Está en la página 1de 62

Mat.

Fin
Comprador - Vendedor
Situación 01 = Situacion 02
Inversiones = Gastos de Mantenimiento

Gastos mantenimiento
gastos Mtto 5Mes 8,000,000.00

interes NA/TV 8.4300% 4.00


interes NA/MV 10.7900% 12.00

fecha focal Mes 00 VP(Gtto) = VP(Q03..Q43)*(1+0,69%)^2

VP Q03…Q43 61,608,162.43
VP Q48…Inf 130,130,871.76
VP gttos Mantto Mes 00 $ 191,739,034.19

Inversiones
Inver 3Mes 1.00 X

Fecha Focal Mes 00 VP(Gttos) =VP(T04..T43)*(1+0,69%)^-1

VP T04…T43 11.9319182 X
VP T46…T inf 27.3558290 X
39.2877472 X

191,739,034.19 ´=

Inversion 3Mes X $ 4,880,377.42


>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
GRADIENTES
1 83,600.00
2 89,100.00
3 94,600.00
4 100,100.00
5 105,600.00
6 111,100.00
7 116,600.00
8 122,100.00
9 127,600.00
10 133,100.00
11 138,600.00
12 144,100.00
gradiente g 5,500.00

1 83,600.00 ´+
2 83,600.00 ´+
3 83,600.00 ´+
4 83,600.00 ´+
5 83,600.00 ´+
6 83,600.00 ´+
7 83,600.00 ´+
8 83,600.00 ´+
9 83,600.00 ´+
10 83,600.00 ´+
11 83,600.00 ´+
12 83,600.00 ´+
VP Gradienta Lineal VP GA = A* (1- (1+i)^-n)/i + g/i * ((1- (

VF Gradiente Lineal VF GA = A * ((1+i)^n-1)/i + g/i * (((1+i)

VP Gradiente Geométrico VP GG = A / ( i - k ) * ( 1 - (( 1 + k ) / ( 1

VF Gradiente Geométrico VF GG = A / ( i - k ) * (( 1+ i )^n - ( 1 + k

VP Gradiente Geométrico VP GGI = A * n / ( 1 + i )


cuando i = k
VF Gradiente Geométrico VF GGI = A * n * ( 1 + i ) ^ ( n - 1 )
cuando i = k
Reglas de VP
i : es la tasa de interes del periodo d
n : número de cuotas o pagos ( es n
VP : da un periodo antes de primera c
A : Es valor de la cuota base o prime
La tasa de interes siempre debe s

Reglas de VF
i es la tasa de interes del periodo d
n numero de cuotas o pagos (es num
VF da exacto donde esta ubicada la
A : Es valor de la cuota base o prime
La tasa de interes siempre debe ser v
Mantenimiento

3.00 43.00 9.00


48.00 Inf Inf
EA 5MV 3MV 1MV
8.700257% 3.537118% 2.107500% 0.697622%
11.339932% 4.577414% 2.721828% 0.899167%

43)*(1+0,69%)^2 + VP(Q48..Inf)*(1+0,89%)^2*(1+0,69%)^-45

VP = A / i

4.00 43.00 14.00


46.00 Inf Inf

43)*(1+0,69%)^-1 +VP(T46..T inf)*(1+0,89%)^2*(1+0,69%)^-45

39.287747 X
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
C(n+1)-C(n)

5,500.00
5,500.00
5,500.00
5,500.00
5,500.00
5,500.00
5,500.00
5,500.00
5,500.00
5,500.00
5,500.00

0.00 A
5,500.00 1g A + 1g
11,000.00 2g A + 2g
16,500.00 3g A + 3g
22,000.00 4g A + 4g
27,500.00 5g A + 5g
33,000.00 6g A + 6g
38,500.00 7g A + 7g
44,000.00 8g A + 8g
49,500.00 9g A + 9g
55,000.00 10g A + 10g
60,500.00 11g A + 11g
-n)/i + g/i * ((1- (1+i)^-n)/i - n*(1+i)^-n)

1)/i + g/i * (((1+i)^n-1)/i - n)

1 - (( 1 + k ) / ( 1 + i )) ^n)
SSS i dif k
( 1+ i )^n - ( 1 + k )^n)

SSS i = k
i)^(n-1)

res del periodo de las cuotas


s o pagos ( es número entero )
ntes de primera cuota
ota base o primera cuota del gradiente
s siempre debe ser vencido

es del periodo de las cuotas


s o pagos (es numero entero )
esta ubicada la última cuota
ota base o primera cuota del gradiente
empre debe ser vencido
MatFin

