ANEXO MANUAL DIDACTICO DE M

INDICE TEM

SERIES UNIFORMES SERIES VARIABLES

Anualidades vencida Gradiente aritmético

Anualidades anticipada Gradiente aritmético diferido
Anualidad diferida Gradiente geométrico
Anualidad perpetua Gradiente geométrico diferido
ANUAL DIDACTICO DE MATEMATICAS FINANCIERAS
INDICE TEMATICO

CONVERSION DE TASAS SISTEMAS DE AMORTIZACION

Tasa nominal Cuota fija

Tasa efectiva anual Cuotas extraordinarias
Anualidad diferida
Gradiente aritmético
Gradiente geométrico
FINANCIERAS

INDICADORES DE CONVENIENCIA

VPN
TIR
TIRM
CAUE
B/C
 Valor Presente de una serie uniforme
con anualidad vencida
Sintaxis
(P/A, i%, n)
Tasa Per. Nper ANUALIDAD VP
1.00% 36 500,000 5,350,000

Valor Futuro de una serie uniforme

con anualidad vencida
Sintaxis
(F/A, i%, n)
Tasa Per. Nper ANUALIDAD VF
1.50% 36 100,000 4,727,597

Valor de la anualidad vencida

conociendo el valor presente
Sintaxis
(A/P, i%, n)
Tasa Per. Nper VP ANUALIDAD
1.00% 60 30,000,000 667,333

Valor de la anualidad vencida

conociendo el valor futuro
Sintaxis
(A/F, i%, n)
Tasa Per. Nper VF ANUALIDAD
5.00% 5 8,500,000 1,538,286

Valor Presente de una serie uniforme

con anualidad anticipada
Sintaxis
(P/A, i%, n)
Tasa Per. Nper ANUALIDAD VP
4.00% 6 750,000 4,088,867

Valor Futuro de una serie uniforme

con anualidad anticipada
Sintaxis
(F/A, i%, n)
Tasa Per. Nper ANUALIDAD VF
 1.00% 9 380,000 3,595,641

Valor de la anualidad anticipada

conociendo el valor presente
Sintaxis
(A/P, i%, n)
Tasa Per. Nper VP ANUALIDAD
5.00% 36 15,000,000 863,349

Valor de la anualidad anticipada

conociendo el valor futuro
Sintaxis
(A/F, i%, n)
Tasa Per. Nper VF ANUALIDAD
7.00% 12 5,000,000 261,224
 ANUALIDAD DIFERIDA

Valor Presente
Con período de gracia (r) y período de pagos (s)
Sintaxis
P=(P/A , i%, r, s)
Tasa Per. r s ANUALIDAD VP
0.50% 23 36 1,000,000 29,308,508

Valor de la anualidad vencida diferida

conociendo el valor presente
con período de gracia (r) y período de pagos (s)
Sintaxis
A=(A/P , i%, r, s)
Tasa Per. r s VP ANUALIDAD
0.75% 20 28 50,000,000 2,306,618
ANUALIDAD PERPETUA
Valor Presente de una anualidad
perpetua
Sintaxis
(P/A, i%)
Tasa Per. ANUALIDAD VP
1.50% 750,000 35,000,000
 GRADIENTE ARITMETICO

Valor Presente
Gradiente Aritmético Vencido Creciente
Sintaxis
P=A(P/A ,i%, n) + G(P/G, i%, n)
Tasa Per. Nper Pago Gradiente VP
0.75% 180 350,000 3,000 55,185,497

Valor Presente
Gradiente Aritmético Vencido Decreciente
Sintaxis
P=A(P/A ,i%, n) + G(P/G, i%, n)
Tasa Per. Nper Pago Gradiente VP
0.75% 180 350,000 -3,000 13,829,889

Valor Presente
Gradiente Aritmético Anticipado Creciente
Sintaxis
P=A(P/A ,i%, n) + G(P/G, i%, n)
Tasa Per. Nper Pago Gradiente VP
1.31% 36 120,000 10,000 8,129,035

Valor Presente
Gradiente Aritmético Anticipado Decreciente
Sintaxis
P=A(P/A ,i%, n) + G(P/G, i%, n)
Tasa Per. Nper Pago Gradiente VP
1.37% 36 120,000 -1,000 2,979,164

Valor Futuro
Gradiente Aritmético Vencido 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 4,535,632

Valor Futuro
Gradiente Aritmético Vencido Decreciente
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 1,805,620

Valor Futuro
Gradiente Aritmético 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 Aritmético Anticipado Decreciente
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 1,823,676

Valor de la primera cuota

Gradiente Aritmético Vencido Creciente dado VP
Sintaxis
(A/P, G ,i%, n)
Tasa Per. Nper VP Gradiente CUOTA
1.02% 180 224,000,000 5,000 2,411,677

Valor de la primera cuota

Gradiente Aritmético Vencido Decreciente dado
VP
Sintaxis
(A/P, G ,i%, n)
Tasa Per. Nper VP Gradiente CUOTA
1.02% 180 224,000,000 -5,000 3,046,042

