Documentos de Académico
Documentos de Profesional
Documentos de Cultura
CAPITULO4 ANUALIDADES
1- Hallar el monto y el valor presente de 20 pagos de $2000 c/u,
suponga una tasa del 18 %.
A = $2000
ie = 18 %
N = 20
$2.000
1 2 3 4 5 6 7 8 9
1 1 111 1 1 1 1
19 20
1 1
VP
1 (1 + ip )
Vp =A
ip
1 (1 + 0.18 )
Vp = 2000
0.18
(1 + ip ) N 1
Vf =A
ip
20
Vp = $10.705,49299
$293.255,94
(1 + 0.18 ) 20
Vf = 2000
0.18
Vf =
P = $6000000
Cuota inicial = 40% ($6.000.000) = $2.400.000
Saldo = $3.600.000 = Vp
i = 3.5% EM
N = 36
A=?
1 2
A=
36
ip Vp
1 (1 + ip )
A=
0,035 3600000
1 (1 + 0.035 )
36
A = $177.442,986
$2.400.000
ff
$50000
0
$350.000
18
$6.000.000
A = $149633,7
+ 500000 (1 + 0,035 )
18
+A
[1 (1 + 0,035 ) ]
36
0,035
12
01
11
1989
1988
1,
23
(1 + ip ) N 1
Vf = A
ip
A=
Vf ip
(1 + ip )
800000 0,025
(1 + 0,025 ) 23
A = $26.157,10
N 1
1 (1 + 0,05 ) 35
= 10000
= $163741 ,9429
0,05
0,05
, luego R = $41.172,87
$208980,8227 =
A. El 8 de diciembre de 1989?
Na = 46 meses
(1 + 0,015 ) 46 1
R
0,015
$1229362 ,543 =
, luego R = $18.749
B. El 8 de julio de 1988?
Nb = 29 meses. Como el ltimo da de pago es el 8 de diciembre
de 1989, es necesario trasladar este pago al 8 de julio de 1988, es
decir, los 46 meses iniciales menos los 29 de esta nueva
modalidad de pago se distancian 17 meses. Por lo tanto:
(1 + 0,015 ) 29 1
R
0,015
$1229362 ,543 (1,015)-17 =
, luego R = $26514
C. El 8 de junio de 1988?
Nc = 28 meses. Como el ltimo da de pago es el 8 de diciembre
de 1989, es necesario trasladar este pago al 8 de junio de 1988, es
decir, los 46 meses iniciales menos los 28 de esta nueva
modalidad de pago se distancian 18 meses. Por lo tanto:
$1229362
,543
(1 + 0,015 ) 28 1
R
0,015
, luego R = $27.271
(1,015)-18 =
D. El 8 de abril de 1987?
Nd = 14 meses. Como el ltimo da de pago es el 8 de diciembre
de 1989, es necesario trasladar este pago al 8 de abril de 1988, es
decir, los 46 meses iniciales menos los 14 de esta nueva
modalidad de pago se distancian 32 meses. Por lo tanto:
(1 + 0,015 ) 14 1
R
0,015
$1229362 ,543 (1,015)-32 =
, luego R = $49.411
1 (1 + ip ) N
Vp =A
ip
1 (1 + 0,075 ) N
0,075
De
tal
manera
que N 20 pagos.
$22.054,42
20
21
+ R (1,075 )
luego
1 (1 + 0,105 ) N
0,105
, como los
depsitos
(1 + 0,03 ) N 1
60000 = 1000
0,03
ip
+ R, as:
(1 + 0,03 ) 34 1
60000 = 1000
+R
0,03
ip
(1 + 0.03 ) N 1
60.000 =1000
0.03
2.3140 = (1.03 )
In 2.3140 = N * In1.03
N = 28 .3840
( 33333
+ 7000 (1 + 0.03 ) N )
.33 + 7000
N = 28.3840
B.
(1 + 0.03 ) 29 1
0.03
60.000 =1000
Af = 2506.6074
+ 7000 (1 + 0.03)19 ) + Af
C.
(1 + 0.03 ) 29 1
60.000 =1000
* (1.03 )
0.03
Af = 781 .8056
Af = 781.8056
+ 7000 (1 + 0.03) 20 ) + Af
11- Para cancelar una deuda de $80.000, con intereses al 24% CM,
se hacen pagos mensuales de $3000 cada uno
A. Cantos pagos de $3000 deben hacerse
VP = 80000
I = 24 % CM= 2% EPM
A = 3000
N=?
