ANEXO MANUAL DIDACTICO DE M

INDICE TEM

SERIES UNIFORMES
Anualidades vencida
Anualidades anticipada
Anualidad diferida
Anualidad perpetua

SERIES VARIABLES
Gradiente aritmtico
Gradiente aritmtico diferido
Gradiente geomtrico
Gradiente geomtrico diferido

MANUAL DIDACTICO DE MATEMATICAS FINANCIERAS

INDICE TEMATICO

CONVERSION DE TASAS
Tasa nominal
Tasa efectiva anual

SISTEMAS DE AMORTIZACION
Cuota fija
Cuotas extraordinarias
Anualidad diferida
Gradiente aritmtico
Gradiente geomtrico

S FINANCIERAS

INDICADORES DE CONVENIENCIA
VPN
TIR
TIRM
CAUE
B/C

Valor Presente de una serie uniforme

con anualidad vencida
Sintaxis

VP = A

(P/A, i%, n)
Tasa Per.
9.00%

Nper
12

ANUALIDAD
500,000

(1+ i) -1
n

i * (1+ i)

VP
3,580,363

Valor Futuro de una serie uniforme

con anualidad vencida
Sintaxis

VF = A

(F/A, i%, n)
Tasa Per.
2.50%

Nper
24

ANUALIDAD
100,000

(1+ i) -1
i

VF
3,234,904

Valor de la anualidad vencida

conociendo el valor presente
Sintaxis

A = VP

(A/P, i%, n)
Tasa Per.
1.00%

Nper
60

VP
30,000,000

i(1+ i)
n

(1+ i) -1

ANUALIDAD
667,333

Valor de la anualidad vencida

conociendo el valor futuro
Sintaxis

A = VF

(A/F, i%, n)
Tasa Per.
6.50%

Nper
8

VF
10,000,000

i
(1+ i)n -1

ANUALIDAD
992,373

Valor Presente de una serie uniforme

con anualidad anticipada
Sintaxis

VP = A

(P/A, i%, n)
Tasa Per.
4.00%

Nper
6

ANUALIDAD
750,000

(1+ i) -1 (1+i)
n

i(1+ i)

VP
4,088,867

Valor Futuro de una serie uniforme

con anualidad anticipada
Sintaxis

VF = A

(F/A, i%, n)
Tasa Per.
1.00%

Nper
9

ANUALIDAD
380,000

VF
3,595,641

Valor de la anualidad anticipada

conociendo el valor presente

(1+ i)n -1 (1+i)

i

Sintaxis
(A/P, i%, n)
Tasa Per.
2.50%

A =
Nper
12

VP
24,000,000

ANUALIDAD
2,282,625

VP

i (1+ i)
n

(1+i)

(1+ i) -1

VF
(1+i)

Valor de la anualidad anticipada

conociendo el valor futuro
Sintaxis

A =

(A/F, i%, n)
Tasa Per.
7.00%

Nper
12

VF
5,000,000

ANUALIDAD
261,224

(1+ i)n -1

ANUALIDAD DIFERIDA
Valor Presente
Con perodo de gracia (r) y perodo de pagos (s)
Sintaxis

VP =

P=(P/A , i%, r, s)
Tasa Per.
0.50%

(1+i)s -1

A
r

(1+i)
r
23

s
36

ANUALIDAD
1,000,000

i (1+i)

VP
29,308,508

Valor de la anualidad vencida diferida

conociendo el valor presente
con perodo de gracia (r) y perodo de pagos (s)
Sintaxis

A = P (1+i)r

A=(A/P , i%, r, s)
Tasa Per.
0.75%

r
20

s
28

VP
50,000,000

ANUALIDAD
2,306,618

i (1+i)s
s

(1+i) -1

VP =

(1+i)s -1

A
r

(1+i)

A = P (1+i)r

i (1+i)

i (1+i)s
s

(1+i) -1

ANUALIDAD PERPETUA
Valor Presente de una anualidad
Sintaxis

VP =

(P/A, i%)
Tasa Per.
1.39%

ANUALIDAD
750,000

VP
53,956,835

A
i

GRADIENTE ARITMETICO
Valor Presente
Gradiente Aritmtico Vencido Creciente
Sintaxis
P=A(P/A ,i%, n) + G(P/G, i%, n)
Tasa Per.
Nper
Pago
0.75%
180
350,000

Gradiente
3,000

VP
55,185,497

Valor Presente
Gradiente Aritmtico Vencido Decreciente
Sintaxis
P=A(P/A ,i%, n) + G(P/G, i%, n)
Tasa Per.
Nper
Pago
0.75%
180
350,000

Gradiente
-3,000

VP
13,829,889

Valor Presente
Gradiente Aritmtico Anticipado Creciente
Sintaxis
P=A(P/A ,i%, n) + G(P/G, i%, n)
Tasa Per.
Nper
Pago
1.31%
36
120,000

Gradiente
10,000

VP
8,129,035

Valor Presente
Gradiente Aritmtico Anticipado Decreciente
Sintaxis
P=A(P/A ,i%, n) + G(P/G, i%, n)
Tasa Per.
Nper
Pago
1.37%
36
120,000