Valor de la primera cuota

Gradiente Aritmético Vencido Creciente dado VF
Sintaxis
F=A(F/G ,i%, n) + G(F/G, i%, n)
Tasa Per. Nper VF Gradiente CUOTA
4.00% 12 100,000,000 500,000 4,138,043

Valor de la primera cuota

Gradiente Aritmético Vencido Decreciente dado
VF
Sintaxis
F=A(F/G ,i%, n) + G(F/G, i%, n)
Tasa Per. Nper VF Gradiente CUOTA
4.00% 12 100,000,000 -500,000 9,172,391

Valor de la primera cuota

Gradiente Aritmético Anticipado Creciente dado
VP
Sintaxis
(A/P, G ,i%, n)
 Tasa Per. Nper VP Gradiente CUOTA
1.02% 180 224,000,000 5,000 2,384,034

Valor de la primera cuota

Gradiente Aritmético Anticipado Decreciente
dado VP
Sintaxis
(A/P, G ,i%, n)
Tasa Per. Nper VP Gradiente CUOTA
1.02% 180 224,000,000 -5,000 3,018,399

Valor de la primera cuota

Gradiente Aritmético Anticipado Creciente dado
VF
Sintaxis
F=A(F/G ,i%, n) + G(F/G, i%, n)
Tasa Per. Nper VF Gradiente CUOTA
4.00% 12 100,000,000 500,000 3,882,073

Valor de la primera cuota

Gradiente Aritmético Anticipado Decreciente
dado VF
Sintaxis
F=A(F/G ,i%, n) + G(F/G, i%, n)
Tasa Per. Nper VF Gradiente CUOTA
4.00% 12 100,000,000 -500,000 8,916,421

Valor Presente
Gradiente Aritmético Diferido
Sintaxis
P=(P/G ,i%, r,s)
Tasa Per. Nper r s CUOTA G VP
2.50% 42 6 36 250,000 75,000 27,731,203

Valor de la primera cuota

Gradiente Aritmético Diferido
Sintaxis
A=(A/P ,i%, r,s)
ir is n r s G VP
3.00% 4.00% 19 4 15 800,000 105,000,000
CUOTA
5,611,428
 GRADIENTE GEOMETRICO
Valor Presente de una serie
Gradiente Geométrico Vencido Creciente
Sintaxis
(P/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VP
1.50% 5 300,000 10% 1,746,962

Valor Presente de una serie

Gradiente Geométrico Vencido Decreciente
Sintaxis
(P/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VP
0.50% 7 120,000 -5% 710,450

Valor Presente de una serie

Gradiente Geométrico Anticipado Creciente
Sintaxis
(P/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VP
1.00% 12 1,250,000 5% 18,739,644

Valor Presente de una serie

Gradiente Geométrico Anticipado Decreciente
Sintaxis
(P/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VP
3.02% 28 1,500,000 -1% 25,828,735

Valor Futuro de una serie

Gradiente Geométrico Vencido Creciente
Sintaxis
(F/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VF
2.36% 12 80,000 1% 1,153,823

Valor Futuro de una serie

Gradiente Geométrico Vencido Decreciente
Sintaxis
(F/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VF
2.36% 12 80,000 -1% 1,039,388
 Valor Futuro de una serie
Gradiente Geométrico Anticipado Creciente
Sintaxis
(F/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VF
1.00% 12 1,250,000 5% 21,116,300

Valor Futuro de una serie

Gradiente Geométrico Anticipado Decreciente
Sintaxis
(F/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VF
1.00% 12 1,250,000 -5% 12,340,200

Valor de la primera cuota

Gradiente Geomético Vencido Creciente dado VP
Sintaxis
(A/G, P ,i%, n)
Tasa Per. Nper VP Gradiente CUOTA
1.00% 15 3,000,000 5% 151,767

Valor de la primera cuota

Gradiente Geomético Vencido Decreciente dado VP
Sintaxis
(A/G, P ,i%, n)
Tasa Per. Nper VP Gradiente CUOTA
1.00% 15 3,000,000 -5% 299,529

Valor de la primera cuota

Gradiente Geomético Anticipado Creciente dado VP
Sintaxis
(A/G, P ,i%, n)
Tasa Per. Nper VP Gradiente CUOTA
1.00% 15 3,000,000 5% 150,265

Valor de la primera cuota

Gradiente Geomético Anticipado Decreciente dado
VP
Sintaxis
(A/G, P ,i%, n)
Tasa Per. Nper VP Gradiente CUOTA
 1.00% 15 3,000,000 -5% 296,563

Valor de la primera cuota

Gradiente Geomético Vencido Creciente dado VF
Sintaxis
(A/G, F ,i%, n)
Tasa Per. Nper VF Gradiente CUOTA
3.33% 8 20,000,000 10% 1,580,599

Valor de la primera cuota

Gradiente Geomético Vencido Decreciente dado VF
Sintaxis
(A/G, F ,i%, n)
Tasa Per. Nper VF Gradiente CUOTA
3.33% 8 20,000,000 -10% 3,067,407

Valor de la primera cuota

Gradiente Geomético Anticipado Creciente dado VF
Sintaxis
(A/G, F ,i%, n)
Tasa Per. Nper VF Gradiente CUOTA
3.33% 8 20,000,000 10% 1,529,662

