ANEXO MANUAL DIDACTICO DE M

INDICE TEM

SERIES UNIFORMES SERIES VARIABLES

Anualidades vencida Gradiente aritmtico

Anualidades anticipada Gradiente aritmtico diferido
Anualidad diferida Gradiente geomtrico
Anualidad perpetua Gradiente geomtrico 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 aritmtico
Gradiente geomtrico
FINANCIERAS

INDICADORES DE CONVENIENCIA

VPN
TIR
TIRM
CAUE
B/C
 Valor Presente de una serie uniforme
con anualidad vencida
Sintaxis
(P/A, i%, n)
Tasa Per. Nper ANUALIDAD VP
9.00% 12 500,000 3,580,363

Valor Futuro de una serie uniforme

con anualidad vencida
Sintaxis
(F/A, i%, n)
Tasa Per. Nper ANUALIDAD VF
2.50% 24 100,000 3,234,904

Valor de la anualidad vencida

conociendo el valor presente
Sintaxis
(A/P, i%, n)
Tasa Per. Nper VP ANUALIDAD
1.00% 60 30,000,000 667,333

Valor de la anualidad vencida

conociendo el valor futuro
Sintaxis
(A/F, i%, n)
Tasa Per. Nper VF ANUALIDAD
6.50% 8 10,000,000 992,373

Valor Presente de una serie uniforme

con anualidad anticipada
Sintaxis
(P/A, i%, n)
Tasa Per. Nper ANUALIDAD VP
4.00% 6 750,000 4,088,867

Valor Futuro de una serie uniforme

con anualidad anticipada
Sintaxis
(F/A, i%, n)
Tasa Per. Nper ANUALIDAD VF
 1.00% 9 380,000 3,595,641

Valor de la anualidad anticipada

conociendo el valor presente
Sintaxis
(A/P, i%, n)
Tasa Per. Nper VP ANUALIDAD
2.50% 12 24,000,000 2,282,625

Valor de la anualidad anticipada

conociendo el valor futuro
Sintaxis
(A/F, i%, n)
Tasa Per. Nper VF ANUALIDAD
7.00% 12 5,000,000 261,224
 ANUALIDAD DIFERIDA

Valor Presente
Con perodo de gracia (r) y perodo de pagos (s)
Sintaxis
P=(P/A , i%, r, s)
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 perodo de gracia (r) y perodo de pagos (s)
Sintaxis
A=(A/P , i%, r, s)
Tasa Per. r s VP ANUALIDAD
0.75% 20 28 50,000,000 2,306,618
ANUALIDAD PERPETUA
Valor Presente de una anualidad
perpetua
Sintaxis
(P/A, i%)
Tasa Per. ANUALIDAD VP
1.39% 750,000 53,956,835
 GRADIENTE ARITMETICO

Valor Presente
Gradiente Aritmtico Vencido Creciente
Sintaxis
P=A(P/A ,i%, n) + G(P/G, i%, n)
Tasa Per. Nper Pago Gradiente VP
0.75% 180 350,000 3,000 55,185,497

Valor Presente
Gradiente Aritmtico Vencido Decreciente
Sintaxis
P=A(P/A ,i%, n) + G(P/G, i%, n)
Tasa Per. Nper Pago Gradiente VP
0.75% 180 350,000 -3,000 13,829,889

Valor Presente
Gradiente Aritmtico 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 Aritmtico Anticipado Decreciente
Sintaxis
P=A(P/A ,i%, n) + G(P/G, i%, n)
Tasa Per. Nper Pago Gradiente VP
1.37% 36 120,000 -1,000 2,979,164

Valor Futuro
Gradiente Aritmtico Vencido 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 4,535,632

Valor Futuro
Gradiente Aritmtico Vencido 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 1,805,620

Valor Futuro
Gradiente Aritmtico 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 Aritmtico 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 Aritmtico Vencido Creciente dado VP
Sintaxis
(A/P, G ,i%, n)
Tasa Per. Nper VP Gradiente CUOTA
1.02% 180 224,000,000 5,000 2,411,677

Valor de la primera cuota

Gradiente Aritmtico Vencido Decreciente dado
VP
Sintaxis
(A/P, G ,i%, n)
Tasa Per. Nper VP Gradiente CUOTA
1.02% 180 224,000,000 -5,000 3,046,042

Valor de la primera cuota

Gradiente Aritmtico 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 Aritmtico 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 Aritmtico Anticipado Creciente dado
VP
Sintaxis
(A/P, G ,i%, n)
 Tasa Per. Nper VP Gradiente CUOTA
1.02% 180 224,000,000 5,000 2,384,034