In [1 (VP * ip ) / A]
In (1 + ip )
In [1 ( 80000 * 0.02 ) / 3000 ]
N =
In (1 + 0.02 )
0.762140052
N =
0.019802627
N =
N = 38 .48681494
N = 38 pagos
Af= 1439.084532
( (1.02 )
38
) + Af (1.02 )
0.02
80000 79321 .92181
Af =
(1.02 ) 39
Af= 1467.866214
39
3000 (1.02 )
1
10
+10000 (1.02 )
0.02
0.02 ( 80000 8203 .482999 )
+1 = 1.02 N
3000
In 0.521356553
= N
In1.02
N = 32 .89664114
80000 =
0.02
Af=2622.36185
P= $600.000
N = 24 Cuotas mensuales
i = 3% Efectivo Mensual
$ 600.000
A
9 10
Meses
24 Cuotas
Valor Presente
Anualidad Anticipada
VP =
A 1 (1 + ip )
ip
$600 .000 =
](1 + ip )
A 1 (1 + 0.03 )
0.03
24
](1 +0.03 )
$600 .000
17 ,44360839
A= 34.396,55289
14. Un fondo de empleados presta a un socio la suma de $2 millones
para ser pagado en 3 aos, mediante cuotas mensuales uniformes,
Meses
0
Anualidad
A=
A=
P i (1 + i )
(1 + i ) N
(1 + 0.02 ) 36
36
A =78.465,7052
Valor presenten en la sexta cuota
36
A = $ 78.465,7052
VP =
A 1 (1 + ip )
ip
VP =
.862 ,8212
I = 9111.18090
15. Una persona adopta un plan de ahorros del fondo ABC, que
establece depsitos de $1000, comenzando el primero de febrero de
1986 hasta el primero de abril de 1987 y, depsitos mensuales de
$2000, desde el primero de mayo de 1987 hasta el primero de
diciembre de 1987. El capital as reunido permanecer en el fondo
hasta el primero de junio de 1988, fecha en la cual le ser entregado
al suscriptor junto con intereses calculados al 12% CM.
INICIA
01/02/8
6
01/05/8
7
HASTA
01/04/8
7
01/12/8
7
N
15 PAGOS MENSUALES
8 PAGOS MENSUALES
$ 2.000
$ 1.000
Pagos
Mensuales
0
15 0
12 % CM
r =12 %CM
r
0.12
ip = =
= 0.01
n
12
ip = 0.01 Efectivo Mensual
Valor Futuro
o Anualidad Anticipada
18 % CM
r =18 %CM
r
0.18
ip = =
= 0.015
n
12
ip = 0.015 Efectivo Mensual
VF =
A (1 + ip )
1 (1 + ip )
ip
(1.01 ) 9 1
(1.015 ) 6 1
(1.015 ) 8 1
20
14
6
VF = 1000
(1.015 ) + 1000
(1.015 ) + 2000
(1.015 )
0.01
0.015
0.015
Vf=38.732,99514
VP
2
1
3
1
4
1
$20.00
0
6
7
1
r
n
ip= 2.5% EM
30
ip =
12
VP = A
VP = $20 .000
1 (1 + i ) n
p
1 + i
i
p
1 (1 +0.025
0.025
12
(1 +0.025
VP = 210.284,1743
9
1
10
1
11 12
1
1
ia
0.03
=
1 i a 1 0.03
EM = 0.030927835
ip = 3.0927835% EM
VP
1 (1 + i ) n
p
1 i
=A
i
p
VP = $20 .000
1 (1 +0.030927835
0.030927835
12
VP = 204.105,0927
(1 0.030927835
VP1
$160.0
00
VP
1
1
2
1
3
1
4
1
Ingresos
Ingresos
= Pvu * Q
Ingresos
= $80 * 2000
1 (1 + i ) n
p
=A
i
p
VP =$160 .000
1 (1 +0.04 ) 6
0.04
VP1= 838.741,8971
VP2
5
1
6
1
1
1
2
1
$160.0
00
3 4
5
1 1
6
1
800.000
VP = A
1 (1 + i ) n
p
i
p
VP =$160 .000
1 (1 +0.04 ) 12
0.04
VP2= 1.501.611,802
VPN
( 0.04 )
= VPN
( Ingreos )
VPN
( Egresos )
VPN1=838.741,8970
VPN
( 0.04 )
= VPN
( Ingreos )
VPN
( Egresos )
VPN2=701.611,8020
9
1
10
1
11 12
1
1
P = $3'000 .000
1 (1 + ip ) n
P = A
ip
n =5
1 (1 + 0.115 ) 5
3'000 .000 = A
0.115
A = $821.945,3159
n
0
1
2
3
4
5
Valor cuota
821.945,32
821.945,32
821.945,32
821.945,32
821.945,32
Abono inters
345.000,00
290.151,29
228.994,98
160.805,69
84.774,63
Abono capital
476.945,32
531.794,03
592.950,34
661.139,63
737.170,69
Saldo
3.000.000,00
2.523.054,68
1.991.260,66
1.398.310,32
737.170,69
0,00
ip = 0.21 EPS
