TUTORIAL WORK BANKING

TEACHER: GERMAN AVILES

TUTORIAL GROUP:
DANIEL MEZA
CESAR AYLLON

SAVINGS ACCOUNTS

INVESTMENT
1) NEW YORK N Y SER E-SUBSER S.A.

NOMINAL

MATURITY

$ 102,609.00 08/01/2035

COUPON
4.50% quarterly

YIELD

PRESENT
VALUE

FUTURE
VALUE

PRICE

CALL
PRICE

CALL DATE

18.31% $ 102,609.00

$ 490,471.02 100%

102.50%

31/03/2018

4.25% semiannually

8.59% $ 103,435.00

$ 235,314.63 100%

101.80%

31/12/2016

5.00% annually

5.00% $ 105,088.00

$ 252,211.20 100%

105.45%

01/01/2025

5.38% quarterly

21.96% $ 109,935.00

$ 677,727.29 100%

103.53%

30/06/2019

PENNSYLVANIA ECONOMIC DEV FING

2) REF-AMTRAK PROJ-SER S.A.

$ 103,435.00 11/01/2029
ILLINOIS FIN AUTH REV
3) NORTHWESTERN UNIV S.A.
$ 105,088.00 12/01/2042
LOS ANGELES CALIF DEPT ARPTS AMT
4) S.A.
$ 109,935.00 05/15/2038

YIELD TO
CALL
18.15%
9.34%
5.38%
21.93%

SELL
DON'T SELL YTM 18.31% > YTC 18.15%
SELL YTC 9.34% > YTM 8.59%
SELL YTC 5.38% > YTM 5.00%
DON'T SELL YTM 21.96% > YTC 21.93%

TIME DEPOSIT

INVESTMENT
1) IRISH BANK TIME DEPOSIT
THAILAND BANK TIME
2) DEPOSIT
VENEZUELAN BANK TIME
3) DEPOSIT

4) SPAIN BANK TIME DEPOSIT

NOMINAL

MATURITY

COUPON

YIELD

$ 80,000.00

08/01/2019

4.00% semiannually

$ 50,000.00

11/01/2016

$ 70,000.00

PRESENT
VALUE

FUTURE VALUE PRICE

CALL
PRICE

8.08%

$ 80,000.00

$ 118,419.54

100%

105.50%

4.50% quarterly

18.31%

$ 50,000.00

$ 71,105.03

100%

108.80%

12/01/2020

4.00% monthly

48.89%

$ 1,178,958.37

100%

105.00%

$ 150,000.00 05/15/2029

2.70% annually

2.70%

$ 70,000.00
$
150,000.00

$ 223,690.69

100%

103.00%

CALL DATE

YIELD TO
CALL

SELL

31/03/2018
31/12/2016
01/01/2025
30/06/2019

8.90%
21.63%
48.15%
2.86%

SELL YTM 8.08% < YTC 8.90%

SELL YTC 21.63% > YTM 18.31%
DON'T SELL YTC 48.15% < YTM 48.89%
SELL YTM 2.70% < YTC 2.86%

TREASURY BONDS

INVESTMENT
US TREASURY BOND

NOMINAL

MATURITY

COUPON

YIELD

PRICE

CALL
PRICE

CALL
DATE

$ 105,080.00 08/01/2020 6.00% quarterly+cap 2.57% 163.40% 125.30% 31/12/2017

VNA

$ 171,696.29

TIR

QUARTERLY

0.35%

ANNUALLY

1.38%

YIELD TO
CALL
1.38%

SELL
DON'T SELL YTC 1.38% < YTM 2.57%

PERIODS

CAPITAL
0
1
2
3
4
5
6
7
8
9
10
11

INTEREST

PAYMENT

12

$ 4,378.33
$ 4,378.33
$ 4,378.33
$ 4,378.33
$ 4,378.33
$ 4,378.33
$ 4,378.33
$ 4,378.33
$ 4,378.33
$ 4,378.33
$ 4,378.33
$ 4,378.33

