Asignatura:

Diplomado en Finanzas Empresariales

Título del trabajo:

Parcial final Diplomado en Finanzas Empresariales

Presenta :
Sebastian Garcia Mejia ID 515618

Docente:
Cesar Ignacio León Quillas

Facultad:
Administracion de Empresas

Colombia_ Buga Valle Mayo, 30 de 2020

 Inflación
Tasa de crecimiento
Demanda
Precio
Cantidad
Costo Unitario C= MOD + CIF + MP
Costos Fijos

Años 0

VENTAS
- COSTO DE VENTAS
UTILIDAD BRUTA
- G.ADMINISTRACIÓN
- DEPRECIACIÓN
UTILIDAD OPERATIVA
- G.FINANCIEROS
UTILIDAD A IMPUESTOS
- IMPUESTOS
UTILIDAD NETA
+ DEPRECIACIÓN
+ VALOR DE DESHECHO
- ABONOS DE CAPITAL
- EFECTO FISCAL
FLUJO DE FONDOS NETO -$48,000,000
Tasa de crecimiento flujos
WACC 14.63%
VPN $75,940,463.94
TIR 63%
IR 2.58
 Depreciaciones
Máquina A
Valor $12,000,000
Costos de Capacitacion $3,000,000
Valor a depreciar $15,000,000

Tasa doble
Total 100%
Años de vida útil 5

Tasa doble 40%

Años Valor a depreciar Depreciación

1 $15,000,000 $6,000,000
2 $9,000,000 $3,600,000
3 $5,400,000 $2,160,000
4 $3,240,000 $1,296,000
5 $1,944,000 $1,944,000
$b 15,000,000.00

ACTIVO = PASIVO +
$b 78,000,000.00 $b 30,000,000.00

Wd 38.46%
Wp 61.54%
Kd 20.81%
Kp 15.06%
t 33%
WACC 14.634%

Prestamo a $20,000,000
Prestamo b $5,000,000
Prestamo b $5,000,000
$30,000,000
 Kp = R + Bapal*Prima de
mercado + Rpaís
R 1.41%
B desapalancado 0.88
Prima de riesgo 6.43%
R país 2.93%
B apalancado 1.249
Kp 12.37%
Devaluación 2.40%
Kp pesos 15.06%
 3% 4% 1.00%
0.5% 1.5% 2.1%
1.5% 4.5% 6.3%
$100 $103 $107 $108
2175000 2207625 2306968 2452307
$75 $77 $80 $81
$2,500,000 $2,575,000 $2,678,000 $2,704,780

1 2 3 4

$217,500,000 $227,385,375 $247,122,426 $265,318,050

$163,125,000 $170,539,031 $185,341,819 $198,988,537
$54,375,000 $56,846,344 $61,780,606 $66,329,512
$2,500,000 $2,575,000 $2,678,000 $2,704,780
$28,000,000 $16,800,000 $10,080,000 $6,048,000
$23,875,000 $37,471,344 $49,022,606 $57,576,732
$4,771,721 $2,377,552 $607,463 $125,288
$19,103,279 $35,093,792 $48,415,143 $57,451,445
$6,304,082 $11,580,951 $15,976,997 $18,958,977
$12,799,197 $23,512,841 $32,438,146 $38,492,468
$28,000,000 $16,800,000 $10,080,000 $6,048,000
$0 $0 $0 $0
$11,353,717 $13,747,886 $3,380,531 $1,517,866
$0 $0 $0 $0
$29,445,480 $26,564,955 $39,137,614 $43,022,602
-11% 32% 9%
VPN > 0 El proyecto es rentable
VPN < 0 El proyecto no es rentable
TIR > WACC El proyecto es rentable
TIR < WACC El proyecto no es rentable
 PAYBACK DESCONTADOPERIODO DE RECUPERACION DEL
Años VA
0 -$48,000,000 -$48,000,000
1 $29,445,480 $25,686,443.90
2 $26,564,955 $20,215,280.05
3 $39,137,614 $25,980,671.53
4 $43,022,602 $24,913,688.98
20% 5 $53,734,500 $27,144,379.47