Cuota n Gradiente Lineal Cn(GL) = A + (n-1)*g

para n perpetuidad VP(GL) = A / i + g / i^2

ccccccccccccccccccccccccccccccccccccccccccccccccccccccc

Gradiente Geometrico
Gradiente Exponencial 1 1,800,000.00
Gradiente porcentual 2 1,908,000.00
3 2,022,480.00
4 2,143,828.80
5 2,272,458.53
6 2,408,806.04
7 2,553,334.40
8 2,706,534.47
9 2,868,926.53
10 3,041,062.13
11 3,223,525.85
12 3,416,937.41

Cuota n Gradiente geometrico Cn(GG) = A*(1+k)^(n-1)

para n perpetuidad VP(GG) = A/(i-k)


xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
E1
Primer pago mes 6 2,800,000.00

0.00 6.00
6.00
Variaciones % 1.200%
Numero de cuotas 46.00
EA+C31C30:D35C
Interes NA/MV 12.00 21.8400%

Fecha focal mes 00 VPActivo) = VP(M06..M51)*(1+1,82%)^

Pago Mes 06 M6 2,800,000.00


M52 = M51*(1-0,7%)
M51 = M6*(1+1,2%)^45
Pago Mes 52 M52 4,755,874.03

VP M06..,M51 101,079,029.38
VP M52..,M81 39,754,327.38
Valor Activo Mes 00 $ 140,833,356.76
nnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn
E2
Prestamo 120,000,000.00

0.00
4.00
Varuaciones % 0.800%
Numero de cuotas 24.00

EA
Interes NA/MV 24.99% 28.060611%

VP(Prestamo) = VP(M04..M27)*(1+2,08%)^-3 + VP(M28..M45)*(1+

Valor Mes O4 M04 1.00000000


M28 = M27*(1-0,5%)
M27 = M04*(1+0,8%)^23
Valor Mes 28 M28 1.19513047

VP M04…M27 19.183336749
VP M28…M45 9.801497675
28.984834424

Valor Pago Mes 04 X $ 4,140,096.10


uuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu
(n-1)*g

i + g / i^2

cccccccccccccccccccccccccccccc

C(n+1)/C(n)-1

6.00%
6.00%
6.00% Variacion = k
6.00%
6.00%
6.00% lin Geom
6.00% 100.00 100.00
6.00% 20.00% 120.00 120.00
6.00% 16.67% 140.00 144.00
6.00% 14.29% 160.00 172.80
6.00% 12.50% 180.00 207.36
11.11% 200.00 248.83

*(1+k)^(n-1)

SSS i>k
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

51.00
51.00 52.00 81.00
-0.700%
30.00
A+C31C30:D35C4C35:D37
MV
24.164405% 1.820000%

M51)*(1+1,82%)^-5 + VP(M52..M81)*(1+1,82%)^-51

1,2%)^45 4,789,399.83

El Valor……….
nnnnnnnnnnnnnnnnnnnnn

27.00 45.00
27.00 28.00 45.00
-0.500%
18.00

MV
2.08250%

VP(M28..M45)*(1+2,08%)^-27

X
+0,8%)^23 1.2011362 X
X

X
X
X

El prest…………
20.00%
20.00%
20.00%
20.00%
20.00%

81.00
MatFin

Cuota Inicial Mes 00 2,800,000.00

interes NA/2Mant 6.00 5.8300%


interes NA/4MVdo 3.00 9.1800%

Ahorro mes 04 1.00

Incremento % 0.80%

Saldo Cuenta Mes 72 125,000,000.00

0 4
4.00

Fecha focal mes 72 Saldo Cuenta Ahorro = Val Futur

125.000.000 = VF(Cta..Inc)*(1+0,48%)^24*(
+ VF(M4..M24)*(1+0,75%)^48
+ VF(M25..M66)*(1+0,75%)^6

M4 1.00
M25 M25 = M4*(1+0,8%)^21

M25 = M24*(1+0,8%)
M24 = M4*(1+0,8%)^20

VF Cta inic 4,519,871.11


VF M04…M24 34.29136328
VF M25…M66 71.38213217
105.67349545

125.000.000 = 4.519.871,11 +34,29X + 71,38X

125,000,000.00

120,480,128.89

Val Ahorro Mes 4 X $ 1,140,116.81


bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

Saldo Cta ahorro mes 39 Saldo Cuenta Ahorro = Val Futur

Fecha focal Mes 39 VF(Cta inc)*(1+0,48%)^24*(1+0,75%


VF(M04..M24)*(1+0,75%)^15 +
VF(M25..M39)

Cta Inic 2,800,000.00


M4 1,140,116.81
M25 1,347,784.71

VF Cta inic 3,524,783.21


VF M04…M24 30,488,809.16
VF M25…M39 22,534,296.78
Saldo Cta Mes 39 $ 56,547,889.15
Retiro Cta Mes 39 $ 22,619,155.66
Nuevo saldo mes 39 $ 33,928,733.49

