Ejercicios Varios para Estudiar

1. Preguntas de conocimiento puntual.
a) Convierta una tasa de interés del 28% anual por meses anticipados en una tasa semestral co
a) 28% AMA → Semestral continua

2.3333% MMA
2.3891% MMV
15.2184% SSV
14.1659% Semestral continua

b) ¿Qué tasa de interés anual real dobla un capital en 25 meses? Suponga una inflación del 5%
b) P $ 100.00
F $ 200.00
N 25 meses
f 5% anual
Tasa ints 2.8114% mensual 39.4744% anual 32.8327% anual real

c) Elabore la tabla de amortización de un préstamo de $20 millones pagadero en 6 meses med
mensuales iguales anticipadas, con una tasa de interés del 2% mensual.
c) Préstamo $ 20,000,000.00
Plazo 6 meses
Cuota mes ant $ 3,500,506.12
Tasa ints 2% mensual
Mes Cuota mes Intereses Amortización

0 $ 3,500,506.12 $ - $ 3,500,506.12
1 $ 3,500,506.12 $ 329,989.88 $ 3,170,516.25
2 $ 3,500,506.12 $ 266,579.55 $ 3,233,926.57
3 $ 3,500,506.12 $ 201,901.02 $ 3,298,605.10
4 $ 3,500,506.12 $ 135,928.92 $ 3,364,577.21
5 $ 3,500,506.12 $ 68,637.37 $ 3,431,868.75

d) ¿En cuánto tiempo (años, meses y días) se triplica un capital invertido al 14% semestral?
d) P $ 500.00
F $ 1,500.00
Tasa ints 14% semestral 29.9600% anual
N 4.1923 años 2.3073 meses 9.2180 días
4 años 2 meses 10 días
ticipados en una tasa semestral continua.
ses? Suponga una inflación del 5% anual.
millones pagadero en 6 meses mediante cuotas

% mensual.
Saldo final
$ 16,499,493.88
$ 13,328,977.63
$ 10,095,051.06
$ 6,796,445.95
$ 3,431,868.75
$ -
tal invertido al 14% semestral?

8.38 semes 4.1923 años
2. Un préstamo de $700 millones a 10 años, pagadero en cuotas mensuales crecientes en $200
millones crecientes en 7% anual y cuotas anuales de $10 millones, crecientes en $2 millones ca
puntos básicos durante los primeros 5 años y del 18% anual por quincenas anticipadas (AQA) e
reciprocidad del 15% sobre saldos del crédito. ¿Cuál es el costo del crédito para el deudor en t
11,5% anual y se espera que crezca a un ritmo del 0,3% mensual.
Préstamo $ 700,000,000.00
Plazo 10 años
Cuota mes $ 8,239,087.71 delta $ 200,000.00 al año
Cuota sem $ 5,000,000.00 d 7% anual
Cuota año $ 10,000,000.00 delta $ 2,000,000.00 al año
Tasa ints 1 IBR anual + 2.5% primeros 5 años
Vli inic IBR 11.5% anual d 0.3% mensual
Tasa ints 2 18% AQA en adelante 0.7500% QQA 0.7557% QQV
Recicprocidad 15% sobre saldos
Mes IBR EA Tasa ints EA Tasa ints mensual Cuota mes

0 11.5% anual X X X
1 11.5345% anual 14.0345% 1.1004% $ 8,239,087.71
2 11.5691% anual 14.0691% 1.1030% $ 8,239,087.71
3 11.6038% anual 14.1038% 1.1056% $ 8,239,087.71
4 11.6386% anual 14.1386% 1.1081% $ 8,239,087.71
5 11.6735% anual 14.1735% 1.1107% $ 8,239,087.71
6 11.7086% anual 14.2086% 1.1133% $ 8,239,087.71
7 11.7437% anual 14.2437% 1.1159% $ 8,239,087.71
8 11.7789% anual 14.2789% 1.1185% $ 8,239,087.71
9 11.8143% anual 14.3143% 1.1211% $ 8,239,087.71
10 11.8497% anual 14.3497% 1.1237% $ 8,239,087.71
11 11.8852% anual 14.3852% 1.1263% $ 8,239,087.71
12 11.9209% anual 14.4209% 1.1289% $ 8,239,087.71
13 11.9567% anual 14.4567% 1.1316% $ 8,439,087.71
14 11.9925% anual 14.4925% 1.1342% $ 8,439,087.71
15 12.0285% anual 14.5285% 1.1369% $ 8,439,087.71
16 12.0646% anual 14.5646% 1.1395% $ 8,439,087.71
17 12.1008% anual 14.6008% 1.1422% $ 8,439,087.71
18 12.1371% anual 14.6371% 1.1448% $ 8,439,087.71
19 12.1735% anual 14.6735% 1.1475% $ 8,439,087.71
20 12.2100% anual 14.7100% 1.1502% $ 8,439,087.71
21 12.2467% anual 14.7467% 1.1529% $ 8,439,087.71
22 12.2834% anual 14.7834% 1.1556% $ 8,439,087.71
23 12.3202% anual 14.8202% 1.1583% $ 8,439,087.71
24 12.3572% anual 14.8572% 1.1610% $ 8,439,087.71
25 12.3943% anual 14.8943% 1.1637% $ 8,639,087.71
26 12.4315% anual 14.9315% 1.1665% $ 8,639,087.71
27 12.4688% anual 14.9688% 1.1692% $ 8,639,087.71
28 12.5062% anual 15.0062% 1.1719% $ 8,639,087.71
29 12.5437% anual 15.0437% 1.1747% $ 8,639,087.71
30 12.5813% anual 15.0813% 1.1775% $ 8,639,087.71
31 12.6191% anual 15.1191% 1.1802% $ 8,639,087.71
32 12.6569% anual 15.1569% 1.1830% $ 8,639,087.71
33 12.6949% anual 15.1949% 1.1858% $ 8,639,087.71
34 12.7330% anual 15.2330% 1.1886% $ 8,639,087.71
35 12.7712% anual 15.2712% 1.1914% $ 8,639,087.71
36 12.8095% anual 15.3095% 1.1942% $ 8,639,087.71
37 12.8479% anual 15.3479% 1.1970% $ 8,839,087.71
38 12.8865% anual 15.3865% 1.1998% $ 8,839,087.71
39 12.9251% anual 15.4251% 1.2026% $ 8,839,087.71
40 12.9639% anual 15.4639% 1.2054% $ 8,839,087.71
41 13.0028% anual 15.5028% 1.2083% $ 8,839,087.71
42 13.0418% anual 15.5418% 1.2111% $ 8,839,087.71
43 13.0809% anual 15.5809% 1.2140% $ 8,839,087.71
44 13.1202% anual 15.6202% 1.2168% $ 8,839,087.71
45 13.1595% anual 15.6595% 1.2197% $ 8,839,087.71
46 13.1990% anual 15.6990% 1.2226% $ 8,839,087.71
47 13.2386% anual 15.7386% 1.2255% $ 8,839,087.71
48 13.2783% anual 15.7783% 1.2284% $ 8,839,087.71
49 13.3181% anual 15.8181% 1.2313% $ 9,039,087.71
50 13.3581% anual 15.8581% 1.2342% $ 9,039,087.71
51 13.3982% anual 15.8982% 1.2371% $ 9,039,087.71
52 13.4384% anual 15.9384% 1.2400% $ 9,039,087.71
53 13.4787% anual 15.9787% 1.2430% $ 9,039,087.71
54 13.5191% anual 16.0191% 1.2459% $ 9,039,087.71
55 13.5597% anual 16.0597% 1.2489% $ 9,039,087.71
56 13.6004% anual 16.1004% 1.2518% $ 9,039,087.71
57 13.6412% anual 16.1412% 1.2548% $ 9,039,087.71
58 13.6821% anual 16.1821% 1.2577% $ 9,039,087.71
59 13.7231% anual 16.2231% 1.2607% $ 9,039,087.71
60 13.7643% anual 16.2643% 1.2637% $ 9,039,087.71
61 X X 1.5170% $ 9,239,087.71
62 X X 1.5170% $ 9,239,087.71
63 X X 1.5170% $ 9,239,087.71
64 X X 1.5170% $ 9,239,087.71
65 X X 1.5170% $ 9,239,087.71
66 X X 1.5170% $ 9,239,087.71
67 X X 1.5170% $ 9,239,087.71
68 X X 1.5170% $ 9,239,087.71
69 X X 1.5170% $ 9,239,087.71
70 X X 1.5170% $ 9,239,087.71
71 X X 1.5170% $ 9,239,087.71
72 X X 1.5170% $ 9,239,087.71
73 X X 1.5170% $ 9,439,087.71
74 X X 1.5170% $ 9,439,087.71
75 X X 1.5170% $ 9,439,087.71
76 X X 1.5170% $ 9,439,087.71
77 X X 1.5170% $ 9,439,087.71
78 X X 1.5170% $ 9,439,087.71
79 X X 1.5170% $ 9,439,087.71
80 X X 1.5170% $ 9,439,087.71
81 X X 1.5170% $ 9,439,087.71
82 X X 1.5170% $ 9,439,087.71
83 X X 1.5170% $ 9,439,087.71
84 X X 1.5170% $ 9,439,087.71
85 X X 1.5170% $ 9,639,087.71
86 X X 1.5170% $ 9,639,087.71
87 X X 1.5170% $ 9,639,087.71
88 X X 1.5170% $ 9,639,087.71
89 X X 1.5170% $ 9,639,087.71
90 X X 1.5170% $ 9,639,087.71
91 X X 1.5170% $ 9,639,087.71
92 X X 1.5170% $ 9,639,087.71
93 X X 1.5170% $ 9,639,087.71
94 X X 1.5170% $ 9,639,087.71
95 X X 1.5170% $ 9,639,087.71
96 X X 1.5170% $ 9,639,087.71
97 X X 1.5170% $ 9,839,087.71
98 X X 1.5170% $ 9,839,087.71
99 X X 1.5170% $ 9,839,087.71
100 X X 1.5170% $ 9,839,087.71
101 X X 1.5170% $ 9,839,087.71
102 X X 1.5170% $ 9,839,087.71
103 X X 1.5170% $ 9,839,087.71
104 X X 1.5170% $ 9,839,087.71
105 X X 1.5170% $ 9,839,087.71
106 X X 1.5170% $ 9,839,087.71
107 X X 1.5170% $ 9,839,087.71
108 X X 1.5170% $ 9,839,087.71
109 X X 1.5170% $ 10,039,087.71
110 X X 1.5170% $ 10,039,087.71
111 X X 1.5170% $ 10,039,087.71
112 X X 1.5170% $ 10,039,087.71
113 X X 1.5170% $ 10,039,087.71
114 X X 1.5170% $ 10,039,087.71
115 X X 1.5170% $ 10,039,087.71
116 X X 1.5170% $ 10,039,087.71
117 X X 1.5170% $ 10,039,087.71
118 X X 1.5170% $ 10,039,087.71
119 X X 1.5170% $ 10,039,087.71
120 X X 1.5170% $ 10,039,087.71
ales crecientes en $200 mil cada año, cuotas semestrales extraordinarias de $5
entes en $2 millones cada año. La tasa de interés pactada es del IBR anual más 250
nas anticipadas (AQA) en adelante. Tenga en cuenta que el banco exige una
ito para el deudor en términos anuales? El valor inicial del IBR (en cero) es del
Costo del crédito

1.4470% mensual
18.8146% anual
1.5170% MMV
Cuota sem Cuota año Cuota total Intereses Amortización