S = $2'000 .000
(1 + ip ) n 1
S = A
ip
(1 + 0.21) 6 1
2'000 .000 = A
0.21
A = $196.405,9234
n
1
2
3
4
5
6
Valor Cuota
196.405,9234
196.405,9234
196.405,9234
196.405,9234
196.405,9234
196.405,9234
Abono inters
Abono capital
Saldo
0,0000
196.405,9234
196.405,9234
41.245,2439
237.651,1673
434.057,0908
91.151,9891
287.557,9125
721.615,0032
151.539,1507
347.945,0741 1.069.560,0773
224.607,6162
421.013,5397 1.490.573,6170
313.020,4596
509.426,3830 2.000.000,0000
S = $800 .000
(1 + ip ) n 1
S = A
ip
n = 60
(1 + 0.025 ) 60 1
800 .000 = A
0.025
A = $196.405,9234
El total de los intereses ganados hasta el mes 30 son
I = $81.785,6644
TOTAL
INTERESES
AL MES 30
Saldo
5.882,7167
11.912,5014
18.093,0306
24.428,0731
30.921,4916
37.577,2457
44.399,3935
51.392,0951
58.559,6142
65.906,3212
73.436,6960
81.155,3301
89.066,9301
97.176,3201
105.488,4448
114.008,3726
122.741,2987
131.692,5478
140.867,5783
150.271,9844
159.911,5008
169.792,0050
179.919,5219
190.300,2266
200.940,4490
211.846,6770
223.025,5606
234.483,9163
246.228,7310
258.267,1660
P = $2'000 .000
1 (1 + ip ) n
P = A
ip
n = 180
1 (1 + 0.03 ) 180
2'000 .000 = A
0.03
A = $196.405,9234
a- El valor de la deuda despus de haber hecho el pago nmero
110 es $1.755.991,8975.
b- El total de los intereses pagados hasta el mes 110 es
$6.388.423,79.
n
0
1
2
3
4
Valor
cuota
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
Abono
inters
Abono
capital
Saldo
2.000.000,0000
60.000,0000
294,8354
1.999.705,1646
59.991,1549
303,6805
1.999.401,4841
59.982,0445
312,7909
1.999.088,6932
59.972,6608
322,1746
1.998.766,5185
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
59.962,9956
331,8399
1.998.434,6787
59.953,0404
341,7951
1.998.092,8836
59.942,7865
352,0489
1.997.740,8347
59.932,2250
362,6104
1.997.378,2243
59.921,3467
373,4887
1.997.004,7356
59.910,1421
384,6934
1.996.620,0422
59.898,6013
396,2342
1.996.223,8081
59.886,7142
408,1212
1.995.815,6869
59.874,4706
420,3648
1.995.395,3221
59.861,8597
432,9758
1.994.962,3463
59.848,8704
445,9650
1.994.516,3813
59.835,4914
459,3440
1.994.057,0373
59.821,7111
473,1243
1.993.583,9130
59.807,5174
487,3180
1.993.096,5949
59.792,8978
501,9376
1.992.594,6574
59.777,8397
516,9957
1.992.077,6617
59.762,3298
532,5056
1.991.545,1561
59.746,3547
548,4807
1.990.996,6753
59.729,9003
564,9352
1.990.431,7402
59.712,9522
581,8832
1.989.849,8569
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
59.695,4957
599,3397
1.989.250,5172
59.677,5155
617,3199
1.988.633,1973
59.658,9959
635,8395
1.987.997,3578
59.639,9207
654,9147
1.987.342,4431
59.620,2733
674,5621
1.986.667,8810
59.600,0364
694,7990
1.985.973,0820
59.579,1925
715,6430
1.985.257,4390
59.557,7232
737,1123
1.984.520,3267
59.535,6098
759,2256
1.983.761,1011
59.512,8330
782,0024
1.982.979,0987
59.489,3730
805,4625
1.982.173,6363
59.465,2091
829,6263
1.981.344,0099
59.440,3203
854,5151
1.980.489,4948
59.414,6848
880,1506
1.979.609,3442
59.388,2803
906,5551
1.978.702,7891
59.361,0837
933,7518
1.977.769,0374
59.333,0711
961,7643
1.976.807,2730
59.304,2182
990,6172
1.975.816,6558
59.274,4997
1.020,3358