Para Nueva Cuota Saldo Cuenta Ahorro = Val Futur


cta Inicial = Nuevo Saldo
Fecha Focal Mes 72 125.000.000 = VF (Nvo saldo)*(1+0
+ VF(M40..M66)*(1+0,7

M40

VF Nuevo saldo 43,507,215.40


VF M40..M66 34.55662389

125,000,000.00

81,492,784.60

Nueva Cuota mes 40 Y $ 2,358,239.19

Tabla de Capitalización
Per Ahorro Mes
0 2,800,000.00
1 0.00
2 0.00
3 0.00
4 1,140,116.81
5 1,149,237.75
6 1,158,431.65
7 1,167,699.10
8 1,177,040.70
9 1,186,457.02
10 1,195,948.68
11 1,205,516.27
12 1,215,160.40
13 1,224,881.68
14 1,234,680.73
15 1,244,558.18
16 1,254,514.65
17 1,264,550.76
18 1,274,667.17
19 1,284,864.51
20 1,295,143.42
21 1,305,504.57
22 1,315,948.61
23 1,326,476.19
24 1,337,088.00
25 1,347,784.71
26 1,358,566.99
27 1,369,435.52
28 1,380,391.01
29 1,391,434.13
30 1,402,565.61
31 1,413,786.13
32 1,425,096.42
33 1,436,497.19
34 1,447,989.17
35 1,459,573.08
36 1,471,249.67
37 1,483,019.67
38 1,494,883.82
39 1,506,842.89
40 1,518,897.64
41 1,531,048.82
42 1,543,297.21
43 1,555,643.59
44 1,568,088.73
45 1,580,633.44
46 1,593,278.51
47 1,606,024.74
48 1,618,872.94
49 1,631,823.92
50 1,644,878.51
51 1,658,037.54
52 1,671,301.84
53 1,684,672.26
54 1,698,149.63
55 1,711,734.83
56 1,725,428.71
57 1,739,232.14
58 1,753,146.00
59 1,767,171.16
60 1,781,308.53
61 1,795,559.00
62 1,809,923.47
63 1,824,402.86
64 1,838,998.08
65 1,853,710.07
66 1,868,539.75
67 0.00
68 0.00
69 0.00
70 0.00
71 0.00
72 0.00
EA MV
6.0335205% 0.4894028%
9.4637733% 0.7563751%

