ANEXO MANUAL DIDACTICO DE

INDICE TEM

SERIES UNIFORMES SERIES VARIABLES

Anualidades vencida Gradiente aritmético

Anualidades anticipada Gradiente aritmético diferido
Anualidad diferida Gradiente geométrico
Anualidad perpetua Gradiente geométrico diferido
ANUAL DIDACTICO DE MATEMATICAS FINANCIERAS
INDICE TEMATICO

CONVERSION DE TASAS SISTEMAS DE AMORTIZACION

Tasa nominal Cuota fija

Tasa efectiva anual Cuotas extraordinarias
Anualidad diferida
Gradiente aritmético
Gradiente geométrico
FINANCIERAS

INDICADORES DE CONVENIENCIA

VPN
TIR
TIRM
CAUE
B/C
 Valor Presente de una serie uniforme
con anualidad vencida
Sintaxis n
(1+ i) -1
(P/A, i%, n)
VP = A n
i * (1+ i)
Tasa Per. Nper ANUALIDAD VP
0.00% 2 0 #DIV/0!

Valor Futuro de una serie uniforme

con anualidad vencida
Sintaxis n
(1+ i) -1
(F/A, i%, n) VF = A
i
Tasa Per. Nper ANUALIDAD VF
1.04% 120 630,937 148,940,984

Valor de la anualidad vencida

conociendo el valor presente
Sintaxis n
i(1+ i)
(A/P, i%, n)
A = VP n
(1+ i) -1
Tasa Per. Nper VP ANUALIDAD
#REF! 7 #REF! #REF!

Valor de la anualidad vencida

conociendo el valor futuro
Sintaxis i
A = VF n
(A/F, i%, n) (1+ i) -1
Tasa Per. Nper VF ANUALIDAD
3.09% 15 88,448,799 4,725,930

Valor Presente de una serie uniforme

con anualidad anticipada
Sintaxis n
(1+ i) -1 (1+i)
(P/A, i%, n)
VP = A n
i(1+ i)
Tasa Per. Nper ANUALIDAD VP
0.00% 48 750,000 #DIV/0!

Valor Futuro de una serie uniforme

con anualidad anticipada
Sintaxis n
(1+ i) -1 (1+i)
(F/A, i%, n) VF = A
i
Tasa Per. Nper ANUALIDAD VF
0.86% 24 1,600,000 42,794,084

Valor de la anualidad anticipada

conociendo el valor presente
Sintaxis
(A/P, i%, n)
n
VP i (1+ i)
A = n
(1+i) (1+ i) -1
 n
Tasa Per. Nper VP ANUALIDAD VP i (1+ i)
A = n
1.00% 48 63,365,068 1,650,375.56 (1+i) (1+ i) -1

Valor de la anualidad anticipada

conociendo el valor futuro
Sintaxis VF i
A = n
(A/F, i%, n) (1+i) (1+ i) -1
Tasa Per. Nper VF ANUALIDAD
3.00% 60 15,000,000 89,314.93

N PERIODOS CUOTAS ANTICAPADAS

n = 1 - (log(1- i ((VP/A) -1 )) / log(1 + i))

Reemplazamos la formula para hallar n

n = 1 - (log(1- 0,023 ((6.500.000/237.540) -1 )) / log(1 + 0,023))

n= #VALUE!
-2,683,972

5%
25% 20% x

225,265 268,448 250,000

43,183 24,735
22.86% 2.86%
TASA DE INTERES APARTIR D ENA ANUALIDAD VP - VF

VP
A
HALLAR NUMERO DE PERIODOS
VP 200000
VF 4383406.54
INT SEM 3.50%
INT TRIM 0.86%
N MESES= 359.0

HALLA NUMERO DE CUOTAS A PARTIR DE UNA ANUALIDAD

VP 4200
A 800
INT SEM 2%

log A 2.90308999
log A VP 2.85491302
log 1+i 0.86%

N= 5.6
 INTERES SIMPLE

INTERES COMPUESTO

PER RECUPE 2.25 = AÑO FC NEG + ABS (VR AÑO ACUM NEG) / SIG AÑO POS NETO
AÑO 0 1 2 3
FC NETO -500 200 100 800
FC ACUM -500 -300 -200 600
 1.2

0.33333333 15 7.5
3.75

G) / SIG AÑO POS NETO 3.75

 EA CONTINUA
10.00% 9.53%

CONTINUA EA
10.00% 10.52%
 ANUALIDAD DIFERIDA

Valor Presente
Con período de gracia (r) y período de pagos (s)
s
Sintaxis A (1+i) -1
VP = r s
P=(P/A , i%, r, s) (1+i) i (1+i)
Tasa Per. r s ANUALIDAD VP
0.50% 23 36 1,000,000 29,308,508

Valor de la anualidad vencida diferida

conociendo el valor presente
con período de gracia (r) y período de pagos (s)
s
Sintaxis r i (1+i)
A = P (1+i) s
A=(A/P , i%, r, s) (1+i) -1
Tasa Per. r s VP ANUALIDAD
0.75% 20 28 50,000,000 2,306,618
 s
A (1+i) -1
= r s
(1+i) i (1+i)

s
r i (1+i)
= P (1+i) s
(1+i) -1
ANUALIDAD PERPETUA
Valor Presente de una anualidad
perpetua
Sintaxis A
VP =
(P/A, i%) i
Tasa Per. ANUALIDAD VP
8.84% 20,000 226,244
$ 226,208.61

