10,000.

00 5% 1362 930 476

10,000.00
10,000.00 10439
30,000.00 10007
27,232.48 9554

Cash Flow 2016 2017 2018

Pagos por arrendamiento 10,000.00 10,000.00 10,000.00
Gasto por amortización
Gasto por intereses
Total gasto 9,070.29 €
va cuotas
27,232.00 10,000.00
10,000.00
10,000.00

-18,594.10 €
-929.705215
Datos del contrato
Pago mensual 4,000.00
Plazo en meses 48.00
Cuota doble en Junio y Diciembre 4,000.00
Derecho de llave 12,000.00
Seguro pagado al 100% 1,200.00
Total de flujo de efectivo 237,200.00
Total incremental del arrendatario 0.42%
tasa incremental, es la tasa en la que se endeudaria la empresa por ese importe
se cotiza
Primero paso

Cuotas mensuales 48
Cuotas mensuales 4000
TIM 0.42%
173,555.24

Segundo paso

Numero de cuotas 8
Cuota 4000
TIS 2.55%
28,623.64

202,178.87
Valor presente de las cuotas 202,178.87 Valor actual Cuotas
Pago por derecho de llave 12,000.00 1 202,178.87 4,000.00
Pago directos del seguro 1,200.00 2 199,028.02 4,000.00
215,378.87 3 195,863.94 4,000.00
4 192,686.57 4,000.00
Activo por derecho de uso 215,378.87 5 189,495.85 4,000.00
Pasivo por derecho de uso 202,178.87 6 186,291.74 8,000.00
Efectivo 13,200.00 7 179,074.16 4,000.00
8 175,826.27 4,000.00
Gasto por depreciación 4487.05984 9 172,564.74 4,000.00
Activo por depreciación 4487.05984 10 169,289.52 4,000.00
11 166,000.53 4,000.00
Mes 1 12 162,697.73 8,000.00
Pasivo por derecho de uso 3,150.85 13 155,381.06 4,000.00
Gasto financiero 849.15 14 152,033.66 4,000.00
Efectivo 4,000.00 15 148,672.21 4,000.00
16 145,296.63 4,000.00
Mes 2 17 141,906.87 4,000.00
Pasivo por derecho de uso 7,217.57 18 138,502.88 8,000.00
Gasto financiero 782.43 19 131,084.60 4,000.00
Efectivo 8000 20 127,635.15 4,000.00
21 124,171.22 4,000.00
22 120,692.74 4,000.00
23 117,199.65 4,000.00
24 113,691.89 8,000.00
25 106,169.39 4,000.00
26 102,615.30 4,000.00
27 99,046.29 4,000.00
28 95,462.28 4,000.00
29 91,863.22 4,000.00
30 88,249.05 8,000.00
31 80,619.70 4,000.00
32 76,958.30 4,000.00
33 73,281.52 4,000.00
34 69,589.30 4,000.00
35 65,881.58 4,000.00
36 62,158.28 8,000.00
37 54,419.35 4,000.00
38 50,647.91 4,000.00
39 46,860.63 4,000.00
40 43,057.44 4,000.00
41 39,238.29 4,000.00
42 35,403.09 8,000.00
43 27,551.78 4,000.00
44 23,667.50 4,000.00
45 19,766.90 4,000.00
46 15,849.92 4,000.00
47 11,916.49 4,000.00
48 7,966.54 8,000.00
Interes Valor Final GF depreciación total gasto
849.15 199,028.02 849.15 4,487.06 5,336.21
835.92 195,863.94 835.92 4,487.06 5,322.98
822.63 192,686.57 822.63 4,487.06 5,309.69
809.28 189,495.85 809.28 4,487.06 5,296.34
795.88 186,291.74 795.88 4,487.06 5,282.94
782.43 179,074.16 782.43 4,487.06 5,269.49
752.11 175,826.27 752.11 4,487.06 5,239.17
738.47 172,564.74 738.47 4,487.06 5,225.53
724.77 169,289.52 724.77 4,487.06 5,211.83
711.02 166,000.53 711.02 4,487.06 5,198.08
