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When you finish this chapter, you should have some very practical skills. For example, you will know how to calculate your own car payments or student loan payments. You will also be able to determine how long it will take to pay off a credit card if you make the minimum payment each month (a practice we do not recommend). | T6.1 Chapter Outline Chapter 6 Discounted Cash Flow Valuation Chapter Organization 6.1 Future and Present Values of Multiple Cash Flows 6.2 Valuing Level Cash Flows: Annuities and Perpetuities 6.3 Comparing Rates: The Effect of Compounding 6.4 Loan Types and Loan Amortization 6.5 Summary and Conclusions CLICK MOUSE OR HIT SPACEBAR TO ADVANCE Irwin/McGraw-Hill copyright © 2002 McGraw-Hill Ryerson, Ltd. T6.2 Future Value Calculated (Fig. 6.3-6.4) Future value calculated by compounding forward one period at a time Future value calculated by compounding each cash flow separately T6.3 Present Value Calculated (Fig 6.5-6.6) Present value calculated by discounting each cash flow separately Present value calculated by discounting back one period at a time T6.4 Chapter 6 Quick Quiz: Part 1 of 5 Example: Finding C Q. You want to buy a Mazda Miata to go cruising. It costs $25,000. With a 10% down payment, the bank will loan you the rest at 12% per year (1% per month) for 60 months. What will your monthly payment be? A. You will borrow $25,000 = $ . This is the amount today, so it’s the __ . The rate is , and there are __ periods: $ = C { }/.01 = C {1 - .55045}/.01 = C 44.955 C = $22,500/44.955 C = $__ T6.4 Chapter 6 Quick Quiz: Part 1 of 5 (concluded) Example: Finding C Q. You want to buy a Mazda Miata to go cruising. It costs $25,000. With a 10% down payment, the bank will loan you the rest at 12% per year (1% per month) for 60 months. What will your monthly payment be? A. You will borrow .90 $25,000 = $22,500 . This is the amount today, so it’s the present value. The rate is 1%, and there are 60 periods: $ 22,500 = C {1 - (1/(1.01)60}/.01 = C {1 - .55045}/.01 = C 44.955 C = $22,500/44.955 C = $500.50 per month T6.5 Annuities and Perpetuities -- Basic Formulas Annuity Present Value PV = C {1 - [1/(1 + r )t]}/r Annuity Future Value FVt = C {[(1 + r )t - 1]/r} Perpetuity Present Value PV = C/r The formulas . | T6.1 Chapter Outline Chapter 6 Discounted Cash Flow Valuation Chapter Organization 6.1 Future and Present Values of Multiple Cash Flows 6.2 Valuing Level Cash Flows: Annuities and Perpetuities 6.3 Comparing Rates: The Effect of Compounding 6.4 Loan Types and Loan Amortization 6.5 Summary and Conclusions CLICK MOUSE OR HIT SPACEBAR TO ADVANCE Irwin/McGraw-Hill copyright © 2002 McGraw-Hill Ryerson, Ltd. T6.2 Future Value Calculated (Fig. 6.3-6.4) Future value calculated by compounding forward one period at a time Future value calculated by compounding each cash flow separately T6.3 Present Value Calculated (Fig 6.5-6.6) Present value calculated by discounting each cash flow separately Present value calculated by discounting back one period at a time T6.4 Chapter 6 Quick Quiz: Part 1 of 5 Example: Finding C Q. You want to buy a Mazda Miata to go cruising. It costs $25,000. With a 10% down payment, the bank will loan you the rest at 12% per year (1% per month) for 60 months. What will .
