Exam 3 review
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This document provides an overview of key concepts in finance and real estate including time value of money, leverage, financing structures like murabahah and mortgages, commercial and residential loan terms and structures, yield analysis using leverage, and investment decision ratios. Key ratios discussed include capitalization rate, debt coverage ratio, loan-to-value, and internal rate of return. Worked examples are provided to illustrate concepts like time value of money calculations, leverage impacts on yield, and using the internal rate of return function in Excel.
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374 10
This document discusses various mortgage calculations and commercial real estate finance concepts. It covers discount rates and present value calculations for loans. It explains how to calculate a loan balance after a certain number of years, as well as how to determine a lender's internal rate of return. Commercial mortgages are described as having shorter terms, higher down payments, and non-recourse features compared to residential loans. The document also discusses leverage, debt coverage ratios, and yield analysis for commercial real estate investments.
Risk management
This document defines interest rate swaps and currency swaps. It explains that in an interest rate swap, two counterparties agree to exchange interest payments at periodic intervals, with one party paying a fixed rate and the other a floating rate. In a currency swap, interest payments in one currency are exchanged for interest payments in another currency, usually on a fixed-for-fixed basis. Typical uses of interest rate swaps are to convert a liability or investment from fixed to floating rate or vice versa. The document provides examples of companies using currency swaps to borrow in different currencies.
Interest Rates
Distinction Between Interest Rates and Returns, Distinction Between Real and Nominal Interest Rates, Relationship Between Price and Yield to Maturity, Yield to Maturity: Bonds, Yield to Maturity: Loans
Bonds and their valuation
This document discusses key concepts related to bond valuation including:
1) The key features of bonds such as par value, coupon rate, maturity date, and default risk.
2) How bond valuation is calculated using the present value of future cash flows discounted at the required yield.
3) How the value of a bond changes as the required discount rate or expected yield changes, affecting whether it trades at a premium or discount.
Interest rate swap
An interest rate swap is an agreement between two parties to exchange interest payments, typically with one party paying a fixed rate and the other a floating rate. There are four main types of swaps: interest rate swaps, currency swaps, cross-currency swaps, and credit default swaps. Swaps are used for portfolio management, speculation, corporate finance, risk management, and setting rates for bond issuances. The primary risks of interest rate swaps are interest rate risk and credit risk.
Currency swap
1) Currency swaps involve two companies exchanging loans in different currencies so they can each borrow at lower domestic rates rather than higher international rates. For example, a US and Brazilian company arrange for the US company to borrow Brazilian reals from a Brazilian bank at 5% while the Brazilian company borrows dollars from a US bank at 4%.
2) The companies then swap the loans, so the US company receives dollars and pays 5% interest to the Brazilian bank, while the Brazilian company receives reals and pays 4% interest to the US bank. This allows both companies to access lower domestic borrowing rates rather than higher international rates of 9-10%.
3) Currency swaps also involve an exchange of notional principal amounts
Swaps explained for FRM/CFA level 1
Swaps explained. Very useful for CFA and FRM level 1 preparation candidates. For a more detailed understanding, you can watch the webinar video on this topic. The link for the webinar video on this topic is https://www.youtube.com/watch?v=JKBKnxM2Nj4
Interest rate swap
This document discusses interest rate swaps. It defines an interest rate swap as an agreement to exchange interest rate payments, with one leg fixed and the other floating. Common types include paying fixed rate interest to receive floating, and vice versa. Interest rate swaps are used to hedge against rising or falling interest rates by transforming fixed deposits/borrowings to floating, or floating to fixed. Examples show how swaps can benefit entities by reducing income/funding costs if rates move in the desired direction.
Recommended
374 10
This document discusses various mortgage calculations and commercial real estate finance concepts. It covers discount rates and present value calculations for loans. It explains how to calculate a loan balance after a certain number of years, as well as how to determine a lender's internal rate of return. Commercial mortgages are described as having shorter terms, higher down payments, and non-recourse features compared to residential loans. The document also discusses leverage, debt coverage ratios, and yield analysis for commercial real estate investments.
Risk management
This document defines interest rate swaps and currency swaps. It explains that in an interest rate swap, two counterparties agree to exchange interest payments at periodic intervals, with one party paying a fixed rate and the other a floating rate. In a currency swap, interest payments in one currency are exchanged for interest payments in another currency, usually on a fixed-for-fixed basis. Typical uses of interest rate swaps are to convert a liability or investment from fixed to floating rate or vice versa. The document provides examples of companies using currency swaps to borrow in different currencies.