Gradiente
-1,000

VP
2,979,164

Valor Futuro
Gradiente Aritmtico Vencido Creciente

Sintaxis
F=A(F/G ,i%, n) + G(F/G, i%, n)
Tasa Per.
Nper
Pago
1.00%
12
250,000

Gradiente
20,000

VF
4,535,632

Valor Futuro
Gradiente Aritmtico Vencido Decreciente
Sintaxis
F=A(F/G ,i%, n) + G(F/G, i%, n)
Tasa Per.
Nper
Pago
1.00%
12
250,000

Gradiente
-20,000

VF
1,805,620

Valor Futuro
Gradiente Aritmtico Anticipado Creciente
Sintaxis
F=A(F/G ,i%, n) + G(F/G, i%, n)
Tasa Per.
Nper
Pago

Gradiente

VF

1.00%

12

250,000

20,000

4,580,988

Valor Futuro
Gradiente Aritmtico Anticipado Decreciente
Sintaxis
F=A(F/G ,i%, n) + G(F/G, i%, n)
Tasa Per.
Nper
Pago
1.00%
12
250,000

Gradiente
-20,000

VF
1,823,676

Valor de la primera cuota

Gradiente Aritmtico Vencido Creciente dado VP
Sintaxis
(A/P, G ,i%, n)
Tasa Per.
Nper
1.02%
180

VP
224,000,000

Gradiente
5,000

CUOTA
2,411,677

Valor de la primera cuota

Gradiente Aritmtico Vencido Decreciente dado
VP
Sintaxis
(A/P, G ,i%, n)
Tasa Per.
Nper
1.02%
180

VP
224,000,000

Gradiente
-5,000

CUOTA
3,046,042

Valor de la primera cuota

Gradiente Aritmtico Vencido Creciente dado VF
Sintaxis
F=A(F/G ,i%, n) + G(F/G, i%, n)
Tasa Per.
Nper
VF
4.00%
12
100,000,000

Gradiente
500,000

CUOTA
4,138,043

Valor de la primera cuota

Gradiente Aritmtico Vencido Decreciente dado
VF
Sintaxis
F=A(F/G ,i%, n) + G(F/G, i%, n)
Tasa Per.
Nper
VF
4.00%
12
100,000,000

Gradiente
-500,000

CUOTA
9,172,391

Valor de la primera cuota

Gradiente Aritmtico Anticipado Creciente dado
VP
Sintaxis
(A/P, G ,i%, n)
Tasa Per.
Nper
1.02%
180

VP
224,000,000

Gradiente
5,000

CUOTA
2,384,034

Valor de la primera cuota

Gradiente Aritmtico Anticipado Decreciente dado
VP
Sintaxis
(A/P, G ,i%, n)
Tasa Per.
Nper
1.02%
180

VP
224,000,000

Gradiente
-5,000

CUOTA
3,018,399

Valor de la primera cuota

Gradiente Aritmtico Anticipado Creciente dado
VF
Sintaxis
F=A(F/G ,i%, n) + G(F/G, i%, n)
Tasa Per.
Nper
VF
4.00%
12
100,000,000

Gradiente
500,000

CUOTA
3,882,073

Valor de la primera cuota

Gradiente Aritmtico Anticipado Decreciente dado
VF
Sintaxis
F=A(F/G ,i%, n) + G(F/G, i%, n)
Tasa Per.
Nper
VF
4.00%
12
100,000,000

Gradiente
-500,000

CUOTA
8,916,421

Valor Presente
Gradiente Aritmtico Diferido
Sintaxis
P=(P/G ,i%, r,s)
Tasa Per.
Nper
2.50%
42

r
6

s
36

CUOTA
250,000

G
75,000

VP
27,731,203

Valor de la primera cuota

Gradiente Aritmtico Diferido
Sintaxis
A=(A/P ,i%, r,s)
ir
is
3.00%
4.00%

n
19

r
4

s
15

G
800,000

VP
105,000,000

CUOTA
5,611,428

GRADIENTE GEOMETRICO
Valor Presente de una serie
Gradiente Geomtrico Vencido Creciente
Sintaxis
(P/G, A, i%, n)
Tasa Per.
Nper
1.50%
5

Pago
300,000

Gradiente
10%

VP
1,746,962

Valor Presente de una serie

Gradiente Geomtrico Vencido Decreciente
Sintaxis
(P/G, A, i%, n)
Tasa Per.
Nper
0.50%
7

Pago
120,000

Gradiente
-5%

VP
710,450

Valor Presente de una serie

Gradiente Geomtrico Anticipado Creciente
Sintaxis
(P/G, A, i%, n)
Tasa Per.
Nper
1.00%
12

Pago
1,250,000

Gradiente
5%

VP
18,739,644

Valor Presente de una serie

Gradiente Geomtrico Anticipado Decreciente
Sintaxis
(P/G, A, i%, n)
Tasa Per.
Nper
3.02%
28

