Vehiculo $ 60,000,000

CI $ 6,000,000 10%
Crdito $ 54,000,000 VA=R(1-(1+(1+i)^-n/i))
Tasa 31.25% EA Abono a capital:
N 72
Pago R $1,538,658.30
i 2.29%

Periodo Cuota Interes K Saldo

0 $ 54,000,000
1 $1,538,658.30 $ 1,237,672 $ 300,986 $ 53,699,014 80.44%
2 $1,538,658.30 $ 1,230,774 $ 307,885 $ 53,391,129 79.99%
3 $1,538,658.30 $ 1,223,717 $ 314,941 $ 53,076,188 79.53%
4 $1,538,658.30 $ 1,216,499 $ 322,160 $ 52,754,029 79.06%
5 $1,538,658.30 $ 1,209,115 $ 329,543 $ 52,424,485 78.58%
6 $1,538,658.30 $ 1,201,562 $ 337,097 $ 52,087,388 78.09%
7 $1,538,658.30 $ 1,193,836 $ 344,823 $ 51,742,566 77.59%
8 $1,538,658.30 $ 1,185,932 $ 352,726 $ 51,389,840 77.08%
9 $1,538,658.30 $ 1,177,848 $ 360,811 $ 51,029,029 76.55%
10 $1,538,658.30 $ 1,169,578 $ 369,080 $ 50,659,949 76.01%
11 $1,538,658.30 $ 1,161,119 $ 377,540 $ 50,282,409 75.46%
12 $1,538,658.30 $ 1,152,466 $ 386,193 $ 49,896,217 74.90%
13 $1,538,658.30 $ 1,143,614 $ 395,044 $ 49,501,173 74.33%
14 $1,538,658.30 $ 1,134,560 $ 404,098 $ 49,097,074 73.74%
15 $1,538,658.30 $ 1,125,298 $ 413,360 $ 48,683,714 73.14%
16 $1,538,658.30 $ 1,115,824 $ 422,835 $ 48,260,879 72.52%
17 $1,538,658.30 $ 1,106,132 $ 432,526 $ 47,828,353 71.89%
18 $1,538,658.30 $ 1,096,219 $ 442,439 $ 47,385,914 71.25%
19 $1,538,658.30 $ 1,086,078 $ 452,580 $ 46,933,334 70.59%
20 $1,538,658.30 $ 1,075,705 $ 462,953 $ 46,470,381 69.91%
21 $1,538,658.30 $ 1,065,094 $ 473,564 $ 45,996,817 69.22%
22 $1,538,658.30 $ 1,054,240 $ 484,418 $ 45,512,399 68.52%
23 $1,538,658.30 $ 1,043,138 $ 495,521 $ 45,016,879 67.80%
24 $1,538,658.30 $ 1,031,780 $ 506,878 $ 44,510,001 67.06%
$ 10,000,000 $ 34,510,001
25 $1,192,970.08 $ 1,020,163 $ 172,807 $ 34,337,194 85.51%
26 $1,192,970.08 $ 787,004 $ 405,967 $ 33,931,227 65.97%
27 $1,192,970.08 $ 777,699 $ 415,271 $ 33,515,956 65.19%
28 $1,192,970.08 $ 768,181 $ 424,789 $ 33,091,167 64.39%
29 $1,192,970.08 $ 758,445 $ 434,525 $ 32,656,642 63.58%
30 $1,192,970.08 $ 748,486 $ 444,485 $ 32,212,157 62.74%
31 $1,192,970.08 $ 738,298 $ 454,672 $ 31,757,485 61.89%
32 $1,192,970.08 $ 727,877 $ 465,093 $ 31,292,392 61.01%
33 $1,192,970.08 $ 717,217 $ 475,753 $ 30,816,639 60.12%
34 $1,192,970.08 $ 706,313 $ 486,657 $ 30,329,982 59.21%
35 $1,192,970.08 $ 695,159 $ 497,811 $ 29,832,171 58.27%
36 $1,192,970.08 $ 683,749 $ 509,221 $ 29,322,950 57.31%
37 $1,192,970.08 $ 672,078 $ 520,892 $ 28,802,058 56.34%
38 $1,192,970.08 $ 660,139 $ 532,831 $ 28,269,227 55.34%
39 $1,192,970.08 $ 647,927 $ 545,043 $ 27,724,183 54.31%
40 $1,192,970.08 $ 635,434 $ 557,536 $ 27,166,647 53.26%
41 $1,192,970.08 $ 622,656 $ 570,314 $ 26,596,333 52.19%
42 $1,192,970.08 $ 609,584 $ 583,386 $ 26,012,947 51.10%
43 $1,192,970.08 $ 596,213 $ 596,757 $ 25,416,190 49.98%
44 $1,192,970.08 $ 582,535 $ 610,435 $ 24,805,755 48.83%
45 $1,192,970.08 $ 568,544 $ 624,426 $ 24,181,330 47.66%
46 $1,192,970.08 $ 554,233 $ 638,737 $ 23,542,592 46.46%
47 $1,192,970.08 $ 539,593 $ 653,377 $ 22,889,215 45.23%
48 $1,192,970.08 $ 524,618 $ 668,353 $ 22,220,862 43.98%
49 $1,192,970.08 $ 509,299 $ 683,671 $ 21,537,191 42.69%
50 $1,192,970.08 $ 493,629 $ 699,341 $ 20,837,851 41.38%
51 $1,192,970.08 $ 477,601 $ 715,370 $ 20,122,481 40.03%
52 $1,192,970.08 $ 461,204 $ 731,766 $ 19,390,715 38.66%
53 $1,192,970.08 $ 444,432 $ 748,538 $ 18,642,178 37.25%
54 $1,192,970.08 $ 427,276 $ 765,694 $ 17,876,484 35.82%
55 $1,192,970.08 $ 409,726 $ 783,244 $ 17,093,240 34.35%
56 $1,192,970.08 $ 391,775 $ 801,195 $ 16,292,045 32.84%
57 $1,192,970.08 $ 373,411 $ 819,559 $ 15,472,486 31.30%
58 $1,192,970.08 $ 354,627 $ 838,343 $ 14,634,143 29.73%
59 $1,192,970.08 $ 335,412 $ 857,558 $ 13,776,585 28.12%
60 $1,192,970.08 $ 315,757 $ 877,213 $ 12,899,373 26.47%
61 $1,192,970.08 $ 295,652 $ 897,318 $ 12,002,054 24.78%
62 $1,192,970.08 $ 275,085 $ 917,885 $ 11,084,170 23.06%
63 $1,192,970.08 $ 254,048 $ 938,922 $ 10,145,247 21.30%
64 $1,192,970.08 $ 232,528 $ 960,442 $ 9,184,805 19.49%
65 $1,192,970.08 $ 210,514 $ 982,456 $ 8,202,349 17.65%
66 $1,192,970.08 $ 187,997 $ 1,004,973 $ 7,197,375 15.76%
67 $1,192,970.08 $ 164,963 $ 1,028,007 $ 6,169,368 13.83%
68 $1,192,970.08 $ 141,401 $ 1,051,569 $ 5,117,799 11.85%
69 $1,192,970.08 $ 117,299 $ 1,075,671 $ 4,042,128 9.83%
70 $1,192,970.08 $ 92,645 $ 1,100,325 $ 2,941,803 7.77%
71 $1,192,970.08 $ 67,426 $ 1,125,544 $ 1,816,259 5.65%
72 $1,192,970.08 $ 41,628 $ 1,151,342 $ 664,917 3.49%
$94,190,363.11 $50,855,280.28 $53,335,082.83
Vehiculo $ 60,000,000
CI $ 6,000,000 10%
Crdito $ 54,000,000 VA=R(1-(1+(1+i)^-n/i))
Tasa 31.25% EA Abono a capital:
N 72
Pago R $1,538,658.30
i 2.29%