Interest Rates
Distinction Between Interest Rates and Returns, Distinction Between Real and Nominal Interest Rates, Relationship Between Price and Yield to Maturity, Yield to Maturity: Bonds, Yield to Maturity: Loans
Bonds and their valuation
This document discusses key concepts related to bond valuation including:
1) The key features of bonds such as par value, coupon rate, maturity date, and default risk.
2) How bond valuation is calculated using the present value of future cash flows discounted at the required yield.
3) How the value of a bond changes as the required discount rate or expected yield changes, affecting whether it trades at a premium or discount.
Interest rate swap
An interest rate swap is an agreement between two parties to exchange interest payments, typically with one party paying a fixed rate and the other a floating rate. There are four main types of swaps: interest rate swaps, currency swaps, cross-currency swaps, and credit default swaps. Swaps are used for portfolio management, speculation, corporate finance, risk management, and setting rates for bond issuances. The primary risks of interest rate swaps are interest rate risk and credit risk.
Currency swap
1) Currency swaps involve two companies exchanging loans in different currencies so they can each borrow at lower domestic rates rather than higher international rates. For example, a US and Brazilian company arrange for the US company to borrow Brazilian reals from a Brazilian bank at 5% while the Brazilian company borrows dollars from a US bank at 4%.
2) The companies then swap the loans, so the US company receives dollars and pays 5% interest to the Brazilian bank, while the Brazilian company receives reals and pays 4% interest to the US bank. This allows both companies to access lower domestic borrowing rates rather than higher international rates of 9-10%.
3) Currency swaps also involve an exchange of notional principal amounts
Swaps explained for FRM/CFA level 1
Swaps explained. Very useful for CFA and FRM level 1 preparation candidates. For a more detailed understanding, you can watch the webinar video on this topic. The link for the webinar video on this topic is https://www.youtube.com/watch?v=JKBKnxM2Nj4
Interest rate swap
This document discusses interest rate swaps. It defines an interest rate swap as an agreement to exchange interest rate payments, with one leg fixed and the other floating. Common types include paying fixed rate interest to receive floating, and vice versa. Interest rate swaps are used to hedge against rising or falling interest rates by transforming fixed deposits/borrowings to floating, or floating to fixed. Examples show how swaps can benefit entities by reducing income/funding costs if rates move in the desired direction.
Swaps pricing and strategies
This document discusses interest rate swaps, including defining a basic swap transaction, the gains achieved through swaps, pricing and valuation of swaps, risks and applications of swaps. A basic swap involves two parties exchanging interest rate payment obligations, with one party paying a fixed rate and receiving a floating rate, and vice versa. Swaps allow parties to achieve lower financing costs by exploiting differences in borrowing rates available to higher and lower rated entities. Risks include pricing risk, credit risk, and potential systemic risks from unhedged dealer positions.
05 currency swaps SDFHDFNJDFNJ DFJT
A currency swap allows two companies to exchange loans denominated in different currencies to better meet their financing needs. In the example, a British company borrows dollars and an American company borrows pounds through a swap bank. This allows each to access comparatively better interest rates in the other's local market. The swap bank profits by exploiting small differences in interest rates between the currencies over time. It can hedge its risk and lock in gains by entering forward currency contracts or money market positions. Overall, currency swaps allow companies and banks to benefit from comparative advantages in borrowing costs across currencies.
Interest rate and currency swap q and a
This document provides solutions to end-of-chapter questions for a chapter on interest rate and currency swaps. It includes answers explaining the difference between a swap broker and dealer, the necessary condition for a fixed-for-floating interest rate swap, basic motivations for currency swaps, and how comparative advantage relates to the currency swap market. It also summarizes the various risks confronting swap dealers and some variants of basic interest rate and currency swaps. Sample problems are provided showing how companies can use swaps to lower their borrowing costs.
Interest Rate Swaps, Currency Swaps & Equity Swaps
It covers interest rate swaps, currency swaps & equity swaps along with their payouts.
It covers exchange of fixed rate instruments with floating rate instruments.
It will be helpful for students, exporters, importers & researchers.