1.75
DEVALUACION
% Dev TASA = Ç
INT EFECT º º12w3e4ç+
ºç
EJM
% DEV 10%
INT EFECT 15%
RTA 26.50%

REVALUACION
% Dev TASA = (1+ IE) / (1+%REV)
INT EFECT

EJM
% REV 10%
INT EFECT 15%
RTA 4.55%

INFLACION
INT CTE INT R = (INT CTE - %INF.) / (1+ %INF)
INT REAL INT CTE = INT R (1+ %INF) + % INF
INFLACION

EJM
INT CTE 20%
INFLACION 5%
INT REAL 14.29%
INT CTE NOM 20.00%
UVR
INFLACION INT = (% INF + PTS.) + (%INF x PTS)
PTS ADICIONALES

EJM
INFLACION - IPC 10%
PTS ADICIONALES 5%
INT = 15.50%
 GRADIENTE ARITMETICO

Valor Presente
Gradiente Aritmético Vencido Creciente
Sintaxis
P=A(P/A ,i%, n) + G(P/G, i%, n)
Tasa Per. Nper Pago Gradiente VP
2.00% 12 300,000 32,825 5,000,000
0.0150
Valor Presente
Gradiente Aritmético Vencido Decreciente
Sintaxis
P=A(P/A ,i%, n) + G(P/G, i%, n)
Tasa Per. Nper Pago Gradiente VP
2.00% 12 300,000 32,825 5,000,000.00

Valor Presente
Gradiente Aritmético Anticipado Creciente
Sintaxis
P=A(P/A ,i%, n) + G(P/G, i%, n)
Tasa Per. Nper Pago Gradiente VP
1.31% 36 120,000 10,000 8,129,035

Valor Presente
Gradiente Aritmético Anticipado Decreciente
Sintaxis
P=A(P/A ,i%, n) + G(P/G, i%, n)
Tasa Per. Nper Pago Gradiente VP
1.37% 2 1,000,000 -10,000 1,491,204

Valor Futuro
Gradiente Aritmético Vencido Creciente
Sintaxis
F=A(F/G ,i%, n) + G(F/G, i%, n)
Tasa Per. Nper Pago Gradiente VF
1.50% 36 1,000,000 10,000 54,793,282

Valor Futuro
Gradiente Aritmético Vencido Decreciente
Sintaxis
F=A(F/G ,i%, n) + G(F/G, i%, n)
Tasa Per. Nper Pago Gradiente VF
1.50% 36 1,000,000 -10,000 39,758,656

Valor Futuro
Gradiente Aritmético Anticipado Creciente
Sintaxis
F=A(F/G ,i%, n) + G(F/G, i%, n)
Tasa Per. Nper Pago Gradiente VF
1.00% 12 250,000 20,000 4,580,988
 Valor Futuro
Gradiente Aritmético Anticipado Decreciente
Sintaxis
F=A(F/G ,i%, n) + G(F/G, i%, n)
Tasa Per. Nper Pago Gradiente VF
1.00% 12 250,000 -20,000 1,823,676

Valor de la primera cuota

Gradiente Aritmético Vencido Creciente dado VP
Sintaxis
(A/P, G ,i%, n)
Tasa Per. Nper VP Gradiente CUOTA
3.98% 9 6,703,519 35,000 769,851.2

Valor de la primera cuota

Gradiente Aritmético Vencido Decreciente dado VP
Sintaxis
(A/P, G ,i%, n)
Tasa Per. Nper VP Gradiente CUOTA
1.96% 12 37,000,000 -3,791 3,510,365

Valor de la primera cuota

Gradiente Aritmético Vencido Creciente dado VF
Sintaxis
F=A(F/G ,i%, n) + G(F/G, i%, n)
Tasa Per. Nper VF Gradiente CUOTA
4.00% 12 100,000,000 500,000 4,138,043

Valor de la primera cuota

Gradiente Aritmético Vencido Decreciente dado VF
Sintaxis
F=A(F/G ,i%, n) + G(F/G, i%, n)
Tasa Per. Nper VF Gradiente CUOTA
4.00% 12 100,000,000 -500,000 9,172,391

Valor de la primera cuota

Gradiente Aritmético Anticipado Creciente dado VP
Sintaxis
(A/P, G ,i%, n)
Tasa Per. Nper VP Gradiente CUOTA
2.50% 36 48,341,374 50,000 1,258,628.2

Valor de la primera cuota

Gradiente Aritmético Anticipado Decreciente dado VP
Sintaxis
(A/P, G ,i%, n)
Tasa Per. Nper VP Gradiente CUOTA
1.02% 180 224,000,000 -5,000 3,018,399

Valor de la primera cuota

Gradiente Aritmético Anticipado Creciente dado VF
Sintaxis
F=A(F/G ,i%, n) + G(F/G, i%, n)
Tasa Per. Nper VF Gradiente CUOTA
4.00% 12 100,000,000 500,000 3,882,073

Valor de la primera cuota

Gradiente Aritmético Anticipado Decreciente dado VF
Sintaxis
F=A(F/G ,i%, n) + G(F/G, i%, n)
Tasa Per. Nper VF Gradiente CUOTA
4.00% 12 100,000,000 -500,000 8,916,421

Valor Presente
Gradiente Aritmético Diferido
Sintaxis
P=(P/G ,i%, r,s)
Tasa Per. Nper r s CUOTA G VP
2.50% 42 6 36 250,000 75,000 27,731,203

Valor de la primera cuota

Gradiente Aritmético Diferido
Sintaxis
A=(A/P ,i%, r,s)
ir is n r s G VP
3.00% 4.00% 19 4 15 800,000 105,000,000
3000000
1.025

2 1,658,626 48,341,374
CUOTA
5,611,428
 GRADIENTE GEOMETRICO
Valor Presente de una serie
Gradiente Geométrico Vencido Creciente
Sintaxis
(P/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VP
6.00% 7 72 20.0% 711.27