Valor de la primera cuota

Gradiente Geomético Anticipado Decreciente dado
VF
Sintaxis
(A/G, F ,i%, n)
Tasa Per. Nper VF Gradiente CUOTA
1.00% 12 35,000,000 -10% 4,514,332

Valor Presente
Gradiente Geométrico Diferido
Sintaxis
P=(P/k ,A, i%, r,s)
Tasa Per. Nper r s CUOTA k VP
2.50% 21 3 18 800,000 2.0% 12,518,589

Valor de la primera cuota

Gradiente Geométrico Diferido
Sintaxis
A=(A/k ,P,i%, r,s)
Tasa Per. Nper r s k VP CUOTA
10% 12 2 10 8% 30,000,000 4,330,684
 MODELO CONVERSION DE TASAS

CALCULO TASA NOMINAL

Ingreso de datos
Tasa Efectiva Anual 18.5%
Período capitalización Mes

RESULTADOS
Tasa Nominal Anual vencida 17.09%
Tasa periódica vencida 1.42%
Tasa periódica anticipada 1.40%
Tasa Nominal Anual anticipada 16.85%
 17.09%

EA RESULTADO
0.00% 17.09%
18.50% 0.00%
0.00% 0.00%
0.00% 0.00%
18.50%
TEA 17.09%
PERIODO (n) 1

PERIODO
 PERIODO No.
TASA TIPO CAPITALIZAC PERIODOS
ION EN UN AÑO
Nominal Vencido Día 365
Efectiva Anticipado Mes 12
Bimestre 6
FUENTE Trimestre 4
0.00% Semestre 2
18.50% Anual 1
0.00%
0.00%

12

Anual
 MODELO CONVERSION DE TASAS

CALCULO TASA EFECTIVA ANUAL

Ingreso de datos
Tasa Nominal 18.00%
Período capitalización Mes
TIPO Vencido

RESULTADO
Tasa Efectiva Anual 19.56%

No.
PERIODO PERIODOS
CAPITALIZACION EN UN AÑO
Día 365
Mes 12
Bimestre 6
Trimestre 4
Semestre 2
Anual 1
 TASA TIPO
Nominal Vencido
Efectiva Anticipado
 SISTEMA DE AMORTIZACION CUOTA FIJA

ANUALIDAD
VR.CREDITO Tasa Per. Nper
FORMULA EXCEL
35,000,000 1.50% MV 24 Meses 1,747,344 1,747,344

Tabla de amortización
Cuota Nº Cuota Interés Capital Saldo Capital
0 35,000,000
1 1,747,344 525,000 1,222,344 33,777,656
2 1,747,344 506,665 1,240,679 32,536,978
3 1,747,344 488,055 1,259,289 31,277,689
4 1,747,344 469,165 1,278,178 29,999,511
5 1,747,344 449,993 1,297,351 28,702,160
6 1,747,344 430,532 1,316,811 27,385,348
7 1,747,344 410,780 1,336,563 26,048,785
8 1,747,344 390,732 1,356,612 24,692,173
9 1,747,344 370,383 1,376,961 23,315,212
10 1,747,344 349,728 1,397,615 21,917,597
11 1,747,344 328,764 1,418,580 20,499,017
12 1,747,344 307,485 1,439,858 19,059,159
 SISTEMA DE AMORTIZACION CUOTAS EXTRAORDINARIAS

VR.CREDITO Tasa Per. Nper

50,000,000 2.40% MV 24 Meses

C. Extras Tasa Per. Nper

4,000,000 32.92% EA 3 Años

PRIMERO
Hallar el valor presente de las cuotas extras

VP
Tasa Per. Nper ANUALIDAD
FORMULA EXCEL
32.92% 3 Años 4,000,000 6,976,369 6,976,369

SEGUNDO
Hallar el valor a diferir

$70.000.000 -7.601.751
VR.DIFERIR

43,023,631

TERCERO
Construir tabla de amortización cuotas mensuales y cuotas anuales

ANUALIDAD
VR.CREDITO Tasa Per. Nper Tasa Per.
FORMULA EXCEL
35,000,000 1.50% MV 24 Meses 1,747,344 1,747,344 26.82%

