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Www Refinanceloanshomeequity Tag Mortgage Applications Arborsports Refinance Loans Home Equity 财务金融建模—图表(39xls) －元妙企业管理网

Www Refinanceloanshomeequity Tag Mortgage Applications Arborsports Refinance Loans Home Equity

Profit <-- =Sales*Margin <-- =B4*B3 <-- =tax*B3 Taxes owed Tax rate as text <-- =TEXT(B4,"0.00%") <-- =TEXT(B4,"0.0") Income as date <-- =TEXT(B3,"mmm. dd, yyyy") x2 x2i Cannot put superscript and subscript in same column. SUPERSCRIPTS/SUBSCRIPTS IN CELLS HIDING CELLS Payment Number of payments Discount rate Present value <-- =PV(B5,B4,-B3) Data table <-- Data table header, =B6 PV of payments This is a multi-line cell. The break was entered by inserting [Alt]+[Enter] at the desired break points. GRAPH TITLES THAT UPDATE AUTOMATICALLY AUTO FILL/COPY 自动填充/复制如果存在一个填充单元格。双击单元格的“填充处理”将会填充到该列的其余单元格中将一行断开放到单元格中这是一个多行单元格。在一行你想在断…………
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o Mortgage Pagsearch 3 Refinanceloanshomeequity 9, Arborsports ( Tag � Applications 膕earch Www ag Arborsports search5search, Refinanceloanshomeequity P Tag ge Refinanceloanshomeequity 57b( Www 衧earch�) Page 357b Page 357(中文) Page 357 Page 356(中文) Page 356 Page 355-356 (中文) Page 355-356 Page 355, (中文) Page 355, Page 354 (中文) Page 354 Year Cash flow Discount rate NPV IRR <-- =IRR(B13:G13,0) step Payments made at the end of the period Rate Number of periods Payment Present value Payments made at the beginning of the period Principal Loan Table Interest Principal at Split of payment between beginning Repayment of year of principal Original matrix Transposed matrix =TRANSPOSE(B4:C7) Return Minimum Bins Frequency start Maximum a b Simon Howie q Jack Observation X Y Average Sample variance Population variance Sample standard deviation Population standard deviation Correlation Covariance Regression intercept Regression slope Regression r-squared USING =LINEST( ) slope intercept Slope (also =slope(D4:D13,C4:C13) )--> <-- Intercept Standard error of slope --> <-- Standard error of intercept R2 (also =Rsq(D4:D13,C…………
Page 298 chart Page 297 (中文) Page 297 Page 295 chart Page 290 (中文) Page 290 VBA dduration function Page 290 chart Page 294-295(中文) Page 294-295 Illustration, page 293 (中文) Illustration, page 293 bondprice dduration secondDur BASIC IMMUNIZATION EXAMPLE WITH 3 BONDS Yield to maturity Bond 1 Bond 2 Bond 3 Coupon rate Maturity Face value Bond price Face value equal to $1,000 of market value Duration New yield to maturity Reinvested coupons Total Multiply by percent of face value bought Product data table bond 1 bond 2 bond 3 bond 1 & 3 portfolio multiply by percent of face value bought Bond portfolio Bond 4 When the interest rate increases: When the interest rate decreases: THE IMMUNIZATION PROBLEM EXPERIMENTING WITH BOND PORTFOLIOS AND CONVEXITY Yield to maturity (YTM) New YTM Portfolio of bonds 1 and 3 BOND CONVEXITY Second derivative of duration Calculating the bond portfolio: Matrix of coefficients Vector of constants Solution Illustrated for the 30-year bond. Proportion of bond 1 Proportion of bond 3 Data table Explanation of the above: We want to invest proportions x1, x3, and x4 in bonds 1, 3 and 4 respectively, in order that: a) The total investment is $1000; this means x1+x2+x…………
Data for CML chart, p. 137 Page 137 (中文) Page 137 Page 137 chart (中文) Page 137 chart Page 135-136 (中文) Page 135-136 Page 134 chart Page 131-134 (中文) Page 126-129 Chart data127-130 Page 130 chart (中文) Page 130 chart Page 128 chart (中文) Page 128 chart Page 127 chart (中文) Page 127 chart 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 2.00 solver_lin 2.00 solver_neg 2.00 solver_neg 2.00 solver_num .00 solver_num .00 solver_nwt 1.00 solver_nwt 1.00 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 2.00 solver_typ 3.00 solver_val .00 solver_val .07 Mean minus Variance-covariance matrix returns constant Constant z x y Transpose x Transpose y Mean(x) Mean(y) Var(x) Var(y) Sigma(x) Sigma(y) Cov(x,y) Corr(x,y) DATA TABLE A single portfolio calculation FOR EFFICIENT FRONTIER Proportion of x GRAPH p‘s mean return Sigma Return p‘s sigma <--data table header "jumps" in table <-- {} <-- {}…………