Valor Presente de una serie

Gradiente Geométrico Vencido Decreciente
Sintaxis
(P/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VP
0.50% 7 120,000 -5% 710,450

Valor Presente de una serie

Gradiente Geométrico Anticipado Creciente
Sintaxis
(P/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VP
1.00% 12 1,250,000 5% 18,739,644

Valor Presente de una serie

Gradiente Geométrico Anticipado Decreciente
Sintaxis
(P/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VP
0.49% 14 800,000 2% 12,364,544.73

Valor Futuro de una serie

Gradiente Geométrico Vencido Creciente
Sintaxis
(F/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VF
3.50% 36 3,000,000 4% 392,199,865.51

Valor Futuro de una serie

Gradiente Geométrico Vencido Decreciente
Sintaxis
(F/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VF
0.50% 14 800,000 -2% 10,195,990.17
 Valor Futuro de una serie
Gradiente Geométrico Anticipado Creciente
Sintaxis
(F/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VF
1.00% 12 1,250,000 5% 21,116,300

Valor Futuro de una serie

Gradiente Geométrico Anticipado Decreciente
Sintaxis
(F/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VF
0.50% 14 800,000 -2% 10,246,716.80

Valor de la primera cuota

Gradiente Geomético Vencido Creciente dado VP
Sintaxis
(A/G, P ,i%, n)
Tasa Per. Nper VP Gradiente CUOTA
1.94% 12 37,000,000 3.0% 2,967,419.60

Valor de la primera cuota

Gradiente Geomético Vencido Decreciente dado VP
Sintaxis
(A/G, P ,i%, n)
Tasa Per. Nper VP Gradiente CUOTA
2.01% 12 37,000,000 -3.0% 4,086,258.26

Valor de la primera cuota

Gradiente Geomético Anticipado Creciente dado VP
Sintaxis
(A/G, P ,i%, n)
Tasa Per. Nper VP Gradiente CUOTA
1.00% 15 3,000,000 5% 150,265

Valor de la primera cuota

Gradiente Geomético Anticipado Decreciente dado VP
Sintaxis
(A/G, P ,i%, n)
Tasa Per. Nper VP Gradiente CUOTA
1.00% 15 3,000,000 -5% 296,563

Valor de la primera cuota

Gradiente Geomético Vencido Creciente dado VF
Sintaxis
(A/G, F ,i%, n)
Tasa Per. Nper VF Gradiente CUOTA
4.50% 60 20,000,000 3% 36,874

Valor de la primera cuota

Gradiente Geomético Vencido Decreciente dado VF
Sintaxis
(A/G, F ,i%, n)
Tasa Per. Nper VF Gradiente CUOTA
3.33% 8 20,000,000 -10% 3,067,407

Valor de la primera cuota

Gradiente Geomético Anticipado Creciente dado VF
Sintaxis
(A/G, F ,i%, n)
Tasa Per. Nper VF Gradiente CUOTA
3.33% 8 20,000,000 10% 1,529,662

Valor de la primera cuota

Gradiente Geomético Anticipado Decreciente dado VF
Sintaxis
(A/G, F ,i%, n)
Tasa Per. Nper VF Gradiente CUOTA
3.33% 8 20,000,000 -10% 2,968,554

Valor Presente
Gradiente Geométrico Diferido
Sintaxis
P=(P/k ,A, i%, r,s)
Tasa Per. Nper r s CUOTA
2.50% 21 3 18 800,000

Valor de la primera cuota

Gradiente Geométrico Diferido
Sintaxis
A=(A/k ,P,i%, r,s)
Tasa Per. Nper r s k
10% 12 2 10 8%
 -125803.36
1.194052296529 -1.1% -0.01265695 -0.12580336
1.194052296529 1.09344326394 0.100609033
o

k VP
2.0% 12,518,589

VP CUOTA
30,000,000 4,330,684
 MODELO CONVERSION DE TASAS

CALCULO TASA NOMINAL

Ingreso de datos
Tasa Efectiva Anual 18.5%
Período capitalización Mes

RESULTADOS
Tasa Nominal Anual vencida 17.09%
Tasa periódica vencida 1.42%
Tasa periódica anticipada 1.40%
Tasa Nominal Anual anticipada 16.85%
 17.09%

EA RESULTADO
0.00% 17.09%
18.50% 0.00%
0.00% 0.00%
0.00% 0.00%
18.50%
TEA 17.09%
PERIODO (n) 1

PERIODO
 PERIODO No.
TASA TIPO CAPITALIZAC PERIODOS
ION EN UN AÑO
Nominal Vencido Día 365
Efectiva Anticipado Mes 12
Bimestre 6
FUENTE Trimestre 4
0.00% Semestre 2
18.50% Anual 1
0.00%
0.00%

12

Anual
 MODELO CONVERSION DE TASAS

CALCULO TASA EFECTIVA ANUAL

Ingreso de datos
Tasa Nominal 18.00%
Período capitalización Mes
TIPO Vencido

RESULTADO
Tasa Efectiva Anual 19.56%

No.
PERIODO
PERIODOS
CAPITALIZACION
EN UN AÑO
Día 365
Mes 12
Bimestre 6
Trimestre 4
Semestre 2
Anual 1
 TASA TIPO
Nominal Vencido
Efectiva Anticipado
 SISTEMA DE AMORTIZACION CUOTA FIJA

ANUALIDAD
VR.CREDITO Tasa Per. Nper
FORMULA EXCEL
15,000,000 2.00% MV 12 Meses 1,418,394 1,418,394