Periodo Cuota Interes K Saldo

0 $ 54,000,000
1 $1,538,658.30 $ 1,237,672 $ 300,986 $ 53,699,014 80.44%
2 $1,538,658.30 $ 1,230,774 $ 307,885 $ 53,391,129 79.99%
3 $1,538,658.30 $ 1,223,717 $ 314,941 $ 53,076,188 79.53%
4 $1,538,658.30 $ 1,216,499 $ 322,160 $ 52,754,029 79.06%
5 $1,538,658.30 $ 1,209,115 $ 329,543 $ 52,424,485 78.58%
6 $1,538,658.30 $ 1,201,562 $ 337,097 $ 52,087,388 78.09%
7 $1,538,658.30 $ 1,193,836 $ 344,823 $ 51,742,566 77.59%
8 $1,538,658.30 $ 1,185,932 $ 352,726 $ 51,389,840 77.08%
9 $1,538,658.30 $ 1,177,848 $ 360,811 $ 51,029,029 76.55%
10 $1,538,658.30 $ 1,169,578 $ 369,080 $ 50,659,949 76.01%
11 $1,538,658.30 $ 1,161,119 $ 377,540 $ 50,282,409 75.46%
12 $1,538,658.30 $ 1,152,466 $ 386,193 $ 49,896,217 74.90%
13 $1,538,658.30 $ 1,143,614 $ 395,044 $ 49,501,173 74.33%
14 $1,538,658.30 $ 1,134,560 $ 404,098 $ 49,097,074 73.74%
15 $1,538,658.30 $ 1,125,298 $ 413,360 $ 48,683,714 73.14%
16 $1,538,658.30 $ 1,115,824 $ 422,835 $ 48,260,879 72.52%
17 $1,538,658.30 $ 1,106,132 $ 432,526 $ 47,828,353 71.89%
18 $1,538,658.30 $ 1,096,219 $ 442,439 $ 47,385,914 71.25%
19 $1,538,658.30 $ 1,086,078 $ 452,580 $ 46,933,334 70.59%
20 $1,538,658.30 $ 1,075,705 $ 462,953 $ 46,470,381 69.91%
21 $1,538,658.30 $ 1,065,094 $ 473,564 $ 45,996,817 69.22%
22 $1,538,658.30 $ 1,054,240 $ 484,418 $ 45,512,399 68.52%
23 $1,538,658.30 $ 1,043,138 $ 495,521 $ 45,016,879 67.80%
24 $1,538,658.30 $ 1,031,780 $ 506,878 $ 34,510,001 67.06%
25 $1,192,970.08 $ 790,964 $ 402,006 $ 34,107,995 66.30%
26 $1,192,970.08 $ 781,750 $ 411,220 $ 33,696,776 65.53%
27 $1,192,970.08 $ 772,325 $ 420,645 $ 33,276,131 64.74%
28 $1,192,970.08 $ 762,684 $ 430,286 $ 32,845,845 63.93%
29 $1,192,970.08 $ 752,822 $ 440,148 $ 32,405,697 63.10%
30 $1,192,970.08 $ 742,734 $ 450,236 $ 31,955,461 62.26%
31 $1,192,970.08 $ 732,415 $ 460,555 $ 31,494,905 61.39%
32 $1,192,970.08 $ 721,859 $ 471,111 $ 31,023,794 60.51%
33 $1,192,970.08 $ 711,061 $ 481,909 $ 30,541,885 59.60%
34 $1,192,970.08 $ 700,016 $ 492,954 $ 30,048,930 58.68%
35 $1,192,970.08 $ 688,717 $ 504,253 $ 29,544,677 57.73%
36 $1,192,970.08 $ 677,160 $ 515,810 $ 29,028,867 56.76%
37 $1,192,970.08 $ 665,337 $ 527,633 $ 28,501,234 55.77%
38 $1,192,970.08 $ 653,244 $ 539,726 $ 27,961,509 54.76%
39 $1,192,970.08 $ 640,874 $ 552,096 $ 27,409,412 53.72%
40 $1,192,970.08 $ 628,220 $ 564,750 $ 26,844,662 52.66%
41 $1,192,970.08 $ 615,276 $ 577,694 $ 26,266,968 51.58%
42 $1,192,970.08 $ 602,035 $ 590,935 $ 25,676,033 50.47%
43 $1,192,970.08 $ 588,491 $ 604,479 $ 25,071,554 49.33%
44 $1,192,970.08 $ 574,636 $ 618,334 $ 24,453,220 48.17%
45 $1,192,970.08 $ 560,464 $ 632,506 $ 23,820,714 46.98%
46 $1,192,970.08 $ 545,967 $ 647,003 $ 23,173,712 45.77%
47 $1,192,970.08 $ 531,138 $ 661,832 $ 22,511,880 44.52%
48 $1,192,970.08 $ 515,969 $ 677,001 $ 21,834,879 43.25%
49 $1,192,970.08 $ 500,452 $ 692,518 $ 21,142,361 41.95%
50 $1,192,970.08 $ 484,580 $ 708,390 $ 20,433,971 40.62%
51 $1,192,970.08 $ 468,344 $ 724,626 $ 19,709,344 39.26%
52 $1,192,970.08 $ 451,735 $ 741,235 $ 18,968,110 37.87%
53 $1,192,970.08 $ 434,746 $ 758,224 $ 18,209,886 36.44%
54 $1,192,970.08 $ 417,368 $ 775,602 $ 17,434,284 34.99%
55 $1,192,970.08 $ 399,591 $ 793,379 $ 16,640,905 33.50%
56 $1,192,970.08 $ 381,407 $ 811,563 $ 15,829,342 31.97%
57 $1,192,970.08 $ 362,806 $ 830,164 $ 14,999,178 30.41%
58 $1,192,970.08 $ 343,779 $ 849,191 $ 14,149,987 28.82%
59 $1,192,970.08 $ 324,316 $ 868,654 $ 13,281,333 27.19%
60 $1,192,970.08 $ 304,406 $ 888,564 $ 12,392,769 25.52%
61 $1,192,970.08 $ 284,040 $ 908,930 $ 11,483,839 23.81%
62 $1,192,970.08 $ 263,208 $ 929,762 $ 10,554,077 22.06%
63 $1,192,970.08 $ 241,898 $ 951,072 $ 9,603,005 20.28%
64 $1,192,970.08 $ 220,100 $ 972,871 $ 8,630,135 18.45%
65 $1,192,970.08 $ 197,801 $ 995,169 $ 7,634,966 16.58%
66 $1,192,970.08 $ 174,992 $ 1,017,978 $ 6,616,988 14.67%
67 $1,192,970.08 $ 151,660 $ 1,041,310 $ 5,575,679 12.71%
68 $1,192,970.08 $ 127,794 $ 1,065,176 $ 4,510,502 10.71%
69 $1,192,970.08 $ 103,380 $ 1,089,590 $ 3,420,912 8.67%
70 $1,192,970.08 $ 78,407 $ 1,114,563 $ 2,306,349 6.57%
71 $1,192,970.08 $ 52,861 $ 1,140,109 $ 1,166,240 4.43%
72 $1,192,970.08 $ 26,730 $ 1,166,240 $ 0 2.24%
$94,190,363.11 $50,190,363.11 $44,000,000.00
Pago $1,538,658.30
Tasa 2.29%
Nper 48
VA $44,510,000.99
VA1 $34,510,000.99

