Escolar Documentos
Profissional Documentos
Cultura Documentos
CAPITAL
TASA MENSUAL
PERIODOS
PERIODO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
SALDO INICIAL
600,000,000.00
583,333,333.33
566,666,666.67
550,000,000.00
533,333,333.33
516,666,666.67
500,000,000.00
483,333,333.33
466,666,666.67
450,000,000.00
433,333,333.33
416,666,666.67
400,000,000.00
383,333,333.33
366,666,666.67
350,000,000.00
333,333,333.33
316,666,666.67
300,000,000.00
283,333,333.33
266,666,666.67
250,000,000.00
233,333,333.33
216,666,666.67
200,000,000.00
183,333,333.33
166,666,666.67
150,000,000.00
133,333,333.33
116,666,666.67
100,000,000.00
83,333,333.33
66,666,666.67
50,000,000.00
33,333,333.33
16,666,666.67
CUOTA
22,606,666.67
22,441,666.67
22,276,666.67
22,111,666.67
21,946,666.67
21,781,666.67
21,616,666.67
21,451,666.67
21,286,666.67
21,121,666.67
20,956,666.67
20,791,666.67
20,626,666.67
20,461,666.67
20,296,666.67
20,131,666.67
19,966,666.67
19,801,666.67
19,636,666.67
19,471,666.67
19,306,666.67
19,141,666.67
18,976,666.67
18,811,666.67
18,646,666.67
18,481,666.67
18,316,666.67
18,151,666.67
17,986,666.67
17,821,666.67
17,656,666.67
17,491,666.67
17,326,666.67
17,161,666.67
16,996,666.67
16,831,666.67
600,000,000.00
0.99%
36
INTERESES
5,940,000.00
5,775,000.00
5,610,000.00
5,445,000.00
5,280,000.00
5,115,000.00
4,950,000.00
4,785,000.00
4,620,000.00
4,455,000.00
4,290,000.00
4,125,000.00
3,960,000.00
3,795,000.00
3,630,000.00
3,465,000.00
3,300,000.00
3,135,000.00
2,970,000.00
2,805,000.00
2,640,000.00
2,475,000.00
2,310,000.00
2,145,000.00
1,980,000.00
1,815,000.00
1,650,000.00
1,485,000.00
1,320,000.00
1,155,000.00
990,000.00
825,000.00
660,000.00
495,000.00
330,000.00
165,000.00
SUMATORIA INTERESES
PRIMER AO
60,390,000.00
SUMATORIA INTERESES
TOTALES
109,890,000.00
AMORTIZACIN
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67
16,666,666.67 -
SALDO FINAL
583,333,333.33
566,666,666.67
550,000,000.00
533,333,333.33
516,666,666.67
500,000,000.00
483,333,333.33
466,666,666.67
450,000,000.00
433,333,333.33
416,666,666.67
400,000,000.00
383,333,333.33
366,666,666.67
350,000,000.00
333,333,333.33
316,666,666.67
300,000,000.00
283,333,333.33
266,666,666.67
250,000,000.00
233,333,333.33
216,666,666.67
200,000,000.00
183,333,333.33
166,666,666.67
150,000,000.00
133,333,333.33
116,666,666.67
100,000,000.00
83,333,333.33
66,666,666.67
50,000,000.00
33,333,333.33
16,666,666.67
0.00
CUOTA DECRECIENTE
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
165,000.00
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
SALDO INICIAL
600,000,000.00
569,938,334.60
539,515,929.21
508,728,454.96
477,571,531.02
446,040,723.99
414,131,547.28
381,839,460.45
349,159,868.57
316,088,121.59
282,619,513.65
248,749,282.41
214,472,608.40
179,784,614.30
144,680,364.27
109,154,863.24
73,203,056.20
36,819,827.47
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
CUOTA
$37,261,665.40
37,261,665.40
37,261,665.40
37,261,665.40
37,261,665.40