X 4.00 24.00 21.00


25.00 66.00 42.00

24
24.00 25.00

a Ahorro = Val Futuro de Ahorros

a..Inc)*(1+0,48%)^24*(1+0,75%)^48
..M24)*(1+0,75%)^48
5..M66)*(1+0,75%)^6

X
+0,8%)^21 1.1821462 X

1+0,8%)
+0,8%)^20

X
X
X

´= 4,519,871.11 ¨+ 105.67

´0 105.67350 X

bbbbbbbbbbbbb

a Ahorro = Val Futuro de Ahorros M00…M39

1+0,48%)^24*(1+0,75%)^15 +
4)*(1+0,75%)^15 +

25.00 39.00 15.00

40.00%

a Ahorro = Val Futuro de Ahorros M39…M72


33,928,733.49
= VF (Nvo saldo)*(1+0,75%)^33
+ VF(M40..M66)*(1+0,75%)^6

n 40.00 66.00
1.00 Y

43,507,215.40 34.55662389 Y

34.5566239 Y

Interes Abo.Capital Saldo


2,800,000.00
13,703.28 13,703.28 2,813,703.28
13,770.34 13,770.34 2,827,473.62
13,837.73 13,837.73 2,841,311.35
13,905.46 1,154,022.27 3,995,333.62
19,553.27 1,168,791.02 5,164,124.64
25,273.37 1,183,705.02 6,347,829.66
31,066.45 1,198,765.56 7,546,595.22
36,933.25 1,213,973.94 8,760,569.16
42,874.47 1,229,331.49 9,989,900.65
48,890.85 1,244,839.53 11,234,740.17
54,983.13 1,260,499.40 12,495,239.57
61,152.05 1,276,312.44 13,771,552.01
67,398.36 1,292,280.04 15,063,832.05
73,722.81 1,308,403.54 16,372,235.59
80,126.17 1,324,684.35 17,696,919.94
86,609.21 1,341,123.86 19,038,043.80
93,172.71 1,357,723.47 20,395,767.28
99,817.45 1,374,484.62 21,770,251.89
106,544.21 1,391,408.72 23,161,660.61
113,353.81 1,408,497.23 24,570,157.84
120,247.03 1,425,751.60 25,995,909.44
127,224.70 1,443,173.30 27,439,082.74
134,287.63 1,460,763.82 28,899,846.57
141,436.65 1,478,524.65 30,378,371.22
229,774.43 1,577,559.14 31,955,930.36
241,706.70 1,600,273.68 33,556,204.04
253,810.77 1,623,246.29 35,179,450.34
266,088.60 1,646,479.61 36,825,929.94
278,542.16 1,669,976.30 38,495,906.24
291,173.45 1,693,739.05 40,189,645.29
303,984.47 1,717,770.60 41,907,415.89
316,977.26 1,742,073.68 43,649,489.57
330,153.87 1,766,651.06 45,416,140.63
343,516.38 1,791,505.55 47,207,646.18
357,066.88 1,816,639.96 49,024,286.14
370,807.49 1,842,057.16 50,866,343.30
384,740.35 1,867,760.02 52,734,103.32
398,867.62 1,893,751.45 54,627,854.77
413,191.49 1,920,034.38 56,547,889.15
427,714.15 1,946,611.79 58,494,500.94
442,437.84 1,973,486.66 60,467,987.59
457,364.80 2,000,662.01 62,468,649.60
472,497.31 2,028,140.89 64,496,790.49
487,837.66 2,055,926.40 66,552,716.89
503,388.18 2,084,021.62 68,636,738.51
519,151.20 2,112,429.71 70,749,168.22
535,129.09 2,141,153.83 72,890,322.05
551,324.24 2,170,197.18 75,060,519.23
567,739.07 2,199,563.00 77,260,082.23
584,376.02 2,229,254.53 79,489,336.76
601,237.55 2,259,275.09 81,748,611.85
618,326.14 2,289,627.98 84,038,239.83
635,644.32 2,320,316.57 86,358,556.40
653,194.61 2,351,344.25 88,709,900.65
670,979.60 2,382,714.43 91,092,615.08
689,001.86 2,414,430.56 93,507,045.64
707,264.01 2,446,496.15 95,953,541.79
725,768.69 2,478,914.69 98,432,456.48
744,518.59 2,511,689.75 100,944,146.23
763,516.38 2,544,824.92 103,488,971.15
782,764.81 2,578,323.81 106,067,294.95
802,266.60 2,612,190.08 108,679,485.03
822,024.56 2,646,427.42 111,325,912.45
842,041.48 2,681,039.56 114,006,952.02
862,320.19 2,716,030.26 116,722,982.28
882,863.57 2,751,403.32 119,474,385.60
903,674.50 903,674.50 120,378,060.10
910,509.67 910,509.67 121,288,569.77
917,396.54 917,396.54 122,205,966.30
924,335.50 924,335.50 123,130,301.80
931,326.94 931,326.94 124,061,628.74
938,371.26 938,371.26 125,000,000.00
66 72
66.00
X
27.00
Mate Fin

Prestamo 180,000,000.00

Pago 1 mes 1.20% 1.00


-0.70%

Pago 3 mes 1.40

Interes NA/8M.Vdo 1.50 21.9600%

K adicional = (1+Kmes)^n-1
K 3mes + = (1+1,2%)^3-1 3.643373%
K 3mes - = (1 - 0,7%)^3-1 -2.085334%

fecha Focal Mes 00 VP(Prestamo) = PGG(M2..M33)*(1+


PGG(T05..T32)*(1+1,7%)^-2
Cn(GG) = A*(1+K) ^(n-1)
M2
M34 M34 = M33*(1-0,7%)
M33 = M2*(1+1,2)^31

T05 T05 = 1,4*M05


M05 = M02*(1+1,2%)^3
T35 T35 = 1,4*M35
T35 M35 = M34*(1-0,7%)^1

VP M02…M33 28.585174996
VP M34…M60 16.153827703
VP T05..T32 12.439962814
VP T35..T59 7.536993315
64.715958828

180,000,000.00

Valor cuota M02 X $ 2,781,385.04


ccccccccccccccccccccccccccccccccccccccccccccccccccc

a.SALDO CUENTA M45 VP de lo NO pagado M46…M60


Fecha focal Mes 45
Saldo M45 = PGG(M46..M60) + PGG(T47..