Chap 7
An interest rate swap is an agreement to exchange interest rate cash flows, typically involving one party paying a fixed rate in exchange for a floating rate from the other party. A currency swap involves exchanging principal amounts in different currencies and paying interest on those principal amounts. Swaps allow parties to transform fixed rate assets and liabilities into floating rate, or vice versa, based on their comparative advantage in borrowing costs in fixed vs floating markets. Swaps can be valued as a portfolio of forward contracts or by comparing the values of fixed and floating rate bonds.
Credit default swap aapu
This document discusses credit default swaps (CDS). A CDS is an agreement where the buyer makes periodic payments to the seller, who agrees to make a payment to the buyer if a loan defaults. CDS can be used to hedge against default risk or speculate on credit risk. They allow entities to transfer default risk to investors willing to bear it. The document outlines the terms of CDS agreements, how they are used for hedging versus speculation, and provides examples of each.
Interest rate swaps, caps.....
This document provides an overview of interest rate swaps, caps, and floors. It defines an interest rate swap as an agreement where two parties exchange periodic interest payments, based on a notional principal amount, with one party paying a fixed rate and the other paying a floating rate. The document outlines key terms used in swaps, how swap rates are calculated, and how swaps can be used for asset/liability management. It also discusses related derivatives like swaptions, rate caps and floors, and how these tools can be used by institutional investors to manage interest rate risk.
Fixed income bonds
This document provides an overview of key concepts related to fixed income bonds, including:
- The time value of money concept of present and future value using discount factors.
- Details of a sample US Treasury bond including its coupon, maturity date, cash flows.
- How accrued interest is calculated when a bond is purchased between coupon dates.
- How to calculate yield, forward rates, duration, convexity and other risk measures from bond prices and cash flows.
A day in life of a swap! v1
This document provides an overview of interest rate swaps, including:
- Swaps involve exchanging fixed rate interest payments for floating rate payments between two parties over time.
- Cash flows are calculated based on the notional amount and interest rates, and are exchanged on settlement dates.
- Swaps are valued by calculating the present value of the fixed and floating rate cash flows.
- Swaps allow parties to hedge or take on interest rate risk, as the fixed leg value depends on long-term rates while the floating leg follows short-term rates. Credit risk also exists if counterparties default.
- Common uses of swaps include hedging future debt issuance, creating synthetic floating rate debt, and
Rm print
A currency swap involves exchanging interest payments on loans denominated in different currencies. Party A borrows in one currency like INR and pays interest in another currency like USD, while Party B does the opposite. This allows companies to hedge currency risk if their cash flows match the swap currency, but currency risk still exists if there are no matching cash flows. Interest rate swaps involve exchanging a fixed interest rate loan for a floating rate loan to reduce funding costs. An example shows how swapping interest rates can lower costs for both parties. Interest rate futures allow hedging of interest rate risk in India using government bond contracts.
Interest rate swaps
An interest rate swap is an agreement between two parties to exchange interest rate cash flows, usually involving the exchange of a fixed interest rate for a floating rate. The main types of interest rate swaps are fixed-to-floating swaps, where one party pays a fixed rate and receives a floating rate, and basis swaps, where both rates are floating. Interest rate swaps are commonly used for portfolio management, speculation on interest rate movements, corporate financing, and hedging interest rate risk. Risks of interest rate swaps include opportunity costs, mark-to-market costs if unwound early, and counterparty credit and settlement risks.
Bonds and their valuation
The document discusses bonds and their valuation. It begins by outlining key bond characteristics like par value, coupon payments, maturity date, and call provisions. It then explains how to value a bond by discounting its expected cash flows. Specifically, a bond's value is the present value of the coupon payments plus the par value at maturity, discounted at the appropriate interest rate. The value of a bond depends on factors like the coupon rate relative to market interest rates.
Swaps
An interest rate swap involves the exchange of interest payment streams between two parties, where one pays a fixed rate of interest and receives a floating rate, and vice versa. It allows parties to hedge against interest rate risk and borrow at more advantageous rates. A coupon swap specifically refers to an interest rate swap where only the interest payments are exchanged and not the principal. It provides benefits to both parties by allowing each to borrow at a lower rate in their preferred market.
Credit Default Swaps
A credit default swap (CDS) is a contract where the buyer makes periodic payments to the seller in exchange for a payoff if a third party defaults on its debt obligations. It allows one party to transfer the credit risk of a loan or bond to another party. For example, a bank (buyer) pays premiums to a hedge fund (seller) to insure against the risk of a borrower defaulting on its loan. If the borrower defaults, the seller pays the buyer the full value of the loan.