Tabla de amortización
Cuota Nº Cuota Interés Capital Saldo Capital
0 15,000,000
1 1,418,394 300,000 1,118,394 13,881,606
2 1,418,394 277,632 1,140,762 12,740,844
3 1,418,394 254,817 1,163,577 11,577,267
4 1,418,394 231,545 1,186,849 10,390,419
5 1,418,394 207,808 1,210,586 9,179,833
6 1,418,394 183,597 1,234,797 7,945,036
7 1,418,394 158,901 1,259,493 6,685,542
8 1,418,394 133,711 1,284,683 5,400,859
9 1,418,394 108,017 1,310,377 4,090,483
10 1,418,394 81,810 1,336,584 2,753,898
11 1,418,394 55,078 1,363,316 1,390,582
12 1,418,394 27,812 1,390,582 0
 SISTEMA DE AMORTIZACION CUOTAS EXTRAORDINARIAS

VR.CREDITO Tasa Per. Nper

70,000,000 2.00% MV 36 Meses

C. Extras Tasa Per. Nper

4,000,000 26.82% EA 3 Años

PRIMERO
Hallar el valor presente de las cuotas extras

VP
Tasa Per. Nper ANUALIDAD
FORMULA EXCEL
26.82% 3 Años 4,000,000 7,601,751 7,601,751

SEGUNDO
Hallar el valor a diferir

$70.000.000 -7.601.751
VR.DIFERIR

62,398,249

TERCERO
Construir tabla de amortización cuotas mensuales y cuotas anuales

ANUALIDAD
VR.CREDITO Tasa Per. Nper Tasa Per.
FORMULA EXCEL
62,398,249 2.00% MV 36 Meses 2,448,061 2,448,061 26.82%

Tabla de amortización cuotas mensuales Tabla

Cuota Nº Cuota Interés Capital Saldo Capital Cuota Nº
0 62,398,249 0
1 2,448,061 1,247,965 1,200,096 61,198,152 1
2 2,448,061 1,223,963 1,224,098 59,974,054 2
3 2,448,061 1,199,481 1,248,580 58,725,474 3
4 2,448,061 1,174,509 1,273,552 57,451,922 4
5 2,448,061 1,149,038 1,299,023 56,152,899 5
6 2,448,061 1,123,058 1,325,003 54,827,896 6
7 2,448,061 1,096,558 1,351,503 53,476,393 7
8 2,448,061 1,069,528 1,378,533 52,097,859 8
9 2,448,061 1,041,957 1,406,104 50,691,755 9
10 2,448,061 1,013,835 1,434,226 49,257,529 10
11 2,448,061 985,151 1,462,911 47,794,618 11
12 2,448,061 955,892 1,492,169 46,302,449 12
 13 2,448,061 926,049 1,522,012 44,780,437 13
14 2,448,061 895,609 1,552,453 43,227,984 14
15 2,448,061 864,560 1,583,502 41,644,483 15
16 2,448,061 832,890 1,615,172 40,029,311 16
17 2,448,061 800,586 1,647,475 38,381,836 17
18 2,448,061 767,637 1,680,425 36,701,411 18
19 2,448,061 734,028 1,714,033 34,987,378 19
20 2,448,061 699,748 1,748,314 33,239,065 20
21 2,448,061 664,781 1,783,280 31,455,785 21
22 2,448,061 629,116 1,818,946 29,636,839 22
23 2,448,061 592,737 1,855,325 27,781,515 23
24 2,448,061 555,630 1,892,431 25,889,084 24
25 2,448,061 517,782 1,930,280 23,958,804 25
26 2,448,061 479,176 1,968,885 21,989,919 26
27 2,448,061 439,798 2,008,263 19,981,656 27
28 2,448,061 399,633 2,048,428 17,933,228 28
29 2,448,061 358,665 2,089,397 15,843,831 29
30 2,448,061 316,877 2,131,185 13,712,646 30
31 2,448,061 274,253 2,173,808 11,538,838 31
32 2,448,061 230,777 2,217,285 9,321,553 32
33 2,448,061 186,431 2,261,630 7,059,923 33
34 2,448,061 141,198 2,306,863 4,753,060 34
35 2,448,061 95,061 2,353,000 2,400,060 35
36 2,448,061 48,001 2,400,060 0 36

CUARTO
Construir tabla de amortización total (cuotas mensuales + cuotas anuales)

Tabla de amortización total

Cuota Nº Cuota Interés Capital Saldo Capital
0 70,000,000
1 2,448,061 1,400,000 1,200,096 68,799,904
2 2,448,061 1,375,998 1,224,098 67,575,805
3 2,448,061 1,351,516 1,248,580 66,327,225
4 2,448,061 1,326,545 1,273,552 65,053,673
5 2,448,061 1,301,073 1,299,023 63,754,651
6 2,448,061 1,275,093 1,325,003 62,429,647
7 2,448,061 1,248,593 1,351,503 61,078,144
8 2,448,061 1,221,563 1,378,533 59,699,610
9 2,448,061 1,193,992 1,406,104 58,293,506
10 2,448,061 1,165,870 1,434,226 56,859,280
11 2,448,061 1,137,186 1,462,911 55,396,369
12 6,448,061 1,107,927 3,453,062 51,943,308
13 2,448,061 1,038,866 1,522,012 50,421,296
14 2,448,061 1,008,426 1,552,453 48,868,843
15 2,448,061 977,377 1,583,502 47,285,341
16 2,448,061 945,707 1,615,172 45,670,170
17 2,448,061 913,403 1,647,475 44,022,695
18 2,448,061 880,454 1,680,425 42,342,270
19 2,448,061 846,845 1,714,033 40,628,237
20 2,448,061 812,565 1,748,314 38,879,923
21 2,448,061 777,598 1,783,280 37,096,643
22 2,448,061 741,933 1,818,946 35,277,698
23 2,448,061 705,554 1,855,325 33,422,373
24 6,448,061 668,447 4,379,317 29,043,056
25 2,448,061 580,861 1,930,280 27,112,777
26 2,448,061 542,256 1,968,885 25,143,891
27 2,448,061 502,878 2,008,263 23,135,628
28 2,448,061 462,713 2,048,428 21,087,200
29 2,448,061 421,744 2,089,397 18,997,804
30 2,448,061 379,956 2,131,185 16,866,619
31 2,448,061 337,332 2,173,808 14,692,810
32 2,448,061 293,856 2,217,285 12,475,526
33 2,448,061 249,511 2,261,630 10,213,896
34 2,448,061 204,278 2,306,863 7,907,033
35 2,448,061 158,141 2,353,000 5,554,033
36 6,448,061 111,081 5,554,033 0
 Nper ANUALIDAD

