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HERRAMIENTAS FINANCIERAS
MATERIAL
DEL CURSO
DIPLOMADO INTERNACIONAL EN FINANZAS PARA NO ESPECIALISTAS
1/43
Herramientas Financieras
CREDITOS DIRECTOS
PRESTAMOS
DESCUENTO DE PAGARES
DESCUENTO DE LETRAS
PRESTAMOS EN CUOTAS CONSTANTES
2/43
Herramientas Financieras
90
T = 1000 + 20
T = 1020
P = 1000
i = P (1 + ti)
dias
pti
i
= Intereses
P = Prstamo
ti = Tasa de Inters
das = Nmero de das del prstamo
pti = Perodo de la Tasa de Inters
DIPLOMADO INTERNACIONAL EN FINANZAS PARA NO ESPECIALISTAS
3/43
Herramientas Financieras
P = 10,000
180
i = P (1 + ti)
dias
pti
i = 10,000 (1 + 0.52 )
i = 2,328.83
( 0.5 )
1
(
)
i
=
10
,
000
1
.
52
360
4/43
Herramientas Financieras
P = 5,000
45
i = P (1 + ti)
dias
pti
i = 5,000 (1 + 0.015)
i = 112.92
(1.5 )
1
i = 10,000 (1.015) 1
30
5/43
Herramientas Financieras
21,749.22 360
330
TCEA =
1 x100
15,000
21,336.34 360
270
TCEA =
1 x100
15,000
TCEA = (1.449948)
TCEA = (1.422423)
(1.090909)
1 x100
(1.333333)
1 x100
TCEA = [0.499757]x100
TCEA = [0.599699]x100
TCEA = 49.98%
TCEA = 59.97%
360
dias
Monto .a.Pagar
TASA COSTO EFECTIVA ANUAL TCEA =
1 x100 =
Prestamo
6/43
Herramientas Financieras
49,293.23 180
TCEA =
1 x100
45,000
49,217.85 150
TCEA =
1 x100
45,000
TCEA = (1.093730)
TCEA = [0.199912]x100
TCEA = [0.239893]x100
TCEA = 19.99%
TCEA = 23.99%
(2)
( 2.4 )
1 x100
360
dias
Monto .a.Pagar
TASA COSTO EFECTIVA ANUAL TCEA =
1 x100 =
Pr estamo
7/43
Herramientas Financieras
180
P = 5,000
ia=
P = 5,000
100
Abono= 4,900
1
ia = P 1
(1 + ti)
dias
pti
ia = Intereses adelantados
P = Pagar
ti = Tasa de Inters
das = Nmero de das del prstamo
pti = Perodo de la Tasa de Inters
8/43
Herramientas Financieras
90
P = 20,000
P = 20,000
ia= 1,479.82
Abono= 18,520.18
1
ia = P 1
(1 + ti)
dias
pti
1
ia = 20,000 1
90
=
ia
20,000
1
(1.36 )(0.25 )
(1 + 0.36 ) 360
ia = 20,000[1 0.926009]
ia = 20,0001
1.079903
ia = 20,000[0.073991]
ia = 1,479.82
9/43
Herramientas Financieras
120
P = 10,000
P = 10,000
851.56
ia=
Abono= 9,148.44
1
ia = P 1
(1 + ti)
dias
pti
1
1
ia
10,000
1
=
ia = 10,000 1
120
(1.0225 )( 4 )
30
(1 + 0.0225 )
ia = 10,000[1 0.914844]
ia = 10,000[0.085156]
ia = 10,0001
1.093083
ia = 851.56
10/43
Herramientas Financieras
P = 20,000
P = 20,000
ia= 1,141.16
Abono= 18,858.84
20,000 360
45
TCEA =
1 x100
18,858.84
TCEA = [0.60001]x100
TCEA = 60.00%
360
dias
Monto
.
a
.
Pagar
1 x100 =
11/43
Herramientas Financieras
INTERES ADELANTADO
1
ia = P1
(1 + ti)
dias
pti
dias
Monto
.
a
.