Pago
1,500,000

Gradiente
-1%

VP
25,828,735

Valor Futuro de una serie

Gradiente Geomtrico Vencido Creciente
Sintaxis
(F/G, A, i%, n)
Tasa Per.
Nper
2.36%
12

Pago
80,000

Gradiente
1%

VF
1,153,823

Valor Futuro de una serie

Gradiente Geomtrico Vencido Decreciente
Sintaxis
(F/G, A, i%, n)
Tasa Per.
Nper
2.36%
12

Pago
80,000

Gradiente
-1%

VF
1,039,388

Valor Futuro de una serie

Gradiente Geomtrico Anticipado Creciente
Sintaxis
(F/G, A, i%, n)
Tasa Per.
Nper
1.00%
12

Pago
1,250,000

Gradiente
5%

VF
21,116,300

Valor Futuro de una serie

Gradiente Geomtrico Anticipado Decreciente
Sintaxis
(F/G, A, i%, n)
Tasa Per.
Nper
1.00%
12

Pago
1,250,000

Gradiente
-5%

VF
12,340,200

Valor de la primera cuota

Gradiente Geomtico Vencido Creciente dado VP
Sintaxis
(A/G, P ,i%, n)
Tasa Per.
Nper
1.00%
15

VP
3,000,000

Gradiente
5%

CUOTA
151,767

Valor de la primera cuota

Gradiente Geomtico Vencido Decreciente dado VP
Sintaxis
(A/G, P ,i%, n)
Tasa Per.
Nper
1.00%
15

VP
3,000,000

Gradiente
-5%

CUOTA
299,529

Valor de la primera cuota

Gradiente Geomtico Anticipado Creciente dado VP
Sintaxis
(A/G, P ,i%, n)
Tasa Per.
Nper
1.00%
15

VP
3,000,000

Gradiente
5%

CUOTA
150,265

Valor de la primera cuota

Gradiente Geomtico Anticipado Decreciente dado
VP
Sintaxis
(A/G, P ,i%, n)
Tasa Per.
Nper
1.00%
15

VP
3,000,000

Gradiente
-5%

CUOTA
296,563

Valor de la primera cuota

Gradiente Geomtico Vencido Creciente dado VF
Sintaxis
(A/G, F ,i%, n)
Tasa Per.
Nper
3.33%
8

VF
20,000,000

Gradiente
10%

CUOTA
1,580,599

Valor de la primera cuota

Gradiente Geomtico Vencido Decreciente dado VF
Sintaxis
(A/G, F ,i%, n)
Tasa Per.
Nper
3.33%
8

VF
20,000,000

Gradiente
-10%

CUOTA
3,067,407

Valor de la primera cuota

Gradiente Geomtico Anticipado Creciente dado VF
Sintaxis
(A/G, F ,i%, n)
Tasa Per.
Nper
3.33%
8

VF
20,000,000

Gradiente
10%

CUOTA
1,529,662

Valor de la primera cuota

Gradiente Geomtico Anticipado Decreciente dado
VF
Sintaxis
(A/G, F ,i%, n)
Tasa Per.
Nper
3.33%
8

VF
20,000,000

Gradiente
-10%

CUOTA
2,968,554

Valor Presente
Gradiente Geomtrico Diferido
Sintaxis
P=(P/k ,A, i%, r,s)
Tasa Per.
Nper
2.50%
21

r
3

s
18

CUOTA
800,000

k
2.0%

VP
12,518,589

VP
30,000,000

CUOTA
4,330,684

Valor de la primera cuota

Gradiente Geomtrico Diferido
Sintaxis
A=(A/k ,P,i%, r,s)
Tasa Per.
Nper
10%
12

r
2

s
10

k
8%

MODELO CONVERSION DE TASAS

CALCULO TASA NOMINAL
Ingreso de datos
Tasa Efectiva Anual
Perodo capitalizacin

18.5%
Mes

RESULTADOS
Tasa Nominal Anual vencida
Tasa peridica vencida
Tasa peridica anticipada
Tasa Nominal Anual anticipada

17.09%
1.42%
1.40%
16.85%

17.09%
EA
0.00%
18.50%
0.00%
0.00%
18.50%
TEA
PERIODO (n)

TASA
Nominal
Efectiva
RESULTADO
17.09%
0.00%
0.00%
0.00%

FUENTE
0.00%
18.50%
0.00%
0.00%

17.09%
1

12

PERIODO

Anual

TIPO
Vencido
Anticipado

PERIODO
No.
CAPITALIZAC PERIODOS
ION
EN UN AO
Da
365
Mes
12
Bimestre
6
Trimestre
4
Semestre
2
Anual
1

MODELO CONVERSION DE TASAS

CALCULO TASA EFECTIVA ANUAL
Ingreso de datos
Tasa Nominal
Perodo capitalizacin
TIPO

30.00%
Bimestre
Vencido

RESULTADO
Tasa Efectiva Anual

PERIODO
CAPITALIZACION
Da
Mes
Bimestre
Trimestre
Semestre
Anual

34.01%

No.
PERIODOS
EN UN AO
365
12
6
4
2
1

TASA
Nominal
Efectiva

TIPO
Vencido
Anticipado

SISTEMA DE AMORTIZACION CUOTA FIJA

VR.CREDITO

Tasa Per.