X X X X X
$ - $ - $ 8,239,087.71 $ 7,703,041.21 $ 536,046.50
$ - $ - $ 8,239,087.71 $ 7,715,022.08 $ 524,065.63
$ - $ - $ 8,239,087.71 $ 7,727,156.61 $ 511,931.10
$ - $ - $ 8,239,087.71 $ 7,739,447.43 $ 499,640.28
$ - $ - $ 8,239,087.71 $ 7,751,897.23 $ 487,190.49
$ 5,000,000.00 $ - $ 13,239,087.71 $ 7,764,508.73 $ 5,474,578.98
$ - $ - $ 8,239,087.71 $ 7,721,490.92 $ 517,596.80
$ - $ - $ 8,239,087.71 $ 7,733,680.30 $ 505,407.41
$ - $ - $ 8,239,087.71 $ 7,746,028.20 $ 493,059.51
$ - $ - $ 8,239,087.71 $ 7,758,537.37 $ 480,550.34
$ - $ - $ 8,239,087.71 $ 7,771,210.59 $ 467,877.12
$ 5,000,000.00 $ 10,000,000.00 $ 23,239,087.71 $ 7,784,050.73 $ 15,455,036.98
$ - $ - $ 8,439,087.71 $ 7,627,324.94 $ 811,762.78
$ - $ - $ 8,439,087.71 $ 7,635,917.96 $ 803,169.75
$ - $ - $ 8,439,087.71 $ 7,644,613.96 $ 794,473.75
$ - $ - $ 8,439,087.71 $ 7,653,414.72 $ 785,672.99
$ - $ - $ 8,439,087.71 $ 7,662,322.08 $ 776,765.63
$ 5,350,000.00 $ - $ 13,789,087.71 $ 7,671,337.92 $ 6,117,749.79
$ - $ - $ 8,439,087.71 $ 7,619,071.59 $ 820,016.12
$ - $ - $ 8,439,087.71 $ 7,627,460.40 $ 811,627.32
$ - $ - $ 8,439,087.71 $ 7,635,950.01 $ 803,137.70
$ - $ - $ 8,439,087.71 $ 7,644,542.23 $ 794,545.49
$ - $ - $ 8,439,087.71 $ 7,653,238.85 $ 785,848.86
$ 5,350,000.00 $ 12,000,000.00 $ 25,789,087.71 $ 7,662,041.74 $ 18,127,045.97
$ - $ - $ 8,639,087.71 $ 7,469,044.33 $ 1,170,043.38
$ - $ - $ 8,639,087.71 $ 7,472,904.04 $ 1,166,183.67
$ - $ - $ 8,639,087.71 $ 7,476,792.19 $ 1,162,295.52
$ - $ - $ 8,639,087.71 $ 7,480,709.27 $ 1,158,378.44
$ - $ - $ 8,639,087.71 $ 7,484,655.80 $ 1,154,431.91
$ 5,724,500.00 $ - $ 14,363,587.71 $ 7,488,632.31 $ 6,874,955.40
$ - $ - $ 8,639,087.71 $ 7,425,077.88 $ 1,214,009.83
$ - $ - $ 8,639,087.71 $ 7,428,158.01 $ 1,210,929.70
$ - $ - $ 8,639,087.71 $ 7,431,254.22 $ 1,207,833.49
$ - $ - $ 8,639,087.71 $ 7,434,366.79 $ 1,204,720.92
$ - $ - $ 8,639,087.71 $ 7,437,496.01 $ 1,201,591.70
$ 5,724,500.00 $ 14,000,000.00 $ 28,363,587.71 $ 7,440,642.20 $ 20,922,945.52
$ - $ - $ 8,839,087.71 $ 7,207,710.81 $ 1,631,376.90
$ - $ - $ 8,839,087.71 $ 7,205,103.92 $ 1,633,983.80
$ - $ - $ 8,839,087.71 $ 7,202,419.18 $ 1,636,668.53
$ - $ - $ 8,839,087.71 $ 7,199,655.18 $ 1,639,432.54
$ - $ - $ 8,839,087.71 $ 7,196,810.45 $ 1,642,277.26
$ 6,125,215.00 $ - $ 14,964,302.71 $ 7,193,883.53 $ 7,770,419.19
$ - $ - $ 8,839,087.71 $ 7,116,513.92 $ 1,722,573.80
$ - $ - $ 8,839,087.71 $ 7,112,337.82 $ 1,726,749.90
$ - $ - $ 8,839,087.71 $ 7,108,056.98 $ 1,731,030.73
$ - $ - $ 8,839,087.71 $ 7,103,669.48 $ 1,735,418.24
$ - $ - $ 8,839,087.71 $ 7,099,173.33 $ 1,739,914.38
$ 6,125,215.00 $ 16,000,000.00 $ 30,964,302.71 $ 7,094,566.53 $ 23,869,736.18
$ - $ - $ 9,039,087.71 $ 6,817,424.36 $ 2,221,663.36
$ - $ - $ 9,039,087.71 $ 6,806,115.70 $ 2,232,972.01
$ - $ - $ 9,039,087.71 $ 6,794,580.73 $ 2,244,506.99
$ - $ - $ 9,039,087.71 $ 6,782,815.22 $ 2,256,272.50
$ - $ - $ 9,039,087.71 $ 6,770,814.87 $ 2,268,272.85
$ 6,553,980.05 $ - $ 15,593,067.76 $ 6,758,575.28 $ 8,834,492.48
$ - $ - $ 9,039,087.71 $ 6,664,242.42 $ 2,374,845.29
$ - $ - $ 9,039,087.71 $ 6,650,292.45 $ 2,388,795.26
$ - $ - $ 9,039,087.71 $ 6,636,068.87 $ 2,403,018.84
$ - $ - $ 9,039,087.71 $ 6,621,566.52 $ 2,417,521.19
$ - $ - $ 9,039,087.71 $ 6,606,780.16 $ 2,432,307.55
$ 6,553,980.05 $ 18,000,000.00 $ 33,593,067.76 $ 6,591,704.41 $ 27,001,363.35
$ - $ - $ 9,239,087.71 $ 7,503,477.26 $ 1,735,610.46
$ - $ - $ 9,239,087.71 $ 7,477,147.26 $ 1,761,940.46
$ - $ - $ 9,239,087.71 $ 7,450,417.82 $ 1,788,669.89
$ - $ - $ 9,239,087.71 $ 7,423,282.89 $ 1,815,804.82
$ - $ - $ 9,239,087.71 $ 7,395,736.31 $ 1,843,351.41
$ 7,012,758.65 $ - $ 16,251,846.37 $ 7,367,771.83 $ 8,884,074.54
$ - $ - $ 9,239,087.71 $ 7,232,996.39 $ 2,006,091.32
$ - $ - $ 9,239,087.71 $ 7,202,563.07 $ 2,036,524.64
$ - $ - $ 9,239,087.71 $ 7,171,668.07 $ 2,067,419.64
$ - $ - $ 9,239,087.71 $ 7,140,304.38 $ 2,098,783.33
$ - $ - $ 9,239,087.71 $ 7,108,464.88 $ 2,130,622.83
$ 7,012,758.65 $ 20,000,000.00 $ 36,251,846.37 $ 7,076,142.37 $ 29,175,704.00
$ - $ - $ 9,439,087.71 $ 6,633,533.71 $ 2,805,554.00
$ - $ - $ 9,439,087.71 $ 6,590,972.18 $ 2,848,115.53
$ - $ - $ 9,439,087.71 $ 6,547,764.98 $ 2,891,322.73
$ - $ - $ 9,439,087.71 $ 6,503,902.30 $ 2,935,185.41
$ - $ - $ 9,439,087.71 $ 6,459,374.21 $ 2,979,713.50
$ 7,503,651.76 $ - $ 16,942,739.47 $ 6,414,170.60 $ 10,528,568.87
$ - $ - $ 9,439,087.71 $ 6,254,447.44 $ 3,184,640.27
$ - $ - $ 9,439,087.71 $ 6,206,135.00 $ 3,232,952.71
$ - $ - $ 9,439,087.71 $ 6,157,089.64 $ 3,281,998.07
$ - $ - $ 9,439,087.71 $ 6,107,300.25 $ 3,331,787.47
$ - $ - $ 9,439,087.71 $ 6,056,755.52 $ 3,382,332.20
$ 7,503,651.76 $ 22,000,000.00 $ 38,942,739.47 $ 6,005,444.01 $ 32,937,295.47
$ - $ - $ 9,639,087.71 $ 5,505,770.30 $ 4,133,317.42
$ - $ - $ 9,639,087.71 $ 5,443,066.00 $ 4,196,021.72
$ - $ - $ 9,639,087.71 $ 5,379,410.45 $ 4,259,677.27
$ - $ - $ 9,639,087.71 $ 5,314,789.21 $ 4,324,298.50
$ - $ - $ 9,639,087.71 $ 5,249,187.64 $ 4,389,900.07
$ 8,028,907.38 $ - $ 17,667,995.10 $ 5,182,590.87 $ 12,485,404.23
$ - $ - $ 9,639,087.71 $ 4,993,181.62 $ 4,645,906.09
$ - $ - $ 9,639,087.71 $ 4,922,701.12 $ 4,716,386.59
$ - $ - $ 9,639,087.71 $ 4,851,151.40 $ 4,787,936.32
$ - $ - $ 9,639,087.71 $ 4,778,516.23 $ 4,860,571.48
$ - $ - $ 9,639,087.71 $ 4,704,779.16 $ 4,934,308.56
$ 8,028,907.38 $ 24,000,000.00 $ 41,667,995.10 $ 4,629,923.46 $ 37,038,071.64
$ - $ - $ 9,839,087.71 $ 4,068,039.12 $ 5,771,048.60
$ - $ - $ 9,839,087.71 $ 3,980,489.69 $ 5,858,598.02
$ - $ - $ 9,839,087.71 $ 3,891,612.10 $ 5,947,475.61
$ - $ - $ 9,839,087.71 $ 3,801,386.20 $ 6,037,701.51
$ - $ - $ 9,839,087.71 $ 3,709,791.53 $ 6,129,296.18
$ 8,590,930.90 $ - $ 18,430,018.61 $ 3,616,807.33 $ 14,813,211.28
$ - $ - $ 9,839,087.71 $ 3,392,084.20 $ 6,447,003.52
$ - $ - $ 9,839,087.71 $ 3,294,280.23 $ 6,544,807.48
$ - $ - $ 9,839,087.71 $ 3,194,992.53 $ 6,644,095.18
$ - $ - $ 9,839,087.71 $ 3,094,198.60 $ 6,744,889.12
$ - $ - $ 9,839,087.71 $ 2,991,875.57 $ 6,847,212.14
$ 8,590,930.90 $ 26,000,000.00 $ 44,430,018.61 $ 2,888,000.26 $ 41,542,018.36
$ - $ - $ 10,039,087.71 $ 2,257,789.00 $ 7,781,298.71
$ - $ - $ 10,039,087.71 $ 2,139,743.17 $ 7,899,344.54
$ - $ - $ 10,039,087.71 $ 2,019,906.53 $ 8,019,181.18
$ - $ - $ 10,039,087.71 $ 1,898,251.92 $ 8,140,835.80
$ - $ - $ 10,039,087.71 $ 1,774,751.75 $ 8,264,335.97
$ 9,192,296.06 $ - $ 19,231,383.78 $ 1,649,378.02 $ 17,582,005.75
$ - $ - $ 10,039,087.71 $ 1,382,651.02 $ 8,656,436.69
$ - $ - $ 10,039,087.71 $ 1,251,328.95 $ 8,787,758.76
$ - $ - $ 10,039,087.71 $ 1,118,014.67 $ 8,921,073.05
$ - $ - $ 10,039,087.71 $ 982,677.94 $ 9,056,409.77
$ - $ - $ 10,039,087.71 $ 845,288.10 $ 9,193,799.61
$ 9,192,296.06 $ 28,000,000.00 $ 47,231,383.78 $ 705,813.99 $ 46,525,569.78
Saldo final Reciprocidad D Reciprocidad Flujo neto
$ 700,000,000.00 $ 105,000,000.00 -$ 105,000,000.00 $ 595,000,000.00
$ 699,463,953.50 $ 104,919,593.03 $ 80,406.97 -$ 8,158,680.74
$ 698,939,887.87 $ 104,840,983.18 $ 78,609.84 -$ 8,160,477.87
$ 698,427,956.77 $ 104,764,193.52 $ 76,789.67 -$ 8,162,298.05
$ 697,928,316.49 $ 104,689,247.47 $ 74,946.04 -$ 8,164,141.67
$ 697,441,126.00 $ 104,616,168.90 $ 73,078.57 -$ 8,166,009.14
$ 691,966,547.02 $ 103,794,982.05 $ 821,186.85 -$ 12,417,900.87
$ 691,448,950.23 $ 103,717,342.53 $ 77,639.52 -$ 8,161,448.19
$ 690,943,542.82 $ 103,641,531.42 $ 75,811.11 -$ 8,163,276.60
$ 690,450,483.31 $ 103,567,572.50 $ 73,958.93 -$ 8,165,128.79
$ 689,969,932.96 $ 103,495,489.94 $ 72,082.55 -$ 8,167,005.16
$ 689,502,055.84 $ 103,425,308.38 $ 70,181.57 -$ 8,168,906.15
$ 674,047,018.86 $ 101,107,052.83 $ 2,318,255.55 -$ 20,920,832.17
$ 673,235,256.08 $ 100,985,288.41 $ 121,764.42 -$ 8,317,323.30
$ 672,432,086.33 $ 100,864,812.95 $ 120,475.46 -$ 8,318,612.25
$ 671,637,612.58 $ 100,745,641.89 $ 119,171.06 -$ 8,319,916.65
$ 670,851,939.58 $ 100,627,790.94 $ 117,850.95 -$ 8,321,236.76
$ 670,075,173.95 $ 100,511,276.09 $ 116,514.84 -$ 8,322,572.87
$ 663,957,424.16 $ 99,593,613.62 $ 917,662.47 -$ 12,871,425.24
$ 663,137,408.04 $ 99,470,611.21 $ 123,002.42 -$ 8,316,085.30
$ 662,325,780.72 $ 99,348,867.11 $ 121,744.10 -$ 8,317,343.62
$ 661,522,643.02 $ 99,228,396.45 $ 120,470.66 -$ 8,318,617.06
$ 660,728,097.53 $ 99,109,214.63 $ 119,181.82 -$ 8,319,905.89
$ 659,942,248.67 $ 98,991,337.30 $ 117,877.33 -$ 8,321,210.38
$ 641,815,202.70 $ 96,272,280.41 $ 2,719,056.90 -$ 23,070,030.82
$ 640,645,159.32 $ 96,096,773.90 $ 175,506.51 -$ 8,463,581.21
$ 639,478,975.65 $ 95,921,846.35 $ 174,927.55 -$ 8,464,160.16
$ 638,316,680.13 $ 95,747,502.02 $ 174,344.33 -$ 8,464,743.39
$ 637,158,301.68 $ 95,573,745.25 $ 173,756.77 -$ 8,465,330.95
$ 636,003,869.77 $ 95,400,580.47 $ 173,164.79 -$ 8,465,922.93
$ 629,128,914.37 $ 94,369,337.16 $ 1,031,243.31 -$ 13,332,344.40
$ 627,914,904.54 $ 94,187,235.68 $ 182,101.47 -$ 8,456,986.24
$ 626,703,974.84 $ 94,005,596.23 $ 181,639.45 -$ 8,457,448.26
$ 625,496,141.35 $ 93,824,421.20 $ 181,175.02 -$ 8,457,912.69
$ 624,291,420.42 $ 93,643,713.06 $ 180,708.14 -$ 8,458,379.57
$ 623,089,828.72 $ 93,463,474.31 $ 180,238.75 -$ 8,458,848.96
$ 602,166,883.21 $ 90,325,032.48 $ 3,138,441.83 -$ 25,225,145.89
$ 600,535,506.30 $ 90,080,325.95 $ 244,706.54 -$ 8,594,381.18
$ 598,901,522.51 $ 89,835,228.38 $ 245,097.57 -$ 8,593,990.14
$ 597,264,853.97 $ 89,589,728.10 $ 245,500.28 -$ 8,593,587.43
$ 595,625,421.44 $ 89,343,813.22 $ 245,914.88 -$ 8,593,172.83
$ 593,983,144.17 $ 89,097,471.63 $ 246,341.59 -$ 8,592,746.12
$ 586,212,724.99 $ 87,931,908.75 $ 1,165,562.88 -$ 13,798,739.84
$ 584,490,151.19 $ 87,673,522.68 $ 258,386.07 -$ 8,580,701.64
$ 582,763,401.29 $ 87,414,510.19 $ 259,012.48 -$ 8,580,075.23
$ 581,032,370.56 $ 87,154,855.58 $ 259,654.61 -$ 8,579,433.10
$ 579,296,952.32 $ 86,894,542.85 $ 260,312.74 -$ 8,578,774.98
$ 577,557,037.94 $ 86,633,555.69 $ 260,987.16 -$ 8,578,100.56
$ 553,687,301.76 $ 83,053,095.26 $ 3,580,460.43 -$ 27,383,842.29
$ 551,465,638.40 $ 82,719,845.76 $ 333,249.50 -$ 8,705,838.21
$ 549,232,666.38 $ 82,384,899.96 $ 334,945.80 -$ 8,704,141.91
$ 546,988,159.40 $ 82,048,223.91 $ 336,676.05 -$ 8,702,411.67
$ 544,731,886.90 $ 81,709,783.03 $ 338,440.87 -$ 8,700,646.84
$ 542,463,614.05 $ 81,369,542.11 $ 340,240.93 -$ 8,698,846.79
$ 533,629,121.57 $ 80,044,368.24 $ 1,325,173.87 -$ 14,267,893.89
$ 531,254,276.28 $ 79,688,141.44 $ 356,226.79 -$ 8,682,860.92
$ 528,865,481.02 $ 79,329,822.15 $ 358,319.29 -$ 8,680,768.42
$ 526,462,462.17 $ 78,969,369.33 $ 360,452.83 -$ 8,678,634.89
$ 524,044,940.99 $ 78,606,741.15 $ 362,628.18 -$ 8,676,459.54
$ 521,612,633.43 $ 78,241,895.01 $ 364,846.13 -$ 8,674,241.58
$ 494,611,270.08 $ 74,191,690.51 $ 4,050,204.50 -$ 29,542,863.26
$ 492,875,659.62 $ 73,931,348.94 $ 260,341.57 -$ 8,978,746.14
$ 491,113,719.16 $ 73,667,057.87 $ 264,291.07 -$ 8,974,796.65
$ 489,325,049.27 $ 73,398,757.39 $ 268,300.48 -$ 8,970,787.23
$ 487,509,244.45 $ 73,126,386.67 $ 272,370.72 -$ 8,966,716.99
$ 485,665,893.04 $ 72,849,883.96 $ 276,502.71 -$ 8,962,585.00
$ 476,781,818.50 $ 71,517,272.78 $ 1,332,611.18 -$ 14,919,235.19
$ 474,775,727.18 $ 71,216,359.08 $ 300,913.70 -$ 8,938,174.02
$ 472,739,202.54 $ 70,910,880.38 $ 305,478.70 -$ 8,933,609.02
$ 470,671,782.90 $ 70,600,767.44 $ 310,112.95 -$ 8,928,974.77
$ 468,572,999.57 $ 70,285,949.93 $ 314,817.50 -$ 8,924,270.21
$ 466,442,376.74 $ 69,966,356.51 $ 319,593.42 -$ 8,919,494.29
$ 437,266,672.74 $ 65,590,000.91 $ 4,376,355.60 -$ 31,875,490.77
$ 434,461,118.74 $ 65,169,167.81 $ 420,833.10 -$ 9,018,254.61
$ 431,613,003.21 $ 64,741,950.48 $ 427,217.33 -$ 9,011,870.38
$ 428,721,680.47 $ 64,308,252.07 $ 433,698.41 -$ 9,005,389.30
$ 425,786,495.06 $ 63,867,974.26 $ 440,277.81 -$ 8,998,809.90
$ 422,806,781.56 $ 63,421,017.23 $ 446,957.03 -$ 8,992,130.69
$ 412,278,212.69 $ 61,841,731.90 $ 1,579,285.33 -$ 15,363,454.14
$ 409,093,572.41 $ 61,364,035.86 $ 477,696.04 -$ 8,961,391.67
$ 405,860,619.70 $ 60,879,092.96 $ 484,942.91 -$ 8,954,144.81
$ 402,578,621.63 $ 60,386,793.25 $ 492,299.71 -$ 8,946,788.00
$ 399,246,834.17 $ 59,887,025.12 $ 499,768.12 -$ 8,939,319.59
$ 395,864,501.97 $ 59,379,675.30 $ 507,349.83 -$ 8,931,737.88
$ 362,927,206.50 $ 54,439,080.98 $ 4,940,594.32 -$ 34,002,145.15
$ 358,793,889.09 $ 53,819,083.36 $ 619,997.61 -$ 9,019,090.10
$ 354,597,867.37 $ 53,189,680.11 $ 629,403.26 -$ 9,009,684.46
$ 350,338,190.10 $ 52,550,728.52 $ 638,951.59 -$ 9,000,136.12
$ 346,013,891.60 $ 51,902,083.74 $ 648,644.78 -$ 8,990,442.94
$ 341,623,991.52 $ 51,243,598.73 $ 658,485.01 -$ 8,980,602.70
$ 329,138,587.29 $ 49,370,788.09 $ 1,872,810.63 -$ 15,795,184.46
$ 324,492,681.20 $ 48,673,902.18 $ 696,885.91 -$ 8,942,201.80
$ 319,776,294.61 $ 47,966,444.19 $ 707,457.99 -$ 8,931,629.72
$ 314,988,358.29 $ 47,248,253.74 $ 718,190.45 -$ 8,920,897.27
$ 310,127,786.81 $ 46,519,168.02 $ 729,085.72 -$ 8,910,001.99
$ 305,193,478.25 $ 45,779,021.74 $ 740,146.28 -$ 8,898,941.43
$ 268,155,406.62 $ 40,223,310.99 $ 5,555,710.75 -$ 36,112,284.35
$ 262,384,358.02 $ 39,357,653.70 $ 865,657.29 -$ 8,973,430.42
$ 256,525,760.00 $ 38,478,864.00 $ 878,789.70 -$ 8,960,298.01
$ 250,578,284.39 $ 37,586,742.66 $ 892,121.34 -$ 8,946,966.37
$ 244,540,582.88 $ 36,681,087.43 $ 905,655.23 -$ 8,933,432.49
$ 238,411,286.70 $ 35,761,693.00 $ 919,394.43 -$ 8,919,693.29
$ 223,598,075.41 $ 33,539,711.31 $ 2,221,981.69 -$ 16,208,036.92
$ 217,151,071.90 $ 32,572,660.78 $ 967,050.53 -$ 8,872,037.19
$ 210,606,264.42 $ 31,590,939.66 $ 981,721.12 -$ 8,857,366.59
$ 203,962,169.24 $ 30,594,325.39 $ 996,614.28 -$ 8,842,473.44
$ 197,217,280.12 $ 29,582,592.02 $ 1,011,733.37 -$ 8,827,354.35
$ 190,370,067.98 $ 28,555,510.20 $ 1,027,081.82 -$ 8,812,005.89
$ 148,828,049.62 $ 22,324,207.44 $ 6,231,302.75 -$ 38,198,715.86
$ 141,046,750.91 $ 21,157,012.64 $ 1,167,194.81 -$ 8,871,892.91
$ 133,147,406.36 $ 19,972,110.95 $ 1,184,901.68 -$ 8,854,186.03
$ 125,128,225.18 $ 18,769,233.78 $ 1,202,877.18 -$ 8,836,210.54
$ 116,987,389.39 $ 17,548,108.41 $ 1,221,125.37 -$ 8,817,962.34
$ 108,723,053.42 $ 16,308,458.01 $ 1,239,650.40 -$ 8,799,437.32
$ 91,141,047.67 $ 13,671,157.15 $ 2,637,300.86 -$ 16,594,082.91
$ 82,484,610.98 $ 12,372,691.65 $ 1,298,465.50 -$ 8,740,622.21
$ 73,696,852.21 $ 11,054,527.83 $ 1,318,163.81 -$ 8,720,923.90
$ 64,775,779.17 $ 9,716,366.88 $ 1,338,160.96 -$ 8,700,926.76
$ 55,719,369.40 $ 8,357,905.41 $ 1,358,461.47 -$ 8,680,626.25
$ 46,525,569.78 $ 6,978,835.47 $ 1,379,069.94 -$ 8,660,017.77
$ 0.00 $ 0.00 $ 6,978,835.47 -$ 40,252,548.31
3. Jorge depositó el día de hoy la suma de $4200 millones en una institución para poder realiza
siguiente manera: retiros mensuales crecientes en 0,2% mensual los primeros 2 años y crecient
anuales iguales de $50 millones cada uno. Las tasas de interés se estiman en 10% anual por trim
años y del 25% bienal por semestres anticipados (BSA) en adelante. ¿Cuánto podrá retirar Jorge
Depósito $ 4,200,000,000.00
Retiros mes $ 24,954,887.63 d1 0.2% mensual primeros 2 años
Retiros año $ 50,000,000.00
Tasa ints 1 10% ATV primeros 3 años 2.5000% TTV 0.8265% MMV
Tasa ints 2 25% BSA en adelante 6.2500% SSA 6.6667% SSV
Mes Depósito d Retiros mes Retiros mes Retiros año

