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SERV. DEUDA EN B 0 1 2 3 4 5
Deuda= S/100,000 Tasa= 8.00% Periodo= 4 De gracia= 0
Saldo Saldo t-Amort S/100,000 S/77,808 S/53,840 S/27,956 S/0
Amortizacion Pago-it S/22,192 S/23,967 S/25,885 S/27,956
Interes Saldo*i S/8,000 S/6,225 S/4,307 S/2,236
Pago (cte) fx= Pago S/30,192 S/30,192 S/30,192 S/30,192
EJEMPLO 2:
LEASING
Información:
Activo 56000
L 12.00%
Plazo 36.00
imp. 30%.
EJEMPLO 2:
LEASING
LEASBACK Econ/imp Economica de impuesto
FC Flujo de caja
activo 56000 imp impuesto a la renta - base tributaria
L 12.00% COK Costo de oportunidad de capital
P 23%
Plazo 3.00 años
imp 30%
Leasing Prestamo
Años Pagos Econ/imp FC Pagos Depre Interes Sub total* Econ/imp FC
0
1 S/. 23,316 S/. 6,995 S/. 16,321 S/. 27,842 S/. 18,667 S/. 12,880 S/. 31,547 S/. 9,464 S/. 18,378
2 S/. 23,316 S/. 6,995 S/. 16,321 S/. 27,842 S/. 18,667 S/. 9,439 S/. 28,105 S/. 8,432 S/. 19,410
3 S/. 23,316 S/. 6,995 S/. 16,321 S/. 27,842 S/. 18,667 S/. 5,206 S/. 23,873 S/. 7,162 S/. 20,680
Para la depreciacion se asume que la vida util es de 2 años por lo que se divide 1000/2
COK 15% * suma de escudo tributario (depreciacion + interes del pago)
1810
Leasing S/. 37,264.24 ok 1350
Prestamo S/. 44,254.65
EJEMPLO 3:
Un inversionista requiere un préstamo de 60,000.00 soles para comprar un GPS
diferencial para lo cual se le brinda la siguiente alternativa de financiamiento
para adquirirlo mediante crédito de la CAJA AREQUIPA. El periodo de repago es
de 48 meses, TEA=28.18%, TCEA=28.98% y no tiene periodo de gracia.
Información:
TEA 28.18%
TCEA 28.98%
Periodo 48 meses
Monto 60,000.00
EJEMPLO 3:
Monto 60,000.00 Nro cuotas 48 VA 60,000.00
TCEA 28.98% TCEM 2.14% PAGO * 2,013.61 0.05%
TEA 28.18% TEM 2.09% PAGO 1,992.28
Cuota 2,013.61
Nro Fecha Op. Plazo Saldo Capital Capital Interes Comisiones Seg. Vin Mora+ICV (*) Total Cuota Seg. Optat ITF Total a pagar
1 02/10/2018 39 60,000.00 1,250.00 731.75 0.00 31.77 0.00 2,013.51 0.00 0.10 2,013.61
2 02/11/2018 31 58,750.00 1,250.00 732.41 0.00 31.11 0.00 2,013.51 0.00 0.10 2,013.61
3 03/12/2018 31 57,500.00 1,250.00 733.07 0.00 30.44 0.00 2,013.51 0.00 0.10 2,013.61
4 02/01/2019 30 56,250.00 1,250.00 733.73 0.00 29.78 0.00 2,013.51 0.00 0.10 2,013.61
5 02/02/2019 31 55,000.00 1,250.00 734.39 0.00 29.12 0.00 2,013.51 0.00 0.10 2,013.61
6 02/03/2019 28 53,750.00 1,250.00 735.06 0.00 28.46 0.00 2,013.51 0.00 0.10 2,013.61
7 02/04/2019 31 52,500.00 1,250.00 735.72 0.00 27.80 0.00 2,013.51 0.00 0.10 2,013.61
8 02/05/2019 30 51,250.00 1,250.00 736.38 0.00 27.13 0.00 2,013.51 0.00 0.10 2,013.61
9 03/06/2019 32 50,000.00 1,250.00 737.04 0.00 26.47 0.00 2,013.51 0.00 0.10 2,013.61
10 02/07/2019 29 48,750.00 1,250.00 737.70 0.00 25.81 0.00 2,013.51 0.00 0.10 2,013.61
11 02/08/2019 31 47,500.00 1,250.00 738.36 0.00 25.15 0.00 2,013.51 0.00 0.10 2,013.61