Valor de la primera cuota

Gradiente Aritmtico 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 Aritmtico 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 Aritmtico 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 Aritmtico 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 Aritmtico 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
CUOTA
5,611,428
 GRADIENTE GEOMETRICO
Valor Presente de una serie
Gradiente Geomtrico Vencido Creciente
Sintaxis
(P/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VP
1.50% 5 300,000 10% 1,746,962

Valor Presente de una serie

Gradiente Geomtrico 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 Geomtrico 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 Geomtrico Anticipado Decreciente
Sintaxis
(P/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VP
3.02% 28 1,500,000 -1% 25,828,735

Valor Futuro de una serie

Gradiente Geomtrico Vencido Creciente
Sintaxis
(F/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VF
2.36% 12 80,000 1% 1,153,823

Valor Futuro de una serie

Gradiente Geomtrico Vencido Decreciente
Sintaxis
(F/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VF
2.36% 12 80,000 -1% 1,039,388
 Valor Futuro de una serie
Gradiente Geomtrico 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 Geomtrico Anticipado Decreciente
Sintaxis
(F/G, A, i%, n)
Tasa Per. Nper Pago Gradiente VF
1.00% 12 1,250,000 -5% 12,340,200

Valor de la primera cuota

Gradiente Geomtico Vencido Creciente dado VP
Sintaxis
(A/G, P ,i%, n)
Tasa Per. Nper VP Gradiente CUOTA
1.00% 15 3,000,000 5% 151,767

Valor de la primera cuota

Gradiente Geomtico Vencido Decreciente dado VP
Sintaxis
(A/G, P ,i%, n)
Tasa Per. Nper VP Gradiente CUOTA
1.00% 15 3,000,000 -5% 299,529

Valor de la primera cuota

Gradiente Geomtico 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 Geomtico 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 Geomtico Vencido Creciente dado VF
Sintaxis
(A/G, F ,i%, n)
Tasa Per. Nper VF Gradiente CUOTA
3.33% 8 20,000,000 10% 1,580,599

Valor de la primera cuota

Gradiente Geomtico 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 Geomtico 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 Geomtico 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 Geomtrico Diferido
Sintaxis
P=(P/k ,A, i%, r,s)
Tasa Per. Nper r s CUOTA k VP
2.50% 21 3 18 800,000 2.0% 12,518,589

Valor de la primera cuota

Gradiente Geomtrico Diferido
Sintaxis
A=(A/k ,P,i%, r,s)
Tasa Per. Nper r s k VP CUOTA
10% 12 2 10 8% 30,000,000 4,330,684
 MODELO CONVERSION DE TASAS

CALCULO TASA NOMINAL

Ingreso de datos
Tasa Efectiva Anual 18.5%
Perodo capitalizacin Mes

RESULTADOS
Tasa Nominal Anual vencida 17.09%
Tasa peridica vencida 1.42%
Tasa peridica 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 AO
Nominal Vencido Da 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%
Perodo capitalizacin Mes
TIPO Vencido

RESULTADO
Tasa Efectiva Anual 19.56%

No.
PERIODO PERIODOS
CAPITALIZACION EN UN AO
Da 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 amortizacin
Cuota N Cuota Inters 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 Aos

PRIMERO
Hallar el valor presente de las cuotas extras

VP
Tasa Per. Nper ANUALIDAD
FORMULA EXCEL
26.82% 3 Aos 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 amortizacin 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 amortizacin cuotas mensuales Tabla de

Cuota N Cuota Inters Capital Saldo Capital Cuota N
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 amortizacin total (cuotas mensuales + cuotas anuales)

Tabla de amortizacin total

Cuota N Cuota Inters 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 Aos 4,000,000

Tabla de amortizacin cuotas anuales

Cuota Inters 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. Prstamo 50,000,000

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

METODO 1
Hallar el valor de la anualidad por frmula

Valor de la anualidad vencida diferida

conociendo el valor presente
con perodo de gracia (r) y perodo 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 perodo 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 amortizacin anualidad diferida

Cuota N Cuota Inters 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
 PERIODO DE GR

PERIODO DE GR
8 987,982 57,444,089
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. Prstamo 224,000,000

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

Valor de la primera cuota

Gradiente Aritmtico Vencido Creciente dado VP
Tasa Per. Nper VP Gradiente 1a CUOTA
1.02% 180 224,000,000 5,000 2,412,328