0 $ 4,200,000,000.00 X X X
1 $ - 0.2% $ 24,954,887.63 $ -
2 $ - 0.2% $ 25,004,797.41 $ -
3 $ - 0.2% $ 25,054,807.00 $ -
4 $ - 0.2% $ 25,104,916.62 $ -
5 $ - 0.2% $ 25,155,126.45 $ -
6 $ - 0.2% $ 25,205,436.70 $ -
7 $ - 0.2% $ 25,255,847.58 $ -
8 $ - 0.2% $ 25,306,359.27 $ -
9 $ - 0.2% $ 25,356,971.99 $ -
10 $ - 0.2% $ 25,407,685.93 $ -
11 $ - 0.2% $ 25,458,501.31 $ -
12 $ - 0.2% $ 25,509,418.31 $ 50,000,000.00
13 $ - 0.2% $ 25,560,437.15 $ -
14 $ - 0.2% $ 25,611,558.02 $ -
15 $ - 0.2% $ 25,662,781.14 $ -
16 $ - 0.2% $ 25,714,106.70 $ -
17 $ - 0.2% $ 25,765,534.91 $ -
18 $ - 0.2% $ 25,817,065.98 $ -
19 $ - 0.2% $ 25,868,700.11 $ -
20 $ - 0.2% $ 25,920,437.51 $ -
21 $ - 0.2% $ 25,972,278.39 $ -
22 $ - 0.2% $ 26,024,222.95 $ -
23 $ - 0.2% $ 26,076,271.39 $ -
24 $ - 0.2% $ 26,128,423.93 $ 50,000,000.00
25 $ - 0.4% $ 26,232,937.63 $ -
26 $ - 0.4% $ 26,337,869.38 $ -
27 $ - 0.4% $ 26,443,220.86 $ -
28 $ - 0.4% $ 26,548,993.74 $ -
29 $ - 0.4% $ 26,655,189.72 $ -
30 $ - 0.4% $ 26,761,810.47 $ -
31 $ - 0.4% $ 26,868,857.72 $ -
32 $ - 0.4% $ 26,976,333.15 $ -
33 $ - 0.4% $ 27,084,238.48 $ -
34 $ - 0.4% $ 27,192,575.43 $ -
35 $ - 0.4% $ 27,301,345.74 $ -
36 $ - 0.4% $ 27,410,551.12 $ 50,000,000.00
37 0.4% $ 27,520,193.32 $ -
38 0.4% $ 27,630,274.10 $ -
39 0.4% $ 27,740,795.19 $ -
40 0.4% $ 27,851,758.37 $ -
41 0.4% $ 27,963,165.41 $ -
42 0.4% $ 28,075,018.07 $ -
43 0.4% $ 28,187,318.14 $ -
44 0.4% $ 28,300,067.41 $ -
45 0.4% $ 28,413,267.68 $ -
46 0.4% $ 28,526,920.75 $ -
47 0.4% $ 28,641,028.44 $ -
48 0.4% $ 28,755,592.55 $ 50,000,000.00
49 0.4% $ 28,870,614.92 $ -
50 0.4% $ 28,986,097.38 $ -
51 0.4% $ 29,102,041.77 $ -
52 0.4% $ 29,218,449.94 $ -
53 0.4% $ 29,335,323.74 $ -
54 0.4% $ 29,452,665.03 $ -
55 0.4% $ 29,570,475.69 $ -
56 0.4% $ 29,688,757.59 $ -
57 0.4% $ 29,807,512.63 $ -
58 0.4% $ 29,926,742.68 $ -
59 0.4% $ 30,046,449.65 $ -
60 0.4% $ 30,166,635.45 $ 50,000,000.00
61 0.4% $ 30,287,301.99 $ -
62 0.4% $ 30,408,451.19 $ -
63 0.4% $ 30,530,085.00 $ -
64 0.4% $ 30,652,205.34 $ -
65 0.4% $ 30,774,814.16 $ -
66 0.4% $ 30,897,913.42 $ -
67 0.4% $ 31,021,505.07 $ -
68 0.4% $ 31,145,591.09 $ -
69 0.4% $ 31,270,173.46 $ -
70 0.4% $ 31,395,254.15 $ -
71 0.4% $ 31,520,835.17 $ -
72 0.4% $ 31,646,918.51 $ 50,000,000.00
73 0.4% $ 31,773,506.18 $ -
74 0.4% $ 31,900,600.21 $ -
75 0.4% $ 32,028,202.61 $ -
76 0.4% $ 32,156,315.42 $ -
77 0.4% $ 32,284,940.68 $ -
78 0.4% $ 32,414,080.44 $ -
79 0.4% $ 32,543,736.76 $ -
80 0.4% $ 32,673,911.71 $ -
81 0.4% $ 32,804,607.36 $ -
82 0.4% $ 32,935,825.79 $ -
83 0.4% $ 33,067,569.09 $ -
84 0.4% $ 33,199,839.37 $ 50,000,000.00
85 0.4% $ 33,332,638.72 $ -
86 0.4% $ 33,465,969.28 $ -
87 0.4% $ 33,599,833.16 $ -
88 0.4% $ 33,734,232.49 $ -
89 0.4% $ 33,869,169.42 $ -
90 0.4% $ 34,004,646.10 $ -
91 0.4% $ 34,140,664.68 $ -
92 0.4% $ 34,277,227.34 $ -
93 0.4% $ 34,414,336.25 $ -
94 0.4% $ 34,551,993.59 $ -
95 0.4% $ 34,690,201.57 $ -
96 0.4% $ 34,828,962.37 $ 50,000,000.00
97 0.4% $ 34,968,278.22 $ -
98 0.4% $ 35,108,151.34 $ -
99 0.4% $ 35,248,583.94 $ -
100 0.4% $ 35,389,578.28 $ -
101 0.4% $ 35,531,136.59 $ -
102 0.4% $ 35,673,261.14 $ -
103 0.4% $ 35,815,954.18 $ -
104 0.4% $ 35,959,218.00 $ -
105 0.4% $ 36,103,054.87 $ -
106 0.4% $ 36,247,467.09 $ -
107 0.4% $ 36,392,456.96 $ -
108 0.4% $ 36,538,026.79 $ 50,000,000.00
109 0.4% $ 36,684,178.89 $ -
110 0.4% $ 36,830,915.61 $ -
111 0.4% $ 36,978,239.27 $ -
112 0.4% $ 37,126,152.23 $ -
113 0.4% $ 37,274,656.84 $ -
114 0.4% $ 37,423,755.46 $ -
115 0.4% $ 37,573,450.49 $ -
116 0.4% $ 37,723,744.29 $ -
117 0.4% $ 37,874,639.27 $ -
118 0.4% $ 38,026,137.82 $ -
119 0.4% $ 38,178,242.37 $ -
120 0.4% $ 38,330,955.34 $ 50,000,000.00
121 0.4% $ 38,484,279.16 $ -
122 0.4% $ 38,638,216.28 $ -
123 0.4% $ 38,792,769.15 $ -
124 0.4% $ 38,947,940.22 $ -
125 0.4% $ 39,103,731.98 $ -
126 0.4% $ 39,260,146.91 $ -
127 0.4% $ 39,417,187.50 $ -
128 0.4% $ 39,574,856.25 $ -
129 0.4% $ 39,733,155.67 $ -
130 0.4% $ 39,892,088.30 $ -
131 0.4% $ 40,051,656.65 $ -
132 0.4% $ 40,211,863.28 $ 50,000,000.00
133 0.4% $ 40,372,710.73 $ -
134 0.4% $ 40,534,201.57 $ -
135 0.4% $ 40,696,338.38 $ -
136 0.4% $ 40,859,123.73 $ -
137 0.4% $ 41,022,560.23 $ -
138 0.4% $ 41,186,650.47 $ -
139 0.4% $ 41,351,397.07 $ -
140 0.4% $ 41,516,802.66 $ -
141 0.4% $ 41,682,869.87 $ -
142 0.4% $ 41,849,601.35 $ -
143 0.4% $ 42,016,999.75 $ -
144 0.4% $ 42,185,067.75 $ 50,000,000.00
145 0.4% $ 42,353,808.02 $ -
146 0.4% $ 42,523,223.26 $ -
147 0.4% $ 42,693,316.15 $ -
148 0.4% $ 42,864,089.41 $ -
149 0.4% $ 43,035,545.77 $ -
150 0.4% $ 43,207,687.95 $ -
151 0.4% $ 43,380,518.71 $ -
152 0.4% $ 43,554,040.78 $ -
153 0.4% $ 43,728,256.94 $ -
154 0.4% $ 43,903,169.97 $ -
155 0.4% $ 44,078,782.65 $ -
156 0.4% $ 44,255,097.78 $ 50,000,000.00
157 0.4% $ 44,432,118.17 $ -
158 0.4% $ 44,609,846.65 $ -
159 0.4% $ 44,788,286.03 $ -
160 0.4% $ 44,967,439.18 $ -
161 0.4% $ 45,147,308.93 $ -
162 0.4% $ 45,327,898.17 $ -
163 0.4% $ 45,509,209.76 $ -
164 0.4% $ 45,691,246.60 $ -
165 0.4% $ 45,874,011.59 $ -
166 0.4% $ 46,057,507.63 $ -
167 0.4% $ 46,241,737.66 $ -
168 0.4% $ 46,426,704.62 $ 50,000,000.00
169 0.4% $ 46,612,411.43 $ -
170 0.4% $ 46,798,861.08 $ -
171 0.4% $ 46,986,056.52 $ -
172 0.4% $ 47,174,000.75 $ -
173 0.4% $ 47,362,696.75 $ -
174 0.4% $ 47,552,147.54 $ -
175 0.4% $ 47,742,356.13 $ -
176 0.4% $ 47,933,325.55 $ -
177 0.4% $ 48,125,058.86 $ -
178 0.4% $ 48,317,559.09 $ -
179 0.4% $ 48,510,829.33 $ -
180 0.4% $ 48,704,872.65 $ 50,000,000.00
181 0.4% $ 48,899,692.14 $ -
182 0.4% $ 49,095,290.91 $ -
183 0.4% $ 49,291,672.07 $ -
184 0.4% $ 49,488,838.76 $ -
185 0.4% $ 49,686,794.11 $ -
186 0.4% $ 49,885,541.29 $ -
187 0.4% $ 50,085,083.45 $ -
188 0.4% $ 50,285,423.79 $ -
189 0.4% $ 50,486,565.48 $ -
190 0.4% $ 50,688,511.74 $ -
191 0.4% $ 50,891,265.79 $ -
192 0.4% $ 51,094,830.85 $ 50,000,000.00
193 0.4% $ 51,299,210.18 $ -
194 0.4% $ 51,504,407.02 $ -
195 0.4% $ 51,710,424.65 $ -
196 0.4% $ 51,917,266.35 $ -
197 0.4% $ 52,124,935.41 $ -
198 0.4% $ 52,333,435.15 $ -
199 0.4% $ 52,542,768.89 $ -
200 0.4% $ 52,752,939.97 $ -
201 0.4% $ 52,963,951.73 $ -
202 0.4% $ 53,175,807.54 $ -
203 0.4% $ 53,388,510.77 $ -
204 0.4% $ 53,602,064.81 $ 50,000,000.00
tución para poder realizar una serie de retiros perpetuos de la
rimeros 2 años y crecientes en 0,4% mensual en adelante; retiros
man en 10% anual por trimestres vencidos (ATV) los primeros 3
Cuánto podrá retirar Jorge dentro de 204 meses?
Retiro en 204
d2 0.4% mensual en adelante $ 103,602,064.81
1.0814% MMV 13.7778% AAV
Saldo final VP Kp VP Rp
$ 4,200,000,000.00 X X
$ 4,209,757,430.33 $ - $ -
$ 4,219,545,594.45 $ - $ -
$ 4,229,364,646.57 $ - $ -
$ 4,239,214,741.95 $ - $ -
$ 4,249,096,036.93 $ - $ -
$ 4,259,008,688.96 $ - $ -
$ 4,268,952,856.57 $ - $ -
$ 4,278,928,699.42 $ - $ -
$ 4,288,936,378.27 $ - $ -
$ 4,298,976,055.02 $ - $ -
$ 4,309,047,892.69 $ - $ -
$ 4,269,152,055.46 $ - $ -
$ 4,278,875,466.79 $ - $ -
$ 4,288,628,119.65 $ - $ -
$ 4,298,410,153.49 $ - $ -
$ 4,308,221,708.69 $ - $ -
$ 4,318,062,926.58 $ - $ -
$ 4,327,933,949.47 $ - $ -
$ 4,337,834,920.63 $ - $ -
$ 4,347,765,984.31 $ - $ -
$ 4,357,727,285.75 $ - $ -
$ 4,367,718,971.16 $ - $ -
$ 4,377,741,187.79 $ - $ -
$ 4,337,794,083.87 $ - $ -
$ 4,347,412,309.93 $ - $ -
$ 4,357,005,097.31 $ - $ -
$ 4,366,571,816.04 $ - $ -
$ 4,376,111,829.27 $ - $ -
$ 4,385,624,493.18 $ - $ -
$ 4,395,109,156.95 $ - $ -
$ 4,404,565,162.69 $ - $ -
$ 4,413,991,845.35 $ - $ -
$ 4,423,388,532.68 $ - $ -
$ 4,432,754,545.15 $ - $ -
$ 4,442,089,195.89 $ - $ -
$ 4,401,391,790.62 $ 4,038,488,564.82 $ 362,903,225.81 DIF = $ 0.00
4. Steve es un ciudadano inglés con un costo de oportunidad del 10% anual y tiene la oportuni
proyectos con las siguientes características:
Evaluar cada proyecto por Valor Presente Neto y Relación Beneficio a Costo, y aconsejar a Stev
devaluación del peso colombiano frente a la libra esterlina es del 1% anual y la devaluación de
0,5% anual. Las tasas de cambio iniciales son 3.759,45 pesos (COP) por libra (GBP) y de 1,2971
(GBP).
COP inv (ENG) 10% anual 4.8809% SSV
Proyecto COLOMBIA
dev (COP/GBP) 1% anual
TC (COP/GBP) $ 3,759.45
VPN 363,666.31 GBP Sí se compara
R B/C 3.5086 veces Sí se compara
COLOMBIA
Año F neto inv (COP) TC (COP/GBP) F neto inv (GBP) Beneficios (GBP)
0 -$ 500,000,000.00 $ 3,759.45 - 132,998.18 GBP X
1 -$ 50,000,000.00 $ 3,797.04 - 13,168.14 GBP 0.00 GBP
2 $ - $ 3,835.01 0.00 GBP 0.00 GBP
3 $ - $ 3,873.37 0.00 GBP 0.00 GBP
4 $ - $ 3,912.10 0.00 GBP 0.00 GBP
5 $ - $ 3,951.22 0.00 GBP 0.00 GBP
6 $ - $ 3,990.73 0.00 GBP 0.00 GBP
7 $ - $ 4,030.64 0.00 GBP 0.00 GBP
8 $ - $ 4,070.95 0.00 GBP 0.00 GBP
9 $ - $ 4,111.66 0.00 GBP 0.00 GBP
10 $ 5,478,625,125.45 $ 4,152.77 1,319,269.54 GBP 1,319,269.54 GBP
Columnas dadas
al y tiene la oportunidad de invertir en tres
to, y aconsejar a Steve, teniendo en cuenta que la

al y la devaluación de la libra frente al dólar es del
ra (GBP) y de 1,2971 dólares (USD) por libra
Proyecto ESTADOS UNIDOS

dev (GBP/USD) 0.5% anual 0.2497% SSV
TC (USD/GBP) 1.2971
VPN - 30,697.87 GBP No le sirve
R B/C 0.8314 veces No le sirve
ESTADOS UNIDOS
Semestre F neto inv (USD) TC (USD//GBP) F neto inv (GBP)
0 - 198,000.00 USD 1.2971 USD - 152,648.22 GBP
1 - 40,000.00 USD 1.2939 USD - 30,915.02 GBP
2 0.00 USD 1.2906 USD 0.00 GBP
3 0.00 USD 1.2874 USD 0.00 GBP
4 0.00 USD 1.2842 USD 0.00 GBP
5 0.00 USD 1.2810 USD 0.00 GBP
6 0.00 USD 1.2778 USD 0.00 GBP
7 0.00 USD 1.2747 USD 0.00 GBP
8 0.00 USD 1.2715 USD 0.00 GBP
9 0.00 USD 1.2683 USD 0.00 GBP
10 0.00 USD 1.2652 USD 0.00 GBP
11 0.00 USD 1.2620 USD 0.00 GBP
12 0.00 USD 1.2589 USD 0.00 GBP
13 0.00 USD 1.2557 USD 0.00 GBP
14 0.00 USD 1.2526 USD 0.00 GBP
15 0.00 USD 1.2495 USD 0.00 GBP
16 404,565.45 USD 1.2464 USD 324,596.49 GBP
Columnas dadas
Proyecto INGLATERRA
VPN 306,398.55 GBP Sí se compara Año
R B/C 3.5533 veces Sí se compara 0
1
2
3
INGLATERRA 4
Beneficios (GBP) Año F neto inv (GBP) 5
X 0 - 120,000.00 GBP 6
0.00 GBP 1 0.00 GBP 7
0.00 GBP 2 0.00 GBP 8
0.00 GBP 3 0.00 GBP 9
0.00 GBP 4 0.00 GBP 10
0.00 GBP 5 0.00 GBP
0.00 GBP 6 0.00 GBP
0.00 GBP 7 0.00 GBP
0.00 GBP 8 0.00 GBP
0.00 GBP 9 1,005,425.47 GBP
0.00 GBP Columnas dadas
0.00 GBP
0.00 GBP
0.00 GBP
0.00 GBP
0.00 GBP
324,596.49 GBP
COMPARACIÓN
F neto inv COL (GBP) F neto inv ENG (GBP) Port inv ENG (GBP) Port tiempo ENG (GBP)
- 144,969.21 GBP - 120,000.00 GBP 24,969.21 GBP X
0.00 GBP 0.00 GBP 27,466.13 GBP X
0.00 GBP 0.00 GBP 30,212.75 GBP X
0.00 GBP 0.00 GBP 33,234.02 GBP X
0.00 GBP 0.00 GBP 36,557.42 GBP X
0.00 GBP 0.00 GBP 40,213.16 GBP X
0.00 GBP 0.00 GBP 44,234.48 GBP X
0.00 GBP 0.00 GBP 48,657.93 GBP X
0.00 GBP 0.00 GBP 53,523.72 GBP X
0.00 GBP 1,005,425.47 GBP 58,876.09 GBP 1,005,425.47 GBP
1,319,269.54 GBP 0.00 GBP 64,763.70 GBP 1,105,968.02 GBP
Se recomienda invertir en Colombia

F comp ENG (GBP)
- 144,969.21 GBP
0.00 GBP
0.00 GBP
0.00 GBP
0.00 GBP
0.00 GBP
0.00 GBP
0.00 GBP
0.00 GBP
0.00 GBP
1,170,731.72 GBP
5. Preguntas de conocimiento puntual. (Vale 20%)
a. ¿En cuántos años, meses y días se dobla un capital invertido a una tasa del 19% anual continua?
P $ 1,000,000.00
F $ 2,000,000.00
i 19% anual continua 20.9250% anual
N 3.6481 años 7.7777 meses 23.3315 días
3 años 7 meses 24 días
b. ¿Qué tasa de interés mensual real triplica un capital en 7 años? Tome una inflación del 2% semestral en sus cálculos.
P $ 5,000,000.00
F $ 15,000,000.00
N 7 años
f 2% semestral 0.3306% mensual
i 16.9931% anual 1.3165% mensual
c. Un proyecto con una inversión inicial de $2200 millones y una vida útil de 8 años arroja una Tasa Interna de Retorno de
Tome una Tasa Mínima Atractiva de Rendimientos del 22,2% anual es sus cálculos.
Inv inic $ 2,200,000,000.00

Vida útil 8 años
TIR 2.1% mensual 28.3243% anual Verificación:
TMAR 22.2% anual
VPN (28,3243% EA) $ -
R B/C 1.4788 veces
Año Flujo neto inv

0 -$ 2,200,000,000.00
1 $ -
2 $ -
3 $ -
4 $ -
5 $ -
6 $ -
7 $ -
8 $ 16,176,848,608.89
d. Un proyecto de inversión tiene una Tasa Interna de Retorno del 24,5% anual, equivalente al 19,84% anual real. ¿Qué ta
utilizó en los cálculos?
TIR 24.5% anual

Tir real 19.84% anual real
f 3.8885% anual 0.3184% mensual
9% anual continua?
flación del 2% semestral en sus cálculos.
0.9826% mensual real
ños arroja una Tasa Interna de Retorno del 2,1% mensual. ¿Cuál es su Relación Beneficio a Costo?
os.
28.3243% anual
, equivalente al 19,84% anual real. ¿Qué tasa de inflación mensual se
6. Un proyecto de inversión en Japón tiene el siguiente flujo neto del inversionista:
Tres posibles inversionistas, Radamel, Leonel y James, están interesados en el proyecto. Radamel y Leonel viven en países
que no se sabe bien donde vaya a terminar, quiere evaluar el proyecto en pesos colombianos (COP). Sus costos de oportu
16% semestral y 25% anual respectivamente. Radamel quiere evaluar por medio de la Relación Beneficio a Costo, Leonel
Interna de Retorno anual y James quiere saber el Valor Presente Neto.
Evalúe el proyecto en las monedas respectivas y aconseje a los tres posibles inversionistas.
Las tasas de cambio por Euro (EUR) son: 132,84 yenes (JPY) y 3.557,31 pesos colombianos (COP). Se estiman inflaciones d
1,5% anual en la Zona Euro y en Colombia el 4,8% anual los primeros 3 años y el 3% anual en adelante. (Vale 20%)
Inversionista Radamel (Z. Euro) Leonel (Z. Euro)

16% semestral
CO inv 14% anual
34.5600% anual
Tasa cambio
Inflación 1.5% anual
Devaluación EUR/JPY 0.3956% anual
R B/C TIR anual

Evaluación 3.5155 veces 33.6886% anual
Sí le conviene No le sirve
Año F neto inv (JPY) TC (JPY/EUR)

0 -2,000,000.00 JPY 132.84
1 -300,000.00 JPY 132.32
2 0 JPY 131.80
3 0 JPY 131.28
4 0 JPY 130.76
5 0 JPY 130.24
6 0 JPY 129.73
7 0 JPY 129.22
8 22,000,000.00 JPY 128.71
Columnas dadas
ente flujo neto del inversionista:
mes, están interesados en el proyecto. Radamel y Leonel viven en países de la Zona Euro y James,
evaluar el proyecto en pesos colombianos (COP). Sus costos de oportunidad son del 14% anual,
mel quiere evaluar por medio de la Relación Beneficio a Costo, Leonel quiere conocer la Tasa
Valor Presente Neto.
onseje a los tres posibles inversionistas.
nes (JPY) y 3.557,31 pesos colombianos (COP). Se estiman inflaciones del 1,1% anual en Japón,
anual los primeros 3 años y el 3% anual en adelante. (Vale 20%)
James (Colombia) Japón

25% anual
3,557.31 COP /EUR 132.84 JPY /EUR

El proyecto le conviene a Radamel
4.8% anual hasta año 3
y no le conviene a Leonel
1.1% anual
3% anual en adelante
dev 1 (COP/EUR) = 3.2512% anual hasta 3
dev 2 (COP/EUR)= 1.4778% anual en adelante
VPN
$ 60,615,985.96
Sí le conviene
F neto inv (EUR) Beneficios (EUR) dev anual (COP/EUR)

-15,055.71 EUR X X
-2,267.29 EUR 0 EUR 3.2512%
0 EUR 0 EUR 3.2512%
0 EUR 0 EUR 3.2512%
0 EUR 0 EUR 1.4778%
0 EUR 0 EUR 1.4778%
0 EUR 0 EUR 1.4778%
0 EUR 0 EUR 1.4778%
170,927.88 EUR 170,927.88 EUR 1.4778%
to le conviene a Radamel y a James,
y no le conviene a Leonel.
TC (COP/EUR) F neto inv (COP)

3,557.31 -53,557,813.91 COP
3,672.97 -8,327,683.82 COP
3,792.38 0 COP
3,915.68 0 COP
3,973.55 0 COP
4,032.27 0 COP
4,091.86 0 COP
4,152.33 0 COP
4,213.70 720,238,369.30 COP
7. Usted desea comprar un apartamento por valor de $1200 millones. El Banco Chase Colombia financia el 60% del valor d
años, para pagar en cuota fija mensual en UVR, con una tasa de interés del 18% anual por quincenas anticipadas o sus eq
inicial del UVR es de $252,1107 y la inflación esperada es del 3% anual. En el mes 96, después de pagar la cuota correspon
la deuda para pagar el saldo mediante cuotas mensuales iguales en pesos por valor de $14 millones cada una y cuotas an
crecientes en 5% anual.
La tasa de interés de refinanciación es del 11% semestral por meses vencidos. Se pactó que cuando se paga la cuota anua
mensual. Contabilizar la cuota del mes 150. (Vale 20%)
Apartamento $ 1,200,000,000.00
Financiación 60%
Plazo 14 años
Cuota mes 47,077.12 UVR
Tasa ints 18% AQA 0.7500% QQA 0.7557% QQV 1.5170% MMV
Vlr inic UVR $ 252.1107
f 3% anual 0.2466% mensual
Mes Cuota mes Ints Amort Sdo final