697.20 162,697.73 697.20 4,487.06 5,184.26
683.33 155,381.06 683.33 4,487.06 5,170.39
652.60 152,033.66 652.60 4,487.06 5,139.66
638.54 148,672.21 638.54 4,487.06 5,125.60
624.42 145,296.63 624.42 4,487.06 5,111.48
610.25 141,906.87 610.25 4,487.06 5,097.31
596.01 138,502.88 596.01 4,487.06 5,083.07
581.71 131,084.60 581.71 4,487.06 5,068.77
550.56 127,635.15 550.56 4,487.06 5,037.62
536.07 124,171.22 536.07 4,487.06 5,023.13
521.52 120,692.74 521.52 4,487.06 5,008.58
506.91 117,199.65 506.91 4,487.06 4,993.97
492.24 113,691.89 492.24 4,487.06 4,979.30
477.51 106,169.39 477.51 4,487.06 4,964.57
445.91 102,615.30 445.91 4,487.06 4,932.97
430.98 99,046.29 430.98 4,487.06 4,918.04
415.99 95,462.28 415.99 4,487.06 4,903.05
400.94 91,863.22 400.94 4,487.06 4,888.00
385.83 88,249.05 385.83 4,487.06 4,872.89
370.65 80,619.70 370.65 4,487.06 4,857.71
338.60 76,958.30 338.60 4,487.06 4,825.66
323.22 73,281.52 323.22 4,487.06 4,810.28
307.78 69,589.30 307.78 4,487.06 4,794.84
292.28 65,881.58 292.28 4,487.06 4,779.33
276.70 62,158.28 276.70 4,487.06 4,763.76
261.06 54,419.35 261.06 4,487.06 4,748.12
228.56 50,647.91 228.56 4,487.06 4,715.62
212.72 46,860.63 212.72 4,487.06 4,699.78
196.81 43,057.44 196.81 4,487.06 4,683.87
180.84 39,238.29 180.84 4,487.06 4,667.90
164.80 35,403.09 164.80 4,487.06 4,651.86
148.69 27,551.78 148.69 4,487.06 4,635.75
115.72 23,667.50 115.72 4,487.06 4,602.78
99.40 19,766.90 99.40 4,487.06 4,586.46
83.02 15,849.92 83.02 4,487.06 4,570.08
66.57 11,916.49 66.57 4,487.06 4,553.63
50.05 7,966.54 50.05 4,487.06 4,537.11
33.46 0.00 33.46 4,487.06 4,520.52
Datos del contrato
Pago mensual 4,000.00 1
Cuotas - meses 48.00 2
Cuota doble en Junio y Diciembre 4,000.00 3
Derecho de llave 12,000.00 4
Seguro pagado al 100% 1,200.00 5
Total de flujo de efectivo 237,200.00 6
Total incremental del arrendatario 0.42% TEM 7
8
Valor presente de los pagos mensuales 173,555.24 9
Tasa efectiva semestral 2.55% TES 10
Valor presente de los pagos dobles 28,623.64 11
12
Va de todas las cuotas 202,178.87 13
14
Valor de mi activo por derecho de uso 15
Valor actual de las cuotas 202,178.87 16
Derecho de llave 12,000.00 17
Seguro pagado al 100% 1,200.00 18
215,378.87 19
20
Activo por derecho de uso 215,378.87 21
Pasivo por derecho de uso 202,178.87 22
Efectivo 13,200.00 23
215,378.87 215,378.87 24
25
Depreciación 26
Gasto por depreciación 4,487.06 27
Activo por depreciación 4,487.06 28
29
Pasivo por derecho de uso 3,150.85 30
Gasto financiero 849.15 31
Efectivo 4,000.00 32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
Saldo inicial Cuota Interes Saldo final Gasto FinanciDepreciaciónTotal gasto
202,178.87 4,000.00 849.15 199,028.02 849.15 4,487.06 5,336.21
199,028.02 4,000.00 835.92 195,863.94 835.92 4,487.06 5,322.98
195,863.94 4,000.00 822.63 192,686.57 822.63 4,487.06 5,309.69