M46 M46 = M34*(1-0,7%)^12

T47 T47 = M47*1,4


M47=M46*(1-0,7%)
M47 = M34*(1-0,7%)^13

b.Calcular nueva cuota

Variación proporcional =
X 2.00 33.00 32.00
34.00 60.00 27.00

5.00 32.00 10.00


35.00 59.00 9.00
EA 1MV 3MV
22.745129% 1.722499% 5.257019%

-2.085334%

GG(M2..M33)*(1+1,7%)^-1 +PGG(M34..M60)*(1+1,7%)^-33 +
T32)*(1+1,7%)^-2 + PGG(T35..T59)*(1+1,7%)^-32

1.000000 X
1.437292 X
1.44742439

1.451007 X 5.00
1.036434 8.00
1.998124 X 11.00
1.427231 14.00
17.00
X 20.00
X 23.00
X 26.00
X 29.00
X 32.00
35.00
´= 64.71596 X 38.00
41.00
44.00
ccccccccccc 47.00
50.00
do M46…M60 53.00
56.00
60) + PGG(T47..T59)*(1+1,7%)^1 59.00
Número de cuotas
1.321101 $ 3,674,491.38 46.00 60.00
47.00 59.00
$ 5,108,277.92
3,648,769.94

Y46 / X46 -1
de cuotas
15.00
5.00
Mate Fin HQ

Prestamo 175,000,000.00

Pagos Mensual 1.20% 1.00


-0.80%

Pago 4Mes 1.60

Interes NA/4Mant 3.00 22.5900%

K adicional = (1+ Kmes)^n-1


K 4Mes + 4.887093%
K 4Mes - -3.161804%

Prestamo = Pagos
Fecha Focal mes 00 VP(Prest) = VPGG(M03..M33)*(1+1,9%)
+ VPGG(C08..C32)*(1+1,9%)^-4 + VP
Cn(GG) = A*(1+k)^(n-1)
M03
M34 M34 = M33*(1-0,8%)
M33 = M3*(1+1,2%)^30

C08 C08 = 1,6*M08


M08 = M3*(1+1,2%)^5

C36 C36 = 1,6*M36


M36 = M34*(1-0,8%)^2

VP M03…M33 26.12687828
VP M34…M75 18.38522959
VP C08…C32 9.29185689
VP C36…C36 7.06175460
60.86571936

175,000,000.00

val Pago mes 03 X $ 2,875,181.66

Tabla de Amortizacion

Per Pago Mes


0
1 0.00
2 0.00
3 2,875,181.66
4 2,909,683.84
5 2,944,600.05
6 2,979,935.25
7 3,015,694.47
8 3,051,882.80
9 3,088,505.40
10 3,125,567.46
11 3,163,074.27
12 3,201,031.16
13 3,239,443.54
14 3,278,316.86
15 3,317,656.66
16 3,357,468.54
17 3,397,758.16
18 3,438,531.26
19 3,479,793.64
20 3,521,551.16
21 3,563,809.77
22 3,606,575.49
23 3,649,854.40
24 3,693,652.65
25 3,737,976.48
26 3,782,832.20
27 3,828,226.19
28 3,874,164.90
29 3,920,654.88
30 3,967,702.74
31 4,015,315.17
32 4,063,498.95
33 4,112,260.94
34 4,079,362.85
35 4,046,727.95
36 4,014,354.13
37 3,982,239.29
38 3,950,381.38
39 3,918,778.33
40 3,887,428.10
41 3,856,328.68
42 3,825,478.05
43 3,794,874.22
44 3,764,515.23
45 3,734,399.11
46 3,704,523.91
47 3,674,887.72
48 3,645,488.62
49 3,616,324.71
50 3,587,394.11
51 3,558,694.96
52 3,530,225.40
53 3,501,983.60
54 3,473,967.73
55 3,446,175.99
56 3,418,606.58
57 3,391,257.73
58 3,364,127.66
59 3,337,214.64
60 3,310,516.93
61 3,284,032.79
62 3,257,760.53
63 3,231,698.44
64 3,205,844.86
65 3,180,198.10
66 3,154,756.51
67 3,129,518.46
68 3,104,482.31
69 3,079,646.45
70 3,055,009.28
71 3,030,569.21
72 3,006,324.66
73 2,982,274.06
74 2,958,415.87
75 2,934,748.54
X 3.00 33.00
34.00 75.00