Nper

15,000,000

2.00% MV

12 Meses

Cuota N
0
1
2
3
4
5
6
7
8
9
10
11
12

ANUALIDAD
FORMULA
EXCEL
1,418,394
1,418,394

Tabla de amortizacin
Cuota
Inters
Capital
1,418,394
1,418,394
1,418,394
1,418,394
1,418,394
1,418,394
1,418,394
1,418,394
1,418,394
1,418,394
1,418,394
1,418,394

300,000
277,632
254,817
231,545
207,808
183,597
158,901
133,711
108,017
81,810
55,078
27,812

1,118,394
1,140,762
1,163,577
1,186,849
1,210,586
1,234,797
1,259,493
1,284,683
1,310,377
1,336,584
1,363,316
1,390,582

Saldo Capital
15,000,000
13,881,606
12,740,844
11,577,267
10,390,419
9,179,833
7,945,036
6,685,542
5,400,859
4,090,483
2,753,898
1,390,582
0

SISTEMA DE AMORTIZACION CUOTAS EXTRAORDINARIAS

VR.CREDITO
70,000,000

Tasa Per.
2.00% MV

Nper
36 Meses

C. Extras
4,000,000

Tasa Per.
26.82% EA

Nper
3 Aos

PRIMERO

Hallar el valor presente de las cuotas extras

Tasa Per.

Nper

ANUALIDAD

26.82%

3 Aos

4,000,000

VP
FORMULA
7,601,751

EXCEL
7,601,751

SEGUNDO

Hallar el valor a diferir

VR.DIFERIR
62,398,249

TERCERO

Construir tabla de amortizacin cuotas mensuales y cuotas anuales

VR.CREDITO

Tasa Per.

Nper

62,398,249

2.00% MV

36 Meses

ANUALIDAD
FORMULA
EXCEL
2,448,061
2,448,061

Tabla de amortizacin cuotas mensuales

Cuota N
0
1
2
3
4
5
6
7
8
9
10
11
12

Cuota

Inters

2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061

1,247,965
1,223,963
1,199,481
1,174,509
1,149,038
1,123,058
1,096,558
1,069,528
1,041,957
1,013,835
985,151
955,892

Capital
1,200,096
1,224,098
1,248,580
1,273,552
1,299,023
1,325,003
1,351,503
1,378,533
1,406,104
1,434,226
1,462,911
1,492,169

Saldo Capital
62,398,249
61,198,152
59,974,054
58,725,474
57,451,922
56,152,899
54,827,896
53,476,393
52,097,859
50,691,755
49,257,529
47,794,618
46,302,449

13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36

2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061

926,049
895,609
864,560
832,890
800,586
767,637
734,028
699,748
664,781
629,116
592,737
555,630
517,782
479,176
439,798
399,633
358,665
316,877
274,253
230,777
186,431
141,198
95,061
48,001

1,522,012
1,552,453
1,583,502
1,615,172
1,647,475
1,680,425
1,714,033
1,748,314
1,783,280
1,818,946
1,855,325
1,892,431
1,930,280
1,968,885
2,008,263
2,048,428
2,089,397
2,131,185
2,173,808
2,217,285
2,261,630
2,306,863
2,353,000
2,400,060

44,780,437
43,227,984
41,644,483
40,029,311
38,381,836
36,701,411
34,987,378
33,239,065
31,455,785
29,636,839
27,781,515
25,889,084
23,958,804
21,989,919
19,981,656
17,933,228
15,843,831
13,712,646
11,538,838
9,321,553
7,059,923
4,753,060
2,400,060
0

CUARTO

Construir tabla de amortizacin total (cuotas mensuales + cuotas anuales)

Tabla de amortizacin total
Cuota N
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Cuota

Inters

2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
6,448,061
2,448,061
2,448,061
2,448,061

1,400,000
1,375,998
1,351,516
1,326,545
1,301,073
1,275,093
1,248,593
1,221,563
1,193,992
1,165,870
1,137,186
1,107,927
1,038,866
1,008,426
977,377

Capital
1,200,096
1,224,098
1,248,580
1,273,552
1,299,023
1,325,003
1,351,503
1,378,533
1,406,104
1,434,226
1,462,911
3,453,062
1,522,012
1,552,453
1,583,502

Saldo Capital
70,000,000
68,799,904
67,575,805
66,327,225
65,053,673
63,754,651
62,429,647
61,078,144
59,699,610
58,293,506
56,859,280
55,396,369
51,943,308
50,421,296
48,868,843
47,285,341

16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36

2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
6,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
2,448,061
6,448,061

945,707
913,403
880,454
846,845
812,565
777,598
741,933
705,554
668,447
580,861
542,256
502,878
462,713
421,744
379,956
337,332
293,856
249,511
204,278
158,141
111,081

1,615,172
1,647,475
1,680,425
1,714,033
1,748,314
1,783,280
1,818,946
1,855,325
4,379,317
1,930,280
1,968,885
2,008,263
2,048,428
2,089,397
2,131,185
2,173,808
2,217,285
2,261,630
2,306,863
2,353,000
5,554,033

45,670,170
44,022,695
42,342,270
40,628,237
38,879,923
37,096,643
35,277,698
33,422,373
29,043,056
27,112,777
25,143,891
23,135,628
21,087,200
18,997,804
16,866,619
14,692,810
12,475,526
10,213,896
7,907,033
5,554,033
0

Tasa Per.

