Example 2-6 The construction period of a project is 3 years, and * * * borrows from the bank130,000 yuan. Among them, from the first year to the third year, the bank loans were 3 million yuan, 6 million yuan and 4 million yuan respectively. If the annual interest rate is 6%, what is the interest rate during the construction period?
During the three-year construction period, the annual loan interest is calculated as follows:
1 year interest =(0+300×6%÷2)=300×3%=9 (ten thousand yuan).
Interest in the second year =[(300+9)+600÷2]×6%=36.54 (ten thousand yuan).
Interest in the third year = [(300+600)+(9+36.54)+400 ÷ 2] × 6% = 68.73 (ten thousand yuan).
Therefore, the interest during the construction period = 9+36.54+68.73 =114.27 (ten thousand yuan).
Futures, whose English name is futures, is completely different from spot. Spot is actually a tradable commodity. Futures are mainly not commodities, but standardized tradable contracts based on some popular products such as cotton, soybeans and oil and financial assets such as stocks and bonds. Therefore, the subject matter can be commodities (such as gold, crude oil and agricultural products) or financial instruments.
The delivery date of futures can be one week later, one month later, three months later or even one year later.
A contract or agreement to buy or sell futures is called a futures contract. The place where futures are bought and sold is called the futures market. Investors can invest or speculate in futures.
treaty
The standardized contract made by the futures exchange stipulates that a certain quantity and quality of the subject matter will be delivered at a specific time and place in the future.
Futures commission: equivalent to the commission in the stock. For stocks, the expenses of stock trading include stamp duty, commission and transfer fees. Relatively speaking, the cost of engaging in futures trading is only the handling fee. Futures commission refers to the fees paid by futures traders according to a certain proportion of the total contract value after the transaction.
cash deposit
initial
Initial margin is the money that traders need to pay when they open new positions. According to the transaction amount and the margin ratio, that is, initial margin = transaction amount * adjusted margin ratio. At present, the minimum margin ratio of China's futures margin system is 5% of the transaction amount, which is generally between 3% and 8% internationally. For example, the soybean margin ratio of Dalian Commodity Exchange is 5%. When a customer buys five soybean futures contracts (each 10 ton) at a price of 2,700 yuan/ton, he needs to pay an initial deposit of 6 750 yuan to the exchange (that is, 2,700× 5×10× 5%).
In the process of holding positions, traders will have floating profits and losses (the difference between settlement price and transaction price) due to the constant changes of market conditions, so the funds actually available in the margin account can be increased or decreased at any time. Floating profit will increase the balance of margin account, while floating loss will decrease the balance of margin account. The minimum balance that must be kept in the margin account is called maintenance margin. Maintenance margin: the settlement price is adjusted to the position, and the margin ratio is adjusted to xk(k is a constant, which is called the maintenance margin ratio, which is usually 0.75 in China).
increase
When the book balance of the margin is lower than the maintenance margin, the trader must make up the margin within the specified time to make the margin account balance (settlement price x position x margin ratio), otherwise the exchange or institution has the right to carry out compulsory liquidation on the next trading day. This part of the margin that needs to be replenished is called additional margin.
Still according to the above example, suppose that on the third day after the customer bought 50 tons of soybeans at a price of 2700 yuan/ton, the settlement price of soybeans fell to the additional margin. 2600 yuan/ton. Due to the price drop, the customer's floating loss is 5000 yuan (i.e.