3 Años 4,000,000

Tabla de amortización cuotas anuales

Cuota Interés Capital Saldo Capital
7,601,751
7,601,751
7,601,751
7,601,751
7,601,751
7,601,751
7,601,751
7,601,751
7,601,751
7,601,751
7,601,751
7,601,751
4,000,000 2,039,107 1,960,893 5,640,859
 5,640,859
5,640,859
5,640,859
5,640,859
5,640,859
5,640,859
5,640,859
5,640,859
5,640,859
5,640,859
5,640,859
4,000,000 1,513,114 2,486,886 3,153,973
3,153,973
3,153,973
3,153,973
3,153,973
3,153,973
3,153,973
3,153,973
3,153,973
3,153,973
3,153,973
3,153,973
4,000,000 846,027 3,153,973 0
 SISTEMA DE AMORTIZACION ANUALIDAD DIFERIDA

Vr. Préstamo 50,000,000

Plazo total 36 MESES
Periodo gracia 12 MESES
Número pagos 24 MESES
Tasa nominal 21% NMV
TPM 1.8% MV

METODO 1
Hallar el valor de la anualidad por fórmula

Valor de la anualidad vencida diferida

conociendo el valor presente
con período de gracia (r) y período de pagos (s)
Tasa Per. r s VP ANUALIDAD
1.8% MV 12 24 50,000,000 3,163,916

METODO 2
Hallar el valor futuro de $50.000.000 en el período 12

Tasa Per. n VP VF
1.8% MV 12 50,000,000 61,571,966

A partir de este valor hallar el valor de la anualidad

Valor de la anualidad vencida

conociendo el valor presente
ANUALIDAD
Tasa Per. Nper VP
FORMULA EXCEL
1.75% 24 61,571,966 3,163,916 3,163,916

Tabla de amortización anualidad diferida

Cuota Nº Cuota Interés Capital Saldo Capital
0 50,000,000
1 875,000 50,875,000
2 890,313 51,765,313
3 905,893 52,671,205
PERIODO DE GRACIA

PERIODO DE GRACIA

4 921,746 53,592,952
5 937,877 54,530,828
6 954,289 55,485,118
7 970,990 56,456,107
8 987,982 57,444,089
 PERIODO DE

PERIODO DE
9 1,005,272 58,449,361
10 1,022,864 59,472,225
11 1,040,764 60,512,988
12 1,058,977 61,571,966
13 3,163,916 1,077,509 2,086,406 59,485,560
14 3,163,916 1,040,997 2,122,918 57,362,641
15 3,163,916 1,003,846 2,160,069 55,202,572
16 3,163,916 966,045 2,197,871 53,004,702
17 3,163,916 927,582 2,236,333 50,768,368
18 3,163,916 888,446 2,275,469 48,492,899
19 3,163,916 848,626 2,315,290 46,177,609
20 3,163,916 808,108 2,355,807 43,821,802
21 3,163,916 766,882 2,397,034 41,424,768
22 3,163,916 724,933 2,438,982 38,985,786
23 3,163,916 682,251 2,481,664 36,504,122
24 3,163,916 638,822 2,525,093 33,979,028
25 3,163,916 594,633 2,569,283 31,409,746
26 3,163,916 549,671 2,614,245 28,795,501
27 3,163,916 503,921 2,659,994 26,135,506
28 3,163,916 457,371 2,706,544 23,428,962
29 3,163,916 410,007 2,753,909 20,675,053
30 3,163,916 361,813 2,802,102 17,872,951
31 3,163,916 312,777 2,851,139 15,021,812
32 3,163,916 262,882 2,901,034 12,120,779
33 3,163,916 212,114 2,951,802 9,168,977
34 3,163,916 160,457 3,003,458 6,165,518
35 3,163,916 107,897 3,056,019 3,109,499
36 3,163,916 54,416 3,109,499 0
 SISTEMA DE AMORTIZACION GRADIENTE ARITMETICO

Vr. Préstamo 224,000,000

Plazo total 180 MESES
Gradiente 5,000
Tasa interés 1.02% MV

Valor de la primera cuota

Gradiente Aritmético Vencido Creciente dado VP
Tasa Per. Nper VP Gradiente 1a CUOTA
1.00% 45 41,525,773 32,000 500,000