Calculo tasa 25-72

VA $34,510,000.99
Nper 48
Tasa 2.29%
Pago $1,192,970.08
Vehiculo $ 60,000,000
CI $ 6,000,000 10%
Crdito $ 54,000,000 VA=R(1-(1+(1+i)^-n/i))
Tasa 31.25% EA Abono a capital:
N 72
Pago R $1,538,658.30
i 2.29%

Periodo Cuota Interes K Saldo

0 $ 54,000,000
1 $1,538,658.30 $ 1,237,672 $ 300,986 $ 53,699,014 80.44%
2 $1,538,658.30 $ 1,230,774 $ 307,885 $ 53,391,129 79.99%
3 $1,538,658.30 $ 1,223,717 $ 314,941 $ 53,076,188 79.53%
4 $1,538,658.30 $ 1,216,499 $ 322,160 $ 52,754,029 79.06%
5 $1,538,658.30 $ 1,209,115 $ 329,543 $ 52,424,485 78.58%
6 $1,538,658.30 $ 1,201,562 $ 337,097 $ 52,087,388 78.09%
7 $1,538,658.30 $ 1,193,836 $ 344,823 $ 51,742,566 77.59%
8 $1,538,658.30 $ 1,185,932 $ 352,726 $ 51,389,840 77.08%
9 $1,538,658.30 $ 1,177,848 $ 360,811 $ 51,029,029 76.55%
10 $1,538,658.30 $ 1,169,578 $ 369,080 $ 50,659,949 76.01%
11 $1,538,658.30 $ 1,161,119 $ 377,540 $ 50,282,409 75.46%
12 $1,538,658.30 $ 1,152,466 $ 386,193 $ 49,896,217 74.90%
13 $1,538,658.30 $ 1,143,614 $ 395,044 $ 49,501,173 74.33%
14 $1,538,658.30 $ 1,134,560 $ 404,098 $ 49,097,074 73.74%
15 $1,538,658.30 $ 1,125,298 $ 413,360 $ 48,683,714 73.14%
16 $1,538,658.30 $ 1,115,824 $ 422,835 $ 48,260,879 72.52%
17 $1,538,658.30 $ 1,106,132 $ 432,526 $ 47,828,353 71.89%
18 $1,538,658.30 $ 1,096,219 $ 442,439 $ 47,385,914 71.25%
19 $1,538,658.30 $ 1,086,078 $ 452,580 $ 46,933,334 70.59%
20 $1,538,658.30 $ 1,075,705 $ 462,953 $ 46,470,381 69.91%
21 $1,538,658.30 $ 1,065,094 $ 473,564 $ 45,996,817 69.22%
22 $1,538,658.30 $ 1,054,240 $ 484,418 $ 45,512,399 68.52%
23 $1,538,658.30 $ 1,043,138 $ 495,521 $ 45,016,879 67.80%
24 $1,538,658.30 $ 1,031,780 $ 506,878 $ 34,510,001 67.06%
25 $1,192,970.08 $ 790,964 $ 402,006 $ 34,107,995 66.30%
26 $1,192,970.08 $ 781,750 $ 411,220 $ 33,696,776 65.53%
27 $1,192,970.08 $ 772,325 $ 420,645 $ 33,276,131 64.74%
28 $1,192,970.08 $ 762,684 $ 430,286 $ 32,845,845 63.93%
29 $1,192,970.08 $ 752,822 $ 440,148 $ 32,405,697 63.10%
30 $1,192,970.08 $ 742,734 $ 450,236 $ 31,955,461 62.26%
31 $1,192,970.08 $ 732,415 $ 460,555 $ 31,494,905 61.39%
32 $1,192,970.08 $ 721,859 $ 471,111 $ 31,023,794 60.51%
33 $1,192,970.08 $ 711,061 $ 481,909 $ 30,541,885 59.60%
34 $1,192,970.08 $ 700,016 $ 492,954 $ 30,048,930 58.68%
35 $1,192,970.08 $ 688,717 $ 504,253 $ 29,544,677 57.73%
36 $1,192,970.08 $ 677,160 $ 515,810 $ 29,028,867 56.76%
37 $1,192,970.08 $ 665,337 $ 527,633 $ 28,501,234 55.77%
38 $1,192,970.08 $ 653,244 $ 539,726 $ 27,961,509 54.76%
39 $1,192,970.08 $ 640,874 $ 552,096 $ 27,409,412 53.72%
40 $1,192,970.08 $ 628,220 $ 564,750 $ 26,844,662 52.66%
41 $1,192,970.08 $ 615,276 $ 577,694 $ 26,266,968 51.58%
42 $1,192,970.08 $ 602,035 $ 590,935 $ 25,676,033 50.47%
43 $1,192,970.08 $ 588,491 $ 604,479 $ 25,071,554 49.33%
44 $1,192,970.08 $ 574,636 $ 618,334 $ 24,453,220 48.17%
45 $1,192,970.08 $ 560,464 $ 632,506 $ 23,820,714 46.98%
46 $1,192,970.08 $ 545,967 $ 647,003 $ 23,173,712 45.77%
47 $1,192,970.08 $ 531,138 $ 661,832 $ 22,511,880 44.52%
48 $1,192,970.08 $ 515,969 $ 677,001 $ 21,834,879 43.25%
49 $1,192,970.08 $ 500,452 $ 692,518 $ 21,142,361 41.95%
50 $1,192,970.08 $ 484,580 $ 708,390 $ 10,433,971 40.62%
51 $609,153.02 $ 239,145 $ 370,008 $ 10,063,963 39.26%
52 $609,153.02 $ 230,665 $ 378,488 $ 9,685,474 37.87%
53 $609,153.02 $ 221,990 $ 387,163 $ 9,298,311 36.44%
54 $609,153.02 $ 213,116 $ 396,037 $ 8,902,274 34.99%
55 $609,153.02 $ 204,039 $ 405,114 $ 8,497,160 33.50%
56 $609,153.02 $ 194,754 $ 414,399 $ 8,082,761 31.97%
57 $609,153.02 $ 185,256 $ 423,897 $ 7,658,863 30.41%
58 $609,153.02 $ 175,540 $ 433,613 $ 7,225,250 28.82%
59 $609,153.02 $ 165,602 $ 443,551 $ 6,781,699 27.19%
60 $609,153.02 $ 155,436 $ 453,717 $ 6,327,981 25.52%
61 $609,153.02 $ 145,036 $ 464,117 $ 5,863,865 23.81%
62 $609,153.02 $ 134,399 $ 474,754 $ 5,389,111 22.06%
63 $609,153.02 $ 123,518 $ 485,635 $ 4,903,475 20.28%
64 $609,153.02 $ 112,387 $ 496,766 $ 4,406,709 18.45%
65 $609,153.02 $ 101,001 $ 508,152 $ 3,898,558 16.58%
66 $609,153.02 $ 89,354 $ 519,799 $ 3,378,759 14.67%
67 $609,153.02 $ 77,441 $ 531,712 $ 2,847,047 12.71%
68 $609,153.02 $ 65,254 $ 543,899 $ 2,303,147 10.71%
69 $609,153.02 $ 52,788 $ 556,365 $ 1,746,782 8.67%
70 $609,153.02 $ 40,036 $ 569,117 $ 1,177,665 6.57%
71 $609,153.02 $ 26,992 $ 582,161 $ 595,504 4.43%
72 $609,153.02 $ 13,649 $ 595,504 $ 0 2.24%
$81,346,387.68 $47,346,387.68 $34,000,000.00
Saldo mes 24
Pago $1,538,658.30
Tasa 2.29%
Nper 48
VA $44,510,000.99
VA1 $34,510,000.99

