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Part II Fundamentals of Interest Rates Chapter Three Understanding Interest Rates Chapter Preview We examine the terminology and calculation of various rates, and we show the importance of these rates in our lives and the general economy. Topics include: Measuring Interest Rates The Distinction Between Real and Nominal Interest Rates The Distinction Between Interest Rates and Returns 3.1 Measuring Interest Rates Since interest rates are among the most closely watched variables in the economy, it is imperative that what exactly is meant by the phrase interest rates is understood. In this chapter, we will see that a concept known as yield to maturity (YTM,到期收益率) is the most accurate measure of interest rates. 3.1.1 Present Value Introduction Different debt instruments have very different streams of cash payments to the holder (known as cash flows), with very different timing. All else being equal, debt instruments are evaluated against one another based on the amount of each cash flow and the timing of each cash flow. This evaluation, where the analysis of the amount and timing of a debt instrument’s cash flows lead to its yield to maturity or interest rate, is called present value analysis. Interest Rates as Exchange Rates Present value is the concept based on the commonsense notion that a dollar of cash flow paid to you one year from now is less valuable to you than a dollar paid to you today. Interest rate is the “exchange rate” between present value and future value. Concept of Present Value Four Types of Credit Instruments Simple Loan Fixed Payment Loan Coupon Bond Discount Bond 3.1.2 Simple loan (简单贷款) Simple loan is a loan, in which the lender provides the borrower with an amount of funds, which must be repaid to the lender at the maturity date along with an additional payment for the interest. Simple Loan:  Yield to Maturity（到期收益率） Yield to maturity = interest rate that equates todays value with present value of all future payments Simple L