X 8.00 32.00
36.00 72.00
EA 1MV 4MV
26.472885% 1.976426% 8.143182%

K4+
K4-

(M03..M33)*(1+1,9%)^-2 +VPGG(M34..M75)*(1+1,9%)^-33
2)*(1+1,9%)^-4 + VPGG(C36..C72)*(1+1,9%)^-32

1.0000000 X
1.4188192 X
1.430261

1.6983318 X
1.061457

2.233934 X
1.396209

X
X
X
X
X

´= 60.865719 X

Pago 4Mes Pago Total Interes

0.00 0.00 3,458,744.90


0.00 0.00 3,527,104.43
0.00 2,875,181.66 3,596,815.02
0.00 2,909,683.84 3,611,077.57
0.00 2,944,600.05 3,624,940.10
0.00 2,979,935.25 3,638,386.51
0.00 3,015,694.47 3,651,400.31
4,883,012.48 7,934,895.29 3,663,964.56
0.00 3,088,505.40 3,579,552.79
0.00 3,125,567.46 3,589,257.98
0.00 3,163,074.27 3,598,422.48
5,121,649.86 8,322,681.02 3,607,026.81
0.00 3,239,443.54 3,513,825.41
0.00 3,278,316.86 3,519,248.37
0.00 3,317,656.66 3,524,010.20
5,371,949.66 8,729,418.21 3,528,088.62
0.00 3,397,758.16 3,425,288.21
0.00 3,438,531.26 3,425,832.32
0.00 3,479,793.64 3,425,581.34
5,634,481.86 9,156,033.01 3,424,509.87
0.00 3,563,809.77 3,311,230.58
0.00 3,606,575.49 3,306,238.54
0.00 3,649,854.40 3,300,302.60
5,909,844.24 9,603,496.89 3,293,393.97
0.00 3,737,976.48 3,168,679.47
0.00 3,782,832.20 3,157,427.74
0.00 3,828,226.19 3,145,067.09
6,198,663.84 10,072,828.74 3,131,564.96
0.00 3,920,654.88 2,994,376.04
0.00 3,967,702.74 2,976,068.83
0.00 4,015,315.17 2,956,469.92
6,501,598.32 10,565,097.27 2,935,542.63
0.00 4,112,260.94 2,784,750.15
0.00 4,079,362.85 2,758,512.89
0.00 4,046,727.95 2,732,407.27
6,422,966.60 10,437,320.73 2,706,430.70
0.00 3,982,239.29 2,553,635.41
0.00 3,950,381.38 2,525,400.11
0.00 3,918,778.33 2,497,236.42
6,219,884.96 10,107,313.06 2,469,140.70
0.00 3,856,328.68 2,318,177.90
0.00 3,825,478.05 2,287,777.49
0.00 3,794,874.22 2,257,385.99
6,023,224.36 9,787,739.59 2,226,998.67
0.00 3,734,399.11 2,077,566.25
0.00 3,704,523.91 2,044,820.18
0.00 3,674,887.72 2,012,017.37
5,832,781.79 9,478,270.41 1,979,151.97
0.00 3,616,324.71 1,830,937.47
0.00 3,587,394.11 1,795,650.62
0.00 3,558,694.96 1,760,238.14
5,648,360.64 9,178,586.04 1,724,692.98
0.00 3,501,983.60 1,577,372.33
0.00 3,473,967.73 1,539,333.81
0.00 3,446,175.99 1,501,097.21
5,469,770.53 8,888,377.11 1,462,654.18
0.00 3,391,257.73 1,315,890.28
0.00 3,364,127.66 1,274,872.19
0.00 3,337,214.64 1,233,579.61
5,296,827.08 8,607,344.01 1,192,002.83
0.00 3,284,032.79 1,045,444.12
0.00 3,257,760.53 1,001,200.08
0.00 3,231,698.44 956,600.84
5,129,351.77 8,335,196.63 911,635.23
0.00 3,180,198.10 764,914.05
0.00 3,154,756.51 717,177.76
0.00 3,129,518.46 669,000.83
4,967,171.70 8,071,654.01 620,370.53
0.00 3,079,646.45 473,101.45
0.00 3,055,009.28 421,585.02
0.00 3,030,569.21 369,537.35
4,810,119.45 7,816,444.10 316,944.03
0.00 2,982,274.06 168,721.99
0.00 2,958,415.87 113,114.22
0.00 2,934,748.54 56,878.95
31.00
42.00