$ 6,304.80 $ 10,683.13
$ 6,042.10 $ 10,420.43
$ 5,779.40 $ 10,157.73
$ 5,516.70 $ 9,895.03
$ 5,254.00 $ 9,632.33
$ 4,991.30 $ 9,369.63
$ 4,728.60 $ 9,106.93
$ 4,465.90 $ 8,844.23
$ 4,203.20 $ 8,581.53
$ 3,940.50 $ 8,318.83
$ 3,677.80 $ 8,056.13
$ 3,415.10 $ 7,793.43

13
14
15
16
17
18
19
20
21
22
23
24

$ 4,378.33
$ 4,378.33
$ 4,378.33
$ 4,378.33
$ 4,378.33
$ 4,378.33
$ 4,378.33
$ 4,378.33
$ 4,378.33
$ 4,378.33
$ 4,378.33
$ 4,378.33

$ 3,152.40
$ 2,889.70
$ 2,627.00
$ 2,364.30
$ 2,101.60
$ 1,838.90
$ 1,576.20
$ 1,313.50
$ 1,050.80
$ 788.10
$ 525.40
$ 262.70

$ 105,080.00

$ 7,530.73
$ 7,268.03
$ 7,005.33
$ 6,742.63
$ 6,479.93
$ 6,217.23
$ 5,954.53
$ 5,691.83
$ 5,429.13
$ 5,166.43
$ 4,903.73
$ 4,641.03

BALANCE
$ 105,080.00
$ 100,701.67
$ 96,323.33
$ 91,945.00
$ 87,566.67
$ 83,188.33
$ 78,810.00
$ 74,431.67
$ 70,053.33
$ 65,675.00
$ 61,296.67
$ 56,918.33
$ 52,540.00
$ 48,161.67
$ 43,783.33
$ 39,405.00
$ 35,026.67
$ 30,648.33
$ 26,270.00
$ 21,891.67
$ 17,513.33
$ 13,135.00
$ 8,756.67
$ 4,378.33
$ 0.00

CASHFLOW
($
171,696.29)
$ 10,683.13
$ 10,420.43
$ 10,157.73
$ 9,895.03
$ 9,632.33
$ 9,369.63
$ 9,106.93
$ 8,844.23
$ 8,581.53
$ 8,318.83
$ 8,056.13
$ 73,626.05

INVESTMENT

NOMINAL

MATURITY

COUPON

GERMANY BOND

$ 120,985.00

08/01/2025

7.45% monthly+cap

YIELD
4.57%

PRICE
$ 187,504.24

CALL PRICE CALL DATE

101.30% 31/12/2020

VNA

$ 187,504.24

TIR

MONTHLY

4.46%

ANNUALLY

53.46%

YIELD TO
CALL

SELL

53.46%

SELL YTC 53.46% > YTM 4.57%

PERIODS

CAPITAL
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40

$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55

INTEREST

PAYMENT

$ 9,013.38
$ 8,945.10
$ 8,876.82
$ 8,808.53
$ 8,740.25
$ 8,671.97
$ 8,603.68
$ 8,535.40
$ 8,467.12
$ 8,398.83
$ 8,330.55
$ 8,262.27
$ 8,193.98
$ 8,125.70
$ 8,057.42
$ 7,989.13
$ 7,920.85
$ 7,852.57
$ 7,784.28
$ 7,716.00
$ 7,647.72
$ 7,579.44
$ 7,511.15
$ 7,442.87
$ 7,374.59
$ 7,306.30
$ 7,238.02
$ 7,169.74
$ 7,101.45
$ 7,033.17
$ 6,964.89
$ 6,896.60
$ 6,828.32
$ 6,760.04
$ 6,691.75
$ 6,623.47
$ 6,555.19
$ 6,486.90
$ 6,418.62
$ 6,350.34