Pagar
1 x100 =
TCEA =
Monto.Re cibido
12/43
Herramientas Financieras
90
P = 10,000
ia=
425.56
portes =
3
Abono= 9,571.44
P = 10,000
1
ia = P 1
(1 + ti)
dias
pti
1
ia = 10,000 1
90
(1 + 0.19 ) 360
1
ia = 10,0001
( 0.25 )
(
)
1.19
ia = 10,000[1 0.957444]
ia = 10,000[0.042556]
ia = 10,0001
1.044448
ia = 425.56
13/43
Herramientas Financieras
c) Por motivos de no contar con liquidez refinanciamos la operacin por 60 das, solo
amortizamos el 10% del pagar ms intereses.
d) Comisin de refinanciacin 3% y la tasa de inters anual es de 24% por el monto
refinanciado.
Calcular: El monto recibido, el importe que pagaremos por la refinanciacin y la tasa
costo efectivo anual de los 60 das que refinanciamos la operacin.
0
90
150
P = 10,000
ia=
425.56
portes =
3
Abono= 9,571.44
1
P = 10,000
Amtz 10%
1,000
P = 9,000
ia=
portes =
3
Comis. 3% =
270
1
P = 9,000
2
14/43
Herramientas Financieras
P1 = 10,000
ia=
425.56
portes =
3
Abono= 9,571.44
1
ia = 9,000 1
60
(1 + 0.24 ) 360
ia = 9,000[1 0.964783]
P1 = 10,000
Amtz 10%
1,000
P2 = 9,000
ia=
316.95
portes =
3
Comis. 3% =
270
1
ia = 9,000 1
( 0.166667 )
(
)
1.24
P = 9,000
2
1
ia = P 1
(1 + ti)
dias
pti
ia = 9,0001
1.036502
ia = 9,000[0.035217]
ia = 316.95
15/43
Herramientas Financieras
P1 = 10,000
ia=
425.56
portes =
3
Abono= 9,571.44
P1 = 10,000
Amtz 10%
1,000
P2 = 9,000
ia=
316.95
portes =
3
Comis. 3% =
270
9,000.00
P2
ia
316.95
9,000.00 360
60
1 x100
portes
3.00 - TCEA =
8,410.05
comis.
270.00
8,410.05
P = 9,000
2
1,589.95
TCEA = 50.20%
16/43
Herramientas Financieras
1
ia = P1
(1 + ti)
dias
pti
dias
Monto
.
a
.
Pagar
1 x100 =
TCEA =
Monto.Re cibido
17/43
Herramientas Financieras
80
P = 45,000
ia= 1,945.22
portes =
3
Abono= 43,051.78
P = 45,000
1
ia = P 1
(1 + ti)
dias
pti
1
1
ia
4
5
,000
1
=
ia = 45,000 1
80
(1.22)(0.222222)
(1 + 0.22 ) 360
ia = 45,000[1 0.956773]
ia = 45,0001
1.045180
ia = 45,000[0.043227]
ia = 1,945.22
18/43
Herramientas Financieras
80
P = 45,000
ia= 1,945.22
portes =
3
43,051.78
P = 45,000
1
95
45,000
im=
i =
Comis. 0.75% =
Gtos. Not. =
337.50
10
19/43
Herramientas Financieras
pti
im = P (1 + ti)
1 im = 45,000 (1 + 0.055 )
15
360
im = 45,000[1.002233 1]
( 0.041667 )
1
1 im = 45,000 (1.055)
im = 45,000[0.002233] im = 100.49
i = P (1 + ti) pti 1
15
i = 45,000 (1.22)
( 0.041667 )
20/43
Herramientas Financieras
PASO 3: Calcular la tasa costo efectivo anual, es por el periodo total (95 das).
0
80
P = 45,000
ia= 1,945.22
portes =
3
Abono 43,051.78
95
45,000.00
P = 45,000
1
im=
100.49
i =
374.40
Comis. 0.75% =
337.50
Gtos. Not. =
10.00
A pagar 45,822.39
45,822.39 360
95
TCEA =
1 x100
43,051.78
TCEA = (1.064355)
( 3.789474 )
1 x100
TCEA = 26.66%
21/43
Herramientas Financieras
90
L = 1,000
ia=
L = 1,000
100
Abono= 900
ia = Intereses adelantados
L = Letra
ti = Tasa de Inters
das = Nmero de das del prstamo
pti = Perodo de la Tasa de Inters
1
ia = L 1
(1 + ti)
dias
pti
22/43
Herramientas Financieras
60
L = 25,500
L = 25,500.00
ia= 1,228.73
portes =
3
Abono= 24,268.27
1
ia = L 1
dias
(1 + ti) pti
1
1
ia
25,500
1
=
ia = 25,500 1
60
(1.025 )( 2 )
(1 + 0.025 ) 30
ia = 25,500[1 0.951814]
ia = 25,5001
1.050625
ia = 25,500[0.048186]
ia = 1,228.73
23/43
Herramientas Financieras
1
ia = L1
dias
dias
Monto
.
a
.
