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Fundamentals of Corporate Finance Phần 2

PHẦN MỘT Giả sử rằng một ngôi nhà giá $ 125.000, và người mua đặt giảm 20% của giá mua, hoặc $ 25.000 tiền mặt, vay còn lại 100.000 USD từ một người cho vay thế chấp như ngân hàng tiết kiệm địa phương. | 56 section one equal monthly installments. Suppose that a house costs 125 000 and that the buyer puts down 20 percent of the purchase price or 25 000 in cash borrowing the remaining 100 000 from a mortgage lender such as the local savings bank. What is the appropriate monthly mortgage payment The borrower repays the loan by making monthly payments over the next 30 years 360 months . The savings bank needs to set these monthly payments so that they have a present value of 100 000. Thus Present value mortgage payment X 360-month annuity factor 100 000 Mortgage payment 100 000 360-month annuity factor Suppose that the interest rate is 1 percent a month. Then Mortgage payment 100 000 ll J. .01 .01 1.01 360J 100 000 97.218 1 028.61 This type of loan in which the monthly payment is fixed over the life of the mortgage is called an amortizing loan. Amortizing means that part of the monthly payment is used to pay interest on the loan and part is used to reduce the amount of the loan. For example the interest that accrues after 1 month on this loan will be 1 percent of 100 000 or 1 000. So 1 000 of your first monthly payment is used to pay interest on the loan and the balance of 28.61 is used to reduce the amount of the loan to 99 971.39. The 28.61 is called the amortization on the loan in that month. Next month there will be an interest charge of 1 percent of 99 971.39 999.71. So 999.71 of your second monthly payment is absorbed by the interest charge and the remaining 28.90 of your monthly payment 1 028.61 - 999.71 28.90 is used to reduce the amount of your loan. Amortization in the second month is higher than in the first month because the amount of the loan has declined and therefore less of the payment is taken up in interest. This procedure continues each month until the last month when the amortization is just enough to reduce the outstanding amount on the loan to zero and the loan is paid off. Because the loan is progressively paid off the fraction of the monthly .