0 X X X 2,855,888.31 UVR
1 47,077.12 UVR 43,325.12 UVR 3,752.00 UVR 2,852,136.30 UVR
2 47,077.12 UVR 43,268.20 UVR 3,808.92 UVR 2,848,327.38 UVR
3 47,077.12 UVR 43,210.42 UVR 3,866.70 UVR 2,844,460.68 UVR
4 47,077.12 UVR 43,151.76 UVR 3,925.36 UVR 2,840,535.31 UVR
5 47,077.12 UVR 43,092.21 UVR 3,984.91 UVR 2,836,550.40 UVR
6 47,077.12 UVR 43,031.76 UVR 4,045.37 UVR 2,832,505.03 UVR
7 47,077.12 UVR 42,970.39 UVR 4,106.74 UVR 2,828,398.29 UVR
8 47,077.12 UVR 42,908.08 UVR 4,169.04 UVR 2,824,229.26 UVR
9 47,077.12 UVR 42,844.84 UVR 4,232.28 UVR 2,819,996.97 UVR
10 47,077.12 UVR 42,780.63 UVR 4,296.49 UVR 2,815,700.48 UVR
11 47,077.12 UVR 42,715.45 UVR 4,361.67 UVR 2,811,338.81 UVR
12 47,077.12 UVR 42,649.28 UVR 4,427.84 UVR 2,806,910.97 UVR
13 47,077.12 UVR 42,582.11 UVR 4,495.01 UVR 2,802,415.96 UVR
14 47,077.12 UVR 42,513.92 UVR 4,563.20 UVR 2,797,852.76 UVR
15 47,077.12 UVR 42,444.70 UVR 4,632.43 UVR 2,793,220.33 UVR
16 47,077.12 UVR 42,374.42 UVR 4,702.70 UVR 2,788,517.63 UVR
17 47,077.12 UVR 42,303.08 UVR 4,774.05 UVR 2,783,743.58 UVR
18 47,077.12 UVR 42,230.65 UVR 4,846.47 UVR 2,778,897.11 UVR
19 47,077.12 UVR 42,157.13 UVR 4,919.99 UVR 2,773,977.12 UVR
20 47,077.12 UVR 42,082.49 UVR 4,994.63 UVR 2,768,982.49 UVR
21 47,077.12 UVR 42,006.72 UVR 5,070.40 UVR 2,763,912.08 UVR
22 47,077.12 UVR 41,929.80 UVR 5,147.32 UVR 2,758,764.76 UVR
23 47,077.12 UVR 41,851.71 UVR 5,225.41 UVR 2,753,539.35 UVR
24 47,077.12 UVR 41,772.44 UVR 5,304.68 UVR 2,748,234.67 UVR
25 47,077.12 UVR 41,691.97 UVR 5,385.16 UVR 2,742,849.51 UVR
26 47,077.12 UVR 41,610.27 UVR 5,466.85 UVR 2,737,382.66 UVR
27 47,077.12 UVR 41,527.34 UVR 5,549.79 UVR 2,731,832.87 UVR
28 47,077.12 UVR 41,443.14 UVR 5,633.98 UVR 2,726,198.89 UVR
29 47,077.12 UVR 41,357.67 UVR 5,719.45 UVR 2,720,479.44 UVR
30 47,077.12 UVR 41,270.91 UVR 5,806.22 UVR 2,714,673.22 UVR
31 47,077.12 UVR 41,182.82 UVR 5,894.30 UVR 2,708,778.93 UVR
32 47,077.12 UVR 41,093.40 UVR 5,983.72 UVR 2,702,795.21 UVR
33 47,077.12 UVR 41,002.63 UVR 6,074.49 UVR 2,696,720.71 UVR
34 47,077.12 UVR 40,910.48 UVR 6,166.65 UVR 2,690,554.07 UVR
35 47,077.12 UVR 40,816.93 UVR 6,260.20 UVR 2,684,293.87 UVR
36 47,077.12 UVR 40,721.96 UVR 6,355.17 UVR 2,677,938.70 UVR
37 47,077.12 UVR 40,625.54 UVR 6,451.58 UVR 2,671,487.12 UVR
38 47,077.12 UVR 40,527.67 UVR 6,549.45 UVR 2,664,937.67 UVR
39 47,077.12 UVR 40,428.31 UVR 6,648.81 UVR 2,658,288.86 UVR
40 47,077.12 UVR 40,327.45 UVR 6,749.68 UVR 2,651,539.18 UVR
41 47,077.12 UVR 40,225.05 UVR 6,852.07 UVR 2,644,687.11 UVR
42 47,077.12 UVR 40,121.10 UVR 6,956.02 UVR 2,637,731.09 UVR
43 47,077.12 UVR 40,015.58 UVR 7,061.55 UVR 2,630,669.55 UVR
44 47,077.12 UVR 39,908.45 UVR 7,168.67 UVR 2,623,500.87 UVR
45 47,077.12 UVR 39,799.70 UVR 7,277.43 UVR 2,616,223.45 UVR
46 47,077.12 UVR 39,689.30 UVR 7,387.83 UVR 2,608,835.62 UVR
47 47,077.12 UVR 39,577.22 UVR 7,499.90 UVR 2,601,335.72 UVR
48 47,077.12 UVR 39,463.44 UVR 7,613.68 UVR 2,593,722.04 UVR
49 47,077.12 UVR 39,347.94 UVR 7,729.18 UVR 2,585,992.85 UVR
50 47,077.12 UVR 39,230.68 UVR 7,846.44 UVR 2,578,146.42 UVR
51 47,077.12 UVR 39,111.65 UVR 7,965.47 UVR 2,570,180.94 UVR
52 47,077.12 UVR 38,990.81 UVR 8,086.31 UVR 2,562,094.63 UVR
53 47,077.12 UVR 38,868.14 UVR 8,208.99 UVR 2,553,885.64 UVR
54 47,077.12 UVR 38,743.60 UVR 8,333.52 UVR 2,545,552.13 UVR
55 47,077.12 UVR 38,617.18 UVR 8,459.94 UVR 2,537,092.18 UVR
56 47,077.12 UVR 38,488.84 UVR 8,588.28 UVR 2,528,503.90 UVR
57 47,077.12 UVR 38,358.55 UVR 8,718.57 UVR 2,519,785.33 UVR
58 47,077.12 UVR 38,226.29 UVR 8,850.84 UVR 2,510,934.49 UVR
59 47,077.12 UVR 38,092.01 UVR 8,985.11 UVR 2,501,949.38 UVR
60 47,077.12 UVR 37,955.71 UVR 9,121.42 UVR 2,492,827.96 UVR
61 47,077.12 UVR 37,817.33 UVR 9,259.79 UVR 2,483,568.17 UVR
62 47,077.12 UVR 37,676.86 UVR 9,400.27 UVR 2,474,167.90 UVR
63 47,077.12 UVR 37,534.25 UVR 9,542.87 UVR 2,464,625.03 UVR
64 47,077.12 UVR 37,389.48 UVR 9,687.64 UVR 2,454,937.39 UVR
65 47,077.12 UVR 37,242.51 UVR 9,834.61 UVR 2,445,102.78 UVR
66 47,077.12 UVR 37,093.32 UVR 9,983.81 UVR 2,435,118.97 UVR
67 47,077.12 UVR 36,941.86 UVR 10,135.26 UVR 2,424,983.71 UVR
68 47,077.12 UVR 36,788.10 UVR 10,289.02 UVR 2,414,694.69 UVR
69 47,077.12 UVR 36,632.01 UVR 10,445.11 UVR 2,404,249.58 UVR
70 47,077.12 UVR 36,473.56 UVR 10,603.57 UVR 2,393,646.01 UVR
71 47,077.12 UVR 36,312.70 UVR 10,764.43 UVR 2,382,881.58 UVR
72 47,077.12 UVR 36,149.39 UVR 10,927.73 UVR 2,371,953.86 UVR
73 47,077.12 UVR 35,983.62 UVR 11,093.51 UVR 2,360,860.35 UVR
74 47,077.12 UVR 35,815.32 UVR 11,261.80 UVR 2,349,598.55 UVR
75 47,077.12 UVR 35,644.48 UVR 11,432.65 UVR 2,338,165.90 UVR
76 47,077.12 UVR 35,471.04 UVR 11,606.09 UVR 2,326,559.81 UVR
77 47,077.12 UVR 35,294.97 UVR 11,782.16 UVR 2,314,777.66 UVR
78 47,077.12 UVR 35,116.23 UVR 11,960.90 UVR 2,302,816.76 UVR
79 47,077.12 UVR 34,934.77 UVR 12,142.35 UVR 2,290,674.41 UVR
80 47,077.12 UVR 34,750.57 UVR 12,326.55 UVR 2,278,347.86 UVR
81 47,077.12 UVR 34,563.57 UVR 12,513.55 UVR 2,265,834.31 UVR
82 47,077.12 UVR 34,373.73 UVR 12,703.39 UVR 2,253,130.92 UVR
83 47,077.12 UVR 34,181.02 UVR 12,896.11 UVR 2,240,234.81 UVR
84 47,077.12 UVR 33,985.38 UVR 13,091.75 UVR 2,227,143.07 UVR
85 47,077.12 UVR 33,786.77 UVR 13,290.35 UVR 2,213,852.71 UVR
86 47,077.12 UVR 33,585.15 UVR 13,491.97 UVR 2,200,360.74 UVR
87 47,077.12 UVR 33,380.47 UVR 13,696.65 UVR 2,186,664.09 UVR
88 47,077.12 UVR 33,172.69 UVR 13,904.44 UVR 2,172,759.65 UVR
89 47,077.12 UVR 32,961.75 UVR 14,115.37 UVR 2,158,644.28 UVR
90 47,077.12 UVR 32,747.61 UVR 14,329.51 UVR 2,144,314.77 UVR
91 47,077.12 UVR 32,530.23 UVR 14,546.90 UVR 2,129,767.87 UVR
92 47,077.12 UVR 32,309.54 UVR 14,767.58 UVR 2,115,000.29 UVR
93 47,077.12 UVR 32,085.51 UVR 14,991.61 UVR 2,100,008.68 UVR
94 47,077.12 UVR 31,858.08 UVR 15,219.04 UVR 2,084,789.64 UVR
95 47,077.12 UVR 31,627.20 UVR 15,449.92 UVR 2,069,339.73 UVR
96 47,077.12 UVR 31,392.82 UVR 15,684.30 UVR 2,053,655.42 UVR
97 47,077.12 UVR 31,154.88 UVR 15,922.24 UVR 2,037,733.19 UVR
98 47,077.12 UVR 30,913.34 UVR 16,163.79 UVR 2,021,569.40 UVR
99 47,077.12 UVR 30,668.12 UVR 16,409.00 UVR 2,005,160.40 UVR
100 47,077.12 UVR 30,419.19 UVR 16,657.93 UVR 1,988,502.47 UVR
101 47,077.12 UVR 30,166.48 UVR 16,910.64 UVR 1,971,591.83 UVR
102 47,077.12 UVR 29,909.94 UVR 17,167.18 UVR 1,954,424.65 UVR
103 47,077.12 UVR 29,649.51 UVR 17,427.61 UVR 1,936,997.04 UVR
104 47,077.12 UVR 29,385.12 UVR 17,692.00 UVR 1,919,305.04 UVR
105 47,077.12 UVR 29,116.73 UVR 17,960.40 UVR 1,901,344.64 UVR
106 47,077.12 UVR 28,844.26 UVR 18,232.86 UVR 1,883,111.78 UVR
107 47,077.12 UVR 28,567.66 UVR 18,509.46 UVR 1,864,602.32 UVR
108 47,077.12 UVR 28,286.86 UVR 18,790.26 UVR 1,845,812.05 UVR
109 47,077.12 UVR 28,001.81 UVR 19,075.32 UVR 1,826,736.74 UVR
110 47,077.12 UVR 27,712.42 UVR 19,364.70 UVR 1,807,372.04 UVR
111 47,077.12 UVR 27,418.65 UVR 19,658.47 UVR 1,787,713.57 UVR
112 47,077.12 UVR 27,120.43 UVR 19,956.70 UVR 1,767,756.87 UVR
113 47,077.12 UVR 26,817.67 UVR 20,259.45 UVR 1,747,497.42 UVR
114 47,077.12 UVR 26,510.33 UVR 20,566.79 UVR 1,726,930.63 UVR
115 47,077.12 UVR 26,198.32 UVR 20,878.80 UVR 1,706,051.83 UVR
116 47,077.12 UVR 25,881.58 UVR 21,195.54 UVR 1,684,856.28 UVR
117 47,077.12 UVR 25,560.03 UVR 21,517.09 UVR 1,663,339.19 UVR
118 47,077.12 UVR 25,233.61 UVR 21,843.51 UVR 1,641,495.68 UVR
119 47,077.12 UVR 24,902.23 UVR 22,174.89 UVR 1,619,320.79 UVR
120 47,077.12 UVR 24,565.83 UVR 22,511.29 UVR 1,596,809.50 UVR
121 47,077.12 UVR 24,224.32 UVR 22,852.80 UVR 1,573,956.70 UVR
122 47,077.12 UVR 23,877.64 UVR 23,199.49 UVR 1,550,757.21 UVR
123 47,077.12 UVR 23,525.69 UVR 23,551.43 UVR 1,527,205.78 UVR
124 47,077.12 UVR 23,168.40 UVR 23,908.72 UVR 1,503,297.06 UVR
125 47,077.12 UVR 22,805.70 UVR 24,271.42 UVR 1,479,025.64 UVR
126 47,077.12 UVR 22,437.49 UVR 24,639.63 UVR 1,454,386.00 UVR
127 47,077.12 UVR 22,063.70 UVR 25,013.43 UVR 1,429,372.58 UVR
128 47,077.12 UVR 21,684.23 UVR 25,392.89 UVR 1,403,979.68 UVR
129 47,077.12 UVR 21,299.01 UVR 25,778.11 UVR 1,378,201.57 UVR
130 47,077.12 UVR 20,907.94 UVR 26,169.18 UVR 1,352,032.39 UVR
131 47,077.12 UVR 20,510.94 UVR 26,566.18 UVR 1,325,466.21 UVR
132 47,077.12 UVR 20,107.92 UVR 26,969.20 UVR 1,298,497.01 UVR
133 47,077.12 UVR 19,698.79 UVR 27,378.33 UVR 1,271,118.68 UVR
134 47,077.12 UVR 19,283.45 UVR 27,793.68 UVR 1,243,325.00 UVR
135 47,077.12 UVR 18,861.80 UVR 28,215.32 UVR 1,215,109.68 UVR
136 47,077.12 UVR 18,433.76 UVR 28,643.36 UVR 1,186,466.32 UVR
137 47,077.12 UVR 17,999.23 UVR 29,077.89 UVR 1,157,388.43 UVR
138 47,077.12 UVR 17,558.11 UVR 29,519.02 UVR 1,127,869.42 UVR
139 47,077.12 UVR 17,110.29 UVR 29,966.83 UVR 1,097,902.58 UVR
140 47,077.12 UVR 16,655.68 UVR 30,421.44 UVR 1,067,481.14 UVR
141 47,077.12 UVR 16,194.17 UVR 30,882.95 UVR 1,036,598.19 UVR
142 47,077.12 UVR 15,725.66 UVR 31,351.46 UVR 1,005,246.73 UVR
143 47,077.12 UVR 15,250.05 UVR 31,827.07 UVR 973,419.66 UVR
144 47,077.12 UVR 14,767.22 UVR 32,309.91 UVR 941,109.75 UVR
145 47,077.12 UVR 14,277.06 UVR 32,800.06 UVR 908,309.69 UVR
146 47,077.12 UVR 13,779.47 UVR 33,297.65 UVR 875,012.04 UVR
147 47,077.12 UVR 13,274.33 UVR 33,802.79 UVR 841,209.25 UVR
148 47,077.12 UVR 12,761.53 UVR 34,315.60 UVR 806,893.65 UVR
149 47,077.12 UVR 12,240.94 UVR 34,836.18 UVR 772,057.47 UVR
150 47,077.12 UVR 11,712.46 UVR 35,364.66 UVR 736,692.81 UVR
151 47,077.12 UVR 11,175.96 UVR 35,901.16 UVR 700,791.65 UVR
152 47,077.12 UVR 10,631.33 UVR 36,445.80 UVR 664,345.85 UVR
153 47,077.12 UVR 10,078.43 UVR 36,998.70 UVR 627,347.16 UVR
154 47,077.12 UVR 9,517.14 UVR 37,559.98 UVR 589,787.17 UVR
155 47,077.12 UVR 8,947.34 UVR 38,129.78 UVR 551,657.39 UVR
156 47,077.12 UVR 8,368.89 UVR 38,708.23 UVR 512,949.16 UVR
157 47,077.12 UVR 7,781.67 UVR 39,295.45 UVR 473,653.71 UVR
158 47,077.12 UVR 7,185.54 UVR 39,891.58 UVR 433,762.13 UVR
159 47,077.12 UVR 6,580.37 UVR 40,496.75 UVR 393,265.37 UVR
160 47,077.12 UVR 5,966.01 UVR 41,111.11 UVR 352,154.26 UVR
161 47,077.12 UVR 5,342.34 UVR 41,734.78 UVR 310,419.48 UVR
162 47,077.12 UVR 4,709.20 UVR 42,367.92 UVR 268,051.56 UVR
163 47,077.12 UVR 4,066.46 UVR 43,010.66 UVR 225,040.90 UVR
164 47,077.12 UVR 3,413.97 UVR 43,663.15 UVR 181,377.75 UVR
165 47,077.12 UVR 2,751.58 UVR 44,325.54 UVR 137,052.21 UVR
166 47,077.12 UVR 2,079.14 UVR 44,997.98 UVR 92,054.23 UVR
167 47,077.12 UVR 1,396.50 UVR 45,680.62 UVR 46,373.61 UVR
168 47,077.12 UVR 703.51 UVR 46,373.61 UVR 0.00 UVR
ombia financia el 60% del valor del inmueble a 14
r quincenas anticipadas o sus equivalentes. El valor
pués de pagar la cuota correspondiente, se refinancia
4 millones cada una y cuotas anuales en pesos
ue cuando se paga la cuota anual, no se paga la

Cuota 150 $ 14,000,000.00
Intereses 150 $ 5,223,864.20
Amortización 150 $ 8,776,135.80
Refinanciación mes 96
Cuota mes $ 14,000,000.00
Cuota año $ 42,687,859.05
Tasa ints 11% SMV
Vlr UVR Sdo final ($) Mes Cuota mes

$ 252.1107 $ 720,000,000.00 96 X
$ 252.7325 $ 720,827,461.41 97 $ 14,000,000.00
$ 253.3558 $ 721,640,204.01 98 $ 14,000,000.00
$ 253.9806 $ 722,437,895.28 99 $ 14,000,000.00
$ 254.6070 $ 723,220,196.68 100 $ 14,000,000.00
$ 255.2349 $ 723,986,763.46 101 $ 14,000,000.00
$ 255.8644 $ 724,737,244.62 102 $ 14,000,000.00
$ 256.4954 $ 725,471,282.78 103 $ 14,000,000.00
$ 257.1280 $ 726,188,514.06 104 $ 14,000,000.00
$ 257.7622 $ 726,888,567.96 105 $ 14,000,000.00
$ 258.3979 $ 727,571,067.26 106 $ 14,000,000.00
$ 259.0352 $ 728,235,627.90 107 $ 14,000,000.00
$ 259.6740 $ 728,881,858.81 108 $ -
$ 260.3144 $ 729,509,361.89 109 $ 14,000,000.00
$ 260.9565 $ 730,117,731.75 110 $ 14,000,000.00
$ 261.6000 $ 730,706,555.71 111 $ 14,000,000.00
$ 262.2452 $ 731,275,413.59 112 $ 14,000,000.00
$ 262.8920 $ 731,823,877.58 113 $ 14,000,000.00
$ 263.5403 $ 732,351,512.16 114 $ 14,000,000.00
$ 264.1903 $ 732,857,873.91 115 $ 14,000,000.00
$ 264.8419 $ 733,342,511.37 116 $ 14,000,000.00
$ 265.4950 $ 733,804,964.95 117 $ 14,000,000.00
$ 266.1498 $ 734,244,766.73 118 $ 14,000,000.00
$ 266.8062 $ 734,661,440.32 119 $ 14,000,000.00
$ 267.4642 $ 735,054,500.76 120 $ -
$ 268.1239 $ 735,423,454.30 121 $ 14,000,000.00
$ 268.7851 $ 735,767,798.28 122 $ 14,000,000.00
$ 269.4480 $ 736,087,020.97 123 $ 14,000,000.00
$ 270.1126 $ 736,380,601.42 124 $ 14,000,000.00
$ 270.7787 $ 736,648,009.26 125 $ 14,000,000.00
$ 271.4466 $ 736,888,704.56 126 $ 14,000,000.00
$ 272.1160 $ 737,102,137.68 127 $ 14,000,000.00
$ 272.7871 $ 737,287,749.04 128 $ 14,000,000.00
$ 273.4599 $ 737,444,969.01 129 $ 14,000,000.00
$ 274.1343 $ 737,573,217.67 130 $ 14,000,000.00
$ 274.8104 $ 737,671,904.68 131 $ 14,000,000.00
$ 275.4882 $ 737,740,429.07 132 $ -
$ 276.1676 $ 737,778,179.05 133 $ 14,000,000.00
$ 276.8487 $ 737,784,531.82 134 $ 14,000,000.00
$ 277.5315 $ 737,758,853.38 135 $ 14,000,000.00
$ 278.2160 $ 737,700,498.33 136 $ 14,000,000.00
$ 278.9021 $ 737,608,809.68 137 $ 14,000,000.00
$ 279.5900 $ 737,483,118.61 138 $ 14,000,000.00
$ 280.2795 $ 737,322,744.31 139 $ 14,000,000.00
$ 280.9707 $ 737,126,993.70 140 $ 14,000,000.00
$ 281.6637 $ 736,895,161.30 141 $ 14,000,000.00
$ 282.3584 $ 736,626,528.93 142 $ 14,000,000.00
$ 283.0547 $ 736,320,365.53 143 $ 14,000,000.00
$ 283.7528 $ 735,975,926.92 144 $ -
$ 284.4526 $ 735,592,455.56 145 $ 14,000,000.00
$ 285.1542 $ 735,169,180.34 146 $ 14,000,000.00
$ 285.8574 $ 734,705,316.30 147 $ 14,000,000.00
$ 286.5624 $ 734,200,064.43 148 $ 14,000,000.00
$ 287.2692 $ 733,652,611.36 149 $ 14,000,000.00
$ 287.9777 $ 733,062,129.18 150 $ 14,000,000.00
$ 288.6879 $ 732,427,775.12 151 $ 14,000,000.00
$ 289.3999 $ 731,748,691.33 152 $ 14,000,000.00
$ 290.1136 $ 731,024,004.58 153 $ 14,000,000.00
$ 290.8291 $ 730,252,826.01 154 $ 14,000,000.00
$ 291.5464 $ 729,434,250.84 155 $ 14,000,000.00
$ 292.2654 $ 728,567,358.11 156 $ -
$ 292.9862 $ 727,651,210.35 157 $ 14,000,000.00
$ 293.7088 $ 726,684,853.34 158 $ 14,000,000.00
$ 294.4332 $ 725,667,315.78 159 $ 14,000,000.00
$ 295.1593 $ 724,597,609.00 160 $ 14,000,000.00
$ 295.8872 $ 723,474,726.63 161 $ 14,000,000.00
$ 296.6170 $ 722,297,644.33 162 $ 14,000,000.00
$ 297.3485 $ 721,065,319.43 163 $ 14,000,000.00
$ 298.0819 $ 719,776,690.64 164 $ 14,000,000.00
$ 298.8170 $ 718,430,677.69 165 $ 14,000,000.00
$ 299.5540 $ 717,026,181.00 166 $ 14,000,000.00
$ 300.2928 $ 715,562,081.36 167 $ 14,000,000.00
$ 301.0334 $ 714,037,239.57 168 $ -
$ 301.7758 $ 712,450,496.07
$ 302.5201 $ 710,800,670.61
$ 303.2661 $ 709,086,561.85
$ 304.0141 $ 707,306,947.01
$ 304.7639 $ 705,460,581.49
$ 305.5155 $ 703,546,198.48
$ 306.2690 $ 701,562,508.56
$ 307.0243 $ 699,508,199.31
$ 307.7815 $ 697,381,934.89
$ 308.5406 $ 695,182,355.65
$ 309.3015 $ 692,908,077.66
$ 310.0644 $ 690,557,692.36
$ 310.8291 $ 688,129,766.03
$ 311.5957 $ 685,622,839.42
$ 312.3641 $ 683,035,427.28
$ 313.1345 $ 680,366,017.85
$ 313.9068 $ 677,613,072.47
$ 314.6810 $ 674,775,025.04
$ 315.4570 $ 671,850,281.57
$ 316.2350 $ 668,837,219.68
$ 317.0150 $ 665,734,188.09
$ 317.7968 $ 662,539,506.10
$ 318.5806 $ 659,251,463.10
$ 319.3663 $ 655,868,318.01
$ 320.1539 $ 652,388,298.76
$ 320.9435 $ 648,809,601.74
$ 321.7351 $ 645,130,391.22
$ 322.5285 $ 641,348,798.82
$ 323.3240 $ 637,462,922.90
$ 324.1214 $ 633,470,827.97
$ 324.9208 $ 629,370,544.14
$ 325.7221 $ 625,160,066.43
$ 326.5254 $ 620,837,354.24
$ 327.3307 $ 616,400,330.64
$ 328.1380 $ 611,846,881.77
$ 328.9473 $ 607,174,856.20
$ 329.7586 $ 602,382,064.22
$ 330.5718 $ 597,466,277.20
$ 331.3871 $ 592,425,226.87
$ 332.2044 $ 587,256,604.67
$ 333.0237 $ 581,958,060.97
$ 333.8450 $ 576,527,204.41
$ 334.6684 $ 570,961,601.09
$ 335.4938 $ 565,258,773.91
$ 336.3212 $ 559,416,201.70
$ 337.1506 $ 553,431,318.54
$ 337.9821 $ 547,301,512.90
$ 338.8157 $ 541,024,126.84
$ 339.6513 $ 534,596,455.25
$ 340.4890 $ 528,015,744.92
$ 341.3287 $ 521,279,193.78
$ 342.1705 $ 514,383,949.98
$ 343.0144 $ 507,327,111.02
$ 343.8604 $ 500,105,722.86
$ 344.7084 $ 492,716,779.03
$ 345.5586 $ 485,157,219.65
$ 346.4108 $ 477,423,930.54
$ 347.2652 $ 469,513,742.23
$ 348.1216 $ 461,423,428.98
$ 348.9802 $ 453,149,707.80
$ 349.8408 $ 444,689,237.43
$ 350.7037 $ 436,038,617.31
$ 351.5686 $ 427,194,386.53
$ 352.4356 $ 418,153,022.77
$ 353.3048 $ 408,910,941.20
$ 354.1762 $ 399,464,493.39
$ 355.0497 $ 389,809,966.17
$ 355.9253 $ 379,943,580.51
$ 356.8031 $ 369,861,490.33
$ 357.6831 $ 359,559,781.30
$ 358.5653 $ 349,034,469.69
$ 359.4496 $ 338,281,501.10
$ 360.3361 $ 327,296,749.21
$ 361.2248 $ 316,076,014.52
$ 362.1156 $ 304,615,023.07
$ 363.0087 $ 292,909,425.08
$ 363.9040 $ 280,954,793.65
$ 364.8015 $ 268,746,623.39
$ 365.7012 $ 256,280,329.02
$ 366.6031 $ 243,551,243.95
$ 367.5072 $ 230,554,618.87
$ 368.4136 $ 217,285,620.26
$ 369.3222 $ 203,739,328.92
$ 370.2331 $ 189,910,738.45
$ 371.1462 $ 175,794,753.71
$ 372.0615 $ 161,386,189.22
$ 372.9791 $ 146,679,767.63
$ 373.8990 $ 131,670,118.01
$ 374.8211 $ 116,351,774.29
$ 375.7455 $ 100,719,173.49
$ 376.6722 $ 84,766,654.05
$ 377.6012 $ 68,488,454.11
$ 378.5325 $ 51,878,709.69
$ 379.4660 $ 34,931,452.88
$ 380.4019 $ 17,640,610.07
$ 381.3401 $ 0.00
Gracia en años
d 5% anual
1.8333% MMV
Cuota año Cuota total Ints Amort Sdo final