12 02/09/2019 31 46,250.00 1,250.00 739.03 0.00 24.49 0.00 2,013.51 0.00 0.10 2,013.61
13 02/10/2019 30 45,000.00 1,250.00 739.69 0.00 23.83 0.00 2,013.51 0.00 0.10 2,013.61
14 02/11/2019 31 43,750.00 1,250.00 740.35 0.00 23.16 0.00 2,013.51 0.00 0.10 2,013.61
15 02/12/2019 30 42,500.00 1,250.00 741.01 0.00 22.50 0.00 2,013.51 0.00 0.10 2,013.61
16 02/01/2020 31 41,250.00 1,250.00 741.67 0.00 21.84 0.00 2,013.51 0.00 0.10 2,013.61
17 03/02/2020 32 40,000.00 1,250.00 742.34 0.00 21.18 0.00 2,013.51 0.00 0.10 2,013.61
18 02/03/2020 28 38,750.00 1,250.00 743.00 0.00 20.52 0.00 2,013.51 0.00 0.10 2,013.61
19 02/04/2020 31 37,500.00 1,250.00 743.66 0.00 19.85 0.00 2,013.51 0.00 0.10 2,013.61
20 02/05/2020 30 36,250.00 1,250.00 744.32 0.00 19.19 0.00 2,013.51 0.00 0.10 2,013.61
21 02/06/2020 31 35,000.00 1,250.00 744.98 0.00 18.53 0.00 2,013.51 0.00 0.10 2,013.61
22 02/07/2020 30 33,750.00 1,250.00 745.64 0.00 17.87 0.00 2,013.51 0.00 0.10 2,013.61
23 03/08/2020 32 32,500.00 1,250.00 746.31 0.00 17.21 0.00 2,013.51 0.00 0.10 2,013.61
24 02/09/2020 30 31,250.00 1,250.00 746.97 0.00 16.55 0.00 2,013.51 0.00 0.10 2,013.61
25 02/10/2020 30 30,000.00 1,250.00 747.63 0.00 15.88 0.00 2,013.51 0.00 0.10 2,013.61
26 02/11/2020 31 28,750.00 1,250.00 748.29 0.00 15.22 0.00 2,013.51 0.00 0.10 2,013.61
27 02/12/2020 30 27,500.00 1,250.00 748.95 0.00 14.56 0.00 2,013.51 0.00 0.10 2,013.61
28 02/01/2021 31 26,250.00 1,250.00 749.62 0.00 13.90 0.00 2,013.51 0.00 0.10 2,013.61
29 02/02/2021 31 25,000.00 1,250.00 750.28 0.00 13.24 0.00 2,013.51 0.00 0.10 2,013.61
30 02/03/2021 28 23,750.00 1,250.00 750.94 0.00 12.57 0.00 2,013.51 0.00 0.10 2,013.61
31 02/04/2021 31 22,500.00 1,250.00 751.60 0.00 11.91 0.00 2,013.51 0.00 0.10 2,013.61
32 03/05/2021 31 21,250.00 1,250.00 752.26 0.00 11.25 0.00 2,013.51 0.00 0.10 2,013.61
33 02/06/2021 30 20,000.00 1,250.00 752.93 0.00 10.59 0.00 2,013.51 0.00 0.10 2,013.61
34 02/07/2021 30 18,750.00 1,250.00 753.59 0.00 9.93 0.00 2,013.51 0.00 0.10 2,013.61
35 02/08/2021 31 17,500.00 1,250.00 754.25 0.00 9.27 0.00 2,013.51 0.00 0.10 2,013.61
20 02/05/2020 30 36,250.00 1,250.00 744.32 0.00 19.19 0.00 2,013.51 0.00 0.10 2,013.61
21 02/06/2020 31 35,000.00 1,250.00 744.98 0.00 18.53 0.00 2,013.51 0.00 0.10 2,013.61
EJEMPLO 3:
22 02/07/2020 30 33,750.00 1,250.00 745.64 0.00 17.87 0.00 2,013.51 0.00 0.10 2,013.61
23 03/08/2020 32 32,500.00 1,250.00 746.31 0.00 17.21 0.00 2,013.51 0.00 0.10 2,013.61
24 02/09/2020 30 31,250.00 1,250.00 746.97 0.00 16.55 0.00 2,013.51 0.00 0.10 2,013.61
Monto 60,000.00
25 02/10/2020 30 Nro30,000.00
cuotas 1,250.00 48 747.63 0.00 VA 15.88 60,000.00
0.00 2,013.51 0.00 0.10 2,013.61
TCEA 28.98%
26 02/11/2020 31 TCEM
28,750.00 2.14%
1,250.00 748.29 0.00 PAGO15.22
* 2,013.61
0.00 2,013.51 0.000.05% 0.10 2,013.61
TEA 28.18%
27 02/12/2020 30 TEM27,500.00 2.09%