Rate Swap Refund
Interest rate swaps (IRS) allow parties to exchange one type of interest rate for another in order to hedge against fluctuations in interest rates. In a basic IRS, one party pays a fixed interest rate while the other pays a variable rate. This means that if rates rise above the predetermined level, the party paying variable will pay the fixed rate payer, and vice versa if rates fall. IRS can cap rates so the fixed rate payer never pays above a certain level. However, IRS became problematic after 2008 when rates dropped unexpectedly low and parties paying variable faced increased costs, hurting their businesses further during an economic downturn. Rate Swap Refunds can now help clients exit swap agreements that are no longer beneficial.
Certificate of deposit~
The document is a certificate of deposit (CD) that provides information about CDs. It discusses that CDs are savings products offered by banks and credit unions that are insured by the FDIC or NCUA. CDs offer higher interest rates than savings accounts but require keeping the funds in the CD until maturity without facing penalties for early withdrawal. The document also lists different types of CDs and compares the pros and cons of CDs to other savings options.
interest rate and currency swaps
Interest rate and currency swaps allow companies to exchange interest rate and currency cash flows to hedge against risks. There are two main types: interest rate swaps exchange fixed and floating rate payments, while currency swaps involve exchanging loan principals and interest payments in different currencies. Comparative advantages in borrowing costs across currencies can create opportunities for swap banks to arrange deals where all parties receive better rates and the bank earns profits through hedging the swap cash flows in money or forward markets.
CDS - Credit Default Swap
This document discusses credit default swaps (CDS), including:
- CDS are a type of derivative that functions as a form of default insurance on a debt obligation.
- In a basic CDS transaction, the protection buyer makes periodic payments to the protection seller, and in exchange receives a payoff if the reference entity defaults or experiences another credit event.
- CDS markets grew rapidly in the early 2000s but also contributed to the 2008 financial crisis when American International Group's massive CDS exposures led to its government bailout.
Chap008
This document discusses various capital budgeting techniques for evaluating investment projects, including net present value (NPV), payback period, accounting rate of return, internal rate of return, and profitability index. It provides examples calculating each metric for a sample project with cash flows over three years. According to the NPV and IRR calculations, the project should be accepted as the NPV is positive and the IRR exceeds the required return rate. However, the payback period and accounting rate of return calculations would reject the project. The document also discusses the advantages and disadvantages of each method and situations where NPV and IRR may disagree, such as for projects with non-conventional cash flows or mutually exclusive projects.
Lecture blank - 8-9
The document provides an overview of incremental analysis and other engineering economy methods for evaluating projects. It defines incremental rate of return analysis and discusses how to calculate and compare the incremental rates of return for multiple alternative projects. The key steps in incremental analysis are to identify all alternatives, calculate the rate of return for each, arrange them in order of increasing cost, perform two-alternative analyses to identify the preferred option, and continue this process until a best alternative is selected. The document also briefly covers other methods like benefit-cost ratio analysis, present value analysis, payback period, and breakeven analysis.
Captial bugting
The document provides an overview of various capital budgeting techniques including payback period, net present value (NPV), internal rate of return (IRR), profitability index, and modified internal rate of return (MIRR). It discusses how to apply these methods to evaluate independent and mutually exclusive projects. It also covers topics like capital rationing, increasing marginal cost of capital, and choosing the optimal economic life of a project.
Chap006
The document discusses several methods for evaluating capital investment projects, including net present value (NPV), internal rate of return (IRR), payback period, and profitability index. It explains the advantages and disadvantages of each method, and how to properly apply them to determine whether projects should be accepted. The preferred method is NPV, but IRR is also commonly used, though it has some limitations compared to NPV.
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Swaps pricing and strategies
This document discusses interest rate swaps, including defining a basic swap transaction, the gains achieved through swaps, pricing and valuation of swaps, risks and applications of swaps. A basic swap involves two parties exchanging interest rate payment obligations, with one party paying a fixed rate and receiving a floating rate, and vice versa. Swaps allow parties to achieve lower financing costs by exploiting differences in borrowing rates available to higher and lower rated entities. Risks include pricing risk, credit risk, and potential systemic risks from unhedged dealer positions.