$ 9,929.94
$ 9,861.65
$ 9,793.37
$ 9,725.09
$ 9,656.80
$ 9,588.52
$ 9,520.24
$ 9,451.95
$ 9,383.67
$ 9,315.39
$ 9,247.10
$ 9,178.82
$ 9,110.54
$ 9,042.25
$ 8,973.97
$ 8,905.69
$ 8,837.40
$ 8,769.12
$ 8,700.84
$ 8,632.55
$ 8,564.27
$ 8,495.99
$ 8,427.71
$ 8,359.42
$ 8,291.14
$ 8,222.86
$ 8,154.57
$ 8,086.29
$ 8,018.01
$ 7,949.72
$ 7,881.44
$ 7,813.16
$ 7,744.87
$ 7,676.59
$ 7,608.31
$ 7,540.02
$ 7,471.74
$ 7,403.46
$ 7,335.17
$ 7,266.89

BALANCE
$ 120,985.00
$ 120,068.45
$ 119,151.89
$ 118,235.34
$ 117,318.79
$ 116,402.23
$ 115,485.68
$ 114,569.13
$ 113,652.58
$ 112,736.02
$ 111,819.47
$ 110,902.92
$ 109,986.36
$ 109,069.81
$ 108,153.26
$ 107,236.70
$ 106,320.15
$ 105,403.60
$ 104,487.05
$ 103,570.49
$ 102,653.94
$ 101,737.39
$ 100,820.83
$ 99,904.28
$ 98,987.73
$ 98,071.17
$ 97,154.62
$ 96,238.07
$ 95,321.52
$ 94,404.96
$ 93,488.41
$ 92,571.86
$ 91,655.30
$ 90,738.75
$ 89,822.20
$ 88,905.64
$ 87,989.09
$ 87,072.54
$ 86,155.98
$ 85,239.43
$ 84,322.88

41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
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62
63
64
65
66
67
68
69
70
71

72
73
74
75
76
77
78
79
80
81
82

$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55

$ 6,282.05
$ 6,213.77
$ 6,145.49
$ 6,077.20
$ 6,008.92
$ 5,940.64
$ 5,872.36
$ 5,804.07
$ 5,735.79
$ 5,667.51
$ 5,599.22
$ 5,530.94
$ 5,462.66
$ 5,394.37
$ 5,326.09
$ 5,257.81
$ 5,189.52
$ 5,121.24
$ 5,052.96
$ 4,984.67
$ 4,916.39
$ 4,848.11
$ 4,779.82
$ 4,711.54
$ 4,643.26
$ 4,574.97
$ 4,506.69
$ 4,438.41
$ 4,370.12
$ 4,301.84
$ 4,233.56
$ 4,165.28
$ 4,096.99
$ 4,028.71
$ 3,960.43
$ 3,892.14
$ 3,823.86
$ 3,755.58
$ 3,687.29
$ 3,619.01
$ 3,550.73
$ 3,482.44

$ 7,198.61
$ 7,130.32
$ 7,062.04
$ 6,993.76
$ 6,925.47
$ 6,857.19
$ 6,788.91
$ 6,720.63
$ 6,652.34
$ 6,584.06
$ 6,515.78
$ 6,447.49
$ 6,379.21
$ 6,310.93
$ 6,242.64
$ 6,174.36
$ 6,106.08
$ 6,037.79
$ 5,969.51
$ 5,901.23
$ 5,832.94
$ 5,764.66
$ 5,696.38
$ 5,628.09
$ 5,559.81
$ 5,491.53
$ 5,423.24
$ 5,354.96
$ 5,286.68
$ 5,218.39
$ 5,150.11
$ 5,081.83
$ 5,013.55
$ 4,945.26
$ 4,876.98
$ 4,808.70
$ 4,740.41
$ 4,672.13
$ 4,603.85
$ 4,535.56
$ 4,467.28
$ 4,399.00