X X X X $ 655,868,318.01
$ - $ 14,000,000.00 $ 12,024,252.50 $ 1,975,747.50 $ 653,892,570.51
$ - $ 14,000,000.00 $ 11,988,030.46 $ 2,011,969.54 $ 651,880,600.96
$ - $ 14,000,000.00 $ 11,951,144.35 $ 2,048,855.65 $ 649,831,745.32
$ - $ 14,000,000.00 $ 11,913,582.00 $ 2,086,418.00 $ 647,745,327.31
$ - $ 14,000,000.00 $ 11,875,331.00 $ 2,124,669.00 $ 645,620,658.31
$ - $ 14,000,000.00 $ 11,836,378.74 $ 2,163,621.26 $ 643,457,037.05
$ - $ 14,000,000.00 $ 11,796,712.35 $ 2,203,287.65 $ 641,253,749.40
$ - $ 14,000,000.00 $ 11,756,318.74 $ 2,243,681.26 $ 639,010,068.13
$ - $ 14,000,000.00 $ 11,715,184.58 $ 2,284,815.42 $ 636,725,252.72
$ - $ 14,000,000.00 $ 11,673,296.30 $ 2,326,703.70 $ 634,398,549.02
$ - $ 14,000,000.00 $ 11,630,640.07 $ 2,369,359.93 $ 632,029,189.08
$ 42,687,859.05 $ 42,687,859.05 $ 11,587,201.80 $ 31,100,657.25 $ 600,928,531.84
$ - $ 14,000,000.00 $ 11,017,023.08 $ 2,982,976.92 $ 597,945,554.92
$ - $ 14,000,000.00 $ 10,962,335.17 $ 3,037,664.83 $ 594,907,890.09
$ - $ 14,000,000.00 $ 10,906,644.65 $ 3,093,355.35 $ 591,814,534.74
$ - $ 14,000,000.00 $ 10,849,933.14 $ 3,150,066.86 $ 588,664,467.88
$ - $ 14,000,000.00 $ 10,792,181.91 $ 3,207,818.09 $ 585,456,649.79
$ - $ 14,000,000.00 $ 10,733,371.91 $ 3,266,628.09 $ 582,190,021.70
$ - $ 14,000,000.00 $ 10,673,483.73 $ 3,326,516.27 $ 578,863,505.44
$ - $ 14,000,000.00 $ 10,612,497.60 $ 3,387,502.40 $ 575,476,003.04
$ - $ 14,000,000.00 $ 10,550,393.39 $ 3,449,606.61 $ 572,026,396.42
$ - $ 14,000,000.00 $ 10,487,150.60 $ 3,512,849.40 $ 568,513,547.03
$ - $ 14,000,000.00 $ 10,422,748.36 $ 3,577,251.64 $ 564,936,295.39
$ 44,822,252.00 $ 44,822,252.00 $ 10,357,165.42 $ 34,465,086.58 $ 530,471,208.80
$ - $ 14,000,000.00 $ 9,725,305.49 $ 4,274,694.51 $ 526,196,514.30
$ - $ 14,000,000.00 $ 9,646,936.10 $ 4,353,063.90 $ 521,843,450.39
$ - $ 14,000,000.00 $ 9,567,129.92 $ 4,432,870.08 $ 517,410,580.32
$ - $ 14,000,000.00 $ 9,485,860.64 $ 4,514,139.36 $ 512,896,440.96
$ - $ 14,000,000.00 $ 9,403,101.42 $ 4,596,898.58 $ 508,299,542.38
$ - $ 14,000,000.00 $ 9,318,824.94 $ 4,681,175.06 $ 503,618,367.32
$ - $ 14,000,000.00 $ 9,233,003.40 $ 4,766,996.60 $ 498,851,370.72
$ - $ 14,000,000.00 $ 9,145,608.46 $ 4,854,391.54 $ 493,996,979.18
$ - $ 14,000,000.00 $ 9,056,611.29 $ 4,943,388.71 $ 489,053,590.47
$ - $ 14,000,000.00 $ 8,965,982.49 $ 5,034,017.51 $ 484,019,572.96
$ - $ 14,000,000.00 $ 8,873,692.17 $ 5,126,307.83 $ 478,893,265.13
$ 47,063,364.60 $ 47,063,364.60 $ 8,779,709.86 $ 38,283,654.74 $ 440,609,610.39
$ - $ 14,000,000.00 $ 8,077,842.86 $ 5,922,157.14 $ 434,687,453.25
$ - $ 14,000,000.00 $ 7,969,269.98 $ 6,030,730.02 $ 428,656,723.23
$ - $ 14,000,000.00 $ 7,858,706.59 $ 6,141,293.41 $ 422,515,429.82
$ - $ 14,000,000.00 $ 7,746,116.21 $ 6,253,883.79 $ 416,261,546.03
$ - $ 14,000,000.00 $ 7,631,461.68 $ 6,368,538.32 $ 409,893,007.71
$ - $ 14,000,000.00 $ 7,514,705.14 $ 6,485,294.86 $ 403,407,712.85
$ - $ 14,000,000.00 $ 7,395,808.07 $ 6,604,191.93 $ 396,803,520.92
$ - $ 14,000,000.00 $ 7,274,731.22 $ 6,725,268.78 $ 390,078,252.14
$ - $ 14,000,000.00 $ 7,151,434.62 $ 6,848,565.38 $ 383,229,686.76
$ - $ 14,000,000.00 $ 7,025,877.59 $ 6,974,122.41 $ 376,255,564.35
$ - $ 14,000,000.00 $ 6,898,018.68 $ 7,101,981.32 $ 369,153,583.03
$ 49,416,532.83 $ 49,416,532.83 $ 6,767,815.69 $ 42,648,717.14 $ 326,504,865.89
$ - $ 14,000,000.00 $ 5,985,922.54 $ 8,014,077.46 $ 318,490,788.43
$ - $ 14,000,000.00 $ 5,838,997.79 $ 8,161,002.21 $ 310,329,786.22
$ - $ 14,000,000.00 $ 5,689,379.41 $ 8,310,620.59 $ 302,019,165.63
$ - $ 14,000,000.00 $ 5,537,018.04 $ 8,462,981.96 $ 293,556,183.67
$ - $ 14,000,000.00 $ 5,381,863.37 $ 8,618,136.63 $ 284,938,047.03
$ - $ 14,000,000.00 $ 5,223,864.20 $ 8,776,135.80 $ 276,161,911.23
$ - $ 14,000,000.00 $ 5,062,968.37 $ 8,937,031.63 $ 267,224,879.60
$ - $ 14,000,000.00 $ 4,899,122.79 $ 9,100,877.21 $ 258,124,002.40
$ - $ 14,000,000.00 $ 4,732,273.38 $ 9,267,726.62 $ 248,856,275.77
$ - $ 14,000,000.00 $ 4,562,365.06 $ 9,437,634.94 $ 239,418,640.83
$ - $ 14,000,000.00 $ 4,389,341.75 $ 9,610,658.25 $ 229,807,982.58
$ 51,887,359.47 $ 51,887,359.47 $ 4,213,146.35 $ 47,674,213.12 $ 182,133,769.45
$ - $ 14,000,000.00 $ 3,339,119.11 $ 10,660,880.89 $ 171,472,888.56
$ - $ 14,000,000.00 $ 3,143,669.62 $ 10,856,330.38 $ 160,616,558.18
$ - $ 14,000,000.00 $ 2,944,636.90 $ 11,055,363.10 $ 149,561,195.08
$ - $ 14,000,000.00 $ 2,741,955.24 $ 11,258,044.76 $ 138,303,150.33
$ - $ 14,000,000.00 $ 2,535,557.76 $ 11,464,442.24 $ 126,838,708.08
$ - $ 14,000,000.00 $ 2,325,376.31 $ 11,674,623.69 $ 115,164,084.40
$ - $ 14,000,000.00 $ 2,111,341.55 $ 11,888,658.45 $ 103,275,425.94
$ - $ 14,000,000.00 $ 1,893,382.81 $ 12,106,617.19 $ 91,168,808.75
$ - $ 14,000,000.00 $ 1,671,428.16 $ 12,328,571.84 $ 78,840,236.91
$ - $ 14,000,000.00 $ 1,445,404.34 $ 12,554,595.66 $ 66,285,641.26
$ - $ 14,000,000.00 $ 1,215,236.76 $ 12,784,763.24 $ 53,500,878.01
$ 54,481,727.44 $ 54,481,727.44 $ 980,849.43 $ 53,500,878.01 $ 0.00
8. Juan tiene planeado realizar una serie de depósitos trimestrales en un fondo de inversión, para poder acumular la sum
millones en junio de 2027.
En cada uno de los trimestres de 2018 piensa depositar una cantidad igual. Durante cada uno de los trimestres de 2019 a
depositará 14% más que el mismo trimestre del año anterior. En cada uno de los trimestres de 2024 a 2027 depositará $1
que en el mismo semestre del año anterior. El fondo reconoce intereses del 14% bienal por meses anticipados hasta septi
2021 y del 9% anual por quincenas vencidas de ahí en adelante. ¿Cuál será el valor del depósito en marzo de 2024? (Vale
Sdo jun-27 $ 500,000,000.00

Deps trims 2018 $ 4,899,166.65
Deps trims 2019-2023 d 14% anual
Deps trims 2024-2027 delta $ 1,000,000.00 semestral
Tasa ints 1 14% BMA hasta sep-21 0.5833% MMA
Tasa ints 2 9% AQV en adelante 0.3750% QQV
Trim i trim Deps trims Ints

Mar-18 X $ 4,899,166.65 $ -
Jun-18 1.7706% $ 4,899,166.65 $ 86,745.47
Sep-18 1.7706% $ 4,899,166.65 $ 175,026.88
Dec-18 1.7706% $ 4,899,166.65 $ 264,871.41
Mar-19 1.7706% $ 5,585,049.98 $ 356,306.74
Jun-19 1.7706% $ 5,585,049.98 $ 461,505.40
Sep-19 1.7706% $ 5,585,049.98 $ 568,566.74
Dec-19 1.7706% $ 5,585,049.98 $ 677,523.71
Mar-20 1.7706% $ 6,366,956.97 $ 788,409.90
Jun-20 1.7706% $ 6,366,956.97 $ 915,104.04
Sep-20 1.7706% $ 6,366,956.97 $ 1,044,041.44
Dec-20 1.7706% $ 6,366,956.97 $ 1,175,261.83
Mar-21 1.7706% $ 7,258,330.95 $ 1,308,805.64
Jun-21 1.7706% $ 7,258,330.95 $ 1,460,496.81
Sep-21 1.7706% $ 7,258,330.95 $ 1,614,873.84
Dec-21 2.2712% $ 7,258,330.95 $ 2,272,953.50
Mar-22 2.2712% $ 8,274,497.28 $ 2,489,427.98
Jun-22 2.2712% $ 8,274,497.28 $ 2,733,898.20
Sep-22 2.2712% $ 8,274,497.28 $ 2,983,920.83
Dec-22 2.2712% $ 8,274,497.28 $ 3,239,621.96
Mar-23 2.2712% $ 9,432,926.90 $ 3,501,130.58
Jun-23 2.2712% $ 9,432,926.90 $ 3,794,888.84
Sep-23 2.2712% $ 9,432,926.90 $ 4,095,318.92
Dec-23 2.2712% $ 9,432,926.90 $ 4,402,572.38
Mar-24 2.2712% $ 10,432,926.90 $ 4,716,804.17
Jun-24 2.2712% $ 10,432,926.90 $ 5,060,884.79
Sep-24 2.2712% $ 11,432,926.90 $ 5,412,780.16
Dec-24 2.2712% $ 11,432,926.90 $ 5,795,379.78
Mar-25 2.2712% $ 12,432,926.90 $ 6,186,669.00
Jun-25 2.2712% $ 12,432,926.90 $ 6,609,557.17
Sep-25 2.2712% $ 13,432,926.90 $ 7,042,049.98
Dec-25 2.2712% $ 13,432,926.90 $ 7,507,077.55
Mar-26 2.2712% $ 14,432,926.90 $ 7,982,666.83
Jun-26 2.2712% $ 14,432,926.90 $ 8,491,769.69
Sep-26 2.2712% $ 15,432,926.90 $ 9,012,435.29
Dec-26 2.2712% $ 15,432,926.90 $ 9,567,638.23
Mar-27 2.2712% $ 16,432,926.90 $ 10,135,450.95
Jun-27 2.2712% $ 16,432,926.90 $ 10,738,871.82
do de inversión, para poder acumular la suma de $500
Durante cada uno de los trimestres de 2019 a 2023

e los trimestres de 2024 a 2027 depositará $1 millón más
14% bienal por meses anticipados hasta septiembre de
l valor del depósito en marzo de 2024? (Vale 20%)
Depósito mar-24 $ 10,432,926.90
0.5868% MMV 1.7706% TTV

2.2712% TTV
Saldo final
$ 4,899,166.65
$ 9,885,078.77
$ 14,959,272.29
$ 20,123,310.34
$ 26,064,667.05
$ 32,111,222.43
$ 38,264,839.14
$ 44,527,412.83
$ 51,682,779.71
$ 58,964,840.72
$ 66,375,839.14
$ 73,918,057.95
$ 82,485,194.53
$ 91,204,022.29
$ 100,077,227.08
$ 109,608,511.53
$ 120,372,436.79
$ 131,380,832.28
$ 142,639,250.38
$ 154,153,369.63
$ 167,087,427.12
$ 180,315,242.86
$ 193,843,488.68
$ 207,678,987.96
$ 222,828,719.03
$ 238,322,530.72
$ 255,168,237.79
$ 272,396,544.47
$ 291,016,140.37
$ 310,058,624.44
$ 330,533,601.32
$ 351,473,605.78
$ 373,889,199.51
$ 396,813,896.10
$ 421,259,258.29
$ 446,259,823.43
$ 472,828,201.28
$ 500,000,000.00
9. Elabore la tabla de amortización, correspondiente a un préstamo pagadero en cuota mensuales, amortización fija anti
interés pactada es del IBR anual más un spread. Tenga en cuenta que se pactó una reciprocidad sobre saldos del 15%.
El IBR anual crece en 0,2% mensual.
El IBR inicial es del 5% anual, la tasa de interés anual en mes 1 es del 15,552% anual. La reciprocidad en el mes 2 es de $6
plazo es de 5 meses.
¿Cuál fue el valor del préstamo? ¿Cuál será el costo promedio anual del crédito? (Vale 20%)
Amort fija mes $ 20,000,000.00 anticipada

Tasa ints IBR anual + 10.5420%
Reciprocidad 15%
IBR 5% anual d 0.2% mensual
i anual (1) 15.552% anual DIF = 0.0000%
Recipr (2) $ 6,000,000.00
Plazo 5 meses
Mes IBR anual i anual i mensual Cuota mes

0 5% X X $ 20,000,000.00
1 5.0100% 15.5520% 1.2119% $ 20,969,497.22
2 5.0200% 15.5620% 1.2126% $ 20,727,561.73
3 5.0301% 15.5721% 1.2133% $ 20,485,334.25
4 5.0401% 15.5821% 1.2141% $ 20,242,813.96
uota mensuales, amortización fija anticipada. La tasa de
reciprocidad sobre saldos del 15%.
al. La reciprocidad en el mes 2 es de $6 millones y el
Vale 20%)
Préstamo $ 100,000,000.00
Costo crédito prom 1.4266% mensual 18.5281% anual
Ints Amort Sdo final Reciprocidad

$ - $ 20,000,000.00 $ 80,000,000.00 $ 12,000,000.00
$ 969,497.22 $ 20,000,000.00 $ 60,000,000.00 $ 9,000,000.00
$ 727,561.73 $ 20,000,000.00 $ 40,000,000.00 $ 6,000,000.00
$ 485,334.25 $ 20,000,000.00 $ 20,000,000.00 $ 3,000,000.00
$ 242,813.96 $ 20,000,000.00 $ - $ -
D Reciprocidad Flujo neto
-$ 12,000,000.00 $ 68,000,000.00
$ 3,000,000.00 -$ 17,969,497.22
$ 3,000,000.00 -$ 17,727,561.73
$ 3,000,000.00 -$ 17,485,334.25
$ 3,000,000.00 -$ 17,242,813.96
10. Contabilice (en pesos colombianos) la octava cuota de un préstamo de 150.000,00 USD pagadero a 15 años en cuotas
anuales, amortización fija anual en dólares. La tasa de interés pactada es LIBOR anual más 450 puntos básicos (suma simp
El valor inicial del LIBOR es del 2,33% anual y se estima que crezca en 1,4% cada año. La tasa de cambio inicial es de 2,980
pesos (COP) por dólar (USD) y se estima que el dólar se devalúe frente al peso en 1% anual los primeros 2 años y que el pe
se devalúe frente al dólar en 2% anual, en adelante. (Vale 20%)
Préstamo 150,000.00 USD

Plazo 15 años
Amorti fija año 10,000.00 USD
Tasa ints LIBOR anual + 4.5%
LIBOR inic 2.33% anual d 1.4% anual
TC inic $ 2,980.00
dev1 USD/COP 1% anual primeros 2 años
dev2 COP/USD 2% anual en adelante
Año LIBOR EA i anual Cuota año USD Ints USD Amort USD
0 2.33% X X X X
1 2.3626% 6.8626% 20,293.93 USD 10,293.93 USD 10,000.00 USD
2 2.3957% 6.8957% 19,653.98 USD 9,653.98 USD 10,000.00 USD
3 2.4292% 6.9292% 19,008.01 USD 9,008.01 USD 10,000.00 USD
4 2.4632% 6.9632% 18,355.89 USD 8,355.89 USD 10,000.00 USD
5 2.4977% 6.9977% 17,697.50 USD 7,697.50 USD 10,000.00 USD
6 2.5327% 7.0327% 17,032.70 USD 7,032.70 USD 10,000.00 USD
7 2.5682% 7.0682% 16,361.34 USD 6,361.34 USD 10,000.00 USD
8 2.6041% 7.1041% 15,683.29 USD 5,683.29 USD 10,000.00 USD
9 2.6406% 7.1406% 14,998.40 USD 4,998.40 USD 10,000.00 USD
10 2.6775% 7.1775% 14,306.52 USD 4,306.52 USD 10,000.00 USD
11 2.7150% 7.2150% 13,607.51 USD 3,607.51 USD 10,000.00 USD
12 2.7530% 7.2530% 12,901.21 USD 2,901.21 USD 10,000.00 USD
13 2.7916% 7.2916% 12,187.47 USD 2,187.47 USD 10,000.00 USD
14 2.8307% 7.3307% 11,466.13 USD 1,466.13 USD 10,000.00 USD
15 2.8703% 7.3703% 10,737.03 USD 737.03 USD 10,000.00 USD
pagadero a 15 años en cuotas
450 puntos básicos (suma simple).
a de cambio inicial es de 2,980
los primeros 2 años y que el peso
Cuota 8 $ 51,595,484.63
Ints 8 $ 18,697,102.03
Amort 8 $ 32,898,382.60
Sdo final USD TC (COP/USD) Cuota COP Ints COP Amort COP
150,000.00 USD $ 2,980.00 X X X
140,000.00 USD $ 2,950.50 $ 59,877,140.00 $ 30,372,189.50 $ 29,504,950.50
130,000.00 USD $ 2,921.28 $ 57,414,808.89 $ 28,201,986.62 $ 29,212,822.27
120,000.00 USD $ 2,979.71 $ 56,638,309.17 $ 26,841,230.45 $ 29,797,078.72
110,000.00 USD $ 3,039.30 $ 55,789,108.59 $ 25,396,088.30 $ 30,393,020.29
100,000.00 USD $ 3,100.09 $ 54,863,821.95 $ 23,862,941.26 $ 31,000,880.70
90,000.00 USD $ 3,162.09 $ 53,858,925.64 $ 22,238,027.32 $ 31,620,898.31
80,000.00 USD $ 3,225.33 $ 52,770,752.19 $ 20,517,435.91 $ 32,253,316.28
70,000.00 USD $ 3,289.84 $ 51,595,484.63 $ 18,697,102.03 $ 32,898,382.60
60,000.00 USD $ 3,355.64 $ 50,329,150.60 $ 16,772,800.34 $ 33,556,350.26
50,000.00 USD $ 3,422.75 $ 48,967,616.20 $ 14,740,138.94 $ 34,227,477.26
40,000.00 USD $ 3,491.20 $ 47,506,579.68 $ 12,594,552.87 $ 34,912,026.81
30,000.00 USD $ 3,561.03 $ 45,941,564.78 $ 10,331,297.44 $ 35,610,267.34
20,000.00 USD $ 3,632.25 $ 44,267,913.95 $ 7,945,441.26 $ 36,322,472.69
10,000.00 USD $ 3,704.89 $ 42,480,781.16 $ 5,431,859.02 $ 37,048,922.14
0.00 USD $ 3,778.99 $ 40,575,124.52 $ 2,785,223.94 $ 37,789,900.59
Sdo final COP
$ 447,000,000.00
$ 413,069,306.93
$ 379,766,689.54
$ 357,564,944.61
$ 334,323,223.21
$ 310,008,806.98
$ 284,588,084.81
$ 258,026,530.23
$ 230,288,678.23
$ 201,338,101.53
$ 171,137,386.30
$ 139,648,107.22
$ 106,830,802.03
$ 72,644,945.38
$ 37,048,922.14
$ -
11. Un inversionista japonés, con un costo de oportunidad del 4% anual, tiene la posibilidad de invertir en dos proyectos m
características:
Evalúe cada proyecto con Relación Beneficio a Costo, compare en caso de ser necesario y aconseje al inversionista.
Tenga en cuenta que la tasa de cambio entre el yen (JPY) y el peso colombiano (COP) es de 1 JPY = 27,05 COP, la tasa de ca
1 USD = 111,11 JPY. Se esperan inflaciones en Japón, Colombia y Estados Unidos del 1% anual, 4% anual y 2% anual respec
CO inv (JAP) 4% anual