Calculo cuotas 25-72

VA $34,510,000.99
Nper 48
Tasa 2.29%
Pago $1,192,970.08

Saldo mes 50
Pago $1,192,970.08
Tasa 2.29%
Nper 22
VA $20,433,970.71
VA1 $10,433,970.71

Calculo cuota 72-50

VA $10,433,970.71
Nper 22
Tasa 2.29%
Pago $609,153.02
 Una pareja de esposos, desea comprar un apartamento que tiene un valor comercial de $300
millones. El plan de financiacin que ofrece el banco, es el siguiente: cuota inicial del 30%, el
saldo a 15 aos y un costo financiero de 12.73% durante los primeros 10 aos, despues de este
tiempo la tasa sube al 13% EA. Importante tener en cuenta que se hacen abonos a capital por
la suma de $5 millones de pesos en los meses 13-48-115

Vr $ 300,000,000
C.I. $ 90,000,000 30%
VA $ 210,000,000
Nper 180
Tasa 12.73% EA durante los primero 10 aos
Tasa2 13% EA
Ip 1.004%
Ip2 1.024%
Pago1 $ 2,526,106
Pago2

Mes Cuota Interes K Saldo

0 $ 210,000,000
1 $ 2,526,106 $ 2,107,449 $ 418,658 $ 209,581,342 0.83426761
2 $ 2,526,106 $ 2,103,247 $ 422,859 $ 209,158,483
3 $ 2,526,106 $ 2,099,004 $ 427,103 $ 208,731,381
4 $ 2,526,106 $ 2,094,718 $ 431,389 $ 208,299,992
5 $ 2,526,106 $ 2,090,388 $ 435,718 $ 207,864,274
6 $ 2,526,106 $ 2,086,016 $ 440,091 $ 207,424,183
7 $ 2,526,106 $ 2,081,599 $ 444,507 $ 206,979,676
8 $ 2,526,106 $ 2,077,138 $ 448,968 $ 206,530,708
9 $ 2,526,106 $ 2,072,633 $ 453,474 $ 206,077,234
10 $ 2,526,106 $ 2,068,082 $ 458,024 $ 205,619,210
11 $ 2,526,106 $ 2,063,485 $ 462,621 $ 205,156,589
12 $ 2,526,106 $ 2,058,843 $ 467,264 $ 204,689,325
13 $ 2,526,106 $ 2,054,154 $ 471,953 $ 199,217,372
14 $ 2,464,258 $ 1,999,240 $ 465,018 $ 198,752,354 $ 61,848
15 $ 2,464,258 $ 1,994,573 $ 469,685 $ 198,282,670
16 $ 2,464,258 $ 1,989,860 $ 474,398 $ 197,808,272
17 $ 2,464,258 $ 1,985,099 $ 479,159 $ 197,329,113
18 $ 2,464,258 $ 1,980,290 $ 483,968 $ 196,845,145
19 $ 2,464,258 $ 1,975,434 $ 488,824 $ 196,356,321
20 $ 2,464,258 $ 1,970,528 $ 493,730 $ 195,862,591
21 $ 2,464,258 $ 1,965,573 $ 498,685 $ 195,363,906
22 $ 2,464,258 $ 1,960,569 $ 503,689 $ 194,860,217
23 $ 2,464,258 $ 1,955,514 $ 508,744 $ 194,351,473
24 $ 2,464,258 $ 1,950,408 $ 513,850 $ 193,837,624
25 $ 2,464,258 $ 1,945,252 $ 519,006 $ 193,318,617
26 $ 2,464,258 $ 1,940,043 $ 524,215 $ 192,794,403
27 $ 2,464,258 $ 1,934,783 $ 529,475 $ 192,264,927
28 $ 2,464,258 $ 1,929,469 $ 534,789 $ 191,730,138
29 $ 2,464,258 $ 1,924,102 $ 540,156 $ 191,189,982
30 $ 2,464,258 $ 1,918,681 $ 545,577 $ 190,644,406
31 $ 2,464,258 $ 1,913,206 $ 551,052 $ 190,093,354
32 $ 2,464,258 $ 1,907,676 $ 556,582 $ 189,536,772
33 $ 2,464,258 $ 1,902,091 $ 562,167 $ 188,974,605
34 $ 2,464,258 $ 1,896,449 $ 567,809 $ 188,406,796
35 $ 2,464,258 $ 1,890,751 $ 573,507 $ 187,833,289
36 $ 2,464,258 $ 1,884,995 $ 579,263 $ 187,254,026
37 $ 2,464,258 $ 1,879,182 $ 585,076 $ 186,668,951
38 $ 2,464,258 $ 1,873,311 $ 590,947 $ 186,078,003
39 $ 2,464,258 $ 1,867,380 $ 596,878 $ 185,481,126
40 $ 2,464,258 $ 1,861,390 $ 602,868 $ 184,878,258
41 $ 2,464,258 $ 1,855,340 $ 608,918 $ 184,269,340
42 $ 2,464,258 $ 1,849,230 $ 615,028 $ 183,654,312
43 $ 2,464,258 $ 1,843,057 $ 621,201 $ 183,033,111
44 $ 2,464,258 $ 1,836,823 $ 627,435 $ 182,405,677
45 $ 2,464,258 $ 1,830,527 $ 633,731 $ 181,771,946
46 $ 2,464,258 $ 1,824,167 $ 640,091 $ 181,131,855
47 $ 2,464,258 $ 1,817,743 $ 646,515 $ 180,485,340
48 $ 2,464,258 $ 1,811,255 $ 653,003 $ 174,832,337
49 $ 2,395,743 $ 1,754,525 $ 641,218 $ 174,191,119
50 $ 2,395,743 $ 1,748,090 $ 647,653 $ 173,543,467
51 $ 2,395,743 $ 1,741,590 $ 654,152 $ 172,889,315
52 $ 2,395,743 $ 1,735,026 $ 660,717 $ 172,228,598
53 $ 2,395,743 $ 1,728,395 $ 667,348 $ 171,561,250
54 $ 2,395,743 $ 1,721,698 $ 674,045 $ 170,887,205
55 $ 2,395,743 $ 1,714,933 $ 680,809 $ 170,206,396
56 $ 2,395,743 $ 1,708,101 $ 687,641 $ 169,518,755
57 $ 2,395,743 $ 1,701,200 $ 694,542 $ 168,824,213
58 $ 2,395,743 $ 1,694,230 $ 701,512 $ 168,122,701
59 $ 2,395,743 $ 1,687,190 $ 708,552 $ 167,414,149
60 $ 2,395,743 $ 1,680,080 $ 715,663 $ 166,698,486
61 $ 2,395,743 $ 1,672,898 $ 722,845 $ 165,975,641
62 $ 2,395,743 $ 1,665,644 $ 730,099 $ 165,245,542
63 $ 2,395,743 $ 1,658,317 $ 737,426 $ 164,508,116
64 $ 2,395,743 $ 1,650,916 $ 744,826 $ 163,763,290
65 $ 2,395,743 $ 1,643,442 $ 752,301 $ 163,010,989
66 $ 2,395,743 $ 1,635,892 $ 759,851 $ 162,251,139
67 $ 2,395,743 $ 1,628,266 $ 767,476 $ 161,483,663
68 $ 2,395,743 $ 1,620,565 $ 775,178 $ 160,708,485
69 $ 2,395,743 $ 1,612,785 $ 782,957 $ 159,925,527
 70 $ 2,395,743 $ 1,604,928 $ 790,815 $ 159,134,713
71 $ 2,395,743 $ 1,596,992 $ 798,751 $ 158,335,962
72 $ 2,395,743 $ 1,588,976 $ 806,767 $ 157,529,195
73 $ 2,395,743 $ 1,580,880 $ 814,863 $ 156,714,332
74 $ 2,395,743 $ 1,572,702 $ 823,041 $ 155,891,292
75 $ 2,395,743 $ 1,564,442 $ 831,300 $ 155,059,991
76 $ 2,395,743 $ 1,556,100 $ 839,643 $ 154,220,349
77 $ 2,395,743 $ 1,547,674 $ 848,069 $ 153,372,280
78 $ 2,395,743 $ 1,539,163 $ 856,580 $ 152,515,701
79 $ 2,395,743 $ 1,530,567 $ 865,176 $ 151,650,525
80 $ 2,395,743 $ 1,521,884 $ 873,858 $ 150,776,667
81 $ 2,395,743 $ 1,513,115 $ 882,628 $ 149,894,039
82 $ 2,395,743 $ 1,504,257 $ 891,485 $ 149,002,553
83 $ 2,395,743 $ 1,495,311 $ 900,432 $ 148,102,122
