TEST 1552 VAI,UE PLEASE OUR ACCOUNT AND PAY FOR THE OF THE ACCOUNT OF BANQUE DE BRUXELLES USD Banque de Bruxelles, S. A. Brussels sent a confirmation of borrowing to Bank of Asia, London with some items in blank to be filled in as follows:
Confirmation of Borrowing
To Bank of Asia, London Date 12 Aug. Date of borrowing Amount
Maturity Interest rate at Interest amount In our favour with
Manufacturers Hanover Trust Co., New York. Liquidation at maturity Total amount to be paid Payment through
Manufacturers Hanover Trust Co., New York with Standard Chartered Bank, New York.
Banque de Bruxelles, Brussels
signature
(7) At maturity, Banque de Bruxelles, Brussels telexed Manufacturers Hanover Trust Co. , New York to refund the principal and interest of the loan to Bank of Asia, London. FROM:
TO:
VALUE PLEASE OUR ACCOUNT AND PAY TO THE STANDARD CHARTERED BANK NEW YORK FOR OF THE ACCOUNT OF WITH THEM
(8) On due date Bank of Asia, London telexed the Standard Chartered Bank, New York to pay USD3,000,000.00 to Chemical Bank, New York to liquidate the out- standing acceptance.
FROM : TO: VALUE PLEASE OUR ACCOUNT AND PAY TO FOR TO THEIR ACCOUNT TO LIQUIDATE OUR BANKER'S ACCEPTANCE NO MATURING AT .
(9) Bank of Asia, London has obtained profit of interest difference between the rates of loan and B/A as follows:
Loan interest amount: USD B/A discount and acceptance charges: USD
Profit of interest difference:
USD
练习7
An export of photographic equipment manufactured in USA and sold through British Trading Co., London to Italian Importing Co., Milan with shipment to be made in June, 2001. The contract price for a cash sale is USD 500,000.00 but the buyer re-quires five year credit terms with repayments to be made in 10 six - monthly instal-ments. He will pay the interest costs and provide the AVAL of Banca Commercial Italian, Milan which is acceptable to the forfaiter, Finanz AG, London.
On 1 April, 2001 the exporter, British Trading Co., London approaches the for-faiter who confirms that he is willing to quote for a forfaiting transaction covering the export in three months' time hearing the AVAL of Banca Commercial Italian, Mi-lan. The forfaiter is happy to calculate the face value of the bill of exchange so that after discounting, the exporter will receive USD 500,000.00 and quote a discount rate of 9. 875% per annum. He also wishes to charge two days' grace and a commit-ment fee of 1.2% per annum. This commitment fee is the forfaiter' s charge for agreeing on 1 April to the date of discount, i.e.30 June at a rate of 1.2% per annum due to funds provided for but not to be available until shipment is made three months later. He will stipulate an expiry date for his commitment, i.e.that the bill of exchange must be delivered to him before 29 July, 2001. Let us assume that both shipment and discounting take place on 30 June, 2001.
(1) Please calculate separate interest amounts at 12.384% per annum being the equivalent of discount rate at 9.875% per annum for each of lO six - monthly instal-ments which will be added to the face value of each bill to be borne by the importer, and also the total interest amount thereof.
(2) Please calculate face value for each of 10 bills of exchange which consists of prin-cipal amount plus interest and also the total face value which represents a total cost to be paid by the importer.
(3) Please calculate separate discouni numbers of 10 instalments, and the total dis-count number thereof. Due date (P) (t) (I) Capital (t) Time (N) （FV） Outstanding Number Interest Face value (days) Discount principal of days at of bills numbers 12.384% per annum 02.01.02 02.07.02 31.12.02 01.07.03 31.12.03 30.06.04 31.12.04 30.06.05 31.12.05 30.06.06 total 500,000.00 450,000.00 400,000.00 350,000.00 300,000.00 250,000.00 200,000.00 150,000.00 100,000.00 50,000.00 186 182 182 182 183 181 184 181 184 182 31,992.00 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 81,992.00 188 370 552 734 917 1,098 1,282 1,463 1,647 1,829 154,144.96 (4) Please calculate amount of discount at the discount rate of 9.875% per annum and the net proceeds
thereof. D=
N?d? 360Net proceeds= FV-D=
(5) Please calculate commitment fee at 1.2% per annum which will be paid by the exporter to the forfaitor. Commitment fee=
FV?d?r?
360?100(6) Please draw the first and the last bills of exchange. On the front of both bills they must contain ① drawee's acceptance, ② Aval of Banca Commercial Italian, Milan. On the back of both bills, they must contain ③ payee's special indorsement to Finanz AC., London, bearing the words“Without recourse”.
First bill of exchange London， USD On fixed for value received, pay againsl this bill of exchange to the order of The sum of Effective payment to be made in without deduction for and rfee of any taxes, imposts, levies, duties, or collection charge present or future of any nature. This bill of exchange is payable at Drawn on For signature On the front of bill On the back of bill ① ACCEPTED ②Pay to the order of For For
signature ② Per AVAL For account of drawee signature
signature (Avalor)
Last bill of exchange London， USD On fixed for value received, pay against this bill of exchange to the order of The sum of effective payment to be made in without deduction for and free of any taxes, imposts, levies, duties, of collection charge present or future of any nature. This bill of exchange is payable at Drawn on For signature On the front of bill ①ACCEPTED
On the front of bill ②Pay to the order of
For For signature ③ Per AVAL
For account of drawee signature
signature (Avalor)
(7) Please complete the commitment letter in the following form:
Commitment Letter
To: London: Dear Sirs,
Forfaiting Transaction No. ×××××× Without recourse purchase of 10 bills of exchange On the basis of information which you have given to us and subject to receipt of satis-factory documentation, we confirm our purchase and your sale, without recourse to you, of the following bills of exchange. Amount: USD ( say ) Drawer: Avalor: Maturity: 10 semi-annual instalments
first maturity for U SD last maturity for U SD
Domicile of payment :
Terms: Discount at calculated on the basis of a 360－clay－year plus two days grace.
Commitment fee: at from today's date to the delivery of documenta-
tion, payable monthly in advance.
Delivery of documents to us: Before We confirm that we waive our right of recourse against you as payee of these bills.
yours faithfully
For signature