Tabla de amortización cuotas mensuales Tabla de

Cuota Nº Cuota Interés Capital Saldo Capital Cuota Nº
0 35,000,000 0
1 1,747,344 840,000 907,344 34,092,656 1
2 1,747,344 818,224 929,120 33,163,537 2
3 1,747,344 795,925 951,419 32,212,118 3
4 1,747,344 773,091 974,253 31,237,865 4
5 1,747,344 749,709 997,635 30,240,230 5
6 1,747,344 725,766 1,021,578 29,218,652 6
7 1,747,344 701,248 1,046,096 28,172,556 7
8 1,747,344 676,141 1,071,202 27,101,354 8
9 1,747,344 650,433 1,096,911 26,004,443 9
10 1,747,344 624,107 1,123,237 24,881,206 10
11 1,747,344 597,149 1,150,195 23,731,012 11
 12 1,747,344 569,544 1,177,799 22,553,212 12
13 1,747,344 541,277 1,206,066 21,347,146 13
14 1,747,344 512,331 1,235,012 20,112,134 14
15 1,747,344 482,691 1,264,652 18,847,481 15
16 1,747,344 452,340 1,295,004 17,552,477 16
17 1,747,344 421,259 1,326,084 16,226,393 17
18 1,747,344 389,433 1,357,910 14,868,483 18
19 1,747,344 356,844 1,390,500 13,477,983 19
20 1,747,344 323,472 1,423,872 12,054,111 20
21 1,747,344 289,299 1,458,045 10,596,066 21
22 1,747,344 254,306 1,493,038 9,103,028 22
23 1,747,344 218,473 1,528,871 7,574,157 23
24 1,747,344 181,780 1,565,564 6,008,594 24
25 1,747,344 144,206 1,603,137 4,405,456 25
26 1,747,344 105,731 1,641,613 2,763,844 26
27 1,747,344 66,332 1,681,011 1,082,832 27
28 1,747,344 25,988 1,721,356 -638,523 28
29 1,747,344 (15,325) 1,762,668 -2,401,191 29
30 1,747,344 (57,629) 1,804,972 -4,206,163 30
31 1,747,344 (100,948) 1,848,291 -6,054,455 31
32 1,747,344 (145,307) 1,892,650 -7,947,105 32
33 1,747,344 (190,731) 1,938,074 -9,885,180 33
34 1,747,344 (237,244) 1,984,588 -11,869,767 34
35 1,747,344 (284,874) 2,032,218 -13,901,985 35
36 1,747,344 (333,648) 2,080,991 -15,982,977 36

CUARTO
Construir tabla de amortización total (cuotas mensuales + cuotas anuales)

Tabla de amortización total

Cuota Nº Cuota Interés Capital Saldo Capital
0 50,000,000
1 1,747,344 1,200,000 907,344 41,069,026
2 1,747,344 985,657 929,120 40,139,906
3 1,747,344 963,358 951,419 39,188,487
4 1,747,344 940,524 974,253 38,214,234
5 1,747,344 917,142 997,635 37,216,600
6 1,747,344 893,198 1,021,578 36,195,022
7 1,747,344 868,681 1,046,096 35,148,926
8 1,747,344 843,574 1,071,202 34,077,723
9 1,747,344 817,865 1,096,911 32,980,812
10 1,747,344 791,539 1,123,237 31,857,575
11 1,747,344 764,582 1,150,195 30,707,381
12 5,747,344 736,977 3,306,445 27,400,935
13 1,747,344 657,622 1,206,066 26,194,869
14 1,747,344 628,677 1,235,012 24,959,857
15 1,747,344 599,037 1,264,652 23,695,204
16 1,747,344 568,685 1,295,004 22,400,200
17 1,747,344 537,605 1,326,084 21,074,116
18 1,747,344 505,779 1,357,910 19,716,206
19 1,747,344 473,189 1,390,500 18,325,706
20 1,747,344 439,817 1,423,872 16,901,834
21 1,747,344 405,644 1,458,045 15,443,789
22 1,747,344 370,651 1,493,038 13,950,751
23 1,747,344 334,818 1,528,871 12,421,880
24 5,747,344 298,125 4,265,202 8,156,679
25 1,747,344 195,760 1,603,137 6,553,541
26 1,747,344 157,285 1,641,613 4,911,929
27 1,747,344 117,886 1,681,011 3,230,917
28 1,747,344 77,542 1,721,356 1,509,562
29 1,747,344 36,229 1,762,668 -253,106
30 1,747,344 (6,075) 1,804,972 -2,058,079
31 1,747,344 (49,394) 1,848,291 -3,906,370
32 1,747,344 (93,753) 1,892,650 -5,799,020
33 1,747,344 (139,176) 1,938,074 -7,737,095
34 1,747,344 (185,690) 1,984,588 -9,721,682
35 1,747,344 (233,320) 2,032,218 -11,753,900
36 5,747,344 (282,094) 5,504,785 -17,258,686
 Nper ANUALIDAD

3 Años 4,000,000

Tabla de amortización cuotas anuales

Cuota Interés Capital Saldo Capital
6,976,369
6,976,369
6,976,369
6,976,369
6,976,369
6,976,369
6,976,369
6,976,369
6,976,369
6,976,369
6,976,369
6,976,369
4,000,000 1,871,354 2,128,646 4,847,723
4,847,723
4,847,723
4,847,723
4,847,723
4,847,723
4,847,723
4,847,723
4,847,723
4,847,723
4,847,723
4,847,723
4,000,000 1,300,362 2,699,638 2,148,085
2,148,085
2,148,085
2,148,085
2,148,085
2,148,085
2,148,085
2,148,085
2,148,085
2,148,085
2,148,085
2,148,085
4,000,000 576,206 3,423,794 -1,275,709
 SISTEMA DE AMORTIZACION ANUALIDAD DIFERIDA

Vr. Préstamo 35,000,000

Plazo total 24 MESES
Periodo gracia 12 MESES
Número pagos 12 MESES
Tasa nominal 21% NMV
TPM 1.8% MV