Pagar
1 x100 =
TCEA =
Monto.Re cibido
24/43
Herramientas Financieras
90
L = 10,000
ia=
542.58
portes =
3
Abono= 9,454.42
L = 10,000
1
ia = L 1
dias
(1 + ti) pti
1
ia = 10,000 1
90
(1 + 0.25 ) 360
1
ia = 10,000 1
( 0.25 )
(
)
1.25
ia = 10,0001
1.057371
ia = 10,000[1 0.945742]
ia = 10,000[0.054258]
ia = 542.58
25/43
Herramientas Financieras
c) La letra es protestada el da 8
d) La tasa moratoria anual es de 6.25%
e) La tasa de inters compensatoria es de 25%.
f) La comisin de protesto es de 0.75% y los gastos notariales $ 10.00
Calcular: El importe que nos cargaran en la Cta. Cte. y la tasa costo efectiva.
0
90
L = 10,000
ia=
542.58
portes =
3
Abono=
9,454.42
L = 10,000
1
98
10,000
im=
i =
Comis. 0.75% =
75
Gtos. Not. =
10
26/43
Herramientas Financieras
8
dias
( 0.022222 )
360
pti
(
)
im
=
10
,
000
1
.
0625
1
1
1 im = 10,000 (1 + 0.0625 )
im = L (1 + ti)
im = 10,000[1.001348 1]
im = 10,000[0.001348]
im = 13.48
i = L (1 + ti) pti 1
i = 10,000[1.004971 1]
i = 10,000[0.004971]
i = 10,000 (1.25)
( 0.022222)
i = 49.71
27/43
Herramientas Financieras
PASO 3: Calcular la tasa costo efectivo anual, es por el periodo total (98 das).
90
L = 10,000
ia=
542.58
portes =
3
Abono
9,454.42
98
10,000.00
L = 10,000
1
im=
13.48
i =
49.71
Comis. 0.75% =
75.00
Gtos. Not. =
10.00
A pagar 10,148.19
10,148.19 360
98
TCEA =
1 x100
9,454.42
TCEA = (1.073380)
( 3.673469 )
1 x100
TCEA = 29.71%
28/43
Herramientas Financieras
INTERES ADELANTADO
1
ia = L 1
dias
(1 + ti) pti
dias
Monto
.
a
.
Pagar
1 x100 =
TCEA =
Monto.Re cibido
29/43
Herramientas Financieras
45
L = 50,000.00
ia= 1,277.24
portes =
3.00
Abono= 48,719.76
L = 50,000
1
ia = L 1
dias
(1 + ti) pti
1
1
=
ia
50,000
1
ia = 50,000 1
45
(1.23 )(0.125 )
360
(1 + 0.23 )
ia = 50,000[1 0.974455]
ia = 50,0001
1.026214
ia = 50,000[0.025545]
ia = 1,277.24
30/43
Herramientas Financieras
L = 50,000.00
ia= 1,277.24
portes =
3.00
Abono= 48,719.76
L1 = 50,000
Amtz 25%
12,500
L2 = 37,500
ia=
portes =
3
Comis. 2% =
750
L = 37,500
2
31/43
Herramientas Financieras
L1= 50,000.00
ia= 1,277.24
portes =
3.00
Abono= 48,719.76
1
ia = 37,5001
30
L1 = 50,000
Amtz 25%
12,500
L2 = 37,500
ia=
690.88
portes =
3
Comis. 2% =
750
L2 = 37,500
1
ia = L 1
dias
(1 + ti) pti
1
1
ia = 37,500 1
ia
=
3
7
,
500
1
( 0.083333 )
1.018769
(1.25 )
ia = 37,500[0.018423]
ia = 690.88
32/43
Herramientas Financieras
L1= 50,000.00
ia= 1,277.24
portes =
3.00
Abono= 48,719.76
L1 = 50,000
Amtz 25%
12,500
L2 = 37,500
690.88
ia=
portes =
3
Comis. 2% =
750
L2
37,500.00
ia
690.88 37,500.00 360
30
1 x100
portes
3.00 - TCEA =
36,056.12
comis.