1,250.00 748.95 0.00 PAGO14.56 1,992.28
0.00 2,013.51 0.00 0.10 2,013.61
Cuota 2,013.61
28 02/01/2021 31 26,250.00 1,250.00 749.62 0.00 13.90 0.00 2,013.51 0.00 0.10 2,013.61
29 02/02/2021 31 25,000.00 1,250.00 750.28 0.00 13.24 0.00 2,013.51 0.00 0.10 2,013.61
Nro 30 Fecha Op. Plazo28
02/03/2021 Saldo Capital
23,750.00 Capital
1,250.00 Interes
750.94 Comisiones
0.00 Seg. Vin
12.57 Mora+ICV
0.00 (*) Total Cuota
2,013.51 Seg. Optat
0.00 ITF 0.10 Total a pagar
2,013.61
1 02/10/2018
31 02/04/2021 39
31 60,000.00
22,500.00 1,250.00
1,250.00 731.75
751.60 0.00
0.00 31.77
11.91 0.00
0.00 2,013.51
2,013.51 0.00
0.00 0.10
0.10 2,013.61
2,013.61
2 02/11/2018
32 03/05/2021 31
31 58,750.00
21,250.00 1,250.00
1,250.00 732.41
752.26 0.00
0.00 31.11
11.25 0.00
0.00 2,013.51
2,013.51 0.00
0.00 0.10
0.10 2,013.61
2,013.61
3 03/12/2018
33 02/06/2021 31
30 57,500.00
20,000.00 1,250.00
1,250.00 733.07
752.93 0.00
0.00 30.44
10.59 0.00
0.00 2,013.51
2,013.51 0.00
0.00 0.10
0.10 2,013.61
2,013.61
4 02/01/2019
34 02/07/2021 30
30 56,250.00
18,750.00 1,250.00
1,250.00 733.73
753.59 0.00
0.00 29.78
9.93 0.00
0.00 2,013.51
2,013.51 0.00
0.00 0.10
0.10 2,013.61
2,013.61
5 02/02/2019
35 02/08/2021 31
31 55,000.00
17,500.00 1,250.00
1,250.00 734.39
754.25 0.00
0.00 29.12
9.27 0.00
0.00 2,013.51
2,013.51 0.00
0.00 0.10
0.10 2,013.61
2,013.61
6 02/03/2019
36 02/09/2021 28
31 53,750.00
16,250.00 1,250.00
1,250.00 735.06
754.91 0.00
0.00 28.46
8.60 0.00
0.00 2,013.51
2,013.51 0.00
0.00 0.10
0.10 2,013.61
2,013.61
7 02/04/2019
37 02/10/2021 31
30 52,500.00
15,000.00 1,250.00
1,250.00 735.72
755.57 0.00
0.00 27.80
7.94 0.00
0.00 2,013.51
2,013.51 0.00
0.00 0.10
0.10 2,013.61
2,013.61
8 02/05/2019
38 02/11/2021 30
31 51,250.00
13,750.00 1,250.00
1,250.00 736.38
756.23 0.00
0.00 27.13
7.28 0.00
0.00 2,013.51
2,013.51 0.00
0.00 0.10
0.10 2,013.61
2,013.61
9 03/06/2019
39 02/12/2021 32
30 50,000.00
12,500.00 1,250.00
1,250.00 737.04
756.90 0.00
0.00 26.47
6.62 0.00
0.00 2,013.51
2,013.51 0.00
0.00 0.10
0.10 2,013.61
2,013.61
10 03/01/2022
40 02/07/2019 29
32 48,750.00
11,250.00 1,250.00
1,250.00 737.70
757.56 0.00
0.00 25.81
5.96 0.00
0.00 2,013.51
2,013.51 0.00
0.00 0.10
0.10 2,013.61
2,013.61
11 02/02/2022
41 02/08/2019 31
30 47,500.00
10,000.00 1,250.00
1,250.00 738.36
758.22 0.00
0.00 25.15
5.29 0.00
0.00 2,013.51
2,013.51 0.00
0.00 0.10
0.10 2,013.61
2,013.61
12 02/03/2022
42 02/09/2019 31
28 46,250.00
8,750.00 1,250.00
1,250.00 739.03
758.88 0.00
0.00 24.49
4.63 0.00
0.00 2,013.51
2,013.51 0.00
0.00 0.10
0.10 2,013.61
2,013.61
13 02/04/2022
43 02/10/2019 30
31 45,000.00
7,500.00 1,250.00
1,250.00 739.69
759.54 0.00
0.00 23.83
3.97 0.00
0.00 2,013.51
2,013.51 0.00
0.00 0.10
0.10 2,013.61
2,013.61
14 02/05/2022
44 02/11/2019 31
30 43,750.00
6,250.00 1,250.00
1,250.00 740.35
760.21 0.00
0.00 23.16
3.31 0.00
