延迟风险是抵押贷款的风险因子之一，导致未来现金流和贴现率发生变化。

Extension risk is one of the risk factors of amortizable loan which can lead to the future cash flow and discount change.

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贴现率—用于确定现金流的现值的利率。在分析资本预算项目时，贴现率通常就是资本成本。

Discount rate - Interest rate used to determine the present value of cash flows. For analyzing capital budgeting projects, the discount rate is usually the cost of capital.

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当然，以真实贴现率来贴现真实现金流也没有什么错，尽管通常不这么做。

Of course, there is nothing wrong with discounting real cash flows at a real discount rate, although this is not commonly done.

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当然，以真实贴现率来贴现真实现金流也没有什么错，尽管通常不这么做。

Of course, there is nothing wrong with discounting real cash flows at a real discount rate, although this is not commonly done.

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