192,686.57 4,000.00 809.28 189,495.85 809.28 4,487.06 5,296.34
189,495.85 4,000.00 795.88 186,291.74 795.88 4,487.06 5,282.94
186,291.74 8,000.00 782.43 179,074.16 782.43 4,487.06 5,269.49
179,074.16 4,000.00 752.11 175,826.27 752.11 4,487.06 5,239.17
175,826.27 4,000.00 738.47 172,564.74 738.47 4,487.06 5,225.53
172,564.74 4,000.00 724.77 169,289.52 724.77 4,487.06 5,211.83
169,289.52 4,000.00 711.02 166,000.53 711.02 4,487.06 5,198.08
166,000.53 4,000.00 697.20 162,697.73 697.20 4,487.06 5,184.26
162,697.73 8,000.00 683.33 155,381.06 683.33 4,487.06 5,170.39
155,381.06 4,000.00 652.60 152,033.66 652.60 4,487.06 5,139.66
152,033.66 4,000.00 638.54 148,672.21 638.54 4,487.06 5,125.60
148,672.21 4,000.00 624.42 145,296.63 624.42 4,487.06 5,111.48
145,296.63 4,000.00 610.25 141,906.87 610.25 4,487.06 5,097.31
141,906.87 4,000.00 596.01 138,502.88 596.01 4,487.06 5,083.07
138,502.88 8,000.00 581.71 131,084.60 581.71 4,487.06 5,068.77
131,084.60 4,000.00 550.56 127,635.15 550.56 4,487.06 5,037.62
127,635.15 4,000.00 536.07 124,171.22 536.07 4,487.06 5,023.13
124,171.22 4,000.00 521.52 120,692.74 521.52 4,487.06 5,008.58
120,692.74 4,000.00 506.91 117,199.65 506.91 4,487.06 4,993.97
117,199.65 4,000.00 492.24 113,691.89 492.24 4,487.06 4,979.30
113,691.89 8,000.00 477.51 106,169.39 477.51 4,487.06 4,964.57
106,169.39 4,000.00 445.91 102,615.30 445.91 4,487.06 4,932.97
102,615.30 4,000.00 430.98 99,046.29 430.98 4,487.06 4,918.04
99,046.29 4,000.00 415.99 95,462.28 415.99 4,487.06 4,903.05
95,462.28 4,000.00 400.94 91,863.22 400.94 4,487.06 4,888.00
91,863.22 4,000.00 385.83 88,249.05 385.83 4,487.06 4,872.89
88,249.05 8,000.00 370.65 80,619.70 370.65 4,487.06 4,857.71
80,619.70 4,000.00 338.60 76,958.30 338.60 4,487.06 4,825.66
76,958.30 4,000.00 323.22 73,281.52 323.22 4,487.06 4,810.28
73,281.52 4,000.00 307.78 69,589.30 307.78 4,487.06 4,794.84
69,589.30 4,000.00 292.28 65,881.58 292.28 4,487.06 4,779.33
65,881.58 4,000.00 276.70 62,158.28 276.70 4,487.06 4,763.76
62,158.28 8,000.00 261.06 54,419.35 261.06 4,487.06 4,748.12
54,419.35 4,000.00 228.56 50,647.91 228.56 4,487.06 4,715.62
50,647.91 4,000.00 212.72 46,860.63 212.72 4,487.06 4,699.78
46,860.63 4,000.00 196.81 43,057.44 196.81 4,487.06 4,683.87
43,057.44 4,000.00 180.84 39,238.29 180.84 4,487.06 4,667.90
39,238.29 4,000.00 164.80 35,403.09 164.80 4,487.06 4,651.86
35,403.09 8,000.00 148.69 27,551.78 148.69 4,487.06 4,635.75
27,551.78 4,000.00 115.72 23,667.50 115.72 4,487.06 4,602.78
23,667.50 4,000.00 99.40 19,766.90 99.40 4,487.06 4,586.46
19,766.90 4,000.00 83.02 15,849.92 83.02 4,487.06 4,570.08
15,849.92 4,000.00 66.57 11,916.49 66.57 4,487.06 4,553.63
11,916.49 4,000.00 50.05 7,966.54 50.05 4,487.06 4,537.11
7,966.54 8,000.00 33.46 0.00 33.46 4,487.06 4,520.52