TC 27.05 COP/JPY 111.11 JPY/USD
f Japón: 1% anual Colombia:
dev COP/JPY: 2.9703% anual USD/JPY: 0.9901% anual
Proyecto A: Colombia
Año Flujo neto inv (COP) TC COP/JPY F neto inv (JPY)
0 -$ 500,000,000.00 27.05 -18,484,288.35 JPY
1 -$ 10,000,000.00 27.85 -359,021.75 JPY
2 $ - 28.68 0 JPY
3 $ - 29.53 0 JPY
4 $ 1,400,000,000.00 30.41 46,037,624.27 JPY
R B/C 2.0900 veces Sí se compara
COMPARACIÓN:
Año F neto inv Col (JPY) Port tiempo Col (JPY) Flujo comp Col (JPY)
0 -18,829,501.58 JPY X -18,829,501.58 JPY
1 0 JPY X 0 JPY
2 0 JPY X 0 JPY
3 0 JPY X 0 JPY
4 46,037,624.27 JPY 46,037,624.27 JPY 0 JPY
5 0 JPY 47,879,129.24 JPY 47,879,129.24 JPY
Se recomienda invertir en Colombia

idad de invertir en dos proyectos mutuamente excluyentes con las siguientes
y aconseje al inversionista.
de 1 JPY = 27,05 COP, la tasa de cambio entre el yen (JPY) y el dólar (USD) es de
anual, 4% anual y 2% anual respectivamente. (Vale 20%)
4% anual USA: 2% anual
Proyecto B: Estados Unidos

Beneficios (JPY) Año Flujo neto inv (USD)
X 0 -160,000.00 USD
0 JPY 1 0 USD
0 JPY 2 0 USD
0 JPY 3 0 USD
46,037,624.27 JPY 4 0 USD
5 400,000.00 USD
R B/C 1.9560 veces
ACIÓN:
F neto inv USA (JPY) Port inv USA (JPY) Flujo comp USA (JPY)
-17,777,600.00 JPY 1,051,901.58 JPY -18,829,501.58 JPY
0.00 JPY 1,093,977.64 JPY 0 JPY
0.00 JPY 1,137,736.75 JPY 0 JPY
0.00 JPY 1,183,246.22 JPY 0 JPY
0.00 JPY 1,230,576.07 JPY 0 JPY
42,307,673.98 JPY 1,279,799.11 JPY 43,587,473.09 JPY
nda invertir en Colombia

B: Estados Unidos
TC (JPY/USD) F neto inv (JPY)
111.11 JPY -17,777,600.00 JPY
110.02 JPY 0 JPY
108.94 JPY 0 JPY
107.87 JPY 0 JPY
106.82 JPY 0 JPY
105.77 JPY 42,307,673.98 JPY
Sí se compara
12. La empresa ABC está en venta y un inversionista desea conocer el valor por acción, utilizando el flujo anual de dividen
$800 millones el primer año, creciente en 9% anual hasta el décimo año y de allí en adelante creciente en 7% anual de ma
total de 1'300.000 acciones. Utilizando una tasa de descuento del 2% mensual, ¿cuál será el valor por acción de la empres
Dividendos año $ 800,000,000.00 d1 9% anual 10 años

# acciones 1,300,000
Tasa desc 2% mensual 26.8242% anual
VPN $4,372,424,718.97
Valor por acción $ 3,363.40
Año Dividendos VP Kp Total

1 $ 800,000,000.00 $ - $ 800,000,000.00
2 $ 872,000,000.00 $ - $ 872,000,000.00
3 $ 950,480,000.00 $ - $ 950,480,000.00
4 $ 1,036,023,200.00 $ - $ 1,036,023,200.00
5 $ 1,129,265,288.00 $ - $ 1,129,265,288.00
6 $ 1,230,899,163.92 $ - $ 1,230,899,163.92
7 $ 1,341,680,088.67 $ - $ 1,341,680,088.67
8 $ 1,462,431,296.65 $ - $ 1,462,431,296.65
9 $ 1,594,050,113.35 $ - $ 1,594,050,113.35
10 $ 1,737,514,623.55 $ 9,378,146,779.32 $ 11,115,661,402.87
$ 1,859,140,647.20
o el flujo anual de dividendos futuros, el cual se estima en
ciente en 7% anual de manera perpetua. La empresa tiene un
r por acción de la empresa ABC? (Vale 20%)
d2 7% anual en adelante
13. Un préstamo de $800 millones se pactó pagar en 10 años, mediante cuotas mensuales iguales y cuotas anuales extrao
millones crecientes en 10% bienal. Se pactó que cuando se paga la cuota anual, no se paga la mensual. La tasa de interés p
20% anual por trimestres anticipados. En el mes 80, después de pagar la cuota correspondiente se refinancia el préstamo
saldo solamente en cuota fija mensual en UVR, con una tasa de interés del 11% anual. El valor de la UVR en el mes 80 es d
espera una inflación del 4% anual. Contabilice la última cuota. (Vale 20%)
Préstamo $ 800,000,000.00
Plazo 10 años
Cuota mes $ 16,662,825.32 Gracia en años
Cuota año $ 5,000,000.00 d 10% bienal
Tasa ints 20% ATA 5.0000% TTA 5.2632% TTV 1.7245% MMV
Mes Cuota mes Cuota año Ints Amort

0 X X X X
1 $ 16,662,825.32 $ - $ 13,795,814.55 $ 2,867,010.76
2 $ 16,662,825.32 $ - $ 13,746,373.62 $ 2,916,451.70
3 $ 16,662,825.32 $ - $ 13,696,080.08 $ 2,966,745.23
4 $ 16,662,825.32 $ - $ 13,644,919.25 $ 3,017,906.07
5 $ 16,662,825.32 $ - $ 13,592,876.16 $ 3,069,949.16
6 $ 16,662,825.32 $ - $ 13,539,935.60 $ 3,122,889.72
7 $ 16,662,825.32 $ - $ 13,486,082.09 $ 3,176,743.23
8 $ 16,662,825.32 $ - $ 13,431,299.89 $ 3,231,525.43
9 $ 16,662,825.32 $ - $ 13,375,572.98 $ 3,287,252.34
10 $ 16,662,825.32 $ - $ 13,318,885.08 $ 3,343,940.24
11 $ 16,662,825.32 $ - $ 13,261,219.60 $ 3,401,605.72
12 $ - $ 5,000,000.00 $ 13,202,559.70 -$ 8,202,559.70
13 $ 16,662,825.32 $ - $ 13,344,010.94 $ 3,318,814.38
14 $ 16,662,825.32 $ - $ 13,286,778.76 $ 3,376,046.56
15 $ 16,662,825.32 $ - $ 13,228,559.62 $ 3,434,265.70
16 $ 16,662,825.32 $ - $ 13,169,336.50 $ 3,493,488.82
17 $ 16,662,825.32 $ - $ 13,109,092.09 $ 3,553,733.22
18 $ 16,662,825.32 $ - $ 13,047,808.79 $ 3,615,016.53
19 $ 16,662,825.32 $ - $ 12,985,468.67 $ 3,677,356.65
20 $ 16,662,825.32 $ - $ 12,922,053.50 $ 3,740,771.81
21 $ 16,662,825.32 $ - $ 12,857,544.76 $ 3,805,280.56
22 $ 16,662,825.32 $ - $ 12,791,923.58 $ 3,870,901.74
23 $ 16,662,825.32 $ - $ 12,725,170.78 $ 3,937,654.54
24 $ - $ 5,000,000.00 $ 12,657,266.84 -$ 7,657,266.84
25 $ 16,662,825.32 $ - $ 12,789,314.63 $ 3,873,510.69
26 $ 16,662,825.32 $ - $ 12,722,516.83 $ 3,940,308.48
27 $ 16,662,825.32 $ - $ 12,654,567.13 $ 4,008,258.19
28 $ 16,662,825.32 $ - $ 12,585,445.65 $ 4,077,379.67
29 $ 16,662,825.32 $ - $ 12,515,132.18 $ 4,147,693.14
30 $ 16,662,825.32 $ - $ 12,443,606.17 $ 4,219,219.15
31 $ 16,662,825.32 $ - $ 12,370,846.72 $ 4,291,978.60
32 $ 16,662,825.32 $ - $ 12,296,832.54 $ 4,365,992.78
33 $ 16,662,825.32 $ - $ 12,221,542.01 $ 4,441,283.31
34 $ 16,662,825.32 $ - $ 12,144,953.10 $ 4,517,872.21
35 $ 16,662,825.32 $ - $ 12,067,043.45 $ 4,595,781.87
36 $ - $ 5,500,000.00 $ 11,987,790.25 -$ 6,487,790.25
37 $ 16,662,825.32 $ - $ 12,099,670.69 $ 4,563,154.63
38 $ 16,662,825.32 $ - $ 12,020,980.15 $ 4,641,845.17
39 $ 16,662,825.32 $ - $ 11,940,932.60 $ 4,721,892.71
40 $ 16,662,825.32 $ - $ 11,859,504.66 $ 4,803,320.66
41 $ 16,662,825.32 $ - $ 11,776,672.51 $ 4,886,152.81
42 $ 16,662,825.32 $ - $ 11,692,411.93 $ 4,970,413.38
43 $ 16,662,825.32 $ - $ 11,606,698.31 $ 5,056,127.01
44 $ 16,662,825.32 $ - $ 11,519,506.57 $ 5,143,318.75
45 $ 16,662,825.32 $ - $ 11,430,811.23 $ 5,232,014.09
46 $ 16,662,825.32 $ - $ 11,340,586.36 $ 5,322,238.96
47 $ 16,662,825.32 $ - $ 11,248,805.58 $ 5,414,019.73
48 $ - $ 5,500,000.00 $ 11,155,442.07 -$ 5,655,442.07
49 $ 16,662,825.32 $ - $ 11,252,968.86 $ 5,409,856.46
50 $ 16,662,825.32 $ - $ 11,159,677.13 $ 5,503,148.18
51 $ 16,662,825.32 $ - $ 11,064,776.62 $ 5,598,048.70
52 $ 16,662,825.32 $ - $ 10,968,239.57 $ 5,694,585.75
53 $ 16,662,825.32 $ - $ 10,870,037.76 $ 5,792,787.56
54 $ 16,662,825.32 $ - $ 10,770,142.48 $ 5,892,682.84
55 $ 16,662,825.32 $ - $ 10,668,524.53 $ 5,994,300.79
56 $ 16,662,825.32 $ - $ 10,565,154.20 $ 6,097,671.12
57 $ 16,662,825.32 $ - $ 10,460,001.28 $ 6,202,824.04
58 $ 16,662,825.32 $ - $ 10,353,035.01 $ 6,309,790.30
59 $ 16,662,825.32 $ - $ 10,244,224.14 $ 6,418,601.17
60 $ - $ 6,050,000.00 $ 10,133,536.85 -$ 4,083,536.85
61 $ 16,662,825.32 $ - $ 10,203,956.50 $ 6,458,868.82
62 $ 16,662,825.32 $ - $ 10,092,574.80 $ 6,570,250.51
63 $ 16,662,825.32 $ - $ 9,979,272.36 $ 6,683,552.96
64 $ 16,662,825.32 $ - $ 9,864,016.04 $ 6,798,809.28
65 $ 16,662,825.32 $ - $ 9,746,772.15 $ 6,916,053.17
66 $ 16,662,825.32 $ - $ 9,627,506.41 $ 7,035,318.91
67 $ 16,662,825.32 $ - $ 9,506,183.97 $ 7,156,641.35
68 $ 16,662,825.32 $ - $ 9,382,769.35 $ 7,280,055.97
69 $ 16,662,825.32 $ - $ 9,257,226.47 $ 7,405,598.85
70 $ 16,662,825.32 $ - $ 9,129,518.63 $ 7,533,306.68
71 $ 16,662,825.32 $ - $ 8,999,608.51 $ 7,663,216.81
72 $ - $ 6,050,000.00 $ 8,867,458.11 -$ 2,817,458.11
73 $ 16,662,825.32 $ - $ 8,916,044.52 $ 7,746,780.80
74 $ 16,662,825.32 $ - $ 8,782,453.08 $ 7,880,372.24
75 $ 16,662,825.32 $ - $ 8,646,557.89 $ 8,016,267.43
76 $ 16,662,825.32 $ - $ 8,508,319.22 $ 8,154,506.10
77 $ 16,662,825.32 $ - $ 8,367,696.65 $ 8,295,128.67
78 $ 16,662,825.32 $ - $ 8,224,649.08 $ 8,438,176.24
79 $ 16,662,825.32 $ - $ 8,079,134.68 $ 8,583,690.63
80 $ 16,662,825.32 $ - $ 7,931,110.93 $ 8,731,714.39
81 $ 16,662,825.32 $ - $ 7,780,534.54 $ 8,882,290.78
82 $ 16,662,825.32 $ - $ 7,627,361.49 $ 9,035,463.82
83 $ 16,662,825.32 $ - $ 7,471,547.01 $ 9,191,278.30
84 $ - $ 6,655,000.00 $ 7,313,045.55 -$ 658,045.55
85 $ 16,662,825.32 $ - $ 7,324,393.39 $ 9,338,431.92
86 $ 16,662,825.32 $ - $ 7,163,354.30 $ 9,499,471.02
87 $ 16,662,825.32 $ - $ 6,999,538.12 $ 9,663,287.19
88 $ 16,662,825.32 $ - $ 6,832,896.98 $ 9,829,928.34
89 $ 16,662,825.32 $ - $ 6,663,382.14 $ 9,999,443.18
90 $ 16,662,825.32 $ - $ 6,490,944.06 $ 10,171,881.26
91 $ 16,662,825.32 $ - $ 6,315,532.33 $ 10,347,292.99
92 $ 16,662,825.32 $ - $ 6,137,095.66 $ 10,525,729.66
93 $ 16,662,825.32 $ - $ 5,955,581.89 $ 10,707,243.43
94 $ 16,662,825.32 $ - $ 5,770,937.96 $ 10,891,887.36
95 $ 16,662,825.32 $ - $ 5,583,109.89 $ 11,079,715.43
96 $ - $ 6,655,000.00 $ 5,392,042.76 $ 1,262,957.24
97 $ 16,662,825.32 $ - $ 5,370,263.36 $ 11,292,561.96
98 $ 16,662,825.32 $ - $ 5,175,525.74 $ 11,487,299.57
99 $ 16,662,825.32 $ - $ 4,977,429.92 $ 11,685,395.39
100 $ 16,662,825.32 $ - $ 4,775,917.99 $ 11,886,907.33
101 $ 16,662,825.32 $ - $ 4,570,931.03 $ 12,091,894.29
102 $ 16,662,825.32 $ - $ 4,362,409.11 $ 12,300,416.20
103 $ 16,662,825.32 $ - $ 4,150,291.29 $ 12,512,534.03
104 $ 16,662,825.32 $ - $ 3,934,515.54 $ 12,728,309.78
105 $ 16,662,825.32 $ - $ 3,715,018.79 $ 12,947,806.53
106 $ 16,662,825.32 $ - $ 3,491,736.87 $ 13,171,088.45
107 $ 16,662,825.32 $ - $ 3,264,604.50 $ 13,398,220.82
108 $ - $ 7,320,500.00 $ 3,033,555.29 $ 4,286,944.71
109 $ 16,662,825.32 $ - $ 2,959,627.92 $ 13,703,197.40
110 $ 16,662,825.32 $ - $ 2,723,319.46 $ 13,939,505.86
111 $ 16,662,825.32 $ - $ 2,482,935.91 $ 14,179,889.41
112 $ 16,662,825.32 $ - $ 2,238,407.00 $ 14,424,418.31
113 $ 16,662,825.32 $ - $ 1,989,661.25 $ 14,673,164.06
114 $ 16,662,825.32 $ - $ 1,736,625.94 $ 14,926,199.38
115 $ 16,662,825.32 $ - $ 1,479,227.09 $ 15,183,598.23
116 $ 16,662,825.32 $ - $ 1,217,389.46 $ 15,445,435.86
117 $ 16,662,825.32 $ - $ 951,036.50 $ 15,711,788.82
118 $ 16,662,825.32 $ - $ 680,090.34 $ 15,982,734.97
119 $ 16,662,825.32 $ - $ 404,471.78 $ 16,258,353.53
120 $ - $ 7,320,500.00 $ 124,100.25 $ 7,196,399.75
nsuales iguales y cuotas anuales extraordinarias de $5
se paga la mensual. La tasa de interés pactada es del
espondiente se refinancia el préstamo para pagar el
ual. El valor de la UVR en el mes 80 es de $294,5421 y se
Refinanciación mes 80
Cuota fija mes 45,539.19 UVR
Tasa ints 11% anual
Vlr UVR (80) $ 294.5421
f 4% anual
Sdo final Sdo UVR Mes Cuota mes

$ 800,000,000.00 80 X
$ 797,132,989.24 81 45,539.19 UVR
$ 794,216,537.54 82 45,539.19 UVR
$ 791,249,792.30 83 45,539.19 UVR
$ 788,231,886.23 84 45,539.19 UVR
$ 785,161,937.08 85 45,539.19 UVR
$ 782,039,047.36 86 45,539.19 UVR
$ 778,862,304.13 87 45,539.19 UVR
$ 775,630,778.70 88 45,539.19 UVR
$ 772,343,526.36 89 45,539.19 UVR
$ 768,999,586.12 90 45,539.19 UVR
$ 765,597,980.41 91 45,539.19 UVR
$ 773,800,540.11 92 45,539.19 UVR
$ 770,481,725.73 93 45,539.19 UVR
$ 767,105,679.17 94 45,539.19 UVR
$ 763,671,413.47 95 45,539.19 UVR
$ 760,177,924.65 96 45,539.19 UVR
$ 756,624,191.43 97 45,539.19 UVR
$ 753,009,174.90 98 45,539.19 UVR
$ 749,331,818.25 99 45,539.19 UVR
$ 745,591,046.44 100 45,539.19 UVR
$ 741,785,765.88 101 45,539.19 UVR
$ 737,914,864.14 102 45,539.19 UVR
$ 733,977,209.60 103 45,539.19 UVR
$ 741,634,476.44 104 45,539.19 UVR
$ 737,760,965.75 105 45,539.19 UVR
$ 733,820,657.27 106 45,539.19 UVR
$ 729,812,399.08 107 45,539.19 UVR
$ 725,735,019.41 108 45,539.19 UVR
$ 721,587,326.27 109 45,539.19 UVR
$ 717,368,107.13 110 45,539.19 UVR
$ 713,076,128.52 111 45,539.19 UVR
$ 708,710,135.75 112 45,539.19 UVR
$ 704,268,852.43 113 45,539.19 UVR
$ 699,750,980.22 114 45,539.19 UVR
$ 695,155,198.35 115 45,539.19 UVR
$ 701,642,988.60 116 45,539.19 UVR
$ 697,079,833.98 117 45,539.19 UVR
$ 692,437,988.81 118 45,539.19 UVR
$ 687,716,096.10 119 45,539.19 UVR
$ 682,912,775.44 120 45,539.19 UVR
$ 678,026,622.63
$ 673,056,209.24
$ 668,000,082.24
$ 662,856,763.49
$ 657,624,749.40
$ 652,302,510.45
$ 646,888,490.71
$ 652,543,932.78
$ 647,134,076.32
$ 641,630,928.14
$ 636,032,879.44
$ 630,338,293.69
$ 624,545,506.13
$ 618,652,823.29
$ 612,658,522.50
$ 606,560,851.39
$ 600,358,027.34
$ 594,048,237.04
$ 587,629,635.87
$ 591,713,172.72
$ 585,254,303.90
$ 578,684,053.39
$ 572,000,500.43
$ 565,201,691.15
$ 558,285,637.97
$ 551,250,319.07
$ 544,093,677.72
$ 536,813,621.75
$ 529,408,022.90
$ 521,874,716.22
$ 514,211,499.41
$ 517,028,957.51
$ 509,282,176.72
$ 501,401,804.48
$ 493,385,537.05
$ 485,231,030.95
$ 476,935,902.28
$ 468,497,726.04
$ 459,914,035.41
$ 451,182,321.02 1,531,809.28 UVR
$ 442,300,030.24
$ 433,264,566.42
$ 424,073,288.12
$ 424,731,333.66
$ 415,392,901.74
$ 405,893,430.72
$ 396,230,143.53
$ 386,400,215.19
$ 376,400,772.01
$ 366,228,890.75
$ 355,881,597.76
$ 345,355,868.10
$ 334,648,624.67
$ 323,756,737.32
$ 312,677,021.88
$ 311,414,064.64
$ 300,121,502.68
$ 288,634,203.11
$ 276,948,807.72
$ 265,061,900.39
$ 252,970,006.10
$ 240,669,589.90
$ 228,157,055.87
$ 215,428,746.09
$ 202,480,939.57
$ 189,309,851.11
$ 175,911,630.30
$ 171,624,685.58
$ 157,921,488.18
$ 143,981,982.32
$ 129,802,092.92
$ 115,377,674.60
$ 100,704,510.54
$ 85,778,311.16
$ 70,594,712.94
$ 55,149,277.08
$ 39,437,488.26
$ 23,454,753.29
$ 7,196,399.75
$ 0.00
Cuota 120 $ 15,286,583.64
Ints 120 $ 132,365.94
0.8735% MMV Amort 120 $ 15,154,217.70
0.3274% mensual
Ints Amort Sdo final Vlr UVR Cuota $