METODO 1
Hallar el valor de la anualidad por fórmula

Valor de la anualidad vencida diferida

conociendo el valor presente
con período de gracia (r) y período de pagos (s)
Tasa Per. r s VP ANUALIDAD
1.8% MV 12 12 35,000,000 4,013,239

METODO 2
Hallar el valor futuro de $50.000.000 en el período 12

Tasa Per. n VP VF
1.8% MV 12 35,000,000 43,100,376

A partir de este valor hallar el valor de la anualidad

Valor de la anualidad vencida

conociendo el valor presente
ANUALIDAD
Tasa Per. Nper VP
FORMULA EXCEL
1.50% 24 30,000,000 1,497,723 1,497,723

Tabla de amortización anualidad diferida

Cuota Nº Cuota Interés Capital Saldo Capital
0 50,000,000
1 875,000 50,875,000
2 890,313 51,765,313
3 905,893 52,671,205
PERIODO DE GRACIA

PERIODO DE GRACIA

4 921,746 53,592,952
5 937,877 54,530,828
6 954,289 55,485,118
7 970,990 56,456,107
 PERIODO DE GR

PERIODO DE GR
8 987,982 57,444,089
9 1,005,272 58,449,361
10 1,022,864 59,472,225
11 1,040,764 60,512,988
12 1,058,977 61,571,966
13 4,013,239 1,077,509 2,935,729 58,636,236
14 4,013,239 1,026,134 2,987,105 55,649,132
15 4,013,239 973,860 3,039,379 52,609,753
16 4,013,239 920,671 3,092,568 49,517,185
17 4,013,239 866,551 3,146,688 46,370,497
18 4,013,239 811,484 3,201,755 43,168,742
19 4,013,239 755,453 3,257,786 39,910,957
20 4,013,239 698,442 3,314,797 36,596,160
21 4,013,239 640,433 3,372,806 33,223,354
22 4,013,239 581,409 3,431,830 29,791,524
23 4,013,239 521,352 3,491,887 26,299,637
24 4,013,239 460,244 3,552,995 22,746,642
25 4,013,239 398,066 3,615,172 19,131,469
26 4,013,239 334,801 3,678,438 15,453,031
27 4,013,239 270,428 3,742,811 11,710,221
28 4,013,239 204,929 3,808,310 7,901,911
29 4,013,239 138,283 3,874,955 4,026,956
30 4,013,239 70,472 3,942,767 84,189
31 4,013,239 1,473 4,011,765 -3,927,577
32 4,013,239 (68,733) 4,081,971 -8,009,548
33 4,013,239 (140,167) 4,153,406 -12,162,954
34 4,013,239 (212,852) 4,226,090 -16,389,044
35 4,013,239 (286,808) 4,300,047 -20,689,091
36 4,013,239 (362,059) 4,375,298 -25,064,389
 SISTEMA DE AMORTIZACION GRADIENTE ARITMETICO

Vr. Préstamo 15,000,000

Plazo total 24 MESES
Gradiente 10,000
Tasa interés 5.00% MV

Valor de la primera cuota

Gradiente Aritmético Vencido Creciente dado VP
Tasa Per. Nper VP Gradiente 1a CUOTA
10.00% 16 20,000 10,000 (52,937)