37,261,665.40
37,261,665.40
37,261,665.40
37,261,665.40
37,261,665.40
37,261,665.40
37,261,665.40
37,261,665.40
37,261,665.40
37,261,665.40
37,261,665.40
37,261,665.40
37,261,665.40
SUMATORIA INTERESES
PRIMER AO
SUMATORIA INTERESES
TOTALES
600,000,000.00
1.20%
18
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
INTERESES
7,200,000.00
6,839,260.02
6,474,191.15
6,104,741.46
5,730,858.37
5,352,488.69
4,969,578.57
4,582,073.53
4,189,918.42
3,793,057.46
3,391,434.16
2,984,991.39
2,573,671.30
2,157,415.37
1,736,164.37
1,309,858.36
878,436.67
441,837.93
61,612,593.21
70,709,977.22
GO A CUOTA FIJA
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
AMORTIZACIN
30,061,665.40
30,422,405.39
30,787,474.25
31,156,923.94
31,530,807.03
31,909,176.71
32,292,086.83
32,679,591.88
33,071,746.98
33,468,607.94
33,870,231.24
34,276,674.01
34,687,994.10
35,104,250.03
35,525,501.03
35,951,807.04
36,383,228.73
36,819,827.47
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
SALDO FINAL
569,938,334.60
539,515,929.21
508,728,454.96
477,571,531.02
446,040,723.99
414,131,547.28
381,839,460.45
349,159,868.57
316,088,121.59
282,619,513.65
248,749,282.41
214,472,608.40
179,784,614.30
144,680,364.27
109,154,863.24
73,203,056.20
36,819,827.47
-
ba Snchez
tica Financiera
bierta y a Distancia UNAD
PERIODO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
SALDO INICIAL
$
600,000,000.00
$
600,000,000.00
$
600,000,000.00
$
600,000,000.00
$
600,000,000.00
$
600,000,000.00
$
600,000,000.00
$
600,000,000.00
$
600,000,000.00
$
600,000,000.00
$
600,000,000.00
$
600,000,000.00
$
600,000,000.00
$
578,485,281.54
$
556,695,174.68
$
534,626,154.45
$
512,274,650.77
$
489,637,047.84
$
466,709,683.59
$
443,488,849.08
$
419,970,787.88
$
396,151,695.51
$
372,027,718.75
$
347,594,955.09
$
322,849,452.05
$
297,787,206.57
$
272,404,164.36
$
246,696,219.20
$
220,659,212.34
$
194,288,931.80
$
167,581,111.67
$
140,531,431.43
$
113,135,515.29
$
85,388,931.43
$
57,287,191.29
$
28,825,748.88
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
CUOTA
7,680,000.00
7,680,000.00
7,680,000.00
7,680,000.00
7,680,000.00
7,680,000.00
7,680,000.00
7,680,000.00
7,680,000.00
7,680,000.00
7,680,000.00
7,680,000.00
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
29,194,718.46
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
600,000,000.00
1.28%
24
INTERESES
7,680,000.00
7,680,000.00
7,680,000.00
7,680,000.00
7,680,000.00
7,680,000.00
7,680,000.00
7,680,000.00
7,680,000.00
7,680,000.00
7,680,000.00
7,680,000.00
7,680,000.00
7,404,611.60
7,125,698.24
6,843,214.78
6,557,115.53
6,267,354.21
5,973,883.95
5,676,657.27
5,375,626.08
5,070,741.70
4,761,954.80
4,449,215.43
4,132,472.99
3,811,676.24
3,486,773.30
3,157,711.61
2,824,437.92
2,486,898.33
2,145,038.23
1,798,802.32
1,448,134.60
1,092,978.32
733,276.05
368,969.59
SUMATORIA INTERESES
PRIMER AO
SUMATORIA INTERESES
TOTALES
92,160,000.00
192,833,243.08
PERIODO DE GRACIA
PERIODOS TOTALES
AMORTIZACIN
$
$
$
$
$
$
$
$
$
$
$
$