Nper

ANUALIDAD

26.82%

3 Aos

4,000,000

Tabla de amortizacin cuotas anuales

Cuota N
0
1
2
3
4
5
6
7
8
9
10
11
12

Cuota

4,000,000

Inters

2,039,107

Capital

1,960,893

Saldo Capital
7,601,751
7,601,751
7,601,751
7,601,751
7,601,751
7,601,751
7,601,751
7,601,751
7,601,751
7,601,751
7,601,751
7,601,751
5,640,859

13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36

4,000,000

1,513,114

2,486,886

4,000,000

846,027

3,153,973

5,640,859
5,640,859
5,640,859
5,640,859
5,640,859
5,640,859
5,640,859
5,640,859
5,640,859
5,640,859
5,640,859
3,153,973
3,153,973
3,153,973
3,153,973
3,153,973
3,153,973
3,153,973
3,153,973
3,153,973
3,153,973
3,153,973
3,153,973
0

SISTEMA DE AMORTIZACION ANUALIDAD DIFERIDA

Vr. Prstamo
Plazo total
Periodo gracia
Nmero pagos
Tasa nominal
TPM

50,000,000
36 MESES
12 MESES
24 MESES
21% NMV
1.8% MV

METODO 1

Hallar el valor de la anualidad por frmula

Valor de la anualidad vencida diferida
conociendo el valor presente
con perodo de gracia (r) y perodo de pagos (s)
Tasa Per.

1.8% MV

r
12

s
24

VP
50,000,000

ANUALIDAD
3,163,916

METODO 2

Hallar el valor futuro de $50.000.000 en el perodo 12

Tasa Per.

1.8% MV

VP

12

50,000,000

VF
61,571,966

A partir de este valor hallar el valor de la anualidad

Valor de la anualidad vencida
Tasa Per.

Nper

VP

1.75%

24

61,571,966

FORMULA
3,163,916

875,000
890,313
905,893
921,746
937,877
954,289
970,990
987,982

PERIODO DE GRACIA

Tabla de amortizacin anualidad diferida

Cuota
Inters
Capital

PERIODO DE GRACIA

Cuota N
0
1
2
3
4
5
6
7
8

ANUALIDAD
EXCEL
3,163,916

Saldo Capital
50,000,000
50,875,000
51,765,313
52,671,205
53,592,952
54,530,828
55,485,118
56,456,107
57,444,089

3,163,916
3,163,916
3,163,916
3,163,916
3,163,916
3,163,916
3,163,916
3,163,916
3,163,916
3,163,916
3,163,916
3,163,916
3,163,916
3,163,916
3,163,916
3,163,916
3,163,916
3,163,916
3,163,916
3,163,916
3,163,916
3,163,916
3,163,916
3,163,916

1,005,272
1,022,864
1,040,764
1,058,977
1,077,509
1,040,997
1,003,846
966,045
927,582
888,446
848,626
808,108
766,882
724,933
682,251
638,822
594,633
549,671
503,921
457,371
410,007
361,813
312,777
262,882
212,114
160,457
107,897
54,416

PERIODO DE

PERIODO DE

9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36

2,086,406
2,122,918
2,160,069
2,197,871
2,236,333
2,275,469
2,315,290
2,355,807
2,397,034
2,438,982
2,481,664
2,525,093
2,569,283
2,614,245
2,659,994
2,706,544
2,753,909
2,802,102
2,851,139
2,901,034
2,951,802
3,003,458
3,056,019
3,109,499

58,449,361
59,472,225
60,512,988
61,571,966
59,485,560
57,362,641
55,202,572
53,004,702
50,768,368
48,492,899
46,177,609
43,821,802
41,424,768
38,985,786
36,504,122
33,979,028
31,409,746
28,795,501
26,135,506
23,428,962
20,675,053
17,872,951
15,021,812
12,120,779
9,168,977
6,165,518
3,109,499
0

SISTEMA DE AMORTIZACION GRADIENTE ARITMETICO

Vr. Prstamo
Plazo total
Gradiente
Tasa inters

224,000,000
180 MESES
5,000
1.02% MV

Valor de la primera cuota

Gradiente Aritmtico Vencido Creciente dado VP
Tasa Per.
1.02%

Cuota N
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31

Nper
180

VP
224,000,000

Gradiente
5,000

Tabla de amortizacin gradiente aritmtico

Cuota
Inters
Capital
2,412,328
2,417,328
2,422,328
2,427,328
2,432,328
2,437,328
2,442,328
2,447,328
2,452,328
2,457,328
2,462,328
2,467,328
2,472,328
2,477,328
2,482,328
2,487,328
2,492,328
2,497,328
2,502,328
2,507,328
2,512,328
2,517,328
2,522,328
2,527,328
2,532,328
2,537,328
2,542,328
2,547,328
2,552,328
2,557,328
2,562,328