Tabla de amortización gradiente aritmético

Cuota Nº Cuota Interés Capital Saldo Capital
0 41,525,773 CUOTA DOS Y SUBSIGUIENTES = Cu
1 500,000 415,258 84,742 41,441,031
2 532,000 414,410 117,590 41,323,441
3 564,000 413,234 150,766 41,172,676
4 596,000 411,727 184,273 40,988,403
5 628,000 409,884 218,116 40,770,287
6 660,000 407,703 252,297 40,517,989
7 692,000 405,180 286,820 40,231,169
8 724,000 402,312 321,688 39,909,481
9 756,000 399,095 356,905 39,552,576
10 788,000 395,526 392,474 39,160,102
11 820,000 391,601 428,399 38,731,703
12 852,000 387,317 464,683 38,267,020
13 884,000 382,670 501,330 37,765,690
14 916,000 377,657 538,343 37,227,347
15 948,000 372,273 575,727 36,651,620
16 980,000 366,516 613,484 36,038,136
17 1,012,000 360,381 651,619 35,386,518
18 1,044,000 353,865 690,135 34,696,383
19 1,076,000 346,964 729,036 33,967,347
20 1,108,000 339,673 768,327 33,199,020
21 1,140,000 331,990 808,010 32,391,011
22 1,172,000 323,910 848,090 31,542,921
23 1,204,000 315,429 888,571 30,654,350
24 1,236,000 306,543 929,457 29,724,893
25 1,268,000 297,249 970,751 28,754,142
26 1,300,000 287,541 1,012,459 27,741,684
27 1,332,000 277,417 1,054,583 26,687,101
28 1,364,000 266,871 1,097,129 25,589,972
29 1,396,000 255,900 1,140,100 24,449,871
30 1,428,000 244,499 1,183,501 23,266,370
31 1,460,000 232,664 1,227,336 22,039,034
32 1,492,000 220,390 1,271,610 20,767,424
33 1,524,000 207,674 1,316,326 19,451,098
34 1,556,000 194,511 1,361,489 18,089,609
35 1,588,000 180,896 1,407,104 16,682,505
36 1,620,000 166,825 1,453,175 15,229,330
37 1,652,000 152,293 1,499,707 13,729,624
38 1,684,000 137,296 1,546,704 12,182,920
39 1,716,000 121,829 1,594,171 10,588,749
40 1,748,000 105,887 1,642,113 8,946,637
41 1,780,000 89,466 1,690,534 7,256,103
42 1,812,000 72,561 1,739,439 5,516,664
43 1,844,000 55,167 1,788,833 3,727,831
44 1,876,000 37,278 1,838,722 1,889,109
45 1,908,000 18,891 1,889,109 0
46 1,940,000 0 1,940,000 -1,940,000
47 1,972,000 (19,400) 1,991,400 -3,931,400
48 2,004,000 (39,314) 2,043,314 -5,974,714
49 2,036,000 (59,747) 2,095,747 -8,070,461
50 2,068,000 (80,705) 2,148,705 -10,219,166
51 2,100,000 (102,192) 2,202,192 -12,421,357
52 2,132,000 (124,214) 2,256,214 -14,677,571
53 2,164,000 (146,776) 2,310,776 -16,988,347
54 2,196,000 (169,883) 2,365,883 -19,354,230
55 2,228,000 (193,542) 2,421,542 -21,775,772
56 2,260,000 (217,758) 2,477,758 -24,253,530
57 2,292,000 (242,535) 2,534,535 -26,788,065
58 2,324,000 (267,881) 2,591,881 -29,379,946
59 2,356,000 (293,799) 2,649,799 -32,029,746
60 2,388,000 (320,297) 2,708,297 -34,738,043
61 2,420,000 (347,380) 2,767,380 -37,505,423
62 2,452,000 (375,054) 2,827,054 -40,332,478
63 2,484,000 (403,325) 2,887,325 -43,219,803
64 2,516,000 (432,198) 2,948,198 -46,168,001
65 2,548,000 (461,680) 3,009,680 -49,177,681
66 2,580,000 (491,777) 3,071,777 -52,249,457
67 2,612,000 (522,495) 3,134,495 -55,383,952
68 2,644,000 (553,840) 3,197,840 -58,581,791
69 2,676,000 (585,818) 3,261,818 -61,843,609
70 2,708,000 (618,436) 3,326,436 -65,170,045
71 2,740,000 (651,700) 3,391,700 -68,561,746
72 2,772,000 (685,617) 3,457,617 -72,019,363
73 2,804,000 (720,194) 3,524,194 -75,543,557
74 2,836,000 (755,436) 3,591,436 -79,134,993
75 2,868,000 (791,350) 3,659,350 -82,794,342
76 2,900,000 (827,943) 3,727,943 -86,522,286
77 2,932,000 (865,223) 3,797,223 -90,319,509
78 2,964,000 (903,195) 3,867,195 -94,186,704
 79 2,996,000 (941,867) 3,937,867 -98,124,571
80 3,028,000 (981,246) 4,009,246 -102,133,817
81 3,060,000 (1,021,338) 4,081,338 -106,215,155
82 3,092,000 (1,062,152) 4,154,152 -110,369,306
83 3,124,000 (1,103,693) 4,227,693 -114,596,999
84 3,156,000 (1,145,970) 4,301,970 -118,898,969
85 3,188,000 (1,188,990) 4,376,990 -123,275,959
86 3,220,000 (1,232,760) 4,452,760 -127,728,719
87 3,252,000 (1,277,287) 4,529,287 -132,258,006
88 3,284,000 (1,322,580) 4,606,580 -136,864,586
89 3,316,000 (1,368,646) 4,684,646 -141,549,232
90 3,348,000 (1,415,492) 4,763,492 -146,312,724
91 3,380,000 (1,463,127) 4,843,127 -151,155,851
92 3,412,000 (1,511,559) 4,923,559 -156,079,410
93 3,444,000 (1,560,794) 5,004,794 -161,084,204
94 3,476,000 (1,610,842) 5,086,842 -166,171,046
95 3,508,000 (1,661,710) 5,169,710 -171,340,756
96 3,540,000 (1,713,408) 5,253,408 -176,594,164
