# IC

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## Import Certificate

A proposed system to lower the U.S. trade deficit. Under the system, exporters would be issued import certificates allowing them to import up to the total value they export. Exporters may then sell these certificates to importers, who need them to conduct their business. The concept would maximize the value of imports, allowing it to be no greater than the value of exports. While this is not technically a tariff, it has much the same effect. Import certificates were proposed by Warren Buffett in 2003.

## Information Coefficient

A measure of the correlation between expected and actual returns. The IC is used internally within a firm to judge the performance of individual financial forecasters. The IC is measured on a scale between 0 to 1, with 1 indicating no difference between expected and actual returns. An analyst with a consistently high IC on his/her predictions will likely receive promotions and bonuses, while one with low information coefficients will likely lose his/her job.

## Interest Cost (IC)

A comprehensive and time-adjusted measure of loan cost to the borrower.

IC on a Mortgage: IC is what economists call an “internal rate or return.” It takes account of all payments made by the borrower over the life of the loan relative to the cash received up front. On a mortgage, the cash received up front is the loan amount less all upfront fees paid by the borrower. On an ARM, IC captures the effect of interest rate changes on the monthly payment and the balance, but future rate changes must be assumed.

Formula: IC is (i) in the formula below:

L - F = P1 + P2/(1 + i)2 +… (Pn + Bn)/(1 + i)n
Where:

L = Loan amount

F = Points and all other upfront fees paid by the borrower P = Monthly payment

n = Month when the balance is prepaid in full

Bn = Balance in month n

IC Versus APR: IC differs from APR in the following ways: IC is measured over any time horizon, whereas APR assumes that all loans run to term. IC may be measured after taxes whereas APR is always measured before taxes. On an ARM, IC can be calculated on any interest rate scenario whereas APR always uses a no-change scenario.

The Mortgage Encyclopedia. Copyright © 2004 by Jack Guttentag. Used with permission of The McGraw-Hill Companies, Inc.
References in periodicals archive ?
QCT, a division of QUALCOMM Incorporated, is a developer and supplier of CDMA integrated circuits, hardware and software solutions, and tools, with more than 118 million cumulative shipments of MSM integrated circuits worldwide.
Consequently, on nearly all integrated circuit products, 100% of the wafers are electrically tested 100% of the time.
An early integrated circuit was the "calculator-on-a-chip" IC made by Texas Instruments for its own electronic calculators as well as those of other makers.
The YAS532 is claimed to be the world's smallest tri-axial geomagnetic sensor integrated circuit, measuring 1.5mm by 1.5mm.
SMU's new world's-fastest LOC serializer is what the industry calls an integrated circuit made for a specific use, or "ASIC" for application-specific integrated circuit.
Khurana (4) introduced Transmission Line Pulse (TLP) as a way to study integrated circuit technologies and circuit behavior in the current and time domain of ESD events.
LSI Corporation (LSI) (NYSE: LSI), a provider of silicon, systems and software technologies, announced on Friday (2 November) the availability of the PA2500, its new high-performance, low-power preamplifier integrated circuit (IC) designed for use in 2.5" hard disk drives (HDD).
Performance Motion Devices has released the MC73110 motor control integrated circuit with 40 kHz pulse width modulated waveform generation.
The trouble was centered on the disk-brake integrated circuit, which consumed 9 watts.
Tower Semiconductor has launched production of a Coder-Decoder (CODEC) integrated circuit (IC) for Smart Link, Ltd., a leading developer and supplier of modem solutions for the communications industry.
This recent work exploits the curvature enhanced accelerator coverage (CEAC) mechanism developed at NIST and used to quantify superconformal electrodeposition of copper (widely used for integrated circuit production), as well as super-conformal electrodeposition of silver, also a recent NIST discovery.

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