1.974.796,3201
59.243,8896
1.050,9458
1.973.745,3742
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
59.212,3612
1.082,4742
1.972.662,9000
59.179,8870
1.114,9484
1.971.547,9516
59.146,4385
1.148,3969
1.970.399,5547
59.111,9866
1.182,8488
1.969.216,7059
59.076,5012
1.218,3342
1.967.998,3717
59.039,9512
1.254,8843
1.966.743,4874
59.002,3046
1.292,5308
1.965.450,9566
58.963,5287
1.331,3067
1.964.119,6499
58.923,5895
1.371,2459
1.962.748,4040
58.882,4521
1.412,3833
1.961.336,0206
58.840,0806
1.454,7548
1.959.881,2658
58.796,4380
1.498,3975
1.958.382,8684
58.751,4861
1.543,3494
1.956.839,5190
58.705,1856
1.589,6499
1.955.249,8692
58.657,4961
1.637,3394
1.953.612,5298
58.608,3759
1.686,4595
1.951.926,0703
58.557,7821
1.737,0533
1.950.189,0169
58.505,6705
1.789,1649
1.948.399,8520
58.451,9956
1.842,8399
1.946.557,0122
58.396,7104
1.898,1251
1.944.658,8871
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
58.339,7666
1.955,0688
1.942.703,8183
58.281,1145
2.013,7209
1.940.690,0974
58.220,7029
2.074,1325
1.938.615,9649
58.158,4789
2.136,3565
1.936.479,6084
58.094,3883
2.200,4472
1.934.279,1612
58.028,3748
2.266,4606
1.932.012,7007
57.960,3810
2.334,4544
1.929.678,2462
57.890,3474
2.404,4880
1.927.273,7582
57.818,2127
2.476,6227
1.924.797,1355
57.743,9141
2.550,9214
1.922.246,2142
57.667,3864
2.627,4490
1.919.618,7652
57.588,5630
2.706,2725
1.916.912,4927
57.507,3748
2.787,4606
1.914.125,0320
57.423,7510
2.871,0845
1.911.253,9476
57.337,6184
2.957,2170
1.908.296,7306
57.248,9019
3.045,9335
1.905.250,7971
57.157,5239
3.137,3115
1.902.113,4855
57.063,4046
3.231,4309
1.898.882,0547
56.966,4616
3.328,3738
1.895.553,6809
56.866,6104
3.428,2250
1.892.125,4559
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
10
0
10
1
10
2
10
3
10
4
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
56.763,7637
3.531,0718
1.888.594,3841
56.657,8315
3.637,0039
1.884.957,3802
56.548,7214
3.746,1140
1.881.211,2662
56.436,3380
3.858,4974
1.877.352,7688
56.320,5831
3.974,2524
1.873.378,5164
56.201,3555
4.093,4799
1.869.285,0365
56.078,5511
4.216,2843
1.865.068,7522
55.952,0626
4.342,7729
1.860.725,9793
55.821,7794
4.473,0560
1.856.252,9232
55.687,5877
4.607,2477
1.851.645,6755
55.549,3703
4.745,4652
1.846.900,2103
55.407,0063
4.887,8291
1.842.012,3812
55.260,3714
5.034,4640
1.836.977,9172
55.109,3375
5.185,4979
1.831.792,4193
54.953,7726
5.341,0628
1.826.451,3565
54.793,5407
5.501,2947
1.820.950,0617
54.628,5019
5.666,3336
1.815.283,7282
54.458,5118
5.836,3236
1.809.447,4046
54.283,4221
6.011,4133
1.803.435,9913
54.103,0797
6.191,7557
1.797.244,2356
10
5
10
6
10
7
10
8
10
9
11
0
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
60.294,83
54
VALOR DEUDA
LUEGO DEL
PAGO 110
TOTAL
INTERESES AL
MES 110
53.917,3271
6.377,5084
1.790.866,7273
53.726,0018
6.568,8336
1.784.297,8936
53.528,9368
6.765,8986
1.777.531,9950
53.325,9599
6.968,8756
1.770.563,1195
53.116,8936
7.177,9418
52.901,5553
6.388.423,
79
1.763.385,1776
1.755.991,897
7.393,2801
5
1 2
9 10 11 12 14
53 54 55 56 57 58 59 60
$ 1.000.000
Calculadora
ON
FIN
VDT
%IA
60
3%
V.A.
PAGO
V.F.