0.00 2,013.51
2,013.51 0.00
0.00 0.10
0.10 2,013.61
2,013.61
15 02/06/2022
45 02/12/2019 30
31 42,500.00
5,000.00 1,250.00
1,250.00 741.01
760.87 0.00
0.00 22.50
2.65 0.00
0.00 2,013.51
2,013.51 0.00
0.00 0.10
0.10 2,013.61
2,013.61
16 02/07/2022
46 02/01/2020 31
30 41,250.00
3,750.00 1,250.00
1,250.00 741.67
761.53 0.00
0.00 21.84
1.99 0.00
0.00 2,013.51
2,013.51 0.00
0.00 0.10
0.10 2,013.61
2,013.61
17 02/08/2022
47 03/02/2020 32
31 40,000.00
2,500.00 1,250.00
1,250.00 742.34
762.19 0.00
0.00 21.18
1.32 0.00
0.00 2,013.51
2,013.51 0.00
0.00 0.10
0.10 2,013.61
2,013.61
18
48 02/03/2020
02/09/2022 28
31 38,750.00
1,250.00 1,250.00
1,250.00 743.00
762.85 0.00
0.00 20.52
0.66 0.00
0.00 2,013.51
2,013.51 0.00
0.00 0.10
0.10 2,013.61
2,013.61
19 02/04/2020 31 37,500.00 1,250.00 743.66 0.00 19.85 0.00 2,013.51 0.00 0.10 2,013.61
20 Resumen
02/05/2020 30 36,250.00 1,250.00
60,000.00 744.32
35,870.38 0.00 19.19
778.31 0.00
0.00 2,013.51
96,648.69 0.00 0.10
4.80 2,013.61
96,653.49
21 02/06/2020 31 35,000.00 1,250.00 744.98
Total capital Total interes 0.00 18.53 0.00
Total seguros Total mora 2,013.51
Total cuota 0.00 0.10ITF
Total 2,013.61
Total a pagar
22 02/07/2020 30 33,750.00 1,250.00 745.64 0.00 17.87 0.00 2,013.51 0.00 0.10 2,013.61
23 03/08/2020 32 32,500.00 1,250.00 746.31 0.00 17.21 0.00 2,013.51 0.00 0.10 2,013.61
24 02/09/2020 30 31,250.00 1,250.00 746.97 0.00 16.55 0.00 2,013.51 0.00 0.10 2,013.61
25 02/10/2020 30 30,000.00 1,250.00 747.63 0.00 15.88 0.00 2,013.51 0.00 0.10 2,013.61
26 02/11/2020 31 28,750.00 1,250.00 748.29 0.00 15.22 0.00 2,013.51 0.00 0.10 2,013.61
27 02/12/2020 30 27,500.00 1,250.00 748.95 0.00 14.56 0.00 2,013.51 0.00 0.10 2,013.61
28 02/01/2021 31 26,250.00 1,250.00 749.62 0.00 13.90 0.00 2,013.51 0.00 0.10 2,013.61
29 02/02/2021 31 25,000.00 1,250.00 750.28 0.00 13.24 0.00 2,013.51 0.00 0.10 2,013.61
30 02/03/2021 28 23,750.00 1,250.00 750.94 0.00 12.57 0.00 2,013.51 0.00 0.10 2,013.61
31 02/04/2021 31 22,500.00 1,250.00 751.60 0.00 11.91 0.00 2,013.51 0.00 0.10 2,013.61
32 03/05/2021 31 21,250.00 1,250.00 752.26 0.00 11.25 0.00 2,013.51 0.00 0.10 2,013.61
33 02/06/2021 30 20,000.00 1,250.00 752.93 0.00 10.59 0.00 2,013.51 0.00 0.10 2,013.61
34 02/07/2021 30 18,750.00 1,250.00 753.59 0.00 9.93 0.00 2,013.51 0.00 0.10 2,013.61
35 02/08/2021 31 17,500.00 1,250.00 754.25 0.00 9.27 0.00 2,013.51 0.00 0.10 2,013.61
CONCLUSIONES
Los integrantes del grupo concluyen que la utilización del financiamiento por
medio de Leasing de maquinaria y equipo es la mas atractiva para el
inversionista por tratarse de tecnología altamente volátil.
Se concluye también que los costos de financiamiento por cada opción son
validas, pues según la necesidad y capacidad de cada persona para conseguir
una cuota inicial o de pagar las cuotas es lo que inclina la balanza sobre una
modalidad.