05 currency swaps SDFHDFNJDFNJ DFJT
A currency swap allows two companies to exchange loans denominated in different currencies to better meet their financing needs. In the example, a British company borrows dollars and an American company borrows pounds through a swap bank. This allows each to access comparatively better interest rates in the other's local market. The swap bank profits by exploiting small differences in interest rates between the currencies over time. It can hedge its risk and lock in gains by entering forward currency contracts or money market positions. Overall, currency swaps allow companies and banks to benefit from comparative advantages in borrowing costs across currencies.
Interest rate and currency swap q and a
This document provides solutions to end-of-chapter questions for a chapter on interest rate and currency swaps. It includes answers explaining the difference between a swap broker and dealer, the necessary condition for a fixed-for-floating interest rate swap, basic motivations for currency swaps, and how comparative advantage relates to the currency swap market. It also summarizes the various risks confronting swap dealers and some variants of basic interest rate and currency swaps. Sample problems are provided showing how companies can use swaps to lower their borrowing costs.
Interest Rate Swaps, Currency Swaps & Equity Swaps
It covers interest rate swaps, currency swaps & equity swaps along with their payouts.
It covers exchange of fixed rate instruments with floating rate instruments.
It will be helpful for students, exporters, importers & researchers.
Chap 7
An interest rate swap is an agreement to exchange interest rate cash flows, typically involving one party paying a fixed rate in exchange for a floating rate from the other party. A currency swap involves exchanging principal amounts in different currencies and paying interest on those principal amounts. Swaps allow parties to transform fixed rate assets and liabilities into floating rate, or vice versa, based on their comparative advantage in borrowing costs in fixed vs floating markets. Swaps can be valued as a portfolio of forward contracts or by comparing the values of fixed and floating rate bonds.
Credit default swap aapu
This document discusses credit default swaps (CDS). A CDS is an agreement where the buyer makes periodic payments to the seller, who agrees to make a payment to the buyer if a loan defaults. CDS can be used to hedge against default risk or speculate on credit risk. They allow entities to transfer default risk to investors willing to bear it. The document outlines the terms of CDS agreements, how they are used for hedging versus speculation, and provides examples of each.
Interest rate swaps, caps.....
This document provides an overview of interest rate swaps, caps, and floors. It defines an interest rate swap as an agreement where two parties exchange periodic interest payments, based on a notional principal amount, with one party paying a fixed rate and the other paying a floating rate. The document outlines key terms used in swaps, how swap rates are calculated, and how swaps can be used for asset/liability management. It also discusses related derivatives like swaptions, rate caps and floors, and how these tools can be used by institutional investors to manage interest rate risk.
Fixed income bonds
This document provides an overview of key concepts related to fixed income bonds, including:
- The time value of money concept of present and future value using discount factors.
- Details of a sample US Treasury bond including its coupon, maturity date, cash flows.
- How accrued interest is calculated when a bond is purchased between coupon dates.
- How to calculate yield, forward rates, duration, convexity and other risk measures from bond prices and cash flows.
A day in life of a swap! v1
This document provides an overview of interest rate swaps, including:
- Swaps involve exchanging fixed rate interest payments for floating rate payments between two parties over time.
- Cash flows are calculated based on the notional amount and interest rates, and are exchanged on settlement dates.
- Swaps are valued by calculating the present value of the fixed and floating rate cash flows.
- Swaps allow parties to hedge or take on interest rate risk, as the fixed leg value depends on long-term rates while the floating leg follows short-term rates. Credit risk also exists if counterparties default.
- Common uses of swaps include hedging future debt issuance, creating synthetic floating rate debt, and
Rm print
A currency swap involves exchanging interest payments on loans denominated in different currencies. Party A borrows in one currency like INR and pays interest in another currency like USD, while Party B does the opposite. This allows companies to hedge currency risk if their cash flows match the swap currency, but currency risk still exists if there are no matching cash flows. Interest rate swaps involve exchanging a fixed interest rate loan for a floating rate loan to reduce funding costs. An example shows how swapping interest rates can lower costs for both parties. Interest rate futures allow hedging of interest rate risk in India using government bond contracts.
Interest rate swaps
An interest rate swap is an agreement between two parties to exchange interest rate cash flows, usually involving the exchange of a fixed interest rate for a floating rate. The main types of interest rate swaps are fixed-to-floating swaps, where one party pays a fixed rate and receives a floating rate, and basis swaps, where both rates are floating. Interest rate swaps are commonly used for portfolio management, speculation on interest rate movements, corporate financing, and hedging interest rate risk. Risks of interest rate swaps include opportunity costs, mark-to-market costs if unwound early, and counterparty credit and settlement risks.