Tabla de amortizacin gradiente aritmtico

Cuota N Cuota Inters Capital Saldo Capital
0 224,000,000 CUOTA DOS Y SUBSIGUIENTES = Cuota
1 2,412,328 2,293,053 119,275 223,880,725
2 2,417,328 2,291,832 125,496 223,755,230
3 2,422,328 2,290,547 131,780 223,623,450
4 2,427,328 2,289,198 138,129 223,485,321
5 2,432,328 2,287,784 144,543 223,340,777
6 2,437,328 2,286,305 151,023 223,189,754
7 2,442,328 2,284,759 157,569 223,032,186
8 2,447,328 2,283,146 164,182 222,868,004
9 2,452,328 2,281,465 170,863 222,697,141
10 2,457,328 2,279,716 177,612 222,519,529
11 2,462,328 2,277,898 184,430 222,335,100
12 2,467,328 2,276,010 191,318 222,143,782
13 2,472,328 2,274,051 198,276 221,945,505
14 2,477,328 2,272,022 205,306 221,740,199
15 2,482,328 2,269,920 212,408 221,527,792
16 2,487,328 2,267,746 219,582 221,308,210
17 2,492,328 2,265,498 226,830 221,081,380
18 2,497,328 2,263,176 234,152 220,847,228
19 2,502,328 2,260,779 241,549 220,605,679
20 2,507,328 2,258,306 249,022 220,356,657
21 2,512,328 2,255,757 256,571 220,100,086
22 2,517,328 2,253,130 264,197 219,835,889
23 2,522,328 2,250,426 271,902 219,563,987
24 2,527,328 2,247,642 279,685 219,284,302
25 2,532,328 2,244,779 287,548 218,996,753
26 2,537,328 2,241,836 295,492 218,701,261
27 2,542,328 2,238,811 303,517 218,397,744
28 2,547,328 2,235,704 311,624 218,086,120
29 2,552,328 2,232,514 319,814 217,766,306
30 2,557,328 2,229,240 328,088 217,438,219
31 2,562,328 2,225,881 336,446 217,101,772
32 2,567,328 2,222,437 344,891 216,756,882
33 2,572,328 2,218,906 353,421 216,403,460
34 2,577,328 2,215,289 362,039 216,041,421
35 2,582,328 2,211,582 370,745 215,670,676
36 2,587,328 2,207,787 379,541 215,291,135
37 2,592,328 2,203,902 388,426 214,902,710
38 2,597,328 2,199,926 397,402 214,505,308
39 2,602,328 2,195,857 406,470 214,098,837
40 2,607,328 2,191,696 415,631 213,683,206
41 2,612,328 2,187,442 424,886 213,258,320
42 2,617,328 2,183,092 434,235 212,824,085
43 2,622,328 2,178,647 443,681 212,380,404
44 2,627,328 2,174,105 453,223 211,927,182
45 2,632,328 2,169,466 462,862 211,464,320
46 2,637,328 2,164,727 472,600 210,991,719
47 2,642,328 2,159,889 482,438 210,509,281
48 2,647,328 2,154,951 492,377 210,016,904
49 2,652,328 2,149,910 502,417 209,514,487
50 2,657,328 2,144,767 512,560 209,001,926
51 2,662,328 2,139,520 522,807 208,479,119
52 2,667,328 2,134,168 533,159 207,945,960
53 2,672,328 2,128,710 543,617 207,402,342
54 2,677,328 2,123,145 554,182 206,848,160
55 2,682,328 2,117,472 564,855 206,283,305
56 2,687,328 2,111,690 575,638 205,707,667
57 2,692,328 2,105,797 586,530 205,121,137
58 2,697,328 2,099,793 597,534 204,523,603
59 2,702,328 2,093,676 608,651 203,914,951
60 2,707,328 2,087,446 619,882 203,295,069
61 2,712,328 2,081,100 631,228 202,663,842
62 2,717,328 2,074,638 642,689 202,021,152
63 2,722,328 2,068,059 654,269 201,366,884
64 2,727,328 2,061,361 665,966 200,700,917
65 2,732,328 2,054,544 677,784 200,023,134
66 2,737,328 2,047,606 689,722 199,333,412
67 2,742,328 2,040,545 701,783 198,631,629
68 2,747,328 2,033,361 713,967 197,917,663
69 2,752,328 2,026,052 726,275 197,191,387
70 2,757,328 2,018,618 738,710 196,452,677
71 2,762,328 2,011,055 751,272 195,701,405
72 2,767,328 2,003,365 763,963 194,937,442
73 2,772,328 1,995,544 776,783 194,160,659
74 2,777,328 1,987,592 789,735 193,370,924
 75 2,782,328 1,979,508 802,820 192,568,104
76 2,787,328 1,971,290 816,038 191,752,066
77 2,792,328 1,962,936 829,392 190,922,674
78 2,797,328 1,954,446 842,882 190,079,792
79 2,802,328 1,945,817 856,510 189,223,282
80 2,807,328 1,937,049 870,278 188,353,004
81 2,812,328 1,928,140 884,187 187,468,816
82 2,817,328 1,919,089 898,239 186,570,578
83 2,822,328 1,909,894 912,434 185,658,144
84 2,827,328 1,900,554 926,774 184,731,370
85 2,832,328 1,891,066 941,261 183,790,109
86 2,837,328 1,881,431 955,897 182,834,212
87 2,842,328 1,871,645 970,682 181,863,529
88 2,847,328 1,861,709 985,619 180,877,910
89 2,852,328 1,851,619 1,000,709 179,877,202
90 2,857,328 1,841,375 1,015,953 178,861,249
91 2,862,328 1,830,975 1,031,353 177,829,896