Depreciar + en el corto plazo Máquina b

Años
1
2
3
4
5

PATRIMONIO
$b 48,000,000.00

EA
EA

i% Participación Tasa
21.15% 66.7% 14.10%
25.59% 16.67% 4.26%
14.71% 16.67% 2.45%
20.81%
https://www.bloomberg.com/markets/rates-bonds/government-bonds/us
http://pages.stern.nyu.edu/~adamodar/

Puntos básicos https://www.ambito.com/contenidos/riego-pais-colombia.html

USD
EA
EA
 -2%
2.4% ACTIVO =
7.2% $b 78,000,000.00
$106
2628873
$80 capacitacion 1 año
$2,650,684

Prestamo BANCO BBVA

5

$278,732,530
$209,049,398
$69,683,133
$2,650,684
$9,072,000 $70,000,000
$57,960,448
$0 $7,756,736
$57,960,448
$19,126,948
$38,833,500
$9,072,000
$8,700,000
$0 $28,482,134
$2,871,000
$53,734,500
20%
IODO DE RECUPERACION DEL CAPITAL
VALOR A RECUPERAR RECUPERACIÓN El proyecto es viable desarrollarlo, pu
del mismo modo la Tasa Interna de Ret
WACC, por otro lado tal como se p
-$48,000,000 $25,686,443.90 descontado el capital invertido se p
-$22,313,556.10 $20,215,280.05 comprendido entre dos años y medio a
rentabilidad permite aseverar que
-$2,098,276.05 $25,980,671.53 inversionistas recibirán gana

Máquina c

Valor a depreciar Depreciación Años

$15,000,000 $6,000,000 1
$9,000,000 $3,600,000 2
$5,400,000 $2,160,000 3
$3,240,000 $1,296,000 4
$1,944,000 $1,944,000 5
$b 15,000,000.00

1 AÑO
2 AÑO
PASIVO + PATRIMONIO
$b 30,000,000.00 $b 48,000,000.00

$b 12,000,000.00

$b 20,000,000.00 DTF 8% EA
NABA 11.45%

11.45% NABA
IP 1.91% IPA BIMESTRAL ANTICIPADA
1.95% IPA BIMESTRAL VENCIDA
IN 11.67% NABV
12.26% EA
11.62% NAMV

8% EA
7.72% NAMV
19.34% NAMV TOTAL
21.15% EA
1.61% MENSUAL
N 24 MESES
R $b 1,011,454
iable desarrollarlo, puesto que el VPN es superior a 0,
la Tasa Interna de Retorno es ampliamente superior al
tro lado tal como se puede observar en el Payback
l capital invertido se podrá recuperar en un periodo
tre dos años y medio a 3 años y finalmente el indice de
permite aseverar que por cada peso invertido los
onistas recibirán ganancias por valor de $2,8.

Máquina d

Valor a depreciar Depreciación Años

$15,000,000 $6,000,000 1
$9,000,000 $3,600,000 2
$5,400,000 $2,160,000 3
$3,240,000 $1,296,000 4
$1,944,000 $1,944,000 5
$b 15,000,000.00

Tiempo Saldo Intereses Cuota

1 $20,000,000 $322,289 $1,011,454
2 $19,310,836 $311,184 $1,011,454
3 $18,610,566 $299,899 $1,011,454
4 $17,899,012 $288,433 $1,011,454
5 $17,175,992 $276,782 $1,011,454
6 $16,441,320 $264,943 $1,011,454
7 $15,694,810 $252,914 $1,011,454
8 $14,936,270 $240,690 $1,011,454
9 $14,165,506 $228,270 $1,011,454
10 $13,382,322 $215,649 $1,011,454
11 $12,586,518 $202,825 $1,011,454
12 $11,777,889 $189,794 $1,011,454
13 $10,956,230 $176,554 $1,011,454
14 $10,121,330 $163,100 $1,011,454
15 $9,272,977 $149,429 $1,011,454

