Peasant farming, cultivate crops on flat ¬ schadi 100 hectares, is planning to take a loan to buy fertilizer for tillage. According to agro-technical norms feeding can give an increase grain yields by 12 - 15ts/ga. The loan is planned to take a two-year two credit tranches of 200 thousand each. The application rate of 45 t / ha. With
the price of fertilizer 2 per tonne cost of buying fertilizer costs
amount to 90 thousand (according to the previous year) in the fertilizer
will be 3 thousand per year market price of grain is 4.0 / kg. The
farm has two alternative sources of credit: commercial banks and credit
cooperatives, where farming is to join as a shareholder, having paid
the entrance fee and mandatory fees. Necessary to determine the best value for the enterprise source of credit at an interest rate of 17% per annum. I. Commercial bank lending. 1. Determine the annual extinctive payments for the loan to be repaid by the financial rents, ie equal payments, which include some of the interest on the loan and part of the principal. In
the first year of system received 200 thousand, which will be paid over
two years in equal amounts to be determined by the formula: W =, where v - the discount factor, v =; n - the maturity of the debt. It turns out that the first tranche of SEC them. Lenin would pay for two years by 140,7 thousand: W == 140,7 thousand In
the second year of the project now will be received the second tranche
of $ 200 thousand This loan will be repaid in the second year that the
interest rate will be 17% of a total of 238 thousand for the second year
in a household will pay 378.7 million (140.7 thousand + 238 thousand). 2. Determined by the annual income from the sale of the produce further. Untimely
provision of bank credit may lead to the fact that produce fertilizer
had been on shoots and caused shortfalls 4.8 t / ha of grain. Amount of the loss was as follows: (4.8 kg / ha * 100 * 400 m / n) = 192 thousand Revenue from the sale of additional grain for the first year (D1) will be: D1 = (540 thousand - 200 thousand) - 90 thousand - three thousand - two thousand - 140,7 thousand = 104.3 thousand In the second year loan tranche will be received on time. Therefore, the additional revenue from the sale of grain in the second year (D2) will be: D2 = 540 thousand - 90 thousand - 3tys. - 1.5 thousand - 66.8 = 378.7 thousand thousand 3. Determined by the discounted value of income over the life of the project: W == 140,7 thousand 4. Determined by the discounted value of the credit tranches: 5. Determined by the cost-effectiveness of credit over the life of the project: 6. Determine the annual efficiency of credit (equivalent to the interest rate): E === 0,371 = 37,1% II. Lending credit cooperative "Agrocredit."
Credit Union
