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Perhitungan NPV proyek

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Perhitungan NPV proyek
  Nominal interest rate In finance and economics,  nominal interest rate  or nominalrateofinterest referstotwodistinctthings: therate of interest before adjustment for inflation (in contrast withtherealinterestrate); or, forinterestrates“asstated”without adjustment for the full effect of compounding(also referred to as the  nominal annual rate ).  An in-terest rate is called  nominal   if the frequency of com-pounding (e.g. a month) is not identical to the  basictime unit   (normally a year). 1 Nominal versus real interest rate The real interest rate is the nominal rate of interest minusinflation. In the case of a loan, it is this real interest thatthe lender receives as income. If the lender is receiving8 percent from a loan and inflation is 8 percent, then thereal rate of interest is zero because nominal interest andinflation are equal. A lender would have no net benefitfrom such a loan because inflation fully diminishes thevalue of the loan’s profit.The relationship between real and nominal interest ratescan be described in the equation: (1 +  r )(1 +  i ) = (1 +  R ) where r is the real interest rate, i is the inflation rate, andR is the nominal interest rate. [1] ã  A common approximation for the real interest rateis: real interest rate = nominal interest rate - ex- pected inflation In thisanalysis, thenominal rateisthestated rate, and thereal interest rate is the interest after the expected lossesdue to inflation. Since the future inflation rate can onlybe estimated, the  ex ante  and  ex post   (before and after thefact)realinterestratesmaybedifferent;thepremiumpaidto actual inflation may be higher or lower. In contrast, thenominal interest rate is known in advance. 2 Nominal versus effective interestrate The nominal interest rate (also known as an AnnualisedPercentage Rate or APR) is the periodic interest ratemultiplied by the number of periods per year. For ex-ample, a nominal annual interest rate of 12% basedon monthly compounding means a 1% interest rate permonth(compounded). [2] Anominalinterestrateforcom-pounding periods less than a year is always lower than theequivalent rate with annual compounding (this immedi-ately follows from elementary algebraic manipulations ofthe formula for compound interest). Note that a nomi-nal rate without the compounding frequency is not fullydefined: for any interest rate, the effective interest ratecannot be specified without knowing the compoundingfrequency  and   the rate. Although some conventions areused where the compounding frequency is understood,consumers in particular may fail to understand the im-portance of knowing the effective rate.Nominal interest rates are not comparable unless theircompounding periods are the same; effective interestrates correct for this by “converting” nominal rates intoannual compound interest. In many cases, depending onlocal regulations, interest rates as quoted by lenders andin advertisements are based on nominal, not effective in-terest rates, and hence may understate the interest ratecompared to the equivalent effective annual rate.Confusingly, in the context of inflation, 'nominal' has adifferent meaning. A nominal rate can mean a rate be-fore adjusting for inflation, and a real rate is a constant-prices rate. The FIsher equation is used to convert be-tween real and nominal rates. To avoid confusion aboutthe term nominal which has these different meanings,somefinancetextbooksusetheterm'AnnualisedPercent-age Rate' or APR rather than 'nominal rate' when theyare discussing the difference between effective rates andAPR’s.The term should not be confused with simple interest (asopposedtocompoundinterest)whichisnotcompounded.The effective interest rate is always calculated as if com-pounded annually. The effective rate is calculated in thefollowing way, where  r   is the effective rate,  i   the nominalrate (as a decimal, e.g. 12% = 0.12), and  n  the numberof compounding periods per year (for example, 12 formonthly compounding): r  = (1 +  i / n ) n −  1 3 Examples 1  2  5 EXTERNAL LINKS  3.1 Monthly compounding Example1: Anominalinterestrateof6%/acompoundedmonthly is equivalent to an effective interest rate of6.17%.Example 2: 6% annually is credited as 6%/12 = 0.5% ev-ery month. After one year, the initial capital is increasedby the factor (1+0.005) 12 ≈ 1.0617. 3.2 Daily compounding A loan with daily comp have a substantially higher ratein effective annual terms. For a loan with a 10% nominalannual rate and daily compounding, the effective annualrate is 10.516%. For a loan of $10,000 (paid at the endof the year in a single lump sum), the borrower wouldpay$51.56morethanonewhowascharged10%interest,compounded annually. 4 References [1] Richard A. Brealey and Steward C. Meyer.  Principles of Corporate Finance,  Sixth Edition. Irwin McGraw-Hill,London, 2000. p. 49.[2] Charles Moyer, James R. McGuigan, William J. Kret-low.  Contemporary Financial Management  , Tenth Edi-tion. Thomson-South-Western, Mason, Ohio, 2006 pg.163. 5 External links ã  Online Nominal Annual Interest Rate Calculator ã  Online Interest Calculator  3 6 Text and image sources, contributors, and licenses 6.1 Text ã  Nominal interest rate  Source:  Contributors:   SimonP, Patrick,Guerby, Mkluwe, Rossami, Henrygb, Saturnight, Drbreznjev, SDC, SmackBot, Ohnoitsjamie, NickBall, Zven, PieRRoMaN, Hu12, Alejrb, Avillia, Rainer Bartoldus, Gregalton, PubliusFL, Magioladitis, Davidjk, Retail Investor, Obscurans, VolkovBot, SueHay, Lamro, Gka-pur, Egfrank, SieBot, Ham Pastrami, Emesee, Svick, Rinconsoleao, ClueBot, Uncle Milty, Jim 14159, Lucasgw8, Alexbot, DumZiBoT,Jurismedia, Addbot, Michaelm 22, Tide rolls, Qwertzy, Drilnoth, Mnmngb, Awhen, Île flottante, Duoduoduo, Asweatherbee, Canyq,Yowchuan, WikitanvirBot, RA0808, ZéroBot, Jalehman37, ClueBot NG, Keithphw, Statoman71, Joshuajohnson555, Chris51659, An-drewkellyclan and Anonymous: 81 6.2 Images6.3 Content license ã  Creative Commons Attribution-Share Alike 3.0
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