16 $8,410,952 $135,538 $1,011,454

17 $7,535,037 $121,423 $1,011,454
18 $6,645,006 $107,081 $1,011,454
19 $5,740,633 $92,507 $1,011,454
20 $4,821,687 $77,699 $1,011,454
21 $3,887,932 $62,652 $1,011,454
22 $2,939,131 $47,363 $1,011,454
23 $1,975,040 $31,827 $1,011,454
24 $995,413 $16,041 $1,011,454
Prestamo Bancolombia $b 5,000,000.00 11.5%
IP 1.92%
IN 23.00%
25.59%
23.22%
3.87%
N 18
R $b 390,807
 Activo fijo adicional

Valor a depreciar Depreciación Años

$15,000,000 $6,000,000 1
$9,000,000 $3,600,000 2
$5,400,000 $2,160,000 3
$3,240,000 $1,296,000 4
$1,944,000 $1,944,000 5
$b 15,000,000.00

Abonos Saldo final Tiempo

$689,164 $19,310,836 1
$700,270 $18,610,566 2
$711,554 $17,899,012 3
1 AÑO
$723,020 $17,175,992 4
$734,672 $16,441,320 5
$746,510 $15,694,810 6
$758,540 $14,936,270 7
$770,763 $14,165,506 8
$783,184 $13,382,322 9
2 AÑO
$795,805 $12,586,518 10
$808,628 $11,777,889 11
$821,659 $10,956,230 12
$834,900 $10,121,330 13
$848,354 $9,272,977 14

3 AÑO
$862,024 $8,410,952 15
3 AÑO
$875,916 $7,535,037 16
$890,030 $6,645,006 17
$904,373 $5,740,633 18
$918,946 $4,821,687
$933,755 $3,887,932
$948,802 $2,939,131
$964,091 $1,975,040
$979,627 $995,413
$995,413 $0
NSMV Prestamo Banco B $b 5,000,000.00
MENSUAL VENCIDA IN INFLACION + 9,10%
NAMV N 4 AÑOS
EA IN 9.10%
NABV IP 2.28%
IP BIMESTRAL 9.42%
BIMESTRES IN1 9.03%
IN2 4.77%
IN TOTAL 13.81%
14.71%
13.89%
2.31%
R $b 273,859
 Valor a depreciar Depreciación
$b 10,000,000.00 $b 4,000,000.00
$b 6,000,000.00 $b 2,400,000.00
$b 3,600,000.00 $b 1,440,000.00
$b 2,160,000.00 $b 864,000.00
$b 1,296,000.00 $b 1,296,000.00
$b 10,000,000.00

Saldo Intereses Cuota Abonos

$5,000,000 $193,503 $390,807 $197,303
$4,802,697 $185,868 $390,807 $204,939
$4,597,757 $177,936 $390,807 $212,870
$4,384,887 $169,698 $390,807 $221,109
$4,163,778 $161,141 $390,807 $229,666
$3,934,112 $152,253 $390,807 $238,554
$3,695,558 $143,021 $390,807 $247,786
$3,447,772 $133,431 $390,807 $257,376
$3,190,396 $123,471 $390,807 $267,336
$2,923,060 $113,124 $390,807 $277,682
$2,645,378 $102,378 $390,807 $288,429
$2,356,949 $91,216 $390,807 $299,591
$2,057,357 $79,621 $390,807 $311,186
$1,746,172 $67,578 $390,807 $323,229
$1,422,943 $55,069 $390,807 $335,738

$1,087,205 $42,076 $390,807 $348,731

$738,473 $28,579 $390,807 $362,227
$376,246 $14,561 $390,807 $376,246
 INFLACION 4.88% EA
24 BIMESTRES
NATV
TRIMESTRAL
EA
NAMV
NAMV
NAMV
EA
NABV
BIMESTRE VENCIDO
Saldo final Tiempo Saldo Intereses Cuota Abonos
$4,802,697 1 $5,000,000 $115,712 $273,859 $158,147
$4,597,757 2 $4,841,853 $112,052 $273,859 $161,807
$4,384,887 3 $4,680,046 $108,307 $273,859 $165,552
1 AÑO
$4,163,778 4 $4,514,494 $104,476 $273,859 $169,383
$3,934,112 5 $4,345,111 $100,556 $273,859 $173,303
$3,695,558 6 $4,171,808 $96,545 $273,859 $177,313
$3,447,772 7 $3,994,495 $92,442 $273,859 $181,417
$3,190,396 8 $3,813,078 $88,244 $273,859 $185,615
$2,923,060 9 $3,627,463 $83,948 $273,859 $189,911
2 AÑO
$2,645,378 10 $3,437,552 $79,553 $273,859 $194,306
$2,356,949 11 $3,243,246 $75,056 $273,859 $198,803
$2,057,357 12 $3,044,443 $70,456 $273,859 $203,403
$1,746,172 13 $2,841,040 $65,748 $273,859 $208,111
$1,422,943 14 $2,632,929 $60,932 $273,859 $212,927

