)]，"下跌" 为exp[mean*Dt-sigma*sqrt(Dt)] , 这里 mean = 20% and sigma = 60%。 6%的年利率每个子时期的利率为： 8%的股利率分四次支付。年在 Dt 包含股利的股票价格股利率利率股票平均收益股票收益的标准差按[Ctrl]+a键，执行宏命令时间界限 <-- 为 Dt = T/n 按[Ctrl]+a键，执行宏命令 <-- 为 Dt = T/n 时间提早执行界限股票价格除息后的股票价格股利：上面两个树的差额美国式看涨期权价格在除息后股票上的欧洲式看涨期权价格提前执行该期权目前的股价期权执行价格利率对数正态处理的均值m 对数正态处理的标准差 s 提前执行一个美国式看涨期权提前执行界限美国式看跌期权未到期（未执行）的上涨期权的价值派息前股票上的欧洲期权的价值 FIVE DATE AMERICAN BINOMIAL CALL OPTION PR…………
Page 167-168 (中文) Page 167-168 Page 166 bottom (中文) Page 166 bottom Page 166 Page 165 (中文) Page 165 Page 163 (中文) Page 163 Page 162-163, (中文) Page 162-163, Page 161 (中文) Page 161, elapsed exchangerand iiterations iiterations indexrand interestrand iterations meanreturn Returndata solver_adj solver_adj solver_adj solver_adj solver_cvg 1.00E-04 solver_cvg 1.00E-04 solver_cvg 1.00E-03 solver_cvg 1.00E-03 solver_drv 1.00 solver_drv 1.00 solver_drv 1.00 solver_drv 1.00 solver_est 1.00 solver_est 1.00 solver_est 1.00 solver_est 1.00 solver_itr 100.00 solver_itr 100.00 solver_itr 100.00 solver_itr 100.00 solver_lin 2.00 solver_lin 2.00 solver_lin 2.00 solver_lin 2.00 solver_neg 2.00 solver_neg 2.00 solver_neg 2.00 solver_neg 2.00 solver_num .00 solver_num .00 solver_num .00 solver_num .00 solver_nwt 1.00 solver_nwt 1.00 solver_nwt 1.00 solver_nwt 1.00 solver_opt solver_opt solver_opt solver_opt solver_pre 1.00E-06 solver_pre 1.00E-06 solver_pre 1.00E-06 solver_pre 1.00E-06 solver_scl 2.00 solver_scl 2.00 solver_scl 2.00 solver_scl 2.00 solver_sho 2.00 solver_sho 2.00 solver_sho 2.00 solver_sho 2.00 solver_tim 100.00 solver_tim 100.00 solver_tim 100.00 solver_tim 100.00 solver_tol .05 solv…………
Page 458 Arrays ArrayAssign ArrayDemo1 ArrayDemo3 ArrayDemo4 ArrayDemoBase1 DynPV Matrix1 Matrix2 MoreDynPV NewDynPV VarArrayAssign VarPV VarPV In Action CF VarPV <-- =VarPV(A4:A$8) <-- =VarPV(A5:A$8) <-- =VarPV(A6:A$8) <-- =VarPV(A7:A$8) <-- =VarPV(A8:A$8) <-- =NPV(0.05,A4:A$8) <-- =NPV(0.05,A5:A$8) <-- =NPV(0.05,A6:A$8) <-- =NPV(0.05,A7:A$8) <-- =NPV(0.05,A8:A$8) NPV Macros in this Workbook ArrayDemo1() ArrayDemo3() ArrayDemo4() ArrayDemoBase1() Matrix1() Matrix2() MoreDynPV() DynPV() ArrayAssign() VarArrayAssign() NewDynPV() 100.00 432.95 432.95 .05 100.00 354.60 354.60 .05 100.00 272.32 272.32 .05 100.00 185.94 185.94 .05 100.00 95.24 95.24 .05 Function"s first reference is on page 467 This verssion first reference is on page 466 Function VarPV(CF As Variant) As Double Dim X As Variant Dim Temp As Double Dim i As Integer X = CF Temp = 0 If IsArray(X) Then For i = LBound(X) To UBound(X) Temp = Temp + X(i, 1) / 1.05 ^ i Next i Else Temp = X / 1.05 End If VarPV = Temp End Function Placing the cursor on a cell with a small red triangle in the corner will show you the source code of the Function To edit the code you may press [Alt-F11] and look for a module called Chapter. The Funct…………
Page 225 (中文) Page 225 Page 224 chart (中文) Data for page 224 chart Page 224 chart Page223 Page222 (中文) VBA program, pages 189-190 benny benny benny Counter Counter Counter elapsed elapsed elapsed initial_price initial_price initial_price mean mean mean output output output runs runs runs sbenny sbenny sbenny sigma sigma sigma starttime starttime starttime stoptime stoptime stoptime Stock Starttime Runs chart title Day price Stoptime Initial price Lognormal Price Simulation Elapsed Mean Sigma for some runs of the simulation. Monthly Month Price return Monthly average Monthly standard deviation =STDEVP(C6:C17) Annual average Annual standard deviation Calculating Lognormal Mean and Sigma from Stock Price Data Simulating Lognormal Price Paths with VBA press Ctrl+A to operate macro Note that here Application.screenupdating makes a big difference! Note: You may have to rescale the y-axis on the graph <-- =AVERAGE(C6:C17) <-- =LN(B6/B5) <-- =LN(B7/B6) <-- =C19*12 <-- =C20*SQRT(12) 按Ctrl+A运行宏命令注意这里Application.screenupdating有一个很大的差异! 天股票开始时间停止时间逝去时间运行初始价格均值标准差注意:你可以调整运行该模拟的图形的Y轴刻度根据股票价格数据计算对数正态分布的均值和标准差月价格月收益月平均月标准差年平均年标准差用VBA模拟对数正态分布价格的走势 Page .00 12.00 1.00 12.90 .07 2.…………