2,293,053
2,291,832
2,290,547
2,289,198
2,287,784
2,286,305
2,284,759
2,283,146
2,281,465
2,279,716
2,277,898
2,276,010
2,274,051
2,272,022
2,269,920
2,267,746
2,265,498
2,263,176
2,260,779
2,258,306
2,255,757
2,253,130
2,250,426
2,247,642
2,244,779
2,241,836
2,238,811
2,235,704
2,232,514
2,229,240
2,225,881

119,275
125,496
131,780
138,129
144,543
151,023
157,569
164,182
170,863
177,612
184,430
191,318
198,276
205,306
212,408
219,582
226,830
234,152
241,549
249,022
256,571
264,197
271,902
279,685
287,548
295,492
303,517
311,624
319,814
328,088
336,446

1a CUOTA
2,412,328

Saldo Capital
224,000,000
223,880,725
223,755,230
223,623,450
223,485,321
223,340,777
223,189,754
223,032,186
222,868,004
222,697,141
222,519,529
222,335,100
222,143,782
221,945,505
221,740,199
221,527,792
221,308,210
221,081,380
220,847,228
220,605,679
220,356,657
220,100,086
219,835,889
219,563,987
219,284,302
218,996,753
218,701,261
218,397,744
218,086,120
217,766,306
217,438,219
217,101,772

CUOTA DOS Y SUBSIGUIENTES

32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78

2,567,328
2,572,328
2,577,328
2,582,328
2,587,328
2,592,328
2,597,328
2,602,328
2,607,328
2,612,328
2,617,328
2,622,328
2,627,328
2,632,328
2,637,328
2,642,328
2,647,328
2,652,328
2,657,328
2,662,328
2,667,328
2,672,328
2,677,328
2,682,328
2,687,328
2,692,328
2,697,328
2,702,328
2,707,328
2,712,328
2,717,328
2,722,328
2,727,328
2,732,328
2,737,328
2,742,328
2,747,328
2,752,328
2,757,328
2,762,328
2,767,328
2,772,328
2,777,328
2,782,328
2,787,328
2,792,328
2,797,328

2,222,437
2,218,906
2,215,289
2,211,582
2,207,787
2,203,902
2,199,926
2,195,857
2,191,696
2,187,442
2,183,092
2,178,647
2,174,105
2,169,466
2,164,727
2,159,889
2,154,951
2,149,910
2,144,767
2,139,520
2,134,168
2,128,710
2,123,145
2,117,472
2,111,690
2,105,797
2,099,793
2,093,676
2,087,446
2,081,100
2,074,638
2,068,059
2,061,361
2,054,544
2,047,606
2,040,545
2,033,361
2,026,052
2,018,618
2,011,055
2,003,365
1,995,544
1,987,592
1,979,508
1,971,290
1,962,936
1,954,446

344,891
353,421
362,039
370,745
379,541
388,426
397,402
406,470
415,631
424,886
434,235
443,681
453,223
462,862
472,600
482,438
492,377
502,417
512,560
522,807
533,159
543,617
554,182
564,855
575,638
586,530
597,534
608,651
619,882
631,228
642,689
654,269
665,966
677,784
689,722
701,783
713,967
726,275
738,710
751,272
763,963
776,783
789,735
802,820
816,038
829,392
842,882

216,756,882
216,403,460
216,041,421
215,670,676
215,291,135
214,902,710
214,505,308
214,098,837
213,683,206
213,258,320
212,824,085
212,380,404
211,927,182
211,464,320
210,991,719
210,509,281
210,016,904
209,514,487
209,001,926
208,479,119
207,945,960
207,402,342
206,848,160
206,283,305
205,707,667
205,121,137
204,523,603
203,914,951
203,295,069
202,663,842
202,021,152
201,366,884
200,700,917
200,023,134
199,333,412
198,631,629
197,917,663
197,191,387
196,452,677
195,701,405
194,937,442
194,160,659
193,370,924
192,568,104
191,752,066
190,922,674
190,079,792

79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125

2,802,328
2,807,328
2,812,328
2,817,328
2,822,328
2,827,328
2,832,328
2,837,328
2,842,328
2,847,328
2,852,328
2,857,328
2,862,328
2,867,328
2,872,328
2,877,328
2,882,328
2,887,328
2,892,328
2,897,328
2,902,328
2,907,328
2,912,328
2,917,328
2,922,328
2,927,328
2,932,328
2,937,328
2,942,328
2,947,328
2,952,328
2,957,328
2,962,328
2,967,328
2,972,328
2,977,328
2,982,328
2,987,328
2,992,328
2,997,328
3,002,328
3,007,328
3,012,328
3,017,328
3,022,328
3,027,328
3,032,328