- $ 1.000.000
$ 36.132,96
Compaa B
0
58
1 2 3
59 60
12 13 14
15
$250.000
21
22 23
24
53
54 55
56
57
$350.000
Ingresos = Egresos
$ 1.000.000 = $ 19.000 a 60
i + $ 250.000(1+i)
-12
+ $ 350.000
(1+i)-24
i=2%
1075182,6616
i=2.5%
966659,819
i=2.75%
622230.1042 + 191416.8641 + 205186.3396 =
1018833,3079
Respuesta: Se debe elegir la opcin B.
A = $33.000
10 11 12 13
17 18 19 20 21
22 23 24
$ 400.000
1 (1 + i )
VP = A
i
1 (1 + i )
$400 .00 = $33 .000
i
1 (1 + i )
12 .1212 =
i
24
24
i = 7.159 % EM
Respuesta: 7.159 % EM
Se necesita $1 milln, para realizar un proyecto de ampliacin de
una bodega, una compaa A ofrece prestar el dinero, pero exige
que le sea pagado en 60 cuotas mensuales vencidas de $36
132.96 c/u. La compaa B ofrece prestar el dinero, pero para que
le sea pagado en 60 pagos mensuales de $19 000 c/u y dos cuotas
adicionales as: la primera de $250 000, pagadera al final del mes
12, la segunda, de $ 350 000, pagadera al final del mes 24. Hallar
la tasa efectiva mensual que coba cada uno, para decidir que
prstamo debe utilizar.
Compaa A
$ 36.132,96
0 1
59 60
10 11 12
14
53 54 55 56 57 58
$ 1.000.000
Calculadora
ON
FIN
VDT
%IA
60
V.A.
PAGO
V.F.
- $ 1.000.000
$ 36.132,96
15
24
3%
Compaa B
0
1
59 60
12 13 14
$250.000
21
22 23
$350.000
Ingresos = Egresos
53
54 55
56
57 58
$ 1.000.000 = $ 19.000 a 60
(1+i)
i + $ 250.000(1+i)
-12
+ $ 350.000
-24
i=2%
1075182,6616
i=2.5%
966659,819
i=2.75%
622230.1042 + 191416.8641 + 205186.3396 =
1018833,3079
Respuesta: Se debe elegir la opcin B.
A = $33.000
0 1 2
23 24
10 11 12 13
$ 400.000
1 (1 +i )
VF = A
i
1 (1 +i )
$400 .00 = $33 .000
i
24
1 (1 +i ) 24
12 .1212 =
i = 7.159 % EM
Respuesta: 7.159 % EM
17 18 19 20 21 22
48
A = 10.000
1 (1 + i )
VP = A
i
1 (1 + i ) 48
300000 = 10000
0.02
1 (1,02 ) 48
300000 10000
= 6731 ,19572
0,02
48
1 (1,0215 )
300000 10000
0,0215
48
= 2424 ,19254
INTERPOLANDO
2X
6731 ,19572 0
=
2 2,5 6731 ,19572 2424 ,19254
( 0,021103 ) x(12 )
= 0,253236
X = 0.021103
25,3236 % NM
2,1103 %
EM
Respuesta: 25.3236% NM
12
A = 20.000
(1 + i ) n 1
VF = A
(1 + i ) 12 1
400000 = 20000
Con inters 9% EM
(1,09 ) 12 1
400000 = 20000
0.09
(1,09 ) 12 1
400000 20000
= 2814 ,39595
0,09
0.088
(1,088 ) 12 1
400000 20000
= 1964 ,60789
0,088
INTERPOLANDO
9X
2814 ,60789 0
=
9 8,8 2814 ,60789 1964 ,60789
X = 0.08882147
Respuesta: 35.5288% NT
8,8822147 %
( 0,08882147 ) x( 4)
ET
= 0,35528858
35,5288 % NT
24 25 27 28 29 30 31 3233
(1 + ip ) n 1
S = A
ip
(1 + ip ) 36 1
ip
$ 7 000.000,00
34 35 36
$ 317.689,78
24 25 27 28 29 30 31 32 33
A.
1 (1 + ip ) n
P = A
ip
1 (1 + ip ) 12
3060928 .56 = 317689 .78
ip
9.634960747
1 (1 + ip )
ip
ip
12
ip = 3.55 % EPM
Respuesta: 3.55 % EM
34 35 36
B.
(1 + i1 ) n = (1 + i2 ) n
(1 + 0.0355 )12 = (1 + i2 )1
ie = 51 .9851 %
Respuesta: 51.9851 % EA
C.
1 (1 +ip )
P = A
ip
1 (1 +1.0355 ) 36
P = 317 .689 .78
0.0355