7.00
10.00

1,9%)^-33
Abo.Capit Saldo
175,000,000.00
-3,458,744.90 178,458,744.90
-3,527,104.43 181,985,849.33
-721,633.36 182,707,482.69
-701,393.73 183,408,876.42
-680,340.05 184,089,216.47
-658,451.26 184,747,667.74
-635,705.84 185,383,373.58
4,270,930.72 181,112,442.86
-491,047.40 181,603,490.26
-463,690.52 182,067,180.78
-435,348.21 182,502,528.98
4,715,654.21 177,786,874.78
-274,381.88 178,061,256.65
-240,931.51 178,302,188.16
-206,353.54 178,508,541.70
5,201,329.58 173,307,212.12
-27,530.05 173,334,742.16
12,698.94 173,322,043.22
54,212.30 173,267,830.92
5,731,523.14 167,536,307.78
252,579.20 167,283,728.58
300,336.95 166,983,391.63
349,551.80 166,633,839.83
6,310,102.92 160,323,736.91
569,297.01 159,754,439.90
625,404.46 159,129,035.45
683,159.10 158,445,876.35
6,941,263.78 151,504,612.57
926,278.84 150,578,333.73
991,633.91 149,586,699.82
1,058,845.25 148,527,854.56
7,629,554.65 140,898,299.92
1,327,510.79 139,570,789.13
1,320,849.96 138,249,939.17
1,314,320.68 136,935,618.49
7,730,890.02 129,204,728.47
1,428,603.89 127,776,124.58
1,424,981.26 126,351,143.32
1,421,541.91 124,929,601.41
7,638,172.36 117,291,429.05
1,538,150.78 115,753,278.27
1,537,700.55 114,215,577.72
1,537,488.24 112,678,089.48
7,560,740.92 105,117,348.56
1,656,832.86 103,460,515.71
1,659,703.73 101,800,811.97
1,662,870.35 100,137,941.62
7,499,118.44 92,638,823.18
1,785,387.24 90,853,435.94
1,791,743.49 89,061,692.45
1,798,456.82 87,263,235.63
7,453,893.06 79,809,342.57
1,924,611.27 77,884,731.30
1,934,633.91 75,950,097.38
1,945,078.77 74,005,018.61
7,425,722.93 66,579,295.68
2,075,367.44 64,503,928.24
2,089,255.48 62,414,672.76
2,103,635.04 60,311,037.73
7,415,341.18 52,895,696.54
2,238,588.67 50,657,107.87
2,256,560.45 48,400,547.42
2,275,097.61 46,125,449.82
7,423,561.40 38,701,888.41
2,415,284.04 36,286,604.37
2,437,578.75 33,849,025.62
2,460,517.63 31,388,507.98
7,451,283.49 23,937,224.49
2,606,545.01 21,330,679.49
2,633,424.26 18,697,255.22
2,661,031.86 16,036,223.37
7,499,500.07 8,536,723.30
2,813,552.07 5,723,171.23
2,845,301.64 2,877,869.59
2,877,869.59 0.00
Mate Fin
El presupuesto para la ejecución de una obra indica que se debe pagar
que decrecen mes a mes en 0,8% desde el quinto mes hasta dos años y
durante 4 años y un trimestre, el primer pago mensual es de $4.800.000
los 2 años y un trimestre iniciales y a continuación del 30,18% causació
presentaron cambios; La cuota inicial es del 15%, el plazo de la obra se
efectivos anuales de financiamiento se redujeron cada uno en 20%, la fr
del nuevo plazo, los pagos son mensuales a partir del segundo año y se
Se necesita saber el valor de las cuotas de pago para ejecutar la obra.

Situacion 01 = Situacion 02

Presupuesto Inicial Situacion 01

Cuota Inicial 30.00%


Pagos Mes 05 -0.80% 4,800,000.00
1.30%

Frontera Mes 27 27.00


interes NA/4MV 3.00 21.6300%
interes NA/2MV 6.00 30.1800%

Fecha Focal mes 00 Valor total presupuesto = Valor t


VP(Presupuesto) = VP(Cuota Inicia
VPGG(M28..M78

M5
M28 M28 = M27*(1+1,3%)
M27 = M5*(1-0,8%)^22

VP M05…M27 77,592,698.14
VP M28…M78 96,180,677.17
173,773,375.31
X =
0.70

VP Presupuesto X $ 248,247,679.01

Presupuesto ejecucion Situacion 02


VP Obra $ 248,247,679.01
Cuota Inicial $ 37,237,151.85

Reduccion Interes EA 20.00%

Nuevo Plazo 108.00


Nueva Frontera 54.00

Pagos Mensual 0.90% 1.00

Fecha Focal mes 00 Valor total presupuesto = Valor total pag


VP(Obra) = VP(Cuota Inicial) + VPGG(M13.
VPGG(M55..M108)*(1+1

M13
M55 M55 = M13*(1+0,9%)^42

VP M13…M54 31.424117643
VP M55…M108 27.010184121
58.434301764

248,247,679.01
211,010,527.16

Valor Pago Mes 13 Y $ 3,611,072.96


e se debe pagar una cuota inicial del 30%, pagar cuotas mensuales
hasta dos años y un trimestre y luego incrementan 1,3% mes a mes
es de $4.800.000 y el interes es de 21,63% causación 4 meses para
30,18% causación bimestral. Al momento de ejecutar la obra se
lazo de la obra se amplio en 2 años y dos trimestres, los costos
uno en 20%, la frontera o cambio de interes se presenta en la mitad
segundo año y se incrementan mes a mes en 0,9%
jecutar la obra.