$
21,514,718.46
$
21,790,106.86
$
22,069,020.23
$
22,351,503.68
$
22,637,602.93
$
22,927,364.25
$
23,220,834.51
$
23,518,061.19
$
23,819,092.38
$
24,123,976.76
$
24,432,763.66
$
24,745,503.04
$
25,062,245.48
$
25,383,042.22
$
25,707,945.16
$
26,037,006.86
$
26,370,280.54
$
26,707,820.13
$
27,049,680.23
$
27,395,916.14
$
27,746,583.87
$
28,101,740.14
$
28,461,442.41
$
28,825,748.88
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
-$
SALDO FINAL
600,000,000.00
600,000,000.00
600,000,000.00
600,000,000.00
600,000,000.00
600,000,000.00
600,000,000.00
600,000,000.00
600,000,000.00
600,000,000.00
600,000,000.00
600,000,000.00
578,485,281.54
556,695,174.68
534,626,154.45
512,274,650.77
489,637,047.84
466,709,683.59
443,488,849.08
419,970,787.88
396,151,695.51
372,027,718.75
347,594,955.09
322,849,452.05
297,787,206.57
272,404,164.36
246,696,219.20
220,659,212.34
194,288,931.80
167,581,111.67
140,531,431.43
113,135,515.29
85,388,931.43
57,287,191.29
28,825,748.88
0.00
PERIODO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
SALDO INICIAL
600,000,000.00
607,800,000.00
615,701,400.00
623,705,518.20
631,813,689.94
640,027,267.91
648,347,622.39
598,073,660.02
547,146,136.14
495,556,554.45
443,296,308.20
390,356,678.75
336,728,834.11
282,403,827.50
227,372,595.80
171,625,958.08
115,154,614.08
57,949,142.60
600,000,000.00
1.30%
12
CUOTA
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
58,702,481.46
58,702,481.46
58,702,481.46
58,702,481.46
58,702,481.46
58,702,481.46
58,702,481.46
58,702,481.46
58,702,481.46
58,702,481.46
58,702,481.46
58,702,481.46
SUMATORIA INTERESES
PRIMER AO
SUMATORIA INTERESES
TOTALES
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
INTERESES
7,800,000.00
7,901,400.00
8,004,118.20
8,108,171.74
8,213,577.97
8,320,354.48
8,428,519.09
7,774,957.58
7,112,899.77
6,442,235.21
5,762,852.01
5,074,636.82
4,377,474.84
3,671,249.76
2,955,843.75
2,231,137.46
1,497,009.98
753,338.85
88,943,722.87
104,429,777.51
AMORTIZACIN
-$
7,800,000.00
-$
7,901,400.00
-$
8,004,118.20
-$
8,108,171.74
-$
8,213,577.97
-$
8,320,354.48
$
50,273,962.37
$
50,927,523.88
$
51,589,581.69
$
52,260,246.25
$
52,939,629.45
$
53,627,844.64
$
54,325,006.62
$
55,031,231.70
$
55,746,637.71
$
56,471,344.00
$
57,205,471.48
$
57,949,142.60
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
6
18 Autora: Doris Amalia Alba Snchez
$648,347,622.39 Directora curso Matemtica Financiera
Universidad Nacional Abierta y a Distancia
SALDO FINAL
607,800,000.00
615,701,400.00
623,705,518.20
631,813,689.94
640,027,267.91
648,347,622.39
598,073,660.02
547,146,136.14
495,556,554.45
443,296,308.20
390,356,678.75
336,728,834.11
282,403,827.50
227,372,595.80
171,625,958.08
115,154,614.08
57,949,142.60
-
2015
$
$
$
$
$
6,750,000,000.00
3,037,500,000.00
3,712,500,000.00
556,874,000.00
3,155,626,000.00
60,390,000.00
$
$
$
3,095,236,000.00
1,052,380,240.00
2,042,855,760.00
2014
$
$
$
$
$
6,750,000,000.00
3,037,500,000.00
3,712,500,000.00
556,874,000.00