Bonds and their valuation
The document discusses bonds and their valuation. It begins by outlining key bond characteristics like par value, coupon payments, maturity date, and call provisions. It then explains how to value a bond by discounting its expected cash flows. Specifically, a bond's value is the present value of the coupon payments plus the par value at maturity, discounted at the appropriate interest rate. The value of a bond depends on factors like the coupon rate relative to market interest rates.
Swaps
An interest rate swap involves the exchange of interest payment streams between two parties, where one pays a fixed rate of interest and receives a floating rate, and vice versa. It allows parties to hedge against interest rate risk and borrow at more advantageous rates. A coupon swap specifically refers to an interest rate swap where only the interest payments are exchanged and not the principal. It provides benefits to both parties by allowing each to borrow at a lower rate in their preferred market.
Credit Default Swaps
A credit default swap (CDS) is a contract where the buyer makes periodic payments to the seller in exchange for a payoff if a third party defaults on its debt obligations. It allows one party to transfer the credit risk of a loan or bond to another party. For example, a bank (buyer) pays premiums to a hedge fund (seller) to insure against the risk of a borrower defaulting on its loan. If the borrower defaults, the seller pays the buyer the full value of the loan.
Rate Swap Refund
Interest rate swaps (IRS) allow parties to exchange one type of interest rate for another in order to hedge against fluctuations in interest rates. In a basic IRS, one party pays a fixed interest rate while the other pays a variable rate. This means that if rates rise above the predetermined level, the party paying variable will pay the fixed rate payer, and vice versa if rates fall. IRS can cap rates so the fixed rate payer never pays above a certain level. However, IRS became problematic after 2008 when rates dropped unexpectedly low and parties paying variable faced increased costs, hurting their businesses further during an economic downturn. Rate Swap Refunds can now help clients exit swap agreements that are no longer beneficial.
Certificate of deposit~
The document is a certificate of deposit (CD) that provides information about CDs. It discusses that CDs are savings products offered by banks and credit unions that are insured by the FDIC or NCUA. CDs offer higher interest rates than savings accounts but require keeping the funds in the CD until maturity without facing penalties for early withdrawal. The document also lists different types of CDs and compares the pros and cons of CDs to other savings options.
interest rate and currency swaps
Interest rate and currency swaps allow companies to exchange interest rate and currency cash flows to hedge against risks. There are two main types: interest rate swaps exchange fixed and floating rate payments, while currency swaps involve exchanging loan principals and interest payments in different currencies. Comparative advantages in borrowing costs across currencies can create opportunities for swap banks to arrange deals where all parties receive better rates and the bank earns profits through hedging the swap cash flows in money or forward markets.
CDS - Credit Default Swap
This document discusses credit default swaps (CDS), including:
- CDS are a type of derivative that functions as a form of default insurance on a debt obligation.
- In a basic CDS transaction, the protection buyer makes periodic payments to the protection seller, and in exchange receives a payoff if the reference entity defaults or experiences another credit event.
- CDS markets grew rapidly in the early 2000s but also contributed to the 2008 financial crisis when American International Group's massive CDS exposures led to its government bailout.
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Interest Rate Swaps, Currency Swaps & Equity Swaps
Interest Rate Swaps, Currency Swaps & Equity Swaps
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Chap008
This document discusses various capital budgeting techniques for evaluating investment projects, including net present value (NPV), payback period, accounting rate of return, internal rate of return, and profitability index. It provides examples calculating each metric for a sample project with cash flows over three years. According to the NPV and IRR calculations, the project should be accepted as the NPV is positive and the IRR exceeds the required return rate. However, the payback period and accounting rate of return calculations would reject the project. The document also discusses the advantages and disadvantages of each method and situations where NPV and IRR may disagree, such as for projects with non-conventional cash flows or mutually exclusive projects.
Lecture blank - 8-9
The document provides an overview of incremental analysis and other engineering economy methods for evaluating projects. It defines incremental rate of return analysis and discusses how to calculate and compare the incremental rates of return for multiple alternative projects. The key steps in incremental analysis are to identify all alternatives, calculate the rate of return for each, arrange them in order of increasing cost, perform two-alternative analyses to identify the preferred option, and continue this process until a best alternative is selected. The document also briefly covers other methods like benefit-cost ratio analysis, present value analysis, payback period, and breakeven analysis.