97 3,572,000 (1,765,942) 5,337,942 -181,932,106
98 3,604,000 (1,819,321) 5,423,321 -187,355,427
99 3,636,000 (1,873,554) 5,509,554 -192,864,981
100 3,668,000 (1,928,650) 5,596,650 -198,461,631
101 3,700,000 (1,984,616) 5,684,616 -204,146,247
102 3,732,000 (2,041,462) 5,773,462 -209,919,710
103 3,764,000 (2,099,197) 5,863,197 -215,782,907
104 3,796,000 (2,157,829) 5,953,829 -221,736,736
105 3,828,000 (2,217,367) 6,045,367 -227,782,103
106 3,860,000 (2,277,821) 6,137,821 -233,919,924
107 3,892,000 (2,339,199) 6,231,199 -240,151,123
108 3,924,000 (2,401,511) 6,325,511 -246,476,635
109 3,956,000 (2,464,766) 6,420,766 -252,897,401
110 3,988,000 (2,528,974) 6,516,974 -259,414,375
111 4,020,000 (2,594,144) 6,614,144 -266,028,519
112 4,052,000 (2,660,285) 6,712,285 -272,740,804
113 4,084,000 (2,727,408) 6,811,408 -279,552,212
114 4,116,000 (2,795,522) 6,911,522 -286,463,734
115 4,148,000 (2,864,637) 7,012,637 -293,476,371
116 4,180,000 (2,934,764) 7,114,764 -300,591,135
117 4,212,000 (3,005,911) 7,217,911 -307,809,046
118 4,244,000 (3,078,090) 7,322,090 -315,131,137
119 4,276,000 (3,151,311) 7,427,311 -322,558,448
120 4,308,000 (3,225,584) 7,533,584 -330,092,033
121 4,340,000 (3,300,920) 7,640,920 -337,732,953
122 4,372,000 (3,377,330) 7,749,330 -345,482,283
123 4,404,000 (3,454,823) 7,858,823 -353,341,105
124 4,436,000 (3,533,411) 7,969,411 -361,310,516
125 4,468,000 (3,613,105) 8,081,105 -369,391,622
126 4,500,000 (3,693,916) 8,193,916 -377,585,538
127 4,532,000 (3,775,855) 8,307,855 -385,893,393
128 4,564,000 (3,858,934) 8,422,934 -394,316,327
129 4,596,000 (3,943,163) 8,539,163 -402,855,490
130 4,628,000 (4,028,555) 8,656,555 -411,512,045
131 4,660,000 (4,115,120) 8,775,120 -420,287,166
132 4,692,000 (4,202,872) 8,894,872 -429,182,037
133 4,724,000 (4,291,820) 9,015,820 -438,197,858
134 4,756,000 (4,381,979) 9,137,979 -447,335,836
135 4,788,000 (4,473,358) 9,261,358 -456,597,195
136 4,820,000 (4,565,972) 9,385,972 -465,983,167
137 4,852,000 (4,659,832) 9,511,832 -475,494,998
138 4,884,000 (4,754,950) 9,638,950 -485,133,948
139 4,916,000 (4,851,339) 9,767,339 -494,901,288
140 4,948,000 (4,949,013) 9,897,013 -504,798,301
141 4,980,000 (5,047,983) 10,027,983 -514,826,284
142 5,012,000 (5,148,263) 10,160,263 -524,986,547
143 5,044,000 (5,249,865) 10,293,865 -535,280,412
144 5,076,000 (5,352,804) 10,428,804 -545,709,216
145 5,108,000 (5,457,092) 10,565,092 -556,274,308
146 5,140,000 (5,562,743) 10,702,743 -566,977,051
147 5,172,000 (5,669,771) 10,841,771 -577,818,822
148 5,204,000 (5,778,188) 10,982,188 -588,801,010
149 5,236,000 (5,888,010) 11,124,010 -599,925,020
150 5,268,000 (5,999,250) 11,267,250 -611,192,270
151 5,300,000 (6,111,923) 11,411,923 -622,604,193
152 5,332,000 (6,226,042) 11,558,042 -634,162,235
153 5,364,000 (6,341,622) 11,705,622 -645,867,857
154 5,396,000 (6,458,679) 11,854,679 -657,722,536
155 5,428,000 (6,577,225) 12,005,225 -669,727,761
156 5,460,000 (6,697,278) 12,157,278 -681,885,039
157 5,492,000 (6,818,850) 12,310,850 -694,195,889
158 5,524,000 (6,941,959) 12,465,959 -706,661,848
159 5,556,000 (7,066,618) 12,622,618 -719,284,467
160 5,588,000 (7,192,845) 12,780,845 -732,065,311
161 5,620,000 (7,320,653) 12,940,653 -745,005,965
162 5,652,000 (7,450,060) 13,102,060 -758,108,024
163 5,684,000 (7,581,080) 13,265,080 -771,373,104
164 5,716,000 (7,713,731) 13,429,731 -784,802,835
165 5,748,000 (7,848,028) 13,596,028 -798,398,864
166 5,780,000 (7,983,989) 13,763,989 -812,162,852
167 5,812,000 (8,121,629) 13,933,629 -826,096,481
168 5,844,000 (8,260,965) 14,104,965 -840,201,446
169 5,876,000 (8,402,014) 14,278,014 -854,479,460
170 5,908,000 (8,544,795) 14,452,795 -868,932,255
171 5,940,000 (8,689,323) 14,629,323 -883,561,577
172 5,972,000 (8,835,616) 14,807,616 -898,369,193
173 6,004,000 (8,983,692) 14,987,692 -913,356,885
174 6,036,000 (9,133,569) 15,169,569 -928,526,454
175 6,068,000 (9,285,265) 15,353,265 -943,879,718
176 6,100,000 (9,438,797) 15,538,797 -959,418,516
177 6,132,000 (9,594,185) 15,726,185 -975,144,701
178 6,164,000 (9,751,447) 15,915,447 -991,060,148
179 6,196,000 (9,910,601) 16,106,601 -1,007,166,749
180 6,228,000 (10,071,667) 16,299,667 -1,023,466,417
TA DOS Y SUBSIGUIENTES = Cuota mes anterior (+,-) gradiente
 SISTEMA DE AMORTIZACION GRADIENTE GEOMETRICO