3,155,626,000.00
61,612,593.21
$
$
$
3,094,013,406.79
1,051,964,558.31
2,042,048,848.48
2014
$
$
$
$
$
6,750,000,000.00
3,037,500,000.00
3,712,500,000.00
556,874,000.00
3,155,626,000.00
92,160,000.00
$
$
3,063,466,000.00
1,041,578,440.00
Utilidad neta
2,021,887,560.00
2014
$
$
$
$
$
6,750,000,000.00
3,037,500,000.00
3,712,500,000.00
556,874,000.00
3,155,626,000.00
88,943,722.87
$
$
$
3,066,682,277.13
1,042,671,974.22
2,024,010,302.91
INCREMENTO
ESTADO DE RESULTADOS AJUSTADO
3,240,000,000.00 $
9,990,000,000.00
486,000,000.00 $
3,523,500,000.00
$
6,466,500,000.00
556,874,000.00
122,512,280.00 $
$
5,909,626,000.00
$
$
$
$
60,390,000.00
5,849,236,000.00
1,988,740,240.00
3,860,495,760.00
INCREMENTO
ESTADO DE RESULTADOS AJUSTADO
3,240,000,000.00 $
9,990,000,000.00
486,000,000.00 $
3,523,500,000.00
$
6,466,500,000.00
556,874,000.00
122,512,280.00 $
$
5,909,626,000.00
$
$
$
$
61,612,593.21
5,848,013,406.79
1,988,324,558.31
3,859,688,848.48
INCREMENTO
ESTADO DE RESULTADOS AJUSTADO
3,240,000,000.00 $
9,990,000,000.00
486,000,000.00 $
3,523,500,000.00
$
6,466,500,000.00
122,512,280.00 $
556,874,000.00
$
5,909,626,000.00
$
$
$
92,160,000.00
5,817,466,000.00
1,977,938,440.00
3,839,527,560.00
INCREMENTO
ESTADO DE RESULTADOS AJUSTADO
3,240,000,000.00 $
9,990,000,000.00
486,000,000.00 $
3,523,500,000.00
$
6,466,500,000.00
556,874,000.00
122,512,280.00 $
$
5,909,626,000.00
$
$
$
$
88,943,722.87
5,820,682,277.13
1,979,031,974.22
3,841,650,302.91
48%
16%
22%
TABLA RESUMEN DE A
Liliana Ballen Rodriguez
MONTO SOLICITADO
TASA INTERES
EFECTIVA
MENSUAL
AMORTIZACION FIJA A
$
CAPITAL
600,000,000.00
0.99%
AMORTIZACION PAGO
$
CUOTA FIJA
600,000,000.00
1.2%
600,000,000.00
1.28%
600,000,000.00
1.30%
PERIODO DE
GRACIA
PERIODO
MUERTO
12
TOTAL
PERIODOS
CUOTA MENSUAL
INTERESES TOTALES
INTERESES PRIMER
AO
36
22,606,666.67 $
109,890,000.00 $
60,390,000.00
18
37,261,665.40 $
70,709,977.22 $
61,612,593.21
192,833,243.08 $
92,160,000.00
58,702,481.46 $
104,429,777.51 $
88,943,722.87
36
$
18
7,680,000.00
IMPUESTOS
UTILIDAD
1,988,740,240.00 $
3,860,495,760.00
1,988,324,558.31 $
3,859,688,848.48
1,977,938,440.00 $
3,839,527,560.00
1,979,031,974.22 $
3,841,650,302.91
Datos
Volumen de ventas en unidades
Precio Unitario
Costo Unitario
Costo fijo
Valor residual
Inversin
Tasa de descuento
Esperado
$
$
$
$
$
$
688,535.00
1,021.00
645.00
135,780,430.00
1,500,000.00
150,000,000.00
0.11
Rubros
Ingresos
0
$
Ventas
Valor residual
Egresos
150,000,000.00
Costo fijo
Costo variable
Inversin
150,000,000.00
Flujo Neto
-$
150,000,000.00
Indicadores de evaluacin
VAN
TIR
RB/C=
$
$
207,015,702.01
66%
2.38
FLUJO DE FONDOS
CASO X
$
$
$
688,535.00
1,021.00
645.00
11 %
1
702,994,235.00 $
702,994,235.00 $
702,994,235.00
702,994,235.00 $
702,994,235.00 $
702,994,235.00
579,885,505.00 $
593,463,548.00 $
608,399,395.30
$
$
135,780,430.00 $
444,105,075.00 $
149,358,473.00 $
444,105,075.00 $
164,294,320.30
444,105,075.00
123,108,730.00 $
109,530,687.00 $
94,594,839.70
#DIV/0! +
#DIV/0!