Captial bugting
The document provides an overview of various capital budgeting techniques including payback period, net present value (NPV), internal rate of return (IRR), profitability index, and modified internal rate of return (MIRR). It discusses how to apply these methods to evaluate independent and mutually exclusive projects. It also covers topics like capital rationing, increasing marginal cost of capital, and choosing the optimal economic life of a project.
Chap006
The document discusses several methods for evaluating capital investment projects, including net present value (NPV), internal rate of return (IRR), payback period, and profitability index. It explains the advantages and disadvantages of each method, and how to properly apply them to determine whether projects should be accepted. The preferred method is NPV, but IRR is also commonly used, though it has some limitations compared to NPV.
Capital Budgeting
This document provides an overview of capital budgeting and various capital budgeting techniques. It discusses the capital budgeting process, importance of capital budgeting, difficulties in capital budgeting, and evaluation criteria such as payback period, accounting rate of return, net present value, internal rate of return, and profitability index. It also covers the advantages and disadvantages of these techniques and differences between net present value and internal rate of return methods.
Internal Rate of Return
Defining internal rate of return at which we can find at which rate of interest we can assume our Business and our work.
Project appraisal for financial markets
This document discusses various financial techniques used for project appraisal, including net present value (NPV), internal rate of return (IRR), average rate of return (ARR), payback period, discounted payback period, and profitability index. It provides formulas for calculating each technique and discusses their advantages and disadvantages for assessing the viability and profitability of potential projects.
Irr(1)
This document discusses several capital budgeting techniques:
1) The payback period measures the number of years to recover the initial investment of a project. However, it ignores cash flows beyond the payback period.
2) The book rate of return measures average income divided by average book value of assets. It does not consider the time value of money.
3) The internal rate of return (IRR) is the discount rate that sets the net present value (NPV) of a project to zero. It is commonly used but can be problematic for multi-period projects or when projects have different scales.
4) The profitability index is the NPV divided by initial investment. It generally agrees with NPV
Npv and IRR, a link to Project Management
This document discusses two key measures for evaluating projects: net present value (NPV) and internal rate of return (IRR). It defines NPV as the difference between the present value of future cash flows from an investment and the initial investment amount. IRR is defined as the discount rate that results in an NPV of zero. The document provides examples of calculating NPV and IRR for projects and outlines the decision rules for accepting or rejecting projects based on whether their NPV is positive or negative and whether their IRR exceeds the cost of capital. It notes that while NPV and IRR typically provide the same decision, there are some exceptions like projects with non-conventional cash flows or mutually exclusive projects.
NPV v/s IRR
NPV is superior to IRR for evaluating investment projects. NPV considers the time value of money and all cash flows, providing a direct measure of whether a project increases shareholder wealth. It is more accurate when cash flows fluctuate or the discount rate changes. While IRR indicates return rate, it does not measure wealth effects and can be misleading when cash flows vary or multiple internal rates of return exist. NPV is therefore a better measure for capital budgeting decisions.
Net present Value, Internal Rate Of Return, Profitability Index, Payback, dis...
This document discusses various capital budgeting techniques used to evaluate investment projects, including:
1. Discounted cash flow methods like net present value (NPV), internal rate of return (IRR), and profitability index (PI).
2. Non-discounted cash flow methods like payback period, discounted payback period, and accounting rate of return (ARR).
It provides formulas, examples, and decision rules for calculating each method and comparing investment opportunities.
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Due December 3, 2015
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Rents will grow at 3% per year.
Exit Cap Rate of 5.50% using the NOI for year 6.
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This cutting-edge development seamlessly integrates modern design with natural elements, featuring live evergreen plants maintained by an advanced irrigation system, ensuring lush greenery year-round.
The building’s elegant ceramic balconies are both stylish and durable, enhancing the overall aesthetic and functionality. Residents can enjoy the 700m Sky Lounge, which provides breathtaking views of Istanbul and a perfect space to relax and unwind.
Sense Levent promotes a healthy and active lifestyle with a full gym, swimming pool, sauna, and steam room, all available in the building. The interiors are crafted with high-quality materials, ensuring a luxurious and inviting living space.
Designed with young professionals in mind, Sense Levent features 1+1 and 2+1 units with smart floor plans and balconies. The project promises high investment returns, with an expected annual return of 6.5-7%, significantly above Istanbul’s average ROI.