92 2,867,328 1,820,417 1,046,911 176,782,986
93 2,872,328 1,809,700 1,062,628 175,720,358
94 2,877,328 1,798,822 1,078,506 174,641,852
95 2,882,328 1,787,781 1,094,546 173,547,306
96 2,887,328 1,776,577 1,110,751 172,436,555
97 2,892,328 1,765,206 1,127,121 171,309,434
98 2,897,328 1,753,668 1,143,660 170,165,774
99 2,902,328 1,741,961 1,160,367 169,005,407
100 2,907,328 1,730,082 1,177,246 167,828,161
101 2,912,328 1,718,031 1,194,297 166,633,864
102 2,917,328 1,705,805 1,211,523 165,422,342
103 2,922,328 1,693,403 1,228,925 164,193,417
104 2,927,328 1,680,822 1,246,505 162,946,911
105 2,932,328 1,668,062 1,264,265 161,682,646
106 2,937,328 1,655,120 1,282,208 160,400,438
107 2,942,328 1,641,994 1,300,333 159,100,105
108 2,947,328 1,628,683 1,318,645 157,781,460
109 2,952,328 1,615,184 1,337,143 156,444,317
110 2,957,328 1,601,496 1,355,832 155,088,486
111 2,962,328 1,587,617 1,374,711 153,713,775
112 2,967,328 1,573,544 1,393,784 152,319,991
113 2,972,328 1,559,276 1,413,052 150,906,939
114 2,977,328 1,544,811 1,432,517 149,474,422
115 2,982,328 1,530,146 1,452,181 148,022,241
116 2,987,328 1,515,281 1,472,047 146,550,194
117 2,992,328 1,500,212 1,492,116 145,058,078
118 2,997,328 1,484,937 1,512,391 143,545,687
119 3,002,328 1,469,455 1,532,873 142,012,815
120 3,007,328 1,453,763 1,553,565 140,459,250
121 3,012,328 1,437,859 1,574,468 138,884,782
122 3,017,328 1,421,742 1,595,586 137,289,196
123 3,022,328 1,405,408 1,616,920 135,672,277
124 3,027,328 1,388,856 1,638,472 134,033,805
125 3,032,328 1,372,083 1,660,244 132,373,560
126 3,037,328 1,355,088 1,682,240 130,691,320
127 3,042,328 1,337,867 1,704,461 128,986,859
128 3,047,328 1,320,418 1,726,909 127,259,950
129 3,052,328 1,302,740 1,749,587 125,510,363
130 3,057,328 1,284,830 1,772,498 123,737,865
131 3,062,328 1,266,685 1,795,642 121,942,223
132 3,067,328 1,248,304 1,819,024 120,123,199
133 3,072,328 1,229,682 1,842,645 118,280,554
134 3,077,328 1,210,820 1,866,508 116,414,046
135 3,082,328 1,191,712 1,890,615 114,523,430
136 3,087,328 1,172,359 1,914,969 112,608,461
137 3,092,328 1,152,755 1,939,572 110,668,889
138 3,097,328 1,132,900 1,964,427 108,704,461
139 3,102,328 1,112,791 1,989,537 106,714,924
140 3,107,328 1,092,424 2,014,904 104,700,021
141 3,112,328 1,071,798 2,040,530 102,659,491
142 3,117,328 1,050,909 2,066,418 100,593,073
143 3,122,328 1,029,756 2,092,572 98,500,501
144 3,127,328 1,008,334 2,118,993 96,381,507
145 3,132,328 986,642 2,145,685 94,235,822
146 3,137,328 964,677 2,172,650 92,063,172
147 3,142,328 942,436 2,199,891 89,863,280
148 3,147,328 919,916 2,227,411 87,635,869
149 3,152,328 897,115 2,255,213 85,380,656
150 3,157,328 874,028 2,283,299 83,097,357
151 3,162,328 850,655 2,311,673 80,785,684
152 3,167,328 826,990 2,340,337 78,445,347
153 3,172,328 803,033 2,369,295 76,076,052
154 3,177,328 778,779 2,398,549 73,677,503
155 3,182,328 754,225 2,428,103 71,249,401
156 3,187,328 729,369 2,457,959 68,791,442
157 3,192,328 704,207 2,488,120 66,303,322
158 3,197,328 678,737 2,518,591 63,784,731
159 3,202,328 652,954 2,549,373 61,235,358
160 3,207,328 626,857 2,580,471 58,654,887
161 3,212,328 600,441 2,611,887 56,043,000
162 3,217,328 573,703 2,643,624 53,399,376
163 3,222,328 546,641 2,675,687 50,723,689
164 3,227,328 519,251 2,708,077 48,015,612
165 3,232,328 491,528 2,740,799 45,274,813
166 3,237,328 463,471 2,773,856 42,500,956
167 3,242,328 435,076 2,807,252 39,693,704
168 3,247,328 406,338 2,840,989 36,852,715
169 3,252,328 377,256 2,875,072 33,977,643
170 3,257,328 347,824 2,909,504 31,068,139
171 3,262,328 318,040 2,944,288 28,123,851
172 3,267,328 287,899 2,979,428 25,144,423
173 3,272,328 257,400 3,014,928 22,129,495
174 3,277,328 226,536 3,050,791 19,078,703
175 3,282,328 195,306 3,087,022 15,991,682
176 3,287,328 163,704 3,123,623 12,868,058
177 3,292,328 131,728 3,160,599 9,707,459
178 3,297,328 99,374 3,197,954 6,509,505
179 3,302,328 66,637 3,235,691 3,273,814
180 3,307,328 33,514 3,273,814 0
TA DOS Y SUBSIGUIENTES = Cuota mes anterior (+,-) gradiente
 SISTEMA DE AMORTIZACION GRADIENTE GEOMETRICO

