2012-国际结算作业，复习资料

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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 requires five year credit terms with repayments. 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 forfaiter who confirms that he is willing to quote for forfaiting transaction covering the export in three months’ time bearing the AVAL of Banca Commercial Italian , Milan . The forfeiter is happy to calculate the face value of the bill  of exchange so that after discounting , the exporter will receive USD500,00.00  and quote a discount rate of9.875% per annum .He also wishes to charge two days’ grace and a commitment 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 10six-monthly instalments 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 principal amount plus interest and also the total face value which represents a total cost to be paid by the importer.

（3） please calculate separate discount numbers of 10 instalments , and the total discount number thereof.

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