$ 83,406.33
$ 82,489.77
$ 81,573.22
$ 80,656.67
$ 79,740.11
$ 78,823.56
$ 77,907.01
$ 76,990.45
$ 76,073.90
$ 75,157.35
$ 74,240.80
$ 73,324.24
$ 72,407.69
$ 71,491.14
$ 70,574.58
$ 69,658.03
$ 68,741.48
$ 67,824.92
$ 66,908.37
$ 65,991.82
$ 65,075.27
$ 64,158.71
$ 63,242.16
$ 62,325.61
$ 61,409.05
$ 60,492.50
$ 59,575.95
$ 58,659.39
$ 57,742.84
$ 56,826.29
$ 55,909.73
$ 54,993.18
$ 54,076.63
$ 53,160.08
$ 52,243.52
$ 51,326.97
$ 50,410.42
$ 49,493.86
$ 48,577.31
$ 47,660.76
$ 46,744.20
$ 45,827.65

83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
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105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125

$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55

$ 3,414.16
$ 3,345.88
$ 3,277.59
$ 3,209.31
$ 3,141.03
$ 3,072.74
$ 3,004.46
$ 2,936.18
$ 2,867.89
$ 2,799.61
$ 2,731.33
$ 2,663.04
$ 2,594.76
$ 2,526.48
$ 2,458.20
$ 2,389.91
$ 2,321.63
$ 2,253.35
$ 2,185.06
$ 2,116.78
$ 2,048.50
$ 1,980.21
$ 1,911.93
$ 1,843.65
$ 1,775.36
$ 1,707.08
$ 1,638.80
$ 1,570.51
$ 1,502.23
$ 1,433.95
$ 1,365.66
$ 1,297.38
$ 1,229.10
$ 1,160.81
$ 1,092.53
$ 1,024.25
$ 955.96
$ 887.68
$ 819.40
$ 751.12
$ 682.83
$ 614.55
$ 546.27

$ 4,330.71
$ 4,262.43
$ 4,194.15
$ 4,125.86
$ 4,057.58
$ 3,989.30
$ 3,921.01
$ 3,852.73
$ 3,784.45
$ 3,716.16
$ 3,647.88
$ 3,579.60
$ 3,511.31
$ 3,443.03
$ 3,374.75
$ 3,306.47
$ 3,238.18
$ 3,169.90
$ 3,101.62
$ 3,033.33
$ 2,965.05
$ 2,896.77
$ 2,828.48
$ 2,760.20
$ 2,691.92
$ 2,623.63
$ 2,555.35
$ 2,487.07
$ 2,418.78
$ 2,350.50
$ 2,282.22
$ 2,213.93
$ 2,145.65
$ 2,077.37
$ 2,009.08
$ 1,940.80
$ 1,872.52
$ 1,804.23
$ 1,735.95
$ 1,667.67
$ 1,599.39
$ 1,531.10
$ 1,462.82

$ 44,911.10
$ 43,994.55
$ 43,077.99
$ 42,161.44
$ 41,244.89
$ 40,328.33
$ 39,411.78
$ 38,495.23
$ 37,578.67
$ 36,662.12
$ 35,745.57
$ 34,829.02
$ 33,912.46
$ 32,995.91
$ 32,079.36
$ 31,162.80
$ 30,246.25
$ 29,329.70
$ 28,413.14
$ 27,496.59
$ 26,580.04
$ 25,663.48
$ 24,746.93
$ 23,830.38
$ 22,913.83
$ 21,997.27
$ 21,080.72
$ 20,164.17
$ 19,247.61
$ 18,331.06
$ 17,414.51
$ 16,497.95
$ 15,581.40
$ 14,664.85
$ 13,748.30
$ 12,831.74
$ 11,915.19
$ 10,998.64
$ 10,082.08
$ 9,165.53
$ 8,248.98
$ 7,332.42
$ 6,415.87

126
127
128
129
130
131
132

$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55
$ 916.55

$
120,985.00

$ 477.98
$ 409.70
$ 341.42
$ 273.13
$ 204.85
$ 136.57
$ 68.28

$ 1,394.54
$ 1,326.25
$ 1,257.97
$ 1,189.69
$ 1,121.40
$ 1,053.12
$ 984.84

$ 5,499.32
$ 4,582.77
$ 3,666.21
$ 2,749.66
$ 1,833.11
$ 916.55
$ 0.00