X X 1,531,809.28 UVR $ 294.5421 X
13,379.73 UVR 32,159.45 UVR 1,499,649.82 UVR $ 295.5064 $ 13,457,118.73
13,098.83 UVR 32,440.35 UVR 1,467,209.47 UVR $ 296.4738 $ 13,501,173.83
12,815.48 UVR 32,723.71 UVR 1,434,485.76 UVR $ 297.4443 $ 13,545,373.16
12,529.65 UVR 33,009.54 UVR 1,401,476.23 UVR $ 298.4181 $ 13,589,717.19
12,241.33 UVR 33,297.86 UVR 1,368,178.37 UVR $ 299.3950 $ 13,634,206.39
11,950.48 UVR 33,588.70 UVR 1,334,589.66 UVR $ 300.3752 $ 13,678,841.23
11,657.10 UVR 33,882.09 UVR 1,300,707.58 UVR $ 301.3585 $ 13,723,622.20
11,361.15 UVR 34,178.03 UVR 1,266,529.54 UVR $ 302.3451 $ 13,768,549.77
11,062.62 UVR 34,476.56 UVR 1,232,052.98 UVR $ 303.3349 $ 13,813,624.41
10,761.48 UVR 34,777.70 UVR 1,197,275.28 UVR $ 304.3279 $ 13,858,846.63
10,457.71 UVR 35,081.47 UVR 1,162,193.80 UVR $ 305.3242 $ 13,904,216.88
10,151.29 UVR 35,387.89 UVR 1,126,805.91 UVR $ 306.3238 $ 13,949,735.67
9,842.19 UVR 35,696.99 UVR 1,091,108.91 UVR $ 307.3266 $ 13,995,403.48
9,530.39 UVR 36,008.79 UVR 1,055,100.12 UVR $ 308.3327 $ 14,041,220.79
9,215.87 UVR 36,323.31 UVR 1,018,776.81 UVR $ 309.3421 $ 14,087,188.09
8,898.60 UVR 36,640.58 UVR 982,136.22 UVR $ 310.3548 $ 14,133,305.88
8,578.56 UVR 36,960.62 UVR 945,175.60 UVR $ 311.3708 $ 14,179,574.64
8,255.72 UVR 37,283.46 UVR 907,892.14 UVR $ 312.3902 $ 14,225,994.88
7,930.07 UVR 37,609.12 UVR 870,283.02 UVR $ 313.4129 $ 14,272,567.09
7,601.57 UVR 37,937.62 UVR 832,345.40 UVR $ 314.4389 $ 14,319,291.76
7,270.20 UVR 38,268.99 UVR 794,076.42 UVR $ 315.4683 $ 14,366,169.39
6,935.93 UVR 38,603.25 UVR 755,473.17 UVR $ 316.5011 $ 14,413,200.49
6,598.75 UVR 38,940.43 UVR 716,532.73 UVR $ 317.5372 $ 14,460,385.56
6,258.62 UVR 39,280.56 UVR 677,252.17 UVR $ 318.5767 $ 14,507,725.10
5,915.52 UVR 39,623.66 UVR 637,628.51 UVR $ 319.6197 $ 14,555,219.62
5,569.43 UVR 39,969.76 UVR 597,658.75 UVR $ 320.6660 $ 14,602,869.62
5,220.31 UVR 40,318.88 UVR 557,339.87 UVR $ 321.7158 $ 14,650,675.61
4,868.14 UVR 40,671.05 UVR 516,668.82 UVR $ 322.7690 $ 14,698,638.11
4,512.89 UVR 41,026.29 UVR 475,642.53 UVR $ 323.8257 $ 14,746,757.63
4,154.54 UVR 41,384.64 UVR 434,257.88 UVR $ 324.8858 $ 14,795,034.68
3,793.07 UVR 41,746.12 UVR 392,511.76 UVR $ 325.9494 $ 14,843,469.77
3,428.43 UVR 42,110.75 UVR 350,401.01 UVR $ 327.0165 $ 14,892,063.43
3,060.61 UVR 42,478.58 UVR 307,922.43 UVR $ 328.0870 $ 14,940,816.17
2,689.58 UVR 42,849.61 UVR 265,072.83 UVR $ 329.1611 $ 14,989,728.51
2,315.30 UVR 43,223.88 UVR 221,848.94 UVR $ 330.2387 $ 15,038,800.98
1,937.76 UVR 43,601.43 UVR 178,247.52 UVR $ 331.3198 $ 15,088,034.10
1,556.92 UVR 43,982.27 UVR 134,265.25 UVR $ 332.4045 $ 15,137,428.40
1,172.75 UVR 44,366.43 UVR 89,898.82 UVR $ 333.4927 $ 15,186,984.40
785.23 UVR 44,753.96 UVR 45,144.86 UVR $ 334.5844 $ 15,236,702.64
394.32 UVR 45,144.86 UVR 0.00 UVR $ 335.6798 $ 15,286,583.64
Ints $ Amort $ Sdo final $
X X $ 451,182,321.02
$ 3,953,795.78 $ 9,503,322.95 $ 443,156,051.59
$ 3,883,460.06 $ 9,617,713.77 $ 434,989,115.41
$ 3,811,891.66 $ 9,733,481.50 $ 426,679,675.08
$ 3,739,074.47 $ 9,850,642.72 $ 418,225,870.59
$ 3,664,992.19 $ 9,969,214.20 $ 409,625,819.06
$ 3,589,628.31 $ 10,089,212.92 $ 400,877,614.48
$ 3,512,966.15 $ 10,210,656.05 $ 391,979,327.42
$ 3,434,988.78 $ 10,333,560.99 $ 382,929,004.75
$ 3,355,679.09 $ 10,457,945.32 $ 373,724,669.35
$ 3,275,019.77 $ 10,583,826.86 $ 364,364,319.81
$ 3,192,993.26 $ 10,711,223.63 $ 354,845,930.15
$ 3,109,581.81 $ 10,840,153.86 $ 345,167,449.53
$ 3,024,767.46 $ 10,970,636.01 $ 335,326,801.93
$ 2,938,532.01 $ 11,102,688.77 $ 325,321,885.84
$ 2,850,857.04 $ 11,236,331.04 $ 315,150,574.00
$ 2,761,723.92 $ 11,371,581.96 $ 304,810,713.02
$ 2,671,113.77 $ 11,508,460.87 $ 294,300,123.10
$ 2,579,007.49 $ 11,646,987.39 $ 283,616,597.73
$ 2,485,385.74 $ 11,787,181.35 $ 272,757,903.32
$ 2,390,228.95 $ 11,929,062.80 $ 261,721,778.92
$ 2,293,517.31 $ 12,072,652.08 $ 250,505,935.84
$ 2,195,230.76 $ 12,217,969.73 $ 239,108,057.36
$ 2,095,349.00 $ 12,365,036.55 $ 227,525,798.36
$ 1,993,851.48 $ 12,513,873.61 $ 215,756,785.01
$ 1,890,717.40 $ 12,664,502.21 $ 203,798,614.36
$ 1,785,925.70 $ 12,816,943.92 $ 191,648,854.07
$ 1,679,455.06 $ 12,971,220.56 $ 179,305,041.99
$ 1,571,283.90 $ 13,127,354.21 $ 166,764,685.83
$ 1,461,390.40 $ 13,285,367.23 $ 154,025,262.79
$ 1,349,752.43 $ 13,445,282.25 $ 141,084,219.17
$ 1,236,347.62 $ 13,607,122.15 $ 127,938,970.04
$ 1,121,153.33 $ 13,770,910.10 $ 114,586,898.84
$ 1,004,146.61 $ 13,936,669.56 $ 101,025,356.97
$ 885,304.26 $ 14,104,424.25 $ 87,251,663.45
$ 764,602.78 $ 14,274,198.20 $ 73,263,104.49
$ 642,018.40 $ 14,446,015.70 $ 59,056,933.13
$ 517,527.04 $ 14,619,901.36 $ 44,630,368.80
$ 391,104.34 $ 14,795,880.06 $ 29,980,596.96
$ 262,725.63 $ 14,973,977.01 $ 15,104,768.62
$ 132,365.94 $ 15,154,217.70 $ 0.00
14. A. Si la tasa de interés real que cobra un banco es:
Y la tasa de interés con inflación es:
¿Cuál será la inflación mensual?
14. B. Elabore la tabla de amortización de un préstamo con las siguientes características:

Valor préstamo $ 285,000,000.00
Plazo 5 años
Tasa de interés DTF EA + 911 puntos básicos 9.11%
creciente en 0.31% semestral
Valor inicial DTF 6.74% anual
y crecientes en 0.29% semestral
Forma de pago Cuota semestral creciente en $ 5,000,000.00
Gracia a capital con acumulación de intereses: 1 año
Semestre DTF EA i anual i semestral

0 6.74% x x
1 6.7400% 6.7400% 3.3151%
2 6.7400% 6.7400% 3.3151%
3 6.7400% 6.7400% 3.3151%
4 6.7400% 6.7400% 3.3151%
5 6.7400% 6.7400% 3.3151%
6 6.7400% 6.7400% 3.3151%
7 6.7400% 6.7400% 3.3151%
8 6.7400% 6.7400% 3.3151%
9 6.7400% 6.7400% 3.3151%
10 6.7400% 6.7400% 3.3151%
14. C. ¿A que tasa de interés anual continua se dobla un capital en 5 años y 3 meses?
Mes Depósito Intereses Saldo final

0 $ 10,000,000.00 $ - $ 10,000,000.00
1 $ - $ - $ 10,000,000.00
2 $ - $ - $ 10,000,000.00
3 $ - $ - $ 10,000,000.00
4 $ - $ - $ 10,000,000.00
5 $ - $ - $ 10,000,000.00
6 $ - $ - $ 10,000,000.00
7 $ - $ - $ 10,000,000.00
8 $ - $ - $ 10,000,000.00
9 $ - $ - $ 10,000,000.00
10 $ - $ - $ 10,000,000.00
11 $ - $ - $ 10,000,000.00
12 $ - $ - $ 10,000,000.00
13 $ - $ - $ 10,000,000.00
14 $ - $ - $ 10,000,000.00
15 $ - $ - $ 10,000,000.00
16 $ - $ - $ 10,000,000.00
17 $ - $ - $ 10,000,000.00
18 $ - $ - $ 10,000,000.00
19 $ - $ - $ 10,000,000.00
20 $ - $ - $ 10,000,000.00
21 $ - $ - $ 10,000,000.00
22 $ - $ - $ 10,000,000.00
23 $ - $ - $ 10,000,000.00
24 $ - $ - $ 10,000,000.00
25 $ - $ - $ 10,000,000.00
26 $ - $ - $ 10,000,000.00
27 $ - $ - $ 10,000,000.00
28 $ - $ - $ 10,000,000.00
29 $ - $ - $ 10,000,000.00
30 $ - $ - $ 10,000,000.00
31 $ - $ - $ 10,000,000.00
32 $ - $ - $ 10,000,000.00
33 $ - $ - $ 10,000,000.00
34 $ - $ - $ 10,000,000.00
35 $ - $ - $ 10,000,000.00
36 $ - $ - $ 10,000,000.00
37 $ - $ - $ 10,000,000.00
38 $ - $ - $ 10,000,000.00
39 $ - $ - $ 10,000,000.00
40 $ - $ - $ 10,000,000.00
41 $ - $ - $ 10,000,000.00
42 $ - $ - $ 10,000,000.00
43 $ - $ - $ 10,000,000.00
44 $ - $ - $ 10,000,000.00
45 $ - $ - $ 10,000,000.00
46 $ - $ - $ 10,000,000.00
47 $ - $ - $ 10,000,000.00
48 $ - $ - $ 10,000,000.00
49 $ - $ - $ 10,000,000.00
50 $ - $ - $ 10,000,000.00
51 $ - $ - $ 10,000,000.00
52 $ - $ - $ 10,000,000.00
53 $ - $ - $ 10,000,000.00
54 $ - $ - $ 10,000,000.00
55 $ - $ - $ 10,000,000.00
56 $ - $ - $ 10,000,000.00
57 $ - $ - $ 10,000,000.00
58 $ - $ - $ 10,000,000.00
59 $ - $ - $ 10,000,000.00
60 $ - $ - $ 10,000,000.00
61 $ - $ - $ 10,000,000.00
62 $ - $ - $ 10,000,000.00
63 $ - $ - $ 10,000,000.00
14. D. Las tasas de cambio del peso colombiano (COP) frente al euro (EUR) han sido:
Fecha Tasa cambio
Jun-17 1 EUR = 3,780.48 COP
Mar-18 1 EUR = 3,520.45 COP
¿Qué moneda se ha devaluado en esta franja de tiempo?
¿A qué tasa de devaluación anual ha variado la tasa de cambio?
N 9 meses
Devaluación 0.7949% mensual 9.9677% anual
17.45% anual real 1.3494% mensual real
11.21% semestral 1.7866% mensual
0.4314% mensual
aracterísticas:
los primeros 2 años

en adelante
al año
Cuota sem Intereses Amortización Saldo final

x x x $ 285,000,000.00
$ - $ 9,447,898.62 -$ 9,447,898.62 $ 294,447,898.62
$ - $ 9,761,101.38 -$ 9,761,101.38 $ 304,209,000.00
$ 50,203,240.53 $ 10,084,686.98 $ 40,118,553.55 $ 264,090,446.45
$ 50,203,240.53 $ 8,754,736.01 $ 41,448,504.52 $ 222,641,941.94
$ 50,203,240.53 $ 7,380,696.47 $ 42,822,544.06 $ 179,819,397.88
$ 50,203,240.53 $ 5,961,106.81 $ 44,242,133.72 $ 135,577,264.16
$ 50,203,240.53 $ 4,494,457.01 $ 45,708,783.52 $ 89,868,480.64
$ 50,203,240.53 $ 2,979,187.00 $ 47,224,053.53 $ 42,644,427.10
$ 50,203,240.53 $ 1,413,685.00 $ 48,789,555.53 -$ 6,145,128.43
$ 50,203,240.53 -$ 203,714.21 $ 50,406,954.74 -$ 56,552,083.18
3 meses?
63 meses
Tasa de interés 1.1063% mensual 14.1140% anual
han sido:
El euro
13.2028% anual continua
15. El flujo de caja proyectado de la empresa "Alimentos Nutritivos S.A." para los próximos 10 años es:
Año Flujo de caja VP Kp Flujo de caja total
1 $ 350,000,000.00 x $ 350,000,000.00
2 $ 360,000,000.00 x $ 360,000,000.00
3 $ 420,000,000.00 x $ 420,000,000.00
4 $ 120,000,000.00 x $ 120,000,000.00
5 $ 640,000,000.00 x $ 640,000,000.00
6 $ 920,000,000.00 x $ 920,000,000.00
7 $ 800,000,000.00 x $ 800,000,000.00
8 $ 750,000,000.00 x $ 750,000,000.00
9 $ 1,040,000,000.00 x $ 1,040,000,000.00
10 $ 1,254,000,000.00 $ 9,212,828,660.13 $ 10,466,828,660.13
Y de ahí en adelante crecientes en 4% anual
La empresa tiene un total de 500,000 de acciones en circulación
¿Cuál debe ser el valor de la acción en el mercado hoy (perioro cero)?
Tome una tasa de descuento en sus cálculos del 1.4% mensual 18.1559% anual
Valor empresa en cero: $ 4,137,855,106.28
Valor por acción $ 8,275.71
os 10 años es:
16. Juan desea comprar un apartamento por valor de $ 1,520,000,000.00
El Banco Calidad le financia el 70% del valor del inmueble con las siguientes condiciones:
Plazo 15 años
Tasa de interés 21.2% ATA (anual por trimestres anticipados)
Forma de pago Cuota mensual creciente en 0.5% semestral
Préstamo $ 1,064,000,000.00
Mes Cuota mes Intereses Amortización Saldo final