84 $ 2,395,743 $ 1,486,274 $ 909,468 $ 147,192,654
85 $ 2,395,743 $ 1,477,148 $ 918,595 $ 146,274,059
86 $ 2,395,743 $ 1,467,929 $ 927,814 $ 145,346,245
87 $ 2,395,743 $ 1,458,618 $ 937,125 $ 144,409,120
88 $ 2,395,743 $ 1,449,213 $ 946,529 $ 143,462,591
89 $ 2,395,743 $ 1,439,715 $ 956,028 $ 142,506,563
90 $ 2,395,743 $ 1,430,120 $ 965,622 $ 141,540,941
91 $ 2,395,743 $ 1,420,430 $ 975,313 $ 140,565,629
92 $ 2,395,743 $ 1,410,642 $ 985,100 $ 139,580,528
93 $ 2,395,743 $ 1,400,756 $ 994,986 $ 138,585,542
94 $ 2,395,743 $ 1,390,771 $ 1,004,971 $ 137,580,571
95 $ 2,395,743 $ 1,380,686 $ 1,015,057 $ 136,565,514
96 $ 2,395,743 $ 1,370,499 $ 1,025,243 $ 135,540,270
97 $ 2,395,743 $ 1,360,210 $ 1,035,532 $ 134,504,738
98 $ 2,395,743 $ 1,349,818 $ 1,045,924 $ 133,458,814
99 $ 2,395,743 $ 1,339,322 $ 1,056,421 $ 132,402,393
100 $ 2,395,743 $ 1,328,720 $ 1,067,022 $ 131,335,371
101 $ 2,395,743 $ 1,318,012 $ 1,077,730 $ 130,257,641
102 $ 2,395,743 $ 1,307,197 $ 1,088,546 $ 129,169,095
103 $ 2,395,743 $ 1,296,273 $ 1,099,470 $ 128,069,625
104 $ 2,395,743 $ 1,285,239 $ 1,110,504 $ 126,959,122
105 $ 2,395,743 $ 1,274,095 $ 1,121,648 $ 125,837,473
106 $ 2,395,743 $ 1,262,838 $ 1,132,904 $ 124,704,569
107 $ 2,395,743 $ 1,251,469 $ 1,144,274 $ 123,560,296
108 $ 2,395,743 $ 1,239,986 $ 1,155,757 $ 122,404,539
109 $ 2,395,743 $ 1,228,387 $ 1,167,355 $ 121,237,183
110 $ 2,395,743 $ 1,216,672 $ 1,179,070 $ 120,058,113
111 $ 2,395,743 $ 1,204,840 $ 1,190,903 $ 118,867,210
112 $ 2,395,743 $ 1,192,888 $ 1,202,854 $ 117,664,356
113 $ 2,395,743 $ 1,180,817 $ 1,214,925 $ 116,449,431
114 $ 2,395,743 $ 1,168,625 $ 1,227,118 $ 115,222,313
115 $ 2,395,743 $ 1,156,310 $ 1,239,432 $ 108,982,880
116 $ 2,290,650 $ 1,093,694 $ 1,196,956 $ 107,785,925
117 $ 2,290,650 $ 1,081,682 $ 1,208,968 $ 106,576,957
118 $ 2,290,650 $ 1,069,550 $ 1,221,100 $ 105,355,856
119 $ 2,290,650 $ 1,057,296 $ 1,233,355 $ 104,122,501
120 $ 2,290,650 $ 1,044,918 $ 1,245,732 $ 102,876,769
121 $ 2,303,240 $ 1,053,133 $ 1,250,106 $ 101,626,663
122 $ 2,303,240 $ 1,040,336 $ 1,262,903 $ 100,363,760
123 $ 2,303,240 $ 1,027,408 $ 1,275,832 $ 99,087,928
124 $ 2,303,240 $ 1,014,348 $ 1,288,892 $ 97,799,036
125 $ 2,303,240 $ 1,001,154 $ 1,302,086 $ 96,496,950
126 $ 2,303,240 $ 987,824 $ 1,315,415 $ 95,181,535
127 $ 2,303,240 $ 974,359 $ 1,328,881 $ 93,852,653
128 $ 2,303,240 $ 960,755 $ 1,342,485 $ 92,510,169
129 $ 2,303,240 $ 947,012 $ 1,356,228 $ 91,153,941
130 $ 2,303,240 $ 933,129 $ 1,370,111 $ 89,783,830
131 $ 2,303,240 $ 919,103 $ 1,384,137 $ 88,399,694
132 $ 2,303,240 $ 904,934 $ 1,398,306 $ 87,001,388
133 $ 2,303,240 $ 890,620 $ 1,412,620 $ 85,588,768
134 $ 2,303,240 $ 876,159 $ 1,427,081 $ 84,161,687
135 $ 2,303,240 $ 861,550 $ 1,441,690 $ 82,719,997
136 $ 2,303,240 $ 846,792 $ 1,456,448 $ 81,263,549
137 $ 2,303,240 $ 831,882 $ 1,471,357 $ 79,792,192
138 $ 2,303,240 $ 816,820 $ 1,486,419 $ 78,305,772
139 $ 2,303,240 $ 801,604 $ 1,501,636 $ 76,804,137
140 $ 2,303,240 $ 786,232 $ 1,517,008 $ 75,287,129
141 $ 2,303,240 $ 770,703 $ 1,532,537 $ 73,754,592
142 $ 2,303,240 $ 755,014 $ 1,548,225 $ 72,206,366
143 $ 2,303,240 $ 739,165 $ 1,564,074 $ 70,642,292
144 $ 2,303,240 $ 723,154 $ 1,580,086 $ 69,062,206
145 $ 2,303,240 $ 706,979 $ 1,596,261 $ 67,465,946
146 $ 2,303,240 $ 690,638 $ 1,612,601 $ 65,853,344
147 $ 2,303,240 $ 674,130 $ 1,629,109 $ 64,224,235
148 $ 2,303,240 $ 657,453 $ 1,645,786 $ 62,578,449
149 $ 2,303,240 $ 640,606 $ 1,662,634 $ 60,915,815
150 $ 2,303,240 $ 623,586 $ 1,679,654 $ 59,236,161
151 $ 2,303,240 $ 606,391 $ 1,696,848 $ 57,539,313
152 $ 2,303,240 $ 589,021 $ 1,714,219 $ 55,825,094
153 $ 2,303,240 $ 571,473 $ 1,731,767 $ 54,093,327
154 $ 2,303,240 $ 553,745 $ 1,749,495 $ 52,343,832
155 $ 2,303,240 $ 535,836 $ 1,767,404 $ 50,576,428
156 $ 2,303,240 $ 517,743 $ 1,785,497 $ 48,790,932
157 $ 2,303,240 $ 499,465 $ 1,803,775 $ 46,987,157
158 $ 2,303,240 $ 481,000 $ 1,822,240 $ 45,164,917
159 $ 2,303,240 $ 462,346 $ 1,840,893 $ 43,324,024
160 $ 2,303,240 $ 443,501 $ 1,859,738 $ 41,464,286
161 $ 2,303,240 $ 424,463 $ 1,878,776 $ 39,585,509
162 $ 2,303,240 $ 405,231 $ 1,898,009 $ 37,687,500
163 $ 2,303,240 $ 385,801 $ 1,917,439 $ 35,770,062
164 $ 2,303,240 $ 366,173 $ 1,937,067 $ 33,832,994
165 $ 2,303,240 $ 346,343 $ 1,956,897 $ 31,876,098
166 $ 2,303,240 $ 326,311 $ 1,976,929 $ 29,899,169
167 $ 2,303,240 $ 306,073 $ 1,997,167 $ 27,902,002
168 $ 2,303,240 $ 285,628 $ 2,017,611 $ 25,884,391
169 $ 2,303,240 $ 264,974 $ 2,038,265 $ 23,846,126
170 $ 2,303,240 $ 244,109 $ 2,059,131 $ 21,786,995
171 $ 2,303,240 $ 223,030 $ 2,080,210 $ 19,706,785
172 $ 2,303,240 $ 201,735 $ 2,101,504 $ 17,605,281
173 $ 2,303,240 $ 180,223 $ 2,123,017 $ 15,482,264
174 $ 2,303,240 $ 158,490 $ 2,144,750 $ 13,337,514
175 $ 2,303,240 $ 136,534 $ 2,166,706 $ 11,170,808
176 $ 2,303,240 $ 114,354 $ 2,188,886 $ 8,981,922
177 $ 2,303,240 $ 91,947 $ 2,211,293 $ 6,770,629
178 $ 2,303,240 $ 69,310 $ 2,233,930 $ 4,536,699
179 $ 2,303,240 $ 46,441 $ 2,256,798 $ 2,279,901
180 $ 2,303,240 $ 23,339 $ 2,279,901 $ 0
Saldo mes 14
Pago $ 2,526,106
Tasa 1.00%
Nper 167
VA $204,217,372.39
VA1 $199,217,372.39