750.00
36,056.12
L = 37,500
2
TCEA = 60.19%
33/43
Herramientas Financieras
P=
1000
cc
cc
cc
cc
cc
cc
cc
cc
cc
100
100
100
100
100
100
100
100
100
tim
CC = P
1 (1 + tim)
nc
CC
P
tim
Nc
cc
cc
cc
10
11
12
100
100
100
= Cuota Constante
= Prstamo
= Tasa de Inters mensual
= Nmero de cuotas
34/43
Herramientas Financieras
P = 10,000
cc
cc
3
cc
4
cc
5
cc
6
cc
7
cc
8
cc
9
cc
10
cc
11
cc
12
1,035 1,035 1,035 1,035 1,035 1,035 1,035 1,035 1,035 1,035 1,035 1,035
tim
CC = P
1 (1 + tim)
nc
0.035
CC = 10,000
12
(
)
1
1
0
.
035
0.035
CC = 10,000
12
(
)
1
1
.
035
0.035
CC = 10,000
0.338217
CC = 10,000[0.103484]
0.035
CC = 10,000
1 0.661783
CC = 1,035
35/43
Herramientas Financieras
cc
cc
cc
cc
cc
cc
cc
118
cc
119
cc
120
P = 35,000
tim
CC = P
(
)
+
1
1
tim
nc
TIM = (1 + TIA )
30
360
30
360
TIM = (1 + 0.11)
- 1 x100
- 1 x100
TIM = (1.11)
( 0.083333 )
- 1 x100
TIM = 0.87%
36/43
Herramientas Financieras
P = 35,000
cc
cc
cc
cc
cc
cc
cc
118
119
120
471
471
471
471
471
471
471
471
471
471
cc
cc
cc
TIM = 0.87%
tim
CC = P
(
)
+
tim
1
1
nc
0.0087
0.0087
0.0087
CC = 35,000
=
CC
35
,
000
CC
=
35
,
000
120
1 (1.0087)120
1 0.353637
(
)
1
1
0
.
0087
0.0087
CC = 35,000
0.646363
CC = 35,000[0.013460]
CC = 471
37/43
Herramientas Financieras
22
23
24
P = 10,000
P = 10,000
i = 612
P2 = 10,612
gracia
dias
90
(0.25)
pti
1
1 i = 10,000 (1 + 0.2682 ) 360 1 i = 10,000 (1.2682)
i = P (1 + ti)
38/43
Herramientas Financieras
cc
cc
cc
cc
cc
22
cc
cc
23
24
P = 10,000
P = 10,000
i =
612
P2 = 10,612
tim
CC = P
(
)
+
tim
1
1
nc
TIM = (1 + TIA )
30
360
30
( 0.083333 )
- 1 x100
TIM = 2.00%
39/43
Herramientas Financieras
P = 10,000
cc
cc
cc
cc
cc
cc
cc
22
23
24
561
561
561
561
561
561
561
P = 10,000
i =
612
P2 = 10,612
tim
CC = P
(
)
1
1
tim
nc
0.02
CC = 10,612
24
(
)
+
1
1
0
.
02
0.02
CC = 10,612
24
(
)
1
1
.
02
0.02
CC = 10,612
0.378279
CC = 10,612[0.052871]
0.02
CC = 10,612
1 0.621721
CC = 561
40/43
Herramientas Financieras
1
P = 10,000
200
200
200
22
23
24
P = 10,000
dias
30
( 0.083333 )
pti
360
(
)
1
1 i = 10,000 1.2682
i = P (1 + ti) 1 i = 10,000 (1 + 0.2682 )
i = 10,000[1.019997 1]
i = 10,000[0.019997]
i = 200
41/43
Herramientas Financieras
P = 10,000
cc
cc
cc
cc
cc
cc
cc
22
23
24
200
200
200
529
529
529
529
529
529
529
P = 10,000
30
( 0.083333 )
360
(
)
TIM
=
1
.
2682
- 1 x100
TIM = (1 + 0.2682 ) - 1 x100
TIM = 2.00%
0.02
CC = 10,000
24
(
)
+
1
1
0
.
02
0.02
CC = 10,000
24
(
)
1
1
.
02
0.02
CC = 10,000
0.378279
CC = 10,000[0.052871]
0.02
CC = 10,000
1 0.621721
CC = 529
42/43
Herramientas Financieras
Muchas Gracias
43/43