货币金融学chapter4英文练习习题docWord文档格式.docx

1、C）has no effect onD）is irrelevant to Answer:4） With an interest rate of 6 percent, the present value of $100 next year is approximatelyA）$106.B）$100.C）$94.D）$92. Answer: C Analytical Thinking5）What is the present value of $500.00 to be paid in two years if the interest rate is 5 percent? A） $453.51B

2、） $500.00C）$476.25D）$550.00 Answer:6）If a security pays $55 in one year and $133 in three years, its present value is $150 if the interest rate isA）5 percent.B）10 percent.C）12.5 percent.D）15 percent. Answer: B7）To claim that a lottery winner who is to receive $1 million per year for twenty years has

3、 won $20 million ignores the process ofA） face value.B）par value.C）deflation.D）discounting the future.Answer: D8）A credit market instrument that provides the borrower with an amount of funds that must be repaid at the maturity date along with an interest payment is known as aA） simple loan.B） fixed-

4、payment loan. C） coupon bond.D） discount bond. Answer:9）A credit market instrument that requires the borrower to make the same payment every perioduntil the maturity date is known as aA）simple loan.B）fixed-payment loan.C）coupon bond.D）discount bond. Answer:10） Which of the following are TRUE of fixe

5、d payment loans?A）The borrower repays both the principal and interest at the maturity date.B）Installment loans and mortgages are frequently of the fixed payment type.C）The borrower pays interest periodically and the principal at the maturity date.D）Commercial loans to businesses are often of this ty

6、pe.11） A fully amortized loan is another name forA）a simple loan.B）a fixed-payment loan.C）a commercial loan.D）an unsecured loan. Answer:12）A credit market instrument that pays the owner a fixed coupon payment every year until the maturity date and then repays the face value is called a13）A _ pays th

7、e owner a fixed coupon payment every year until the maturity date, when the _ value is repaid.A） coupon bond; discount B） discount bond; discount C） coupon bond; faceD） discount bond; face Answer:14）The _ is the final amount that will be paid to the holder of a coupon bond.A）discount valueB）coupon v

8、alueC）face valueD）present value Answer:15）When talking about a coupon bond, face value and _ mean the same thing. A） par valueB） coupon value C） amortized value D） discount value Answer:16） The dollar amount of the yearly coupon payment expressed as a percentage of the face value of the bond is call

9、ed the bondsA）coupon rate.B）maturity rate.C）face value rate.D）payment rate. Answer:17） The _ is calculated by multiplying the coupon rate times the par value of the bond.B）face valueC）coupon paymentD）maturity payment Answer:18）If a $1000 face value coupon bond has a coupon rate of 3.75 percent, then

10、 the coupon payment every year isA） $37.50. B） $3.75. C） $375.00. D） $13.75 Answer:19）If a $5,000 coupon bond has a coupon rate of 13 percent, then the coupon payment every year isA） $650. B） $1,300. C） $130. D） $13.20）An $8,000 coupon bond with a $400 coupon payment every year has a coupon rate of

11、A） 5 percent.B） 8 percent. C） 10 percent. D） 40 percent. Answer:21） A $1000 face value coupon bond with a $60 coupon payment every year has a coupon rate ofA）.6 percent.B）5 percent.C）6 percent.D）10 percent. Answer:22）All of the following are examples of coupon bonds EXCEPT A） corporate bonds.B）U.S.

12、Treasury bills.C）U.S. Treasury notes.D）U.S. Treasury bonds.23）A bond that is bought at a price below its face value and the face value is repaid at a maturity date is called a24）A _ is bought at a price below its face value, and the _ value is repaid at thematurity date.A）coupon bond; discountB）disc

13、ount bond;C）coupon bond;D）discount bond;25） A discount bondA）pays the bondholder a fixed amount every period and the face value at maturity.B）pays the bondholder the face value at maturity.C）pays all interest and the face value at maturity.D）pays the face value at maturity plus any capital gain.26）

14、Examples of discount bonds includeA）U.S. Treasury bills.B）corporate bonds.D）municipal bonds. Answer:27）Which of the following are TRUE for discount bonds? A） A discount bond is bought at par.B）The purchaser receives the face value of the bond at the maturity date.C）U.S. Treasury bonds and notes are

15、examples of discount bonds.D）The purchaser receives the par value at maturity plus any capital gains.28）The interest rate that equates the present value of payments received from a debt instrument with its value today is theA） simple interest rate. B） current yield.C） yield to maturity. D） real inte

16、rest rate. Answer:29）Economists consider the _ to be the most accurate measure of interest rates.A）simple interest rate.B）current yield.C）yield to maturity.D）real interest rate. Answer:30）For simple loans, the simple interest rate is _ the yield to maturity. A） greater thanB） less than C） equal toD）

17、 not comparable to Answer:31） If the amount payable in two years is $2420 for a simple loan at 10 percent interest, the loan amount isA）$1000.B）$1210.C）$2000.D）$2200. Answer:32） For a 3-year simple loan of $10,000 at 10 percent, the amount to be repaid isA）$10,030.B）$10,300.C）$13,000.D）$13,310. Answ

18、er:33）If $22,050 is the amount payable in two years for a $20,000 simple loan made today, the interest rate isA） 5 percent. B） 10 percent. C） 22 percent. D） 25 percent. Answer:34）If a security pays $110 next year and $121 the year after that, what is its yield to maturity if it sells for $200?A） 9 p

19、ercent B） 10 percent C） 11 percent D） 12 percent35）The present value of a fixed-payment loan is calculated as the _ of the present value of all cash flow payments.A） sumB） difference C） multiple D） log Answer:36） Which of the following are TRUE for a coupon bond?A）When the coupon bond is priced at i

20、ts face value, the yield to maturity equals the coupon rate.B）The price of a coupon bond and the yield to maturity are positively related.C）The yield to maturity is greater than the coupon rate when the bond price is above the par value.D）The yield is less than the coupon rate when the bond price is

21、 below the par value.37） The _ of a coupon bond and the yield to maturity are inversely related.A）priceB）par valueC）maturity dateD）term Answer:38）The price of a coupon bond and the yield to maturity are _ related; that is, as the yield to maturity _, the price of the bond _.A） positively; rises; ris

22、es B） negatively; falls; falls C） positively; falls D） negatively; falls Answer:39）The yield to maturity is _ than the _ rate when the bond price is _its face value.A） greater; coupon; above B） greater; below C） greater; perpetuity; above D） less; below40）The _ is below the coupon rate when the bond

23、 price is _ its par value. A） yield to maturity; aboveB） yield to maturity; below C） discount rate; above D） discount rate; below Answer:41） A $10,000 8 percent coupon bond that sells for $10,000 has a yield to maturity ofA）8 percent.C）12 percent.D）14 percent. Answer:42）Which of the following $1,000 face-value securities has the highest yield to maturity? A） a 5 percent coupon bond selling for $1,000B）a 10 percent coupon bond selling for $1,000C）a 12 percent coupon bond selling for $1,000D）a 12 percent coupon bond selling for $1,100