Calculo cuotas 180-13 170

VA $199,217,372.39
Nper 167
Tasa 1.00%
Pago $2,464,257.97
Saldo mes 49
Pago $2,464,257.97
Tasa 1.00%
Nper 132
VA $179,832,337.28
VA1 $174,832,337.28

Calculo cuotas 180-48

VA $174,832,337.28
Nper 132
Tasa 1.00%
Pago $2,395,742.54
Saldo mes 115
Pago $2,395,742.54
Tasa 1.00%
Nper 65
VA $113,982,880.40
VA1 $108,982,880.40

Calculo cuotas 180-115

VA $108,982,880.40
Nper 65
Tasa 1.00%
Pago $2,290,650.33

Saldo mes 120

Pago $2,290,650.33
Tasa 1.00%
Nper 60
VA $102,876,769.42
VA1 $102,876,769.42

Calculo cuotas 180-120

VA $102,876,769.42
Nper 60
Tasa 1.02%
Pago $2,303,239.72
Una persona compra un local de video juegospor valor de $15 millones, los ingresos que genera son $500.000
A los 20 meses ms tarde este negocio lo ofrece en venta recibiendo una propuesta de $10.000.000

VA $15,000,000.00
TIO 2.50% 2.00% Mes Flujo
VF $10,000,000.00 0 -$ 15,000,000
Ingresos $500,000.00 1 $ 500,000
N 20 2 $ 500,000
3 $ 500,000
Rentabilidad 1.9553% TIR 4 $ 500,000
Valor del negocio $13,897,291 5 $ 500,000
Viabilidad -Fin -$1,102,709 6 $ 500,000
7 $ 500,000
Propuesta de solucin con anualidad 8 $ 500,000
9 $ 500,000
10 $ 500,000
VNA -$1,102,709.43 11 $ 500,000
VNA interpolar -$94,570.00 12 $ 500,000
Despejar la tasa de interes 13 $ 500,000
14 $ 500,000
Con 1% $2,218,221.19 15 $ 500,000
Con 2% -$94,570.00 16 $ 500,000
Interpolar 17 $ 500,000
TIR 18 $ 500,000
TIR-0.01/(0.02-0.01)=0-2218221/-94570-2218221 19 $ 500,000
TIR 1.96% 20 $10,500,000.00
a son $500.000
Una persona compra un local de video juegospor valor de $15 millones, los ingresos que genera son $500.000
A los 20 meses ms tarde este negocio lo ofrece en venta recibiendo una propuesta de $10.000.000