3 AÑO
$1,087,205 15 $2,420,003 $56,005 $273,859 $217,854
3 AÑO
$738,473 16 $2,202,148 $50,963 $273,859 $222,896
$376,246 17 $1,979,252 $45,805 $273,859 $228,054
$0 18 $1,751,198 $40,527 $273,859 $233,332
19 $1,517,866 $35,127 $273,859 $238,732
20 $1,279,134 $29,602 $273,859 $244,257
21 $1,034,877 $23,949 $273,859 $249,909
4 AÑO
22 $784,968 $18,166 $273,859 $255,693
23 $529,275 $12,249 $273,859 $261,610
24 $267,665 $6,194 $273,859 $267,665
Saldo final
$4,841,853
$4,680,046
$4,514,494
$4,345,111
$4,171,808
$3,994,495
$3,813,078
$3,627,463
$3,437,552
$3,243,246
$3,044,443
$2,841,040
$2,632,929
$2,420,003
$2,202,148

$1,979,252
$1,751,198
$1,517,866
$1,279,134
$1,034,877
$784,968
$529,275
$267,665
$0
 Inflación
Tasa de crecimiento
Demanda
Precio
Cantidad
Costo Unitario C= MOD + CIF + MP
Costos Fijos

Años 0

VENTAS
- COSTO DE VENTAS
UTILIDAD BRUTA
- G.ADMINISTRACIÓN
- DEPRECIACIÓN
UTILIDAD OPERATIVA
- G.FINANCIEROS
UTILIDAD A IMPUESTOS
- IMPUESTOS
UTILIDAD NETA
+ DEPRECIACIÓN
+ VALOR DE DESHECHO
- ABONOS DE CAPITAL
- EFECTO FISCAL
FLUJO DE FONDOS NETO -$48,000,000
Tasa de crecimiento flujos
WACC 14.63%
VPN $97,408,758
TIR 71%
IR 3.03
 Depreciaciones
Máquina A
Valor $12,000,000
Costos de Capacitacion $3,000,000
Valor a depreciar $15,000,000

Tasa doble
Total 100%
Años de vida útil 5

Tasa doble 40%

Años Valor a depreciar Depreciación

1 $15,000,000 $6,000,000
2 $9,000,000 $3,600,000
3 $5,400,000 $2,160,000
4 $3,240,000 $1,296,000
5 $1,944,000 $1,944,000
$b 15,000,000.00

ACTIVO = PASIVO +
$b 78,000,000.00 $b 30,000,000.00

Wd 38.46%
Wp 61.54%
Kd 20.81%
Kp 15.06%
t 33%
WACC 14.63%

Prestamo a $20,000,000
Prestamo b $5,000,000
Prestamo b $5,000,000
$30,000,000
 Kp = R + Bapal*Prima de
mercado + Rpaís
R 1.41%
B desapalancado 0.88
Prima de riesgo 6.43%
R país 2.93%
B apalancado 1.249
Kp 12.37%
Devaluación 2.40%
Kp pesos 15.06%
 3% 4% 1.00%
4.0% 4.0% 4.0%
12.0% 12.0% 12.0%
$100 $103 $107 $108
2175000 2436000 2728320 3055718
$75 $77 $80 $81
$2,500,000 $2,575,000 $2,678,000 $2,704,780