Tabla de amortización gradiente aritmético

Cuota Nº Cuota Interés Capital Saldo Capital
0 20,000
1 (52,937) 2,000 (54,937) 74,937
2 (42,937) 7,494 (50,431) 125,368
3 (32,937) 12,537 (45,474) 170,842
4 (22,937) 17,084 (40,021) 210,863
5 (12,937) 21,086 (34,023) 244,886
6 (2,937) 24,489 (27,426) 272,312
7 7,063 27,231 (20,168) 292,480
8 17,063 29,248 (12,185) 304,665
9 27,063 30,467 (3,404) 308,069
10 37,063 30,807 6,256 301,813
11 47,063 30,181 16,882 284,931
12 57,063 28,493 28,570 256,362
13 67,063 25,636 41,427 214,935
14 77,063 21,493 55,569 159,365
15 87,063 15,937 71,126 88,239
16 97,063 8,824 88,239 0
17 107,063 0 107,063 -107,063
18 117,063 (10,706) 127,769 -234,832
19 127,063 (23,483) 150,546 -385,378
20 137,063 (38,538) 175,601 -560,979
21 147,063 (56,098) 203,161 -764,140
22 157,063 (76,414) 233,477 -997,617
23 167,063 (99,762) 266,825 -1,264,441
24 177,063 (126,444) 303,507 -1,567,948
25 187,063 (156,795) 343,858 -1,911,806
26 197,063 (191,181) 388,244 -2,300,050
27 207,063 (230,005) 437,068 -2,737,118
28 217,063 (273,712) 490,775 -3,227,892
29 227,063 (322,789) 549,852 -3,777,745
30 237,063 (377,774) 614,837 -4,392,582
31 247,063 (439,258) 686,321 -5,078,903
32 257,063 (507,890) 764,953 -5,843,856
33 267,063 (584,386) 851,449 -6,695,305
34 277,063 (669,530) 946,593 -7,641,898
35 287,063 (764,190) 1,051,253 -8,693,151
36 297,063 (869,315) 1,166,378 -9,859,529
37 307,063 (985,953) 1,293,016 -11,152,545
38 317,063 (1,115,254) 1,432,317 -12,584,862
39 327,063 (1,258,486) 1,585,549 -14,170,411
40 337,063 (1,417,041) 1,754,104 -15,924,515
41 347,063 (1,592,452) 1,939,514 -17,864,030
42 357,063 (1,786,403) 2,143,466 -20,007,496
43 367,063 (2,000,750) 2,367,813 -22,375,308
44 377,063 (2,237,531) 2,614,594 -24,989,902
45 387,063 (2,498,990) 2,886,053 -27,875,955
46 397,063 (2,787,596) 3,184,658 -31,060,614
47 407,063 (3,106,061) 3,513,124 -34,573,738
48 417,063 (3,457,374) 3,874,437 -38,448,175
49 427,063 (3,844,817) 4,271,880 -42,720,055
50 437,063 (4,272,005) 4,709,068 -47,429,123
51 447,063 (4,742,912) 5,189,975 -52,619,099
52 457,063 (5,261,910) 5,718,973 -58,338,071
53 467,063 (5,833,807) 6,300,870 -64,638,941
54 477,063 (6,463,894) 6,940,957 -71,579,899
55 487,063 (7,157,990) 7,645,053 -79,224,951
56 497,063 (7,922,495) 8,419,558 -87,644,509
57 507,063 (8,764,451) 9,271,514 -96,916,023
58 517,063 (9,691,602) 10,208,665 -107,124,689
59 527,063 (10,712,469) 11,239,532 -118,364,220
60 537,063 (11,836,422) 12,373,485 -130,737,705
61 547,063 (13,073,771) 13,620,833 -144,358,539
62 557,063 (14,435,854) 14,992,917 -159,351,455
63 567,063 (15,935,146) 16,502,208 -175,853,664
64 577,063 (17,585,366) 18,162,429 -194,016,093
65 587,063 (19,401,609) 19,988,672 -214,004,766
66 597,063 (21,400,477) 21,997,539 -236,002,305
67 607,063 (23,600,231) 24,207,293 -260,209,598
68 617,063 (26,020,960) 26,638,023 -286,847,621
69 627,063 (28,684,762) 29,311,825 -316,159,446
70 637,063 (31,615,945) 32,253,008 -348,412,454
71 647,063 (34,841,245) 35,488,308 -383,900,762
72 657,063 (38,390,076) 39,047,139 -422,947,901
73 667,063 (42,294,790) 42,961,853 -465,909,754
74 677,063 (46,590,975) 47,268,038 -513,177,793
 75 687,063 (51,317,779) 52,004,842 -565,182,635
76 697,063 (56,518,263) 57,215,326 -622,397,961
77 707,063 (62,239,796) 62,946,859 -685,344,820
78 717,063 (68,534,482) 69,251,545 -754,596,365
79 727,063 (75,459,637) 76,186,699 -830,783,065
80 737,063 (83,078,306) 83,815,369 -914,598,434
81 747,063 (91,459,843) 92,206,906 -1,006,805,341
82 757,063 (100,680,534) 101,437,597 -1,108,242,938
83 767,063 (110,824,294) 111,591,357 -1,219,834,294
84 777,063 (121,983,429) 122,760,492 -1,342,594,787
85 787,063 (134,259,479) 135,046,542 -1,477,641,328
86 797,063 (147,764,133) 148,561,196 -1,626,202,524
87 807,063 (162,620,252) 163,427,315 -1,789,629,839
88 817,063 (178,962,984) 179,780,047 -1,969,409,886
89 827,063 (196,940,989) 197,768,052 -2,167,177,938
90 837,063 (216,717,794) 217,554,857 -2,384,732,794
91 847,063 (238,473,279) 239,320,342 -2,624,053,137
92 857,063 (262,405,314) 263,262,377 -2,887,315,513
93 867,063 (288,731,551) 289,598,614 -3,176,914,127
94 877,063 (317,691,413) 318,568,476 -3,495,482,603
95 887,063 (349,548,260) 350,435,323 -3,845,917,926
96 897,063 (384,591,793) 385,488,856 -4,231,406,782
97 907,063 (423,140,678) 424,047,741 -4,655,454,523
98 917,063 (465,545,452) 466,462,515 -5,121,917,038
99 927,063 (512,191,704) 513,118,767 -5,635,035,805
100 937,063 (563,503,580) 564,440,643 -6,199,476,448
101 947,063 (619,947,645) 620,894,708 -6,820,371,156
102 957,063 (682,037,116) 682,994,179 -7,503,365,335
103 967,063 (750,336,533) 751,303,596 -8,254,668,931
104 977,063 (825,466,893) 826,443,956 -9,081,112,887
105 987,063 (908,111,289) 909,098,352 -9,990,211,239