Page 316（中文） Page 316 Page 315 (中文) Page 315 Page 314 (中文) Page 314 Page 311（中文） Page 311 Page 310（中文） Page 310, Page 309, (中文) Page 309, Page 307 (中文) Page 307 bondterm bondterm initial initial matrixpower payoff1 payoff1 payoff2 payoff2 solver_adj solver_adj solver_lin .00 solver_lin .00 solver_num .00 solver_num .00 solver_opt solver_opt solver_typ 3.00 solver_typ 3.00 solver_val .09 solver_val .09 transition transition EXPECTED RETURN ON A ONE-YEAR BOND WITH AN ADJUSTMENT FOR DEFAULT PROBABILITY Face value, F Price, P Annual coupon rate, Q Recovery percentage, l Expected cash flow <-- =B7*(1+B6)*B4+(1-B7)*B8*B4 Expected return <-- =B10/B5-1 One-period transition matrix Two-period transition matrix Three-period transition matrix USING THE FUNCTION MATRIXPOWER t CALCULATING THE EXPECTED BOND RETURN Bond price Payoff(tVBA routines Early exercise（中文) Early exercise Page 265（中文） Page 265 Page 264(中文） Page 264 getformula interest interest interest n n n output output output S S S Sigma Sigma Sigma T T T X X X qu qd Bond price 1+r(Dt) T t=0 t=0.25 t=0.5 t=0.75 t=1 S X Sigma n r B-S <-- (LN(S/X)+(r+0.5*sigma^2)*T)/(sigma*SQRT(T)) Interest, r Graph title: values of n change. The formula in cell J5 is: ="American Put Early Exercise Boundary, n = "&TEXT(n,"0") To learn more about how to do this, see Chapter 30. d1 d2 <-- d1 - sigma*SQRT(T) N(d1) N(d2) <-- S*N(d1)-X*exp(-r*T)*N(d2) 布莱克-斯科尔斯(B-S)期权定价模型当前股票价格执行价格无风险利率期权的到期时间（年）股票的波动性 <-- 使用的公式NormSDist(d1) <-- 使用的公式NormSDist(d2) 看涨期权价格看跌期权价格 <-- 看涨期权的价格 - S + X*Exp(-r*T):根据看涨-看跌期权平价股票内在价格价值当股票价格低时，看跌期权的布莱克-斯科尔斯（B-S）价值小于内在价值。如果我们提前执行，该期权的价值可能会增加。因此：对该看跌期权提前执行可能是有价值的。五时期的美国二项看跌期权的定价上涨状态价格下跌初始的股票价格注意: 期间T = 1被分成4个子期间每个期间的"上涨"定义为exp[s*Dt]-1 "下跌"定义为exp[-s*Dt]-1,这里 s = 40%,每个子期间将8%的年利率分散为exp[8%/4] -1 股票价格：画圈的单元格表示执行该期权美国式看跌期权的价格欧洲式看跌期权的价格一个美国看跌期权的提前执行界限按[Ctrl]+a运行宏命令看跌期权执行价格利率 Note: This graph title is dynamic--it changes with 执行时间 <-- 意思是Dt = T/n 时间提前执行界限 FIVE DATE AMERICAN BINOMIAL PUT OPTION PRICING Note: The period T = 1 is divid…………
Page 437 Page 427-436 ConcatDemo MsgBoxDeafault MsgBoxDemo MsgBoxOKCancel PVCalculator SayHi MsgBoxDeafault() MsgBoxOKCancel() MsgBoxDemo() PVCalculator() SayHi() Macros in this Workbook ConcatDemo in Action Parameter1 Parameter2 <-- =ConcatDemo(A4,B4) Ben Jerry <-- =ConcatDemo(A5,B5) <-- =ConcatDemo(A6,B6) <-- =ConcatDemo(A7,B7) 1.00 2.00 12 BenJerry 1.00 Ben1 2.00 Jerry2 Function‘s first reference is on page 437 Function ConcatDemo(Parameter1, Parameter2) ConcatDemo = Parameter1 & Parameter2 End Function Placing the cursor on a cell with a small red triangle in the corner will show you the source code of the Macro or Function To edit the code you may press [Alt-F11 eWww Refinanceloanshomeequity L Refinance Loans Home Equity Szh Tag Agricultural Bank Of China Refinance Loans Home Equity 财务金融建模—图表(39xls) －元妙企业管理网h l Refinance Loans Refinance Loans Home Equity Refinance Loans Home Equity rWww Refinanceloanshomeequity L Refinance Loans Home Equity Szh Tag Agricultural Bank Of China Refinance Loans Home Equity 财务金融建模—图表(39xls) －元妙企业管理网o Refinance Loans Home Equity Investment