1 2 3 4

$217,500,000 $250,908,000 $292,257,638 $330,601,841

$163,125,000 $188,181,000 $219,193,229 $247,951,380
$54,375,000 $62,727,000 $73,064,410 $82,650,460
$2,500,000 $2,575,000 $2,678,000 $2,704,780
$28,000,000 $16,800,000 $10,080,000 $6,048,000
$23,875,000 $43,352,000 $60,306,410 $73,897,680
$4,771,721 $2,377,552 $607,463 $125,288
$19,103,279 $40,974,448 $59,698,946 $73,772,392
$6,304,082 $13,521,568 $19,700,652 $24,344,890
$12,799,197 $27,452,880 $39,998,294 $49,427,503
$28,000,000 $16,800,000 $10,080,000 $6,048,000
$0 $0 $0 $0
$11,353,717 $13,747,886 $3,380,531 $1,517,866
$0 $0 $0 $0
$29,445,480 $30,504,994 $46,697,763 $53,957,637
3% 35% 13%
VPN > 0 El proyecto es rentable
VPN < 0 El proyecto no es rentable
TIR > WACC El proyecto es rentable
TIR < WACC El proyecto no es rentable
 PAYBACK DESCONTADOPERIODO DE RECUPERACION DEL
Años VA
0 -$48,000,000 -$48,000,000
1 $29,445,480 $25,686,443.90
2 $30,504,994 $23,213,553.77
3 $46,697,763 $30,999,314.82
4 $53,957,637 $31,245,989.81
20% 5 $67,827,289 $34,263,455.54

Depreciar + en el corto plazo Máquina b

Años
1
2
3
4
5

PATRIMONIO
$b 48,000,000.00

EA
EA

i% Participación Tasa
21.15% 66.7% 14.10%
25.59% 16.67% 4.26%
14.71% 16.67% 2.45%
20.81%
https://www.bloomberg.com/markets/rates-bonds/government-bonds/us
http://pages.stern.nyu.edu/~adamodar/

Puntos básicos https://www.ambito.com/contenidos/riego-pais-colombia.html

USD
EA
EA
 -2%
4.0% ACTIVO =
12.0% $b 78,000,000.00
$106
3422405
$80 capacitacion 1 año
$2,650,684

Prestamo BANCO BBVA

5

$362,868,580
$272,151,435
$90,717,145
$2,650,684
$9,072,000 $70,000,000
$78,994,461
$0 $7,756,736
$78,994,461
$26,068,172
$52,926,289
$9,072,000
$8,700,000
$0 $28,482,134
$2,871,000
$67,827,289
20%
IODO DE RECUPERACION DEL CAPITAL
VALOR A RECUPERAR RECUPERACIÓN
De acuerdo al establecimiento de l
observar que los indicadores sufririan u
-$48,000,000 $25,686,443.90 Presente Neto pasaria de ser de $75.94
-$22,313,556.10 $23,213,553.77 la tasa interna de retorno pasaria de
rentabilidad del $3,03 por otro lado de
observar que la recuperacion del capi
cual seria mas rapido que en el p

Máquina c

Valor a depreciar Depreciación Años

$15,000,000 $6,000,000 1
$9,000,000 $3,600,000 2
$5,400,000 $2,160,000 3
$3,240,000 $1,296,000 4
$1,944,000 $1,944,000 5
$b 15,000,000.00

1 AÑO
2 AÑO
 PASIVO + PATRIMONIO
$b 30,000,000.00 $b 48,000,000.00

$b 12,000,000.00

$b 20,000,000.00 DTF 8%
NABA 11.45%

11.45% NABA
IP 1.91% IPA BIMESTRAL ANTICIPADA
1.95% IPA BIMESTRAL VENCIDA
IN 11.67% NABV
12.26% EA
11.62% NAMV

8% EA
7.72% NAMV
19.34% NAMV
21.15% EA
1.61% MENSUAL
N 24
R $b 1,011,454
al establecimiento de la tasa de crecimiento en 4%, se puede
indicadores sufririan un incremento considerable, pues el Valor
asaria de ser de $75.940.463,94 a $97.408.758, del mismo modo
a de retorno pasaria del 63% al 71%, logrando así un indice de
$3,03 por otro lado de acuerdo al Payback descontado podemos
recuperacion del capital se lograria en un periodo de 2 años, lo
mas rapido que en el proyecto analizado con anterioridad.