1,945,817
1,937,049
1,928,140
1,919,089
1,909,894
1,900,554
1,891,066
1,881,431
1,871,645
1,861,709
1,851,619
1,841,375
1,830,975
1,820,417
1,809,700
1,798,822
1,787,781
1,776,577
1,765,206
1,753,668
1,741,961
1,730,082
1,718,031
1,705,805
1,693,403
1,680,822
1,668,062
1,655,120
1,641,994
1,628,683
1,615,184
1,601,496
1,587,617
1,573,544
1,559,276
1,544,811
1,530,146
1,515,281
1,500,212
1,484,937
1,469,455
1,453,763
1,437,859
1,421,742
1,405,408
1,388,856
1,372,083

856,510
870,278
884,187
898,239
912,434
926,774
941,261
955,897
970,682
985,619
1,000,709
1,015,953
1,031,353
1,046,911
1,062,628
1,078,506
1,094,546
1,110,751
1,127,121
1,143,660
1,160,367
1,177,246
1,194,297
1,211,523
1,228,925
1,246,505
1,264,265
1,282,208
1,300,333
1,318,645
1,337,143
1,355,832
1,374,711
1,393,784
1,413,052
1,432,517
1,452,181
1,472,047
1,492,116
1,512,391
1,532,873
1,553,565
1,574,468
1,595,586
1,616,920
1,638,472
1,660,244

189,223,282
188,353,004
187,468,816
186,570,578
185,658,144
184,731,370
183,790,109
182,834,212
181,863,529
180,877,910
179,877,202
178,861,249
177,829,896
176,782,986
175,720,358
174,641,852
173,547,306
172,436,555
171,309,434
170,165,774
169,005,407
167,828,161
166,633,864
165,422,342
164,193,417
162,946,911
161,682,646
160,400,438
159,100,105
157,781,460
156,444,317
155,088,486
153,713,775
152,319,991
150,906,939
149,474,422
148,022,241
146,550,194
145,058,078
143,545,687
142,012,815
140,459,250
138,884,782
137,289,196
135,672,277
134,033,805
132,373,560

126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172

3,037,328
3,042,328
3,047,328
3,052,328
3,057,328
3,062,328
3,067,328
3,072,328
3,077,328
3,082,328
3,087,328
3,092,328
3,097,328
3,102,328
3,107,328
3,112,328
3,117,328
3,122,328
3,127,328
3,132,328
3,137,328
3,142,328
3,147,328
3,152,328
3,157,328
3,162,328
3,167,328
3,172,328
3,177,328
3,182,328
3,187,328
3,192,328
3,197,328
3,202,328
3,207,328
3,212,328
3,217,328
3,222,328
3,227,328
3,232,328
3,237,328
3,242,328
3,247,328
3,252,328
3,257,328
3,262,328
3,267,328

1,355,088
1,337,867
1,320,418
1,302,740
1,284,830
1,266,685
1,248,304
1,229,682
1,210,820
1,191,712
1,172,359
1,152,755
1,132,900
1,112,791
1,092,424
1,071,798
1,050,909
1,029,756
1,008,334
986,642
964,677
942,436
919,916
897,115
874,028
850,655
826,990
803,033
778,779
754,225
729,369
704,207
678,737
652,954
626,857
600,441
573,703
546,641
519,251
491,528
463,471
435,076
406,338
377,256
347,824
318,040
287,899

1,682,240
1,704,461
1,726,909
1,749,587
1,772,498
1,795,642
1,819,024
1,842,645
1,866,508
1,890,615
1,914,969
1,939,572
1,964,427
1,989,537
2,014,904
2,040,530
2,066,418
2,092,572
2,118,993
2,145,685
2,172,650
2,199,891
2,227,411
2,255,213
2,283,299
2,311,673
2,340,337
2,369,295
2,398,549
2,428,103
2,457,959
2,488,120
2,518,591
2,549,373
2,580,471
2,611,887
2,643,624
2,675,687
2,708,077
2,740,799
2,773,856
2,807,252
2,840,989
2,875,072
2,909,504
2,944,288
2,979,428

130,691,320
128,986,859
127,259,950
125,510,363
123,737,865
121,942,223
120,123,199
118,280,554
116,414,046
114,523,430
112,608,461
110,668,889
108,704,461
106,714,924
104,700,021
102,659,491
100,593,073
98,500,501
96,381,507
94,235,822
92,063,172
89,863,280
87,635,869
85,380,656
83,097,357
80,785,684
78,445,347
76,076,052
73,677,503
71,249,401
68,791,442
66,303,322
63,784,731
61,235,358
58,654,887
56,043,000
53,399,376
50,723,689
48,015,612
45,274,813
42,500,956
39,693,704
36,852,715
33,977,643
31,068,139
28,123,851
25,144,423