106 997,063 (999,021,124) 1,000,018,187 -10,990,229,425
107 1,007,063 (1,099,022,943) 1,100,030,005 -12,090,259,431
108 1,017,063 (1,209,025,943) 1,210,043,006 -13,300,302,437
109 1,027,063 (1,330,030,244) 1,331,057,307 -14,631,359,743
110 1,037,063 (1,463,135,974) 1,464,173,037 -16,095,532,781
111 1,047,063 (1,609,553,278) 1,610,600,341 -17,706,133,122
112 1,057,063 (1,770,613,312) 1,771,670,375 -19,477,803,497
113 1,067,063 (1,947,780,350) 1,948,847,413 -21,426,650,909
114 1,077,063 (2,142,665,091) 2,143,742,154 -23,570,393,063
115 1,087,063 (2,357,039,306) 2,358,126,369 -25,928,519,433
116 1,097,063 (2,592,851,943) 2,593,949,006 -28,522,468,439
117 1,107,063 (2,852,246,844) 2,853,353,907 -31,375,822,346
118 1,117,063 (3,137,582,235) 3,138,699,297 -34,514,521,643
119 1,127,063 (3,451,452,164) 3,452,579,227 -37,967,100,870
120 1,137,063 (3,796,710,087) 3,797,847,150 -41,764,948,020
121 1,147,063 (4,176,494,802) 4,177,641,865 -45,942,589,885
122 1,157,063 (4,594,258,989) 4,595,416,051 -50,538,005,937
123 1,167,063 (5,053,800,594) 5,054,967,657 -55,592,973,593
124 1,177,063 (5,559,297,359) 5,560,474,422 -61,153,448,016
125 1,187,063 (6,115,344,802) 6,116,531,864 -67,269,979,880
126 1,197,063 (6,726,997,988) 6,728,195,051 -73,998,174,931
127 1,207,063 (7,399,817,493) 7,401,024,556 -81,399,199,487
128 1,217,063 (8,139,919,949) 8,141,137,012 -89,540,336,499
129 1,227,063 (8,954,033,650) 8,955,260,713 -98,495,597,211
130 1,237,063 (9,849,559,721) 9,850,796,784 -108,346,393,995
131 1,247,063 (10,834,639,400) 10,835,886,462 -119,182,280,458
132 1,257,063 (11,918,228,046) 11,919,485,109 -131,101,765,567
133 1,267,063 (13,110,176,557) 13,111,443,620 -144,213,209,186
134 1,277,063 (14,421,320,919) 14,422,597,982 -158,635,807,168
135 1,287,063 (15,863,580,717) 15,864,867,780 -174,500,674,948
136 1,297,063 (17,450,067,495) 17,451,364,558 -191,952,039,505
137 1,307,063 (19,195,203,951) 19,196,511,013 -211,148,550,519
138 1,317,063 (21,114,855,052) 21,116,172,115 -232,264,722,633
139 1,327,063 (23,226,472,263) 23,227,799,326 -255,492,521,960
140 1,337,063 (25,549,252,196) 25,550,589,259 -281,043,111,219
141 1,347,063 (28,104,311,122) 28,105,658,185 -309,148,769,403
142 1,357,063 (30,914,876,940) 30,916,234,003 -340,065,003,407
143 1,367,063 (34,006,500,341) 34,007,867,404 -374,072,870,810
144 1,377,063 (37,407,287,081) 37,408,664,144 -411,481,534,954
145 1,387,063 (41,148,153,495) 41,149,540,558 -452,631,075,512
146 1,397,063 (45,263,107,551) 45,264,504,614 -497,895,580,127
147 1,407,063 (49,789,558,013) 49,790,965,076 -547,686,545,202
148 1,417,063 (54,768,654,520) 54,770,071,583 -602,456,616,785
149 1,427,063 (60,245,661,679) 60,247,088,741 -662,703,705,527
150 1,437,063 (66,270,370,553) 66,271,807,616 -728,975,513,142
151 1,447,063 (72,897,551,314) 72,898,998,377 -801,874,511,520
152 1,457,063 (80,187,451,152) 80,188,908,215 -882,063,419,735
153 1,467,063 (88,206,341,973) 88,207,809,036 -970,271,228,771
154 1,477,063 (97,027,122,877) 97,028,599,940 -1,067,299,828,711
155 1,487,063 (106,729,982,871) 106,731,469,934 -1,174,031,298,645
156 1,497,063 (117,403,129,865) 117,404,626,927 -1,291,435,925,572
157 1,507,063 (129,143,592,557) 129,145,099,620 -1,420,581,025,193
158 1,517,063 (142,058,102,519) 142,059,619,582 -1,562,640,644,775
159 1,527,063 (156,264,064,477) 156,265,591,540 -1,718,906,236,315
160 1,537,063 (171,890,623,632) 171,892,160,694 -1,890,798,397,010
161 1,547,063 (189,079,839,701) 189,081,386,764 -2,079,879,783,774
162 1,557,063 (207,987,978,377) 207,989,535,440 -2,287,869,319,214
163 1,567,063 (228,786,931,921) 228,788,498,984 -2,516,657,818,198
164 1,577,063 (251,665,781,820) 251,667,358,883 -2,768,325,177,081
165 1,587,063 (276,832,517,708) 276,834,104,771 -3,045,159,281,852
166 1,597,063 (304,515,928,185) 304,517,525,248 -3,349,676,807,100
167 1,607,063 (334,967,680,710) 334,969,287,773 -3,684,646,094,873
168 1,617,063 (368,464,609,487) 368,466,226,550 -4,053,112,321,423
169 1,627,063 (405,311,232,142) 405,312,859,205 -4,458,425,180,628
170 1,637,063 (445,842,518,063) 445,844,155,126 -4,904,269,335,754
171 1,647,063 (490,426,933,575) 490,428,580,638 -5,394,697,916,392
172 1,657,063 (539,469,791,639) 539,471,448,702 -5,934,169,365,095
173 1,667,063 (593,416,936,509) 593,418,603,572 -6,527,587,968,667
174 1,677,063 (652,758,796,867) 652,760,473,930 -7,180,348,442,597
175 1,687,063 (718,034,844,260) 718,036,531,323 -7,898,384,973,919
176 1,697,063 (789,838,497,392) 789,840,194,455 -8,688,225,168,374
177 1,707,063 (868,822,516,837) 868,824,223,900 -9,557,049,392,274
178 1,717,063 (955,704,939,227) 955,706,656,290 -10,512,756,048,565
179 1,727,063 (1,051,275,604,856) 1,051,277,331,919 -11,564,033,380,484
180 1,737,063 (1,156,403,338,048) 1,156,405,075,111 -12,720,438,455,595
CO