VA $15,000,000.00
TIO 2.50% Mes Flujo
VF $15,084,150.68 0 -$ 15,000,000
Ingresos $500,000.00 1 $ 500,000
N 20 2 $ 500,000
3 $ 500,000
Rentabilidad 3.3535% TIR 4 $ 500,000
Valor del negocio $17,000,000 5 $ 500,000
Viabilidad -Fin $2,000,000 6 $ 500,000
7 $ 500,000
Ir por datos, analisis de hipotesis, buscar objetivo 8 $ 500,000
9 $ 500,000
10 $ 500,000
11 $ 500,000
12 $ 500,000
13 $ 500,000
14 $ 500,000
15 $ 500,000
16 $ 500,000
17 $ 500,000
18 $ 500,000
19 $ 500,000
20 $15,584,150.68
ra son $500.000
 Una empresa dediaca a la prestacin de servicios ambientales esta interesada en incursionar en un nuevo proyecto de cultiv
ello se requiere una inversin de $350 millones. La constitucin de la inversion esta distribuida en 71% recursos propios y 29
entidad financiera que presta el dinero a un interes del 25% EA, por un plazo de 5 aos. Al realizar elestudio financiero se lle
flujo de caja (en millones de pesos)

El grupo empresarial requiere de su asesoria como profesional para que les ayude a tomar una decisin, si invertir o no en e
justificar la respuesta. Por lo tanto, es importante saber que la empresa paga por impuesto a la renta del 33% y que la renta
requerida por lo accionistas es del 22% anual. Para dar su dictamen se requiere:
Estimar el costo promedio ponderado de capital WACC
La rentabilidad que est en capacidad de dar el proyecto TIR
Calcular el EVA
Determinar el VPI y VPN, dar conclusiones y recomendaciones

Aos Ao0 Ao1 Ao2 Ao3 Ao4

Inversin -$ 350,000,000
Flujos netos $ 45,000,000 $ 62,000,000 $ 187,000,000 $ 250,000,000

Inversin I $ 350,000,000
R propios $ 248,500,000 71% Aos Flujos netos
O.F. $ 101,500,000 29% 0 -$ 350,000,000
Costo Cr 25% 1 $ 45,000,000
Imprta 33% 2 $ 62,000,000
Costo opor 22% 3 $ 187,000,000
4 $ 250,000,000
TIR 26.58% 5 $ 280,000,000

COSTO PROMEDIO PONDERADO DE CAPITALWACC

Monto Mezcla de K Cto Fte WACC
Recursos propios $ 248,500,000 71% 22.00% 15.62%
Obligaciones financieras $ 101,500,000 29% 16.75% 4.86%
$ 350,000,000 100% 20.48%

EVA
n un nuevo proyecto de cultivos saludables, para
en 71% recursos propios y 29% con una
izar elestudio financiero se llega alsiguiente
decisin, si invertir o no en el proyeto y
a renta del 33% y que la rentabilidad minima
Indicadores gerencia de valor
Costo Oportunidad
WACC
Rentabilidad
Valor Economico Agregado EVA
Valor del proyecto VPI
Viabiliad financiera VPN
22%
20.48% Es el costo total de la financia
26.58% La rentabilidad que esta en c
6.10% El margen de rentabilidad ad
$397,972,465.49 Costo del proyecto a hoy
$47,972,465.49 Ganacia que obtienen los soc
Genera Valor
Genere rentabilidad superior
Liquidez constante y crecient

Ao5
Cuando se recupera la inversin
$ 280,000,000 La sumatoria de los flujos de caja es igual o superior a los recursos invertidos
La recuperacin se da en el ao 4 $ 544,000,000

$ 544,000,000
s el costo total de la financiacin de ese proyecto. O es la rentabilidad minima que la empresa debe generar para no perder valor
a rentabilidad que esta en capacidad de generar la empresa. Las decisiones de inversin, tendran que moverse entre la WACC(piso) y TIR(
l margen de rentabilidad adicional que se ganan los accionistas cuando tienen un proyecto que genera valor y han recuperado la inversin
osto del proyecto a hoy
anacia que obtienen los socios despues de recupar la inversin
enera Valor
enere rentabilidad superior a la expectativa de los socios
iquidez constante y creciente a traves del tiempo

s recursos invertidos
rar para no perder valor
overse entre la WACC(piso) y TIR(techo)
or y han recuperado la inversin
Inversin I $ 600,000,000
Recursos propios 60% $ 360,000,000
Obligacin Financiera 40% $ 240,000,000
Tasa 20%
Plazo 5 aos

Inversin
MyE $ 30,000,000
Contado 50% $ 15,000,000
Saldo sin interes 1 ao 50% $ 15,000,000
Depreciacin 10 $ 3,000,000

Vehculos $ 60,000,000
Contado 60% $ 36,000,000
Saldo sin interes 2 ao 40% $ 24,000,000
Depreciacin 5 $ 12,000,000

Equipos de oficina $ 20,000,000

Depreciacin 10 $ 2,000,000

Plan de pagos
VA $ 240,000,000
NPER 5
TASA 20%
PAGO $80,251,129

Aos Cuota Interes K Saldo

0 $ 240,000,000
1 $80,251,129 $ 48,000,000 $32,251,129 $ 207,748,871
2 $80,251,129 $ 41,549,774 $38,701,355 $ 169,047,517
3 $80,251,129 $ 33,809,503 $46,441,625 $ 122,605,891
4 $80,251,129 $ 24,521,178 $55,729,951 $ 66,875,941
5 $80,251,129 $ 13,375,188 $66,875,941 $ -

Politica de ventas
Ao 1 Ao 2 Ao 3 Ao 4
Ventas 15% $750,000,000 $ 862,500,000 $ 991,875,000 $ 1,140,656,250
Ventas de contado 80% $600,000,000 $690,000,000 $793,500,000 $912,525,000
Ventas a crdito 20% $150,000,000 $172,500,000 $198,375,000 $228,131,250
Recaudo de cartera $150,000,000 $172,500,000 $198,375,000

Gastos de personal
Ao 1 Ao 2 Ao 3 Ao 4
Gastos de personal $96,000,000 $96,000,000 $102,720,000 $109,910,400 $117,604,128
Incremento salarial 7%