Page 341 (中文) Page 341 Page 340b Page 340 (中文) Page 340 Page 338-341 (中文) Page 338-341 discount discount discount discount discount discount discount discount growth growth growth growth growth growth growth growth CF1 Growth rate Discount rate Year Cash flow NPV <-- =+B6+NPV(B3,C6:I6) =B8 =B9 IRR <-- =IRR(B6:I6,0) Growth rate for Section 19.6 art: 增长率折现率年现金流量 CF1 UN-19J 234.00 .10 .15 .00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 -1150.00 234.00 257.40 283.14 311.45 342.60 376.86 414.55 101.46 .18 .00 101.46 .18 .00 -176.46 .10 .05 -47.82 .14 .10 101.46 .18 .15 274.35 .22 101.46 .07 .10 .12 .00 .05 .10 .15 101.46 .18 .00 -176.46 .10 .05 -47.82 .14 .10 101.46 .18 .15 274.35 .22 UN-19J 234.00 .10 .15 .00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 -1150.00 234.00 257.40 283.14 311.45 342.60 376.86 414.55 101.46 .18 .00 101.46 .18 .00 -176.46 .10 .05 -47.82 .14 .10 101.46 .18 .15 274.35 .22 101.46 .07 .10 .12 .00 .05 .10 .15 101.46 .18 .00 -176.46 .10 .05 -47.82 .14 .10 101.46 .18 .15 274.35 .22 UN-19J 234.00 .10 .15 .00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 -1150.00 234.00 257.40 283.14 311.45 342.60 376.86 414.55 101.46 .18 .00 101.46 .18 .00 -176.46 .10 .05 -47.82 .14 .10 101.46 .18 .15 274.35 .2…………
Page 234 chart （中文） Page 234 chart Page 233-234 (中文) Page 233-234 Page 233 (中文) Page 233 Page 231b (中文) Page 231b Page 231(中文) Page 230 (中文) Page 230 Page 228-229 (中文) VBA functions, pp. 199-200, 203 Page 228-229 Call Call CallOption CallVolatility implied_call_volatility implied_call_volatility interest interest PutOption r_ r_ S S sigma sigma solver_adj solver_adj solver_adj solver_cvg 1.00E-04 solver_cvg 1.00E-04 solver_cvg 1.00E-04 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_itr 100.00 solver_itr 100.00 solver_itr 100.00 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_num .00 solver_num .00 solver_num .00 solver_nwt 1.00 solver_nwt 1.00 solver_nwt 1.00 solver_opt solver_opt solver_opt 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_sho 2.00 solver_sho 2.00 solver_sho 2.00 solver_tim 100.00 solver_tim 100.00 solver_tim 100.00 solver_tol .05 solver_tol .05 solver_tol .05 solver_typ 3.00 solver_typ 3.00 solver_typ 3.00 solver_val 4.00 solver_val 4.00 solver_val 4.00 T T target_call_price target_call_pri…………
Page 15-16 (中文) Page 15-16 Page 12-14 (中文) Page 12-14 Page 10b (中文) Page 10b Page 10 (中文) Page 10 Page 9（中文） Page 9 Page 8（中文） Page 8 Page 7 (中文) Page 7 Page 5-6 (中文) Page 5-6 Page 4 (中文) Page 4 solver_adj solver_adj solver_cvg 1.00E-03 solver_cvg 1.00E-03 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 2.00 solver_lin 2.00 solver_neg 2.00 solver_neg 2.00 solver_num .00 solver_num .00 solver_nwt 1.00 solver_nwt 1.00 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_val .00 solver_val .00 Discount rate Present value Cash Year flow IRR LOAN TABLE NPV Division of payment Principal Payment between interest at beginning at end and return of principal year of year Interest DATA TABLE Discount rate Identifying the two IRRs First IRR Second IRR Cost Deposit at beginning Total in account end of year Account balance beg. year earned during year <-- =D8+C8+B8 A simpler way Future value A RETIREMENT PROBLEM Annual deposit <-- =E10+D10+C10 Numerator Denom…………
Page 209-210 (中文) Page208 chart Page 208 (中文) Page 208 Page 207 (中文) Page 207 VBA option functions Page 201-202 Page 199-200 (中文) Page 199-200 Page 199 Page 198 (中文) Page 198 Page 196(中文) Page 195-196 (中文) Page 195-196, AmericanCall AmericanPut BSCall BSPut EurCall EurPut getformula TWO-DATE BINOMIAL OPTION PRICING Up Down Initial stock price Interest rate Exercise price Stock price Bond price Call option A B Call price State prices qu qd Solving for the portfolio parameters: A is the number of shares and B is the number of bonds. 55*A + 108*B = 5 48.5*A + 108*B = 0 or: A*stock*(1+up)+B*(1+interest)=max(stock*(1+up)-X,0) A*stock*(1+down)+B*(1+interest)=max(stock*(1+down)-X,0) The solution is: check on state prices call price state prices Call option price FIVE DATE EUROPEAN BINOMIAL OPTION PRICING up down initial stock price interest rate exercise price stock price bond price Terminal payoff * payoff of "up" of "down" price * steps of paths # paths Option value THREE DATE BINOMIAL OPTION PRICING FOR AMERICAN CALL/PUT American put option =MAX(MAX(X-S*(1+u),0),qu*put_payoffuu+qd*put_payoffud) =MAX(MAX(X-S*(1+d),0),qu*put_payoffud+qd*put_payoffdd) =MAX(MAX(X-S,0),qu*put_valueu+qd*…………
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