Vr. Prstamo 350,000,000

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

Valor de la primera cuota

Gradiente Geomtico Vencido Creciente dado VP
Tasa Per. Nper VP Gradiente 1a CUOTA
3.02% 28 350,000,000 -3% 25,347,229

Tabla de amortizacin gradiente geomtrico

Cuota N Cuota Inters Capital Saldo Capital CUOTA DOS Y SUBSIGUIEN
0 350,000,000
1 25,347,229 10,573,827 14,773,402 335,226,598
2 24,637,507 10,127,509 14,509,998 320,716,600
3 23,947,657 9,689,149 14,258,508 306,458,092
4 23,277,122 9,258,386 14,018,737 292,439,355
5 22,625,363 8,834,867 13,790,496 278,648,859
6 21,991,853 8,418,243 13,573,610 265,075,249
7 21,376,081 8,008,171 13,367,910 251,707,339
8 20,777,551 7,604,314 13,173,236 238,534,103
9 20,195,779 7,206,338 12,989,441 225,544,662
10 19,630,297 6,813,915 12,816,382 212,728,280
11 19,080,649 6,426,720 12,653,929 200,074,351
12 18,546,391 6,044,433 12,501,958 187,572,394
13 18,027,092 5,666,738 12,360,354 175,212,039
14 17,522,333 5,293,320 12,229,014 162,983,026
15 17,031,708 4,923,870 12,107,838 150,875,187
16 16,554,820 4,558,081 11,996,740 138,878,448
17 16,091,285 4,195,648 11,895,637 126,982,810
18 15,640,729 3,836,270 11,804,460 115,178,350
19 15,202,789 3,479,646 11,723,143 103,455,207
20 14,777,111 3,125,479 11,651,632 91,803,575
21 14,363,352 2,773,472 11,589,880 80,213,695
22 13,961,178 2,423,331 11,537,847 68,675,848
23 13,570,265 2,074,762 11,495,503 57,180,345
24 13,190,297 1,727,472 11,462,826 45,717,519
25 12,820,969 1,381,169 11,439,800 34,277,719
26 12,461,982 1,035,562 11,426,420 22,851,299
27 12,113,046 690,359 11,422,687 11,428,612
28 11,773,881 345,269 11,428,612 0
CUOTA DOS Y SUBSIGUIENTES = Cuota mes anterior x (1+G)
 INDICADORES DE CONVENIENCIA

Ao 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 financiacin 1.20%
Tasa de Reinversin 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)
IA

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

10

8
Valor VPN

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)