#DIV/0!
702,994,235.00 $
704,494,235.00
702,994,235.00 $
$
702,994,235.00
1,500,000.00
624,828,827.33 $
642,901,202.56
$
$
180,723,752.33 $
444,105,075.00 $
198,796,127.56
444,105,075.00
78,165,407.67 $
61,593,032.44
#DIV/0!
Datos
Volumen de ventas en unidades
Esperado
$
Precio Unitario
1,100.00
Costo Unitario
780.00
Costo fijo
Valor residual
$
$
135,780,430.00
1,500,000.00
Inversin
150,000,000.00
Tasa de descuento
650,000.00
0.13
Rubros
Ingresos
0
$
Ventas
Valor residual
Egresos
150,000,000.00
Inversin
150,000,000.00
Flujo Neto
-$
150,000,000.00
Costo fijo
Costo variable
Indicadores de evaluacin
VAN
TIR
RB/C=
CON EXCEL RB/C=
$
$
$
869,544.86
13%
1
1
FLUJO DE FONDOS
CASO 3
$
650,000.00
1,100.00
780.00
$150.000.000,00 tercer ao
13 %
1
715,000,000.00 $
715,000,000.00 $
715,000,000.00
715,000,000.00 $
715,000,000.00 $
715,000,000.00
642,780,430.00 $
642,780,430.00 $
792,780,430.00
135,780,430.00 $
135,780,430.00 $
135,780,430.00
507,000,000.00 $
507,000,000.00 $
507,000,000.00
150,000,000.00
72,219,570.00 -$
77,780,430.00
72,219,570.00 $
#DIV/0! +
#DIV/0!
#DIV/0!
715,000,000.00 $
716,500,000.00
715,000,000.00 $
$
715,000,000.00
1,500,000.00
642,780,430.00 $
642,780,430.00
135,780,430.00 $
135,780,430.00
507,000,000.00 $
507,000,000.00
72,219,570.00 $
73,719,570.00
#DIV/0!
72,219,570.00
(1+
VPB =
0.13 )
+
1
1.13 )
72,219,570.00
(1+
72,219,570.00
(
0.13 )
72,219,570.00
(
1.13 )
VPB =
72,219,570.00
1.13
72,219,570.00
1.28
VPB=
63,911,123.89
56,558,516.72
VPB=
204,775,284.50
Los costos pueden definirse como el valor presente de los flujos netos de caja cuando son negativos
VPC=VF/(1+Ii)n
VPC=
150,000,000.00
77,780,430.00
(1+
VPC=
150,000,000.00
0.13 )
77,780,430.00
(
1.13 )
VPC=
150,000,000.00
77,780,430.00
1.44
VPC=
150,000,000.00
53,905,739.63
VPC=
203,905,739.63
+ $
72,219,570.00
(1+
+ $
0.13 )
+ $
4
1.13 )
(1+
+ $
72,219,570.00
73,719,570.00
0.13 )
73,719,570.00
(
1.13 )
+ $
72,219,570.00
1.63
+ $
73,719,570.00
1.84
+ $
44,293,614.79
+ $
40,012,029.10
Volumen de ventas en
unidades
Caso 1
Caso 2
Caso 3
Caso 4
Caso 5
Precio Unitario
Costo Unitario
VAN
Caso 6
Caso 7
Caso 8
MACION DE INDICADORES
TIR
RB/C
TASA DESCUENTO
http://memoriasmatefinanciera.blogspot.com.co/2013/04/sistema-de-amortizacion.html
acion.html