Located in the rapidly growing and highly desirable Levent area, the development benefits from ongoing urban regeneration projects. Its prime location offers proximity to shopping malls, municipal buildings, universities, and public transportation, adding immense value to your investment.
Early investors can take advantage of discounted units during the construction phase, with an expected capital appreciation of +45% USD upon completion. Property Turkey provides comprehensive rental management services, ensuring a seamless and profitable investment experience.
Additionally, robust legal support and significant tax advantages are available through Property Turkey’s licensed Real Estate Investment Fund. Levent is a dynamic urban hub, ideal for young professionals with its numerous corporate headquarters and shopping malls.
Sense Levent is more than just a residence; it’s a place where dreams and opportunities come to life. Contact us today to secure your place in this exclusive development and experience the best of Istanbul living. Sense Levent: Sense the Opportunity. Live the Dream.
https://listingturkey.com/property/sense-levent/
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Exam 3 review
- 1. Exam 3 Review Financing TimeValue of Money Leverage Rates and Ratios IRR
- 4. What would you rather have? 1,000 in 5 years or 2,000 in 10 years?
- 5. What would you rather have? Depends on the discount rate Years FV 10% 20% 5 1,000 620.92 401.88 10 2,000 771.09 323.01
- 7. Murabahah bank buys property sells with payments deed transferred at end
- 8. Mortgage owner buys property bank loans deed at beginning lien - recover in default
- 10. Note details terms borrower and lender
- 12. Note rate of interest early payoff personal liability late payments due on sale call due option
- 16. Interest Only pay only interest pay principal balance at maturity “bullet loan”
- 17. Balloon Mortgage amortize over 25-30 years maturity 5-15 years must be prepared to payoff loan at maturity
- 20. Demand Clause must pay now
- 21. Default failure to meet a requirement foreclosure
- 24. The Effects of Time and Risk onValue
- 27. what is r? includes all risk factors
- 29. Commercial vs. Residential in the U.S. more risk shorter terms higher down LTV non-recourse
- 30. Commercial vs. Residential in Saudi less risk recovering property
- 32. Yield Analysis How can you improve yield? Leverage
- 33. Leverage Using other people’s money to make more money on my money.
- 34. Two Elements Equity - owner Debt - lender
- 35. Yield Analysis Purchase Price 1,000,000 NOI 100,000 Overall Rate 10.0% Loan 750,000 Years 30 Rate 8.0% Payment 66,621
- 36. Yield Analysis Debt 750,000 66,621 8.9% Equity 250,000 33,379 13.4% Total 1,000,000 100,000 10.0% Value NOI Rate
- 38. Why Ratios? Allows us to make comparisons
- 40. Physical Ratios Price per Square Meter Land to Building Ratio Building Efficiency Ratio Operating Expense Per Square Meter NOI Per Square Meter
- 42. LBR Land to Building Ratio Land Size ÷ Building Size
- 43. BER Building Efficiency Ratio Net Leasable Area ÷ Gross Building Area
- 44. OEPSM Operating Expense Per SM Operating Expense ÷ Gross Building Area
- 45. NOIPSM NOI Per SM NOI ÷ Gross Building Area
- 46. Financial Ratios Capitalization Rate Net Income Multiplier Effective Gross Income Multiplier Operating Expense Ratio
- 48. NIM Net Income Multiplier Price orValue ÷ NOI inverse of Ro, years to payoff
- 49. EGIM Effective Gross Income Multiplier Price orValue ÷ Effective Gross Income
- 50. OER Operating Expense Ratio Operating Expenses ÷ Effective Gross Income
- 51. OER Operating Expense Ratio Operating Expenses ÷ Effective Gross Income
- 52. Leverage Ratios Loan toValue Ratio Debt Coverage Ratio Equity Dividend Rate DebtYield Ratio Mortgage Constant Rate
- 53. LTVR Loan toValue Ratio Loan Amount ÷ Price orValue
- 54. DCR Debt Coverage Ratio NOI ÷ Loan Payment
- 55. Re Equity Dividend Rate NOI after Debt Payment ÷ Down Payment
- 57. Rm Mortgage Constant Rate Loan Payment ÷ Loan Amount
- 58. Internal Rate of Return IRR The rate at which all cash flows (negative and positive) balance
- 59. Internal Rate of Return IRR rate that will make the net present value equal to zero
- 63. 1. If my target rate of return is ____, what should I pay ? 2. If I pay______, what is my rate of return ? PV IRR