Vr. Préstamo 350,000,000

Plazo 7 AÑOS
Trimestres 28 TRIMESTES
Gradiente -3%
Tasa 3.02% TV

Valor de la primera cuota

Gradiente Geomético Vencido Creciente dado VP
Tasa Per. Nper VP Gradiente 1a CUOTA
2.21% 36 40,000,000 5% 681,880

Tabla de amortización gradiente geométrico

Cuota Nº Cuota Interés Capital Saldo Capital CUOTA DOS Y SUBSIGUI
0 40,000,000
1 681,880 884,000 (202,120) 40,202,120
2 715,974 888,467 (172,493) 40,374,613
3 751,773 892,279 (140,506) 40,515,119
4 789,361 895,384 (106,023) 40,621,142
5 828,829 897,727 (68,898) 40,690,040
6 870,271 899,250 (28,979) 40,719,019
7 913,784 899,890 13,894 40,705,125
8 959,473 899,583 59,890 40,645,235
9 1,007,447 898,260 109,187 40,536,048
10 1,057,820 895,847 161,973 40,374,075
11 1,110,711 892,267 218,443 40,155,631
12 1,166,246 887,439 278,807 39,876,825
13 1,224,558 881,278 343,281 39,533,544
14 1,285,786 873,691 412,095 39,121,449
15 1,350,076 864,584 485,492 38,635,958
16 1,417,579 853,855 563,725 38,072,233
17 1,488,458 841,396 647,062 37,425,171
18 1,562,881 827,096 735,785 36,689,386
19 1,641,025 810,835 830,190 35,859,197
20 1,723,077 792,488 930,588 34,928,608
21 1,809,230 771,922 1,037,308 33,891,300
22 1,899,692 748,998 1,150,694 32,740,606
23 1,994,676 723,567 1,271,109 31,469,497
24 2,094,410 695,476 1,398,934 30,070,562
25 2,199,131 664,559 1,534,571 28,535,991
26 2,309,087 630,645 1,678,442 26,857,549
27 2,424,542 593,552 1,830,990 25,026,559
28 2,545,769 553,087 1,992,682 23,033,877
29 2,673,057 509,049 2,164,009 20,869,869
30 2,806,710 461,224 2,345,486 18,524,383
31 2,947,046 409,389 2,537,657 15,986,726
32 3,094,398 353,307 2,741,091 13,245,635
33 3,249,118 292,729 2,956,389 10,289,245
34 3,411,574 227,392 3,184,181 7,105,064
35 3,582,152 157,022 3,425,130 3,679,933
36 3,761,260 81,327 3,679,933 0
CUOTA DOS Y SUBSIGUIENTES = Cuota mes anterior x (1+G)
 INDICADORES DE CONVENIENCIA

Año Ingresos Egresos Flujo Neto VP Egresos VF Ingresos ANALISIS SENSIBILIDAD

0 20,000,000 (20,000,000) (20,000,000) TIO
1 2,350,000 500,000 1,850,000 2,440,417 2.0%
2 2,350,000 500,000 1,850,000 2,379,734 2.5%
3 2,350,000 1,250,000 1,100,000 1,379,792 3.0%
4 2,350,000 650,000 1,700,000 2,079,382 3.5%
5 3,300,000 650,000 2,650,000 3,160,789 4.0%
6 3,300,000 4,500,000 (1,200,000) (1,117,116) 4.5%
7 3,300,000 750,000 2,550,000 2,892,135 5.0%
8 4,350,000 750,000 3,600,000 3,981,486 5.5%
9 4,350,000 2,500,000 1,850,000 1,995,165 6.0%
10 3,850,000 850,000 3,000,000 3,154,951 6.5%
11 1,000,000 850,000 150,000 153,825 7.0%
12 10,000,000 10,000,000 10,000,000
TOTALES 21,117,116 33,617,675

Tasa descuento 3%
Tasa de financiación 1.20%
Tasa de Reinversión 2.55%

INDICADORES
SIGLA RESULTADO FORMULA
VPN 3,025,506 +VNA(D18;D3:$D$14)+$D$2
TIR 4.94% +TIR(D2:D14)
TIRM 3.95% +TIRM(D2:D14;$D$19;$D$20)
TIRM 3.95% +(F15/E15)^(1/A14)-1
CAUE 303,949 +PAGO($D$18;A14;-D24)
B/C 1.10 +(VNA($D$25;B8:B19)+B7)/(VNA($D$25;C8:C18)+C7)
A

ANALISIS SENSIBILIDAD
3,025,506 Sensibilidad del VPN ante variaciones en la
TIO
12
10
8
Valor VPN

6
4
2
0
2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0%
TIO

C8:C18)+C7)