Costo de operacin 40%

Impuestos 30%
 Ao 5
$ 1,311,754,688
$1,049,403,750
$262,350,938
$228,131,250

Ao 5
$125,836,417
 Estado de resultados proyectados
Ao 1 Ao 2 Ao 3 Ao 4 Ao 5
Ventas $750,000,000 $862,500,000 $991,875,000 $1,140,656,250 $1,311,754,688
Costos $300,000,000 $345,000,000 $396,750,000 $456,262,500 $524,701,875
U.B. $450,000,000 $517,500,000 $595,125,000 $684,393,750 $787,052,813
Gastos Operacionales $113,000,000 $119,720,000 $126,910,400 $134,604,128 $142,836,417
Personal $96,000,000 $102,720,000 $109,910,400 $117,604,128 $125,836,417
Depreciacin $ 17,000,000 $ 17,000,000 $ 17,000,000 $ 17,000,000 $ 17,000,000
U.B.O. $337,000,000 $397,780,000 $468,214,600 $549,789,622 $644,216,396
Gastos Financieros $ 48,000,000 $ 41,549,774 $ 33,809,503 $ 24,521,178 $ 13,375,188
U.A.I. $289,000,000 $356,230,226 $434,405,097 $525,268,444 $630,841,207
Impto $86,700,000 $106,869,068 $130,321,529 $157,580,533 $189,252,362
Resultado del ejercicio $202,300,000 $249,361,158 $304,083,568 $367,687,911 $441,588,845
 Flujo de Caja proyectado
Ao 0 Ao 1 Ao 2 Ao 3
Saldo Inicial $529,000,000 $551,048,871 $732,208,675
Flujo Operacional $0 $117,300,000 $285,410,932 $329,018,071
Ingresos $0 $600,000,000 $840,000,000 $966,000,000
Ventas $ - $600,000,000 $690,000,000 $793,500,000
Recaudo cartera $ - $ - $ 150,000,000 $ 172,500,000
Egresos $ - $ 482,700,000 $ 554,589,068 $ 636,981,929
Gastos de personal $ - $96,000,000 $102,720,000 $109,910,400
Pago a proveedores $ - $300,000,000 $345,000,000 $396,750,000
Pago de impuestos $ - $86,700,000 $106,869,068 $130,321,529
Flujo de Inversin -$ 71,000,000 -$ 15,000,000 -$ 24,000,000 $ -
Ingresos
Egresos $ 71,000,000 $ 15,000,000 $ 24,000,000 $ -
Maquinaria y Equipo $ 15,000,000 $ 15,000,000 $ - $ -
Vehiculo $ 36,000,000 $ - $ 24,000,000 $ -
Muebles y E oficina $ 20,000,000 $ - $ - $ -
Flujo de financiacin $ 600,000,000 -$ 80,251,129 -$ 80,251,129 -$ 80,251,129
Ingresos $ 600,000,000 $ - $ - $ -
Aportes de K $ 360,000,000
Obligacin financiera $ 240,000,000
Egresos $ - $ 80,251,129 $ 80,251,129 $ 80,251,129
Gastos financieros $ - $ 48,000,000 $ 41,549,774 $ 33,809,503
Abono a K $ - $32,251,129 $38,701,355 $46,441,625
Flujo neto o efectivo disponible $529,000,000 $22,048,871 $181,159,803 $248,766,942
Saldo final de caja $529,000,000 $551,048,871 $732,208,675 $980,975,617

Resumen del flujo de caja

Aos Flujos netos
0 -$ 600,000,000
1 $22,048,871
2 $181,159,803
3 $248,766,942
4 $299,201,710
5 $357,493,217

Costo promedio ponderado de k WACC

Monto Mezcla de K Costo de Fte WACC
Aportes de K $ 360,000,000 60% 15% 9.00%
Obligacin financiera $ 240,000,000 40% 14% 5.60%
Total $ 600,000,000 100% 14.60%
 Indicadores gerencia de valor
Costo Oportunidad 15%
WACC 14.60%
Rentabilidad 18.60%
Valor Economico Agregado EVA 4.00%
Valor del proyecto VPI $668,530,931.62
Viabiliad financiera VPN $68,530,931.62 $13,706,186.32

Se van a tomar minimo tres decisiones para mejorar los

resultados. Que mover para que el modelo no se dae. Con el
escenario de subir al 43% el costo de operacin, 33% el impuesto
de renta:
Decisin 1: Copiar y pegar en work la modificacin
Hasta llegar a las tres decisiones
Elaborado por: Es individual, en PDF y enviarlo al correo
augusto_ramirez81@hotmail.com, para el proximo jueves 7-dic-
2017
 Ao 4 Ao 5
$980,975,617 $1,280,177,327
$379,452,839 $437,744,346
$1,110,900,000 $1,277,535,000
$912,525,000 $1,049,403,750
$ 198,375,000 $ 228,131,250
$ 731,447,161 $ 839,790,654
$117,604,128 $125,836,417
$456,262,500 $524,701,875
$157,580,533 $189,252,362
$ - $ -

$ - $ -
$ - $ -
$ - $ -
$ - $ -
-$ 80,251,129 -$ 80,251,129
$ - $ -

$ 80,251,129 $ 80,251,129
$ 24,521,178 $ 13,375,188
$55,729,951 $66,875,941
$299,201,710 $357,493,217
$1,280,177,327 $1,637,670,544
 Balance General proyectado
Ao 0 Ao 1 Ao 2 Ao 3
Activos $639,000,000 $794,048,871 $980,708,675 $1,238,350,617
Activos Corrientes $529,000,000 $701,048,871 $904,708,675 $1,179,350,617
Caja $529,000,000 $551,048,871 $732,208,675 $980,975,617
Cuentas por cobrar $150,000,000 $172,500,000 $198,375,000
Activos fijos $ 110,000,000 $ 93,000,000 $ 76,000,000 $ 59,000,000
Maq y Eq $ 30,000,000 $ 30,000,000 $ 30,000,000 $ 30,000,000
Depreciacin $ 3,000,000 $ 6,000,000 $ 9,000,000
Muebles oficina $ 20,000,000 $ 20,000,000 $ 20,000,000 $ 20,000,000
Depreciacin $ 2,000,000 $ 4,000,000 $ 6,000,000
Vehiculo $ 60,000,000 $ 60,000,000 $ 60,000,000 $ 60,000,000
Depreciacin $ 12,000,000 $ 24,000,000 $ 36,000,000

Pasivos $ 279,000,000 $ 231,748,871 $ 169,047,517 $ 122,605,891

Pasivos CP $ 15,000,000 $ - $ - $ -
Proveedores
CxP Maquinaria $ 15,000,000 $ - $ - $ -
Pasivos LP $ 264,000,000 $ 231,748,871 $ 169,047,517 $ 122,605,891
CxP Vehculo $ 24,000,000 $ 24,000,000 $ - $ -
Obligacin Financiera $ 240,000,000 $ 207,748,871 $ 169,047,517 $ 122,605,891

Patrimonio $ 360,000,000 $ 562,300,000 $ 811,661,158 $ 1,115,744,726

Aportes de capital $ 360,000,000 $ 360,000,000 $ 360,000,000 $ 360,000,000
Resultado del ejercicio $ - $202,300,000 $249,361,158 $304,083,568
Utilidades acumuladas $ - $ 202,300,000 $ 451,661,158
Total Pasivo+Patrimonio $ 639,000,000 $ 794,048,871 $ 980,708,675 $ 1,238,350,617
$0 $0 $0 $0
 Ao 4 Ao 5
$1,550,308,577 $1,925,021,482
$1,508,308,577 $1,900,021,482
$1,280,177,327 $1,637,670,544
$228,131,250 $262,350,938
$ 42,000,000 $ 25,000,000
$ 30,000,000 $ 30,000,000
$ 12,000,000 $ 15,000,000
$ 20,000,000 $ 20,000,000
$ 8,000,000 $ 10,000,000
$ 60,000,000 $ 60,000,000
$ 48,000,000 $ 60,000,000

$ 66,875,941 $ 0
$ - $ -

$ - $ -
$ 66,875,941 $ 0
$ - $ -
$ 66,875,941 $ 0

$ 1,483,432,636 $ 1,925,021,482
$ 360,000,000 $ 360,000,000
$367,687,911 $441,588,845
$ 755,744,726 $ 1,123,432,636
$ 1,550,308,577 $ 1,925,021,482
$0 $0