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

 SISTEMA DE AMORTIZACION GRADIENTE GEOMETRICO

Vr. Préstamo 45,000,000

Plazo 5 AÑOS
Trimestres 20 TRIMESTES
Gradiente -3%
Tasa 1.00% TV

Valor de la primera cuota

Gradiente Geomético Vencido Creciente dado VP
Tasa Per. Nper VP Gradiente 1a CUOTA
0.02% 10 5,000 -3% 572

Tabla de amortización gradiente geométrico

Cuota Nº Cuota Interés Capital Saldo Capital CUOTA DOS Y SUBSIGUIEN
0 5,000
1 572 1 571 4,429
2 555 1 554 3,875
3 538 1 537 3,338
4 522 1 521 2,817
5 506 1 506 2,311
6 491 0 491 1,820
7 476 0 476 1,344
8 462 0 462 883
9 448 0 448 435
10 435 0 435 0
11 422 - 422 -422
12 409 (0) 409 -831
13 397 (0) 397 -1,228
14 385 (0) 385 -1,613
15 373 (0) 374 -1,987
16 362 (0) 363 -2,349
17 351 (0) 352 -2,701
18 341 (1) 341 -3,042
19 331 (1) 331 -3,373
20 321 (1) 321 -3,695
21 311 (1) 312 -4,006
22 302 (1) 302 -4,309
23 293 (1) 293 -4,602
24 284 (1) 285 -4,887
25 275 (1) 276 -5,163
26 267 (1) 268 -5,431
27 259 (1) 260 -5,691
28 251 (1) 252 -5,944
CUOTA DOS Y SUBSIGUIENTES = Cuota mes anterior x (1+G)
 INDICADORES DE CONVENIENCIA

Año Ingresos Egresos Flujo Neto VP Egresos VF Ingresos ANALISIS SENSIBILIDAD

0 20,000,000 (20,000,000) (20,000,000) TIO
1 2,350,000 500,000 1,850,000 2,440,417 2.0%
2 2,350,000 500,000 1,850,000 2,379,734 2.5%
3 2,350,000 1,250,000 1,100,000 1,379,792 3.0%
4 2,350,000 650,000 1,700,000 2,079,382 3.5%
5 3,300,000 650,000 2,650,000 3,160,789 4.0%
6 3,300,000 4,500,000 (1,200,000) (1,117,116) 4.5%
7 3,300,000 750,000 2,550,000 2,892,135 5.0%
8 4,350,000 750,000 3,600,000 3,981,486 5.5%
9 4,350,000 2,500,000 1,850,000 1,995,165 6.0%
10 3,850,000 850,000 3,000,000 3,154,951 6.5%
11 1,000,000 850,000 150,000 153,825 7.0%
12 10,000,000 10,000,000 10,000,000
TOTALES 21,117,116 33,617,675

Tasa descuento 3%
Tasa de financiación 1.20%
Tasa de Reinversión 2.55%

INDICADORES
SIGLA RESULTADO FORMULA
VPN 3,025,506 +VNA(D18;D3:$D$14)+$D$2
TIR 4.94% +TIR(D2:D14)
TIRM 3.95% +TIRM(D2:D14;$D$19;$D$20)
TIRM 3.95% +(F15/E15)^(1/A14)-1
CAUE 303,949 +PAGO($D$18;A14;-D24)
B/C 1.10 +(VNA($D$25;B8:B19)+B7)/(VNA($D$25;C8:C18)+C7)
IA

ANALISIS SENSIBILIDAD
3,025,506 Sensibilidad del VPN ante variaciones en la TIO
12

10

8
Valor VPN

0
2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0%
TIO

;C8:C18)+C7)