Valor a depreciar Depreciación

$15,000,000 $6,000,000
$9,000,000 $3,600,000
$5,400,000 $2,160,000
$3,240,000 $1,296,000
$1,944,000 $1,944,000
$b 15,000,000.00

Tiempo Saldo Intereses

1 $20,000,000 $322,289
2 $19,310,836 $311,184
3 $18,610,566 $299,899
4 $17,899,012 $288,433
5 $17,175,992 $276,782
6 $16,441,320 $264,943
7 $15,694,810 $252,914
8 $14,936,270 $240,690
9 $14,165,506 $228,270
10 $13,382,322 $215,649
11 $12,586,518 $202,825
12 $11,777,889 $189,794
13 $10,956,230 $176,554
14 $10,121,330 $163,100
15 $9,272,977 $149,429

16 $8,410,952 $135,538
17 $7,535,037 $121,423
18 $6,645,006 $107,081
19 $5,740,633 $92,507
20 $4,821,687 $77,699
21 $3,887,932 $62,652
22 $2,939,131 $47,363
23 $1,975,040 $31,827
24 $995,413 $16,041
 EA Prestamo Bancolombia $b 5,000,000.00
IP
IN

L ANTICIPADA
L VENCIDA
N
R

TOTAL

MESES
Máquina d

Años Valor a depreciar Depreciación

1 $15,000,000 $6,000,000
2 $9,000,000 $3,600,000
3 $5,400,000 $2,160,000
4 $3,240,000 $1,296,000
5 $1,944,000 $1,944,000
$b 15,000,000.00

Cuota Abonos Saldo final

$1,011,454 $689,164 $19,310,836
$1,011,454 $700,270 $18,610,566
$1,011,454 $711,554 $17,899,012
1 AÑO
$1,011,454 $723,020 $17,175,992
$1,011,454 $734,672 $16,441,320
$1,011,454 $746,510 $15,694,810
$1,011,454 $758,540 $14,936,270
$1,011,454 $770,763 $14,165,506
$1,011,454 $783,184 $13,382,322
2 AÑO
$1,011,454 $795,805 $12,586,518
$1,011,454 $808,628 $11,777,889
$1,011,454 $821,659 $10,956,230
$1,011,454 $834,900 $10,121,330
$1,011,454 $848,354 $9,272,977

3 AÑO
$1,011,454 $862,024 $8,410,952
3 AÑO
$1,011,454 $875,916 $7,535,037
$1,011,454 $890,030 $6,645,006
$1,011,454 $904,373 $5,740,633
$1,011,454 $918,946 $4,821,687
$1,011,454 $933,755 $3,887,932
$1,011,454 $948,802 $2,939,131
$1,011,454 $964,091 $1,975,040
$1,011,454 $979,627 $995,413
$1,011,454 $995,413 $0
 11.5% NSMV Prestamo Banco B
1.92% MENSUAL VENCIDA IN
23.00% NAMV N
25.59% EA IN
23.22% NABV IP
3.87% IP BIMESTRAL
18 BIMESTRES IN1
$b 390,807 IN2
IN TOTAL

R
Activo fijo adicional

Años Valor a depreciar Depreciación

1 $b 10,000,000.00 $b 4,000,000.00
2 $b 6,000,000.00 $b 2,400,000.00
3 $b 3,600,000.00 $b 1,440,000.00
4 $b 2,160,000.00 $b 864,000.00
5 $b 1,296,000.00 $b 1,296,000.00
$b 10,000,000.00

Tiempo Saldo Intereses Cuota

1 $5,000,000 $193,503 $390,807
2 $4,802,697 $185,868 $390,807
3 $4,597,757 $177,936 $390,807
4 $4,384,887 $169,698 $390,807
5 $4,163,778 $161,141 $390,807
6 $3,934,112 $152,253 $390,807
7 $3,695,558 $143,021 $390,807
8 $3,447,772 $133,431 $390,807
9 $3,190,396 $123,471 $390,807
10 $2,923,060 $113,124 $390,807
11 $2,645,378 $102,378 $390,807
12 $2,356,949 $91,216 $390,807
13 $2,057,357 $79,621 $390,807
14 $1,746,172 $67,578 $390,807
15 $1,422,943 $55,069 $390,807