173
174
175
176
177
178
179
180

3,272,328
3,277,328
3,282,328
3,287,328
3,292,328
3,297,328
3,302,328
3,307,328

257,400
226,536
195,306
163,704
131,728
99,374
66,637
33,514

3,014,928
3,050,791
3,087,022
3,123,623
3,160,599
3,197,954
3,235,691
3,273,814

22,129,495
19,078,703
15,991,682
12,868,058
9,707,459
6,509,505
3,273,814
0

OTA DOS Y SUBSIGUIENTES = Cuota mes anterior (+,-) gradiente

SISTEMA DE AMORTIZACION GRADIENTE GEOMETRICO

Vr. Prstamo
Plazo

350,000,000

Trimestres

7 AOS
28 TRIMESTES

Gradiente
Tasa

-3%
3.02% TV

Valor de la primera cuota

Gradiente Geomtico Vencido Creciente dado VP
Tasa Per.
3.02%

Cuota N
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28

Nper
28

VP
350,000,000

Gradiente
-3%

Tabla de amortizacin gradiente geomtrico

Cuota
Inters
Capital
25,347,229
24,637,507
23,947,657
23,277,122
22,625,363
21,991,853
21,376,081
20,777,551
20,195,779
19,630,297
19,080,649
18,546,391
18,027,092
17,522,333
17,031,708
16,554,820
16,091,285
15,640,729
15,202,789
14,777,111
14,363,352
13,961,178
13,570,265
13,190,297
12,820,969
12,461,982
12,113,046
11,773,881

10,573,827
10,127,509
9,689,149
9,258,386
8,834,867
8,418,243
8,008,171
7,604,314
7,206,338
6,813,915
6,426,720
6,044,433
5,666,738
5,293,320
4,923,870
4,558,081
4,195,648
3,836,270
3,479,646
3,125,479
2,773,472
2,423,331
2,074,762
1,727,472
1,381,169
1,035,562
690,359
345,269

14,773,402
14,509,998
14,258,508
14,018,737
13,790,496
13,573,610
13,367,910
13,173,236
12,989,441
12,816,382
12,653,929
12,501,958
12,360,354
12,229,014
12,107,838
11,996,740
11,895,637
11,804,460
11,723,143
11,651,632
11,589,880
11,537,847
11,495,503
11,462,826
11,439,800
11,426,420
11,422,687
11,428,612

1a CUOTA
25,347,229

Saldo Capital
350,000,000
335,226,598
320,716,600
306,458,092
292,439,355
278,648,859
265,075,249
251,707,339
238,534,103
225,544,662
212,728,280
200,074,351
187,572,394
175,212,039
162,983,026
150,875,187
138,878,448
126,982,810
115,178,350
103,455,207
91,803,575
80,213,695
68,675,848
57,180,345
45,717,519
34,277,719
22,851,299
11,428,612
0

CUOTA DOS Y SUB

CUOTA DOS Y SUBSIGUIENTES = Cuota mes anterior x (1+G)

INDICADORES DE CONVENIENCIA
Ao Ingresos
0
1
2,350,000
2
2,350,000
3
2,350,000
4
2,350,000
5
3,300,000
6
3,300,000
7
3,300,000
8
4,350,000
9
4,350,000
10
3,850,000
11
1,000,000
12 10,000,000

Egresos
20,000,000
500,000
500,000
1,250,000
650,000
650,000
4,500,000
750,000
750,000
2,500,000
850,000
850,000

Tasa descuento
Tasa de financiacin
Tasa de Reinversin

Flujo Neto
(20,000,000)
1,850,000
1,850,000
1,100,000
1,700,000
2,650,000
(1,200,000)
2,550,000
3,600,000
1,850,000
3,000,000
150,000
10,000,000
TOTALES

VP Egresos
(20,000,000)

VF Ingresos
2,440,417
2,379,734
1,379,792
2,079,382
3,160,789

(1,117,116)

21,117,116

2,892,135
3,981,486
1,995,165
3,154,951
153,825
10,000,000
33,617,675

ANALISIS SENSIBILIDAD
TIO
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%

3%
1.20%
2.55%
INDICADORES

SIGLA
VPN
TIR
TIRM
TIRM
CAUE
B/C

RESULTADO
3,025,506
4.94%
3.95%
3.95%
303,949
1.10

FORMULA
+VNA(D18;D3:$D$14)+$D$2
+TIR(D2:D14)
+TIRM(D2:D14;$D$19;$D$20)
+(F15/E15)^(1/A14)-1
+PAGO($D$18;A14;-D24)
+(VNA($D$25;B8:B19)+B7)/(VNA($D$25;C8:C18)+C7)

NCIA

MULA

$D$25;C8:C18)+C7)

Sensibilidad del VPN ante variaciones

en la TIO
6,000,000
4,000,000

Valor VPN

ANALISIS SENSIBILIDAD
3,025,506
4,840,708
3,909,505
3,025,506
2,185,943
1,388,228
629,940
(91,188)
(777,277)
(1,430,313)
(2,052,160)
(2,644,561)

2,000,000

0
(2,000,000)
(4,000,000)

TIO

e variaciones