Situacion 02

5.00 27.00 23.00


28.00 78.00 51.00

Mes EA 1MV
23.227004% 1.755718%
34.239459% 2.484145%

esto = Valor total pagos


VP(Cuota Inicial) + VPGG(M05..M27)*(1+1,75%)^-4 +
VPGG(M28..M78)*(1+1,75%)^-27

4,800,000.00
4,074,811.00
4,022,518.26
30%X 173,773,375.31
´= 173,773,375.31

15.00%
EA 1MV
18.581603% 1.430393%
27.391567% 2.037950%
30.00 meses

Y 13.00 54.00 42.00


55.00 108.00 54.00

Valor total pagos


l) + VPGG(M13..M54)*(1+1,43%)^-12 +
55..M108)*(1+1,43%)^-54

1.0000000 Y
1.4568974 Y

Y
Y
Y

37,237,151.85 58.4343018 Y
´= 58.4343018 Y
ensuales
es a mes
es para
a obra se

la mitad
Mate Fin

Gradientes Lineales
g (adicional) = N*n*g mes

Ej: Cuotas mensuales que se incrementan mes a


cuotas adicionales cada 4 meses equivalente
N = 1,5

g para 4 meses = 1,5*4*80.000 = $ 480.000.

ccccccccccccccccccccccccccccccccccccccccccccccccccccccc

Cuota Inicial 25.00%


Pago Mes 0.900% 980,000.00
-0.500%

Pago 3Mes 1.60

Interes NA/4m.ant 3.00 18.5400%


Interes NA/7M.vdo 1.71 24.7200%

K+ 2.724373%
K- -1.492513%

Fecha Focal Mes 00 VP(activo) X = 25%X + VPGG(M03.


M03
M40 M3*(1+0,9%)^37
M52 M51*(1-0,5%)^1
M51 M40*(1+0,9%)^11
M51 M3*(1+0,9%)^48
T08 M8*1,6
M08 M3*(1+0,9%)^5
T41 M41*1,6
M41 M40*(1+0,9%)^1
M41 M3*(1+0,9%)^38
T53 M53*1,6
M53 M52*(1-0,5%)^1

bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
EVALUACION DE PROYECTOS DE INVERSIÓN
Fases
Estudio del Proyecto Formulacion
Evaluación

Gestion y ejecucion
donde N el factor relat
n es número d
que se incrementan mes a mes en $80.000 y
cada 4 meses equivalentes a 1,5 veces la cuota mensual correspondien
n = 4 meses

5*4*80.000 = $ 480.000.
g 5mes = 1,5*5*

ccccccccccccccccccccccccccccccccccccccc

3.00 39.00 37.00


40.00 51.00 12.00
52.00 90.00 39.00

8.00 38.00 11.00


41.00 50.00 4.00
53.00 89.00 13.00

EA 1MV 3MV
21.091515% 1.607588% 4.900710%
25.976357% 1.943002% 5.942999%

X = 25%X + VPGG(M03..M39)*(1+1,6%)^-2 *
VPGG(M40..M51)*(1+1,6%)^-39 +
VPGG(M52..M90)*(1+1,94%)^-12*(1+1,6%)^-39 +
VPGG(T08..T38)*(1+1,6%)^-5 +
VPGG(T41..T50)*(1+1,94%)^1*(1+1,6%)^-39+
VPGG(T53..T89)*(1+1,94%)^-11*(1+1,6%)^-39+

980,000.00
1,365,209.26
1,499,081.12
%)^11
1,506,614.20
1,639,841.56
1,024,900.98
2,203,993.83

1,377,496.15
2,386,537.15
1,491,585.72

bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
NVERSIÓN

Contextualizar. Ubicación del proyecto en el medio. Analizar "n


Estudio de mercados: producto; demanda; Competencia; Preci
Estudio de mercados de los insumos
Estudio Tecnico: Localización; capacidad Instalada, Tecnología
Estudio de ingenieria: Diseño final del producto, Procesos: Req
Estructura organización , Estructura Legal
Estudio Financiero: Valor de la Inversion, Financiamiento, Pres
Estados Financieros proyectados
Financiera, evaluacion Interna
Economica y social, Evaluación externa. Impacto en el entorno
Ecologica o ambiental

ejecucion
N el factor relativo a la cuota mes y
n es número de meses
y
correspondiente.
g mes = $80.000

5mes = 1,5*5*80.000 = $600.000


o. Analizar "normas". DOFA. Ventajas y limitacines
etencia; Precios, comercializacion

da, Tecnología
Procesos: Requerimientos (materiales, mo, maq); Gestion Operacional
a Legal
amiento, Presupuestos de Ingresos y egresos
o en el entorno
estion Operacional

También podría gustarte