16 $1,087,205 $42,076 $390,807

17 $738,473 $28,579 $390,807
18 $376,246 $14,561 $390,807
 $b 5,000,000.00
INFLACION + 9,10% INFLACION 4.88% EA
4 AÑOS 24 BIMESTRES
9.10% NATV
2.28% TRIMESTRAL
9.42% EA
9.03% NAMV
4.77% NAMV
13.81% NAMV
14.71% EA
13.89% NABV
2.31% BIMESTRE VENCIDO
$b 273,859
 Abonos Saldo final Tiempo Saldo Intereses
$197,303 $4,802,697 1 $5,000,000 $115,712
$204,939 $4,597,757 2 $4,841,853 $112,052
$212,870 $4,384,887 3 $4,680,046 $108,307
1 AÑO
$221,109 $4,163,778 4 $4,514,494 $104,476
$229,666 $3,934,112 5 $4,345,111 $100,556
$238,554 $3,695,558 6 $4,171,808 $96,545
$247,786 $3,447,772 7 $3,994,495 $92,442
$257,376 $3,190,396 8 $3,813,078 $88,244
$267,336 $2,923,060 9 $3,627,463 $83,948
2 AÑO
$277,682 $2,645,378 10 $3,437,552 $79,553
$288,429 $2,356,949 11 $3,243,246 $75,056
$299,591 $2,057,357 12 $3,044,443 $70,456
$311,186 $1,746,172 13 $2,841,040 $65,748
$323,229 $1,422,943 14 $2,632,929 $60,932

3 AÑO
$335,738 $1,087,205 15 $2,420,003 $56,005
3 AÑO
$348,731 $738,473 16 $2,202,148 $50,963
$362,227 $376,246 17 $1,979,252 $45,805
$376,246 $0 18 $1,751,198 $40,527
19 $1,517,866 $35,127
20 $1,279,134 $29,602
21 $1,034,877 $23,949
4 AÑO
22 $784,968 $18,166
23 $529,275 $12,249
24 $267,665 $6,194
 Cuota Abonos Saldo final
$273,859 $158,147 $4,841,853
$273,859 $161,807 $4,680,046
$273,859 $165,552 $4,514,494
$273,859 $169,383 $4,345,111
$273,859 $173,303 $4,171,808
$273,859 $177,313 $3,994,495
$273,859 $181,417 $3,813,078
$273,859 $185,615 $3,627,463
$273,859 $189,911 $3,437,552
$273,859 $194,306 $3,243,246
$273,859 $198,803 $3,044,443
$273,859 $203,403 $2,841,040
$273,859 $208,111 $2,632,929
$273,859 $212,927 $2,420,003
$273,859 $217,854 $2,202,148

$273,859 $222,896 $1,979,252

$273,859 $228,054 $1,751,198
$273,859 $233,332 $1,517,866
$273,859 $238,732 $1,279,134
$273,859 $244,257 $1,034,877
$273,859 $249,909 $784,968
$273,859 $255,693 $529,275
$273,859 $261,610 $267,665
$273,859 $267,665 $0
prestamo a 10,000,000.00 10.45% NATV
8% EA DTF

10.45% NATV
IP 2.61% TRIMESTRAL VENCIDO
10.87% EA
IN1 10.36% NAMV
IN2 7.72% NAMV
IN TOTAL 18.08% NAMV
19.66% EA
18.78% NASV
9.39% SEMESTRAL VENCIDO

N 2 AÑOS 4 SEMESTRES

R $b 3,113,017.34
Prestamo b 20,000,000.00 13.50% NSMV
IP 2.25% MENSUAL VENCIDA
IN 27.00% NAMV
30.60% EA
27.92% NACV
9.31% CUATRIMESTRAL VENCIDO

N 1 AÑO 3 CUATRIMESTRES

R $b 7,944,549.69