0 x x x $ 1,064,000,000.00
1 $ 19,506,527.71 $ 19,490,151.96 $ 16,375.75 $ 1,063,983,624.25
2 $ 19,506,527.71 $ 19,489,851.99 $ 16,675.72 $ 1,063,966,948.53
3 $ 19,506,527.71 $ 19,489,546.53 $ 16,981.18 $ 1,063,949,967.35
4 $ 19,506,527.71 $ 19,489,235.47 $ 17,292.24 $ 1,063,932,675.11
5 $ 19,506,527.71 $ 19,488,918.71 $ 17,608.99 $ 1,063,915,066.12
6 $ 19,506,527.71 $ 19,488,596.16 $ 17,931.55 $ 1,063,897,134.57
7 $ 19,604,060.35 $ 19,488,267.69 $ 115,792.66 $ 1,063,781,341.91
8 $ 19,604,060.35 $ 19,486,146.62 $ 117,913.73 $ 1,063,663,428.18
9 $ 19,604,060.35 $ 19,483,986.70 $ 120,073.65 $ 1,063,543,354.53
10 $ 19,604,060.35 $ 19,481,787.21 $ 122,273.13 $ 1,063,421,081.40
11 $ 19,604,060.35 $ 19,479,547.44 $ 124,512.91 $ 1,063,296,568.49
12 $ 19,604,060.35 $ 19,477,266.63 $ 126,793.71 $ 1,063,169,774.77
13 $ 19,702,080.65 $ 19,474,944.05 $ 227,136.60 $ 1,062,942,638.17
14 $ 19,702,080.65 $ 19,470,783.40 $ 231,297.25 $ 1,062,711,340.93
15 $ 19,702,080.65 $ 19,466,546.54 $ 235,534.10 $ 1,062,475,806.82
16 $ 19,702,080.65 $ 19,462,232.07 $ 239,848.57 $ 1,062,235,958.25
17 $ 19,702,080.65 $ 19,457,838.57 $ 244,242.08 $ 1,061,991,716.18
18 $ 19,702,080.65 $ 19,453,364.59 $ 248,716.06 $ 1,061,743,000.12
19 $ 19,800,591.05 $ 19,448,808.66 $ 351,782.39 $ 1,061,391,217.73
20 $ 19,800,591.05 $ 19,442,364.78 $ 358,226.28 $ 1,061,032,991.45
21 $ 19,800,591.05 $ 19,435,802.85 $ 364,788.20 $ 1,060,668,203.25
22 $ 19,800,591.05 $ 19,429,120.73 $ 371,470.32 $ 1,060,296,732.93
23 $ 19,800,591.05 $ 19,422,316.21 $ 378,274.84 $ 1,059,918,458.09
24 $ 19,800,591.05 $ 19,415,387.04 $ 385,204.01 $ 1,059,533,254.08
25 $ 19,899,594.01 $ 19,408,330.95 $ 491,263.06 $ 1,059,041,991.02
26 $ 19,899,594.01 $ 19,399,332.08 $ 500,261.93 $ 1,058,541,729.09
27 $ 19,899,594.01 $ 19,390,168.38 $ 509,425.63 $ 1,058,032,303.46
28 $ 19,899,594.01 $ 19,380,836.82 $ 518,757.19 $ 1,057,513,546.27
29 $ 19,899,594.01 $ 19,371,334.32 $ 528,259.69 $ 1,056,985,286.58
30 $ 19,899,594.01 $ 19,361,657.76 $ 537,936.25 $ 1,056,447,350.33
31 $ 19,999,091.98 $ 19,351,803.94 $ 647,288.04 $ 1,055,800,062.30
32 $ 19,999,091.98 $ 19,339,947.04 $ 659,144.94 $ 1,055,140,917.36
33 $ 19,999,091.98 $ 19,327,872.95 $ 671,219.03 $ 1,054,469,698.33
34 $ 19,999,091.98 $ 19,315,577.68 $ 683,514.29 $ 1,053,786,184.04
35 $ 19,999,091.98 $ 19,303,057.20 $ 696,034.78 $ 1,053,090,149.26
36 $ 19,999,091.98 $ 19,290,307.36 $ 708,784.61 $ 1,052,381,364.65
37 $ 20,099,087.44 $ 19,277,323.98 $ 821,763.46 $ 1,051,559,601.19
38 $ 20,099,087.44 $ 19,262,271.07 $ 836,816.37 $ 1,050,722,784.82
39 $ 20,099,087.44 $ 19,246,942.43 $ 852,145.01 $ 1,049,870,639.81
40 $ 20,099,087.44 $ 19,231,333.00 $ 867,754.44 $ 1,049,002,885.37
41 $ 20,099,087.44 $ 19,215,437.63 $ 883,649.80 $ 1,048,119,235.57
42 $ 20,099,087.44 $ 19,199,251.10 $ 899,836.34 $ 1,047,219,399.23
43 $ 20,199,582.87 $ 19,182,768.07 $ 1,016,814.81 $ 1,046,202,584.43
44 $ 20,199,582.87 $ 19,164,142.25 $ 1,035,440.63 $ 1,045,167,143.80
45 $ 20,199,582.87 $ 19,145,175.24 $ 1,054,407.63 $ 1,044,112,736.16
46 $ 20,199,582.87 $ 19,125,860.80 $ 1,073,722.08 $ 1,043,039,014.09
47 $ 20,199,582.87 $ 19,106,192.56 $ 1,093,390.31 $ 1,041,945,623.77
48 $ 20,199,582.87 $ 19,086,164.04 $ 1,113,418.83 $ 1,040,832,204.94
49 $ 20,300,580.79 $ 19,065,768.64 $ 1,234,812.14 $ 1,039,597,392.80
50 $ 20,300,580.79 $ 19,043,149.59 $ 1,257,431.20 $ 1,038,339,961.59
51 $ 20,300,580.79 $ 19,020,116.20 $ 1,280,464.59 $ 1,037,059,497.00
52 $ 20,300,580.79 $ 18,996,660.89 $ 1,303,919.90 $ 1,035,755,577.11
53 $ 20,300,580.79 $ 18,972,775.93 $ 1,327,804.86 $ 1,034,427,772.25
54 $ 20,300,580.79 $ 18,948,453.45 $ 1,352,127.34 $ 1,033,075,644.91
55 $ 20,402,083.69 $ 18,923,685.44 $ 1,478,398.26 $ 1,031,597,246.65
56 $ 20,402,083.69 $ 18,896,604.41 $ 1,505,479.28 $ 1,030,091,767.37
57 $ 20,402,083.69 $ 18,869,027.33 $ 1,533,056.36 $ 1,028,558,711.01
58 $ 20,402,083.69 $ 18,840,945.09 $ 1,561,138.60 $ 1,026,997,572.41
59 $ 20,402,083.69 $ 18,812,348.45 $ 1,589,735.25 $ 1,025,407,837.16
60 $ 20,402,083.69 $ 18,783,227.98 $ 1,618,855.72 $ 1,023,788,981.44
61 $ 20,504,094.11 $ 18,753,574.08 $ 1,750,520.03 $ 1,022,038,461.41
62 $ 20,504,094.11 $ 18,721,508.38 $ 1,782,585.73 $ 1,020,255,875.69
63 $ 20,504,094.11 $ 18,688,855.31 $ 1,815,238.80 $ 1,018,440,636.89
64 $ 20,504,094.11 $ 18,655,604.11 $ 1,848,490.00 $ 1,016,592,146.89
65 $ 20,504,094.11 $ 18,621,743.82 $ 1,882,350.29 $ 1,014,709,796.60
66 $ 20,504,094.11 $ 18,587,263.28 $ 1,916,830.83 $ 1,012,792,965.76
67 $ 20,606,614.58 $ 18,552,151.13 $ 2,054,463.45 $ 1,010,738,502.32
68 $ 20,606,614.58 $ 18,514,517.86 $ 2,092,096.72 $ 1,008,646,405.59
69 $ 20,606,614.58 $ 18,476,195.22 $ 2,130,419.36 $ 1,006,515,986.23
70 $ 20,606,614.58 $ 18,437,170.60 $ 2,169,443.98 $ 1,004,346,542.25
71 $ 20,606,614.58 $ 18,397,431.13 $ 2,209,183.45 $ 1,002,137,358.81
72 $ 20,606,614.58 $ 18,356,963.73 $ 2,249,650.85 $ 999,887,707.95
73 $ 20,709,647.65 $ 18,315,755.05 $ 2,393,892.61 $ 997,493,815.34
74 $ 20,709,647.65 $ 18,271,904.17 $ 2,437,743.48 $ 995,056,071.86
75 $ 20,709,647.65 $ 18,227,250.04 $ 2,482,397.61 $ 992,573,674.25
76 $ 20,709,647.65 $ 18,181,777.95 $ 2,527,869.70 $ 990,045,804.55
77 $ 20,709,647.65 $ 18,135,472.91 $ 2,574,174.74 $ 987,471,629.81
78 $ 20,709,647.65 $ 18,088,319.66 $ 2,621,327.99 $ 984,850,301.81
79 $ 20,813,195.89 $ 18,040,302.67 $ 2,772,893.22 $ 982,077,408.59
80 $ 20,813,195.89 $ 17,989,509.33 $ 2,823,686.56 $ 979,253,722.03
81 $ 20,813,195.89 $ 17,937,785.57 $ 2,875,410.32 $ 976,378,311.70
82 $ 20,813,195.89 $ 17,885,114.35 $ 2,928,081.55 $ 973,450,230.16
83 $ 20,813,195.89 $ 17,831,478.30 $ 2,981,717.59 $ 970,468,512.56
84 $ 20,813,195.89 $ 17,776,859.76 $ 3,036,336.14 $ 967,432,176.43
85 $ 20,917,261.87 $ 17,721,240.72 $ 3,196,021.15 $ 964,236,155.28
86 $ 20,917,261.87 $ 17,662,696.61 $ 3,254,565.26 $ 960,981,590.01
87 $ 20,917,261.87 $ 17,603,080.09 $ 3,314,181.78 $ 957,667,408.23
88 $ 20,917,261.87 $ 17,542,371.53 $ 3,374,890.34 $ 954,292,517.89
89 $ 20,917,261.87 $ 17,480,550.93 $ 3,436,710.95 $ 950,855,806.95
90 $ 20,917,261.87 $ 17,417,597.90 $ 3,499,663.97 $ 947,356,142.98
91 $ 21,021,848.18 $ 17,353,491.72 $ 3,668,356.47 $ 943,687,786.51
92 $ 21,021,848.18 $ 17,286,295.45 $ 3,735,552.73 $ 939,952,233.78
93 $ 21,021,848.18 $ 17,217,868.30 $ 3,803,979.88 $ 936,148,253.90
94 $ 21,021,848.18 $ 17,148,187.71 $ 3,873,660.47 $ 932,274,593.43
95 $ 21,021,848.18 $ 17,077,230.73 $ 3,944,617.46 $ 928,329,975.97
96 $ 21,021,848.18 $ 17,004,973.97 $ 4,016,874.22 $ 924,313,101.76
97 $ 21,126,957.42 $ 16,931,393.62 $ 4,195,563.80 $ 920,117,537.95
98 $ 21,126,957.42 $ 16,854,540.07 $ 4,272,417.35 $ 915,845,120.60
99 $ 21,126,957.42 $ 16,776,278.73 $ 4,350,678.69 $ 911,494,441.91
100 $ 21,126,957.42 $ 16,696,583.82 $ 4,430,373.60 $ 907,064,068.31
101 $ 21,126,957.42 $ 16,615,429.07 $ 4,511,528.36 $ 902,552,539.95
102 $ 21,126,957.42 $ 16,532,787.74 $ 4,594,169.68 $ 897,958,370.27
103 $ 21,232,592.21 $ 16,448,632.60 $ 4,783,959.61 $ 893,174,410.66
104 $ 21,232,592.21 $ 16,361,000.93 $ 4,871,591.28 $ 888,302,819.38
105 $ 21,232,592.21 $ 16,271,764.04 $ 4,960,828.17 $ 883,341,991.21
106 $ 21,232,592.21 $ 16,180,892.52 $ 5,051,699.69 $ 878,290,291.52
107 $ 21,232,592.21 $ 16,088,356.43 $ 5,144,235.78 $ 873,146,055.74
108 $ 21,232,592.21 $ 15,994,125.29 $ 5,238,466.92 $ 867,907,588.82
109 $ 21,338,755.17 $ 15,898,168.04 $ 5,440,587.13 $ 862,467,001.69
110 $ 21,338,755.17 $ 15,798,508.39 $ 5,540,246.79 $ 856,926,754.90
111 $ 21,338,755.17 $ 15,697,023.19 $ 5,641,731.98 $ 851,285,022.92
112 $ 21,338,755.17 $ 15,593,679.00 $ 5,745,076.17 $ 845,539,946.75
113 $ 21,338,755.17 $ 15,488,441.78 $ 5,850,313.40 $ 839,689,633.35
114 $ 21,338,755.17 $ 15,381,276.83 $ 5,957,478.34 $ 833,732,155.02
115 $ 21,445,448.95 $ 15,272,148.87 $ 6,173,300.08 $ 827,558,854.94
116 $ 21,445,448.95 $ 15,159,067.52 $ 6,286,381.43 $ 821,272,473.51
117 $ 21,445,448.95 $ 15,043,914.76 $ 6,401,534.18 $ 814,870,939.32
118 $ 21,445,448.95 $ 14,926,652.66 $ 6,518,796.28 $ 808,352,143.04
119 $ 21,445,448.95 $ 14,807,242.58 $ 6,638,206.37 $ 801,713,936.67
120 $ 21,445,448.95 $ 14,685,645.16 $ 6,759,803.78 $ 794,954,132.89
121 $ 21,552,676.19 $ 14,561,820.35 $ 6,990,855.84 $ 787,963,277.04
122 $ 21,552,676.19 $ 14,433,763.16 $ 7,118,913.03 $ 780,844,364.02
123 $ 21,552,676.19 $ 14,303,360.25 $ 7,249,315.94 $ 773,595,048.08
124 $ 21,552,676.19 $ 14,170,568.65 $ 7,382,107.54 $ 766,212,940.54
125 $ 21,552,676.19 $ 14,035,344.59 $ 7,517,331.60 $ 758,695,608.94
126 $ 21,552,676.19 $ 13,897,643.52 $ 7,655,032.67 $ 751,040,576.27
127 $ 21,660,439.57 $ 13,757,420.07 $ 7,903,019.50 $ 743,137,556.77
128 $ 21,660,439.57 $ 13,612,654.05 $ 8,047,785.52 $ 735,089,771.25
129 $ 21,660,439.57 $ 13,465,236.23 $ 8,195,203.35 $ 726,894,567.90
130 $ 21,660,439.57 $ 13,315,118.03 $ 8,345,321.54 $ 718,549,246.36
131 $ 21,660,439.57 $ 13,162,250.00 $ 8,498,189.57 $ 710,051,056.79
132 $ 21,660,439.57 $ 13,006,581.76 $ 8,653,857.81 $ 701,397,198.98
133 $ 21,768,741.77 $ 12,848,062.02 $ 8,920,679.75 $ 692,476,519.23
134 $ 21,768,741.77 $ 12,684,654.69 $ 9,084,087.08 $ 683,392,432.15
135 $ 21,768,741.77 $ 12,518,254.09 $ 9,250,487.68 $ 674,141,944.47
136 $ 21,768,741.77 $ 12,348,805.39 $ 9,419,936.38 $ 664,722,008.09
137 $ 21,768,741.77 $ 12,176,252.77 $ 9,592,489.00 $ 655,129,519.09
138 $ 21,768,741.77 $ 12,000,539.36 $ 9,768,202.41 $ 645,361,316.68
139 $ 21,877,585.48 $ 11,821,607.27 $ 10,055,978.21 $ 635,305,338.47
140 $ 21,877,585.48 $ 11,637,403.75 $ 10,240,181.73 $ 625,065,156.73
141 $ 21,877,585.48 $ 11,449,826.02 $ 10,427,759.46 $ 614,637,397.28
142 $ 21,877,585.48 $ 11,258,812.29 $ 10,618,773.19 $ 604,018,624.09
143 $ 21,877,585.48 $ 11,064,299.60 $ 10,813,285.88 $ 593,205,338.20
144 $ 21,877,585.48 $ 10,866,223.86 $ 11,011,361.62 $ 582,193,976.58
145 $ 21,986,973.41 $ 10,664,519.81 $ 11,322,453.60 $ 570,871,522.98
146 $ 21,986,973.41 $ 10,457,117.23 $ 11,529,856.18 $ 559,341,666.80
147 $ 21,986,973.41 $ 10,245,915.49 $ 11,741,057.92 $ 547,600,608.89
148 $ 21,986,973.41 $ 10,030,845.00 $ 11,956,128.41 $ 535,644,480.48
149 $ 21,986,973.41 $ 9,811,834.89 $ 12,175,138.52 $ 523,469,341.96
150 $ 21,986,973.41 $ 9,588,812.99 $ 12,398,160.42 $ 511,071,181.54
151 $ 22,096,908.27 $ 9,361,705.82 $ 12,735,202.46 $ 498,335,979.09
152 $ 22,096,908.27 $ 9,128,424.77 $ 12,968,483.50 $ 485,367,495.59
153 $ 22,096,908.27 $ 8,890,870.53 $ 13,206,037.74 $ 472,161,457.84
154 $ 22,096,908.27 $ 8,648,964.81 $ 13,447,943.46 $ 458,713,514.39
155 $ 22,096,908.27 $ 8,402,627.91 $ 13,694,280.36 $ 445,019,234.03
156 $ 22,096,908.27 $ 8,151,778.66 $ 13,945,129.61 $ 431,074,104.41
157 $ 22,207,392.81 $ 7,896,334.40 $ 14,311,058.42 $ 416,763,046.00
158 $ 22,207,392.81 $ 7,634,187.12 $ 14,573,205.69 $ 402,189,840.31
159 $ 22,207,392.81 $ 7,367,237.88 $ 14,840,154.94 $ 387,349,685.37
160 $ 22,207,392.81 $ 7,095,398.71 $ 15,111,994.10 $ 372,237,691.27
161 $ 22,207,392.81 $ 6,818,580.04 $ 15,388,812.77 $ 356,848,878.50
162 $ 22,207,392.81 $ 6,536,690.67 $ 15,670,702.15 $ 341,178,176.35
163 $ 22,318,429.78 $ 6,249,637.69 $ 16,068,792.09 $ 325,109,384.26
164 $ 22,318,429.78 $ 5,955,292.58 $ 16,363,137.20 $ 308,746,247.06
165 $ 22,318,429.78 $ 5,655,555.71 $ 16,662,874.07 $ 292,083,372.98
166 $ 22,318,429.78 $ 5,350,328.31 $ 16,968,101.47 $ 275,115,271.52
167 $ 22,318,429.78 $ 5,039,509.82 $ 17,278,919.96 $ 257,836,351.56
168 $ 22,318,429.78 $ 4,722,997.81 $ 17,595,431.97 $ 240,240,919.59
169 $ 22,430,021.93 $ 4,400,688.00 $ 18,029,333.93 $ 222,211,585.66
170 $ 22,430,021.93 $ 4,070,430.05 $ 18,359,591.88 $ 203,851,993.78
171 $ 22,430,021.93 $ 3,734,122.50 $ 18,695,899.43 $ 185,156,094.35
172 $ 22,430,021.93 $ 3,391,654.53 $ 19,038,367.40 $ 166,117,726.95
173 $ 22,430,021.93 $ 3,042,913.29 $ 19,387,108.64 $ 146,730,618.31
174 $ 22,430,021.93 $ 2,687,783.88 $ 19,742,238.05 $ 126,988,380.26
175 $ 22,542,172.04 $ 2,326,149.27 $ 20,216,022.76 $ 106,772,357.50
176 $ 22,542,172.04 $ 1,955,835.97 $ 20,586,336.07 $ 86,186,021.43
177 $ 22,542,172.04 $ 1,578,739.34 $ 20,963,432.70 $ 65,222,588.73
178 $ 22,542,172.04 $ 1,194,735.12 $ 21,347,436.92 $ 43,875,151.81
179 $ 22,542,172.04 $ 803,696.78 $ 21,738,475.26 $ 22,136,676.56
180 $ 22,542,172.04 $ 405,495.48 $ 22,136,676.56 -$ 0.00
En el mes 100 se refinancia la deuda para pagar en las siguien
Plazo: el mismo
nes: Tasa de interés 1.31% MDV
Forma de pago Cuota fija mensual en UVR
5.30% TTA 5.5966% TTV 1.8318% MMV Valor UVR en 0: $ 259.4578
Inflación esperada:
Presente la contabilidad en pesos de la última cuota (mes 18
Vlr UVR Saldo final UVR Mes Cuota mes UVR

$ 259.4578 4,100,859.56 UVR 100 x
$ 260.2027 4,089,057.18 UVR 101 53,291.62 UVR
$ 260.9497 4,077,287.61 UVR 102 53,291.62 UVR
$ 261.6989 4,065,550.75 UVR 103 53,291.62 UVR
$ 262.4502 4,053,846.49 UVR 104 53,291.62 UVR
$ 263.2036 4,042,174.72 UVR 105 53,291.62 UVR
$ 263.9593 4,030,535.34 UVR 106 53,291.62 UVR
$ 264.7171 4,018,559.78 UVR 107 53,291.62 UVR
$ 265.4770 4,006,611.77 UVR 108 53,291.62 UVR
$ 266.2392 3,994,691.12 UVR 109 53,291.62 UVR
$ 267.0035 3,982,797.66 UVR 110 53,291.62 UVR
$ 267.7701 3,970,931.18 UVR 111 53,291.62 UVR
$ 268.5388 3,959,091.51 UVR 112 53,291.62 UVR
$ 269.3098 3,946,914.50 UVR 113 53,291.62 UVR
$ 270.0829 3,934,759.35 UVR 114 53,291.62 UVR
$ 270.8583 3,922,625.81 UVR 115 53,291.62 UVR
$ 271.6359 3,910,513.60 UVR 116 53,291.62 UVR
$ 272.4158 3,898,422.48 UVR 117 53,291.62 UVR
$ 273.1978 3,886,352.15 UVR 118 53,291.62 UVR
$ 273.9822 3,873,942.81 UVR 119 53,291.62 UVR
$ 274.7687 3,861,549.21 UVR 120 53,291.62 UVR
$ 275.5576 3,849,171.01 UVR 121 53,291.62 UVR
$ 276.3487 3,836,807.86 UVR 122 53,291.62 UVR
$ 277.1420 3,824,459.39 UVR 123 53,291.62 UVR
$ 277.9377 3,812,125.25 UVR 124 53,291.62 UVR
$ 278.7356 3,799,449.88 UVR 125 53,291.62 UVR
$ 279.5358 3,786,783.66 UVR 126 53,291.62 UVR
$ 280.3384 3,774,126.12 UVR 127 53,291.62 UVR
$ 281.1432 3,761,476.84 UVR 128 53,291.62 UVR
$ 281.9503 3,748,835.34 UVR 129 53,291.62 UVR
$ 282.7598 3,736,201.17 UVR 130 53,291.62 UVR
$ 283.5715 3,723,223.00 UVR 131 53,291.62 UVR
$ 284.3856 3,710,246.81 UVR 132 53,291.62 UVR
$ 285.2021 3,697,272.08 UVR 133 53,291.62 UVR
$ 286.0209 3,684,298.23 UVR 134 53,291.62 UVR
$ 286.8420 3,671,324.72 UVR 135 53,291.62 UVR
$ 287.6655 3,658,350.97 UVR 136 53,291.62 UVR
$ 288.4914 3,645,029.80 UVR 137 53,291.62 UVR
$ 289.3196 3,631,702.89 UVR 138 53,291.62 UVR
$ 290.1502 3,618,369.57 UVR 139 53,291.62 UVR
$ 290.9832 3,605,029.19 UVR 140 53,291.62 UVR
$ 291.8186 3,591,681.06 UVR 141 53,291.62 UVR
$ 292.6564 3,578,324.51 UVR 142 53,291.62 UVR
$ 293.4965 3,564,616.42 UVR 143 53,291.62 UVR
$ 294.3391 3,550,894.22 UVR 144 53,291.62 UVR
$ 295.1842 3,537,157.11 UVR 145 53,291.62 UVR
$ 296.0316 3,523,404.31 UVR 146 53,291.62 UVR
$ 296.8815 3,509,635.01 UVR 147 53,291.62 UVR
$ 297.7338 3,495,848.40 UVR 148 53,291.62 UVR
$ 298.5886 3,481,705.41 UVR 149 53,291.62 UVR
$ 299.4458 3,467,539.20 UVR 150 53,291.62 UVR
$ 300.3055 3,453,348.87 UVR 151 53,291.62 UVR
$ 301.1676 3,439,133.49 UVR 152 53,291.62 UVR
$ 302.0322 3,424,892.12 UVR 153 53,291.62 UVR
$ 302.8993 3,410,623.79 UVR 154 53,291.62 UVR
$ 303.7689 3,395,993.42 UVR 155 53,291.62 UVR
$ 304.6410 3,381,329.96 UVR 156 53,291.62 UVR
$ 305.5156 3,366,632.36 UVR 157 53,291.62 UVR
$ 306.3927 3,351,899.55 UVR 158 53,291.62 UVR
$ 307.2723 3,337,130.43 UVR 159 53,291.62 UVR
$ 308.1545 3,322,323.90 UVR 160 53,291.62 UVR
$ 309.0392 3,307,148.76 UVR 161 53,291.62 UVR
$ 309.9264 3,291,929.80 UVR 162 53,291.62 UVR
$ 310.8161 3,276,665.83 UVR 163 53,291.62 UVR
$ 311.7085 3,261,355.59 UVR 164 53,291.62 UVR
$ 312.6033 3,245,997.85 UVR 165 53,291.62 UVR
$ 313.5008 3,230,591.31 UVR 166 53,291.62 UVR
$ 314.4008 3,214,808.63 UVR 167 53,291.62 UVR
$ 315.3034 3,198,970.47 UVR 168 53,291.62 UVR
$ 316.2086 3,183,075.46 UVR 169 53,291.62 UVR
$ 317.1165 3,167,122.17 UVR 170 53,291.62 UVR
$ 318.0269 3,151,109.19 UVR 171 53,291.62 UVR
$ 318.9399 3,135,035.04 UVR 172 53,291.62 UVR
$ 319.8555 3,118,576.14 UVR 173 53,291.62 UVR
$ 320.7738 3,102,049.09 UVR 174 53,291.62 UVR
$ 321.6947 3,085,452.29 UVR 175 53,291.62 UVR
$ 322.6183 3,068,784.14 UVR 176 53,291.62 UVR
$ 323.5445 3,052,043.02 UVR 177 53,291.62 UVR
$ 324.4733 3,035,227.28 UVR 178 53,291.62 UVR
$ 325.4049 3,018,017.03 UVR 179 53,291.62 UVR
$ 326.3391 3,000,724.80 UVR 180 53,291.62 UVR
$ 327.2760 2,983,348.80 UVR
$ 328.2155 2,965,887.21 UVR
$ 329.1578 2,948,338.19 UVR
$ 330.1028 2,930,699.89 UVR
$ 331.0505 2,912,656.05 UVR
$ 332.0009 2,894,515.17 UVR
$ 332.9540 2,876,275.22 UVR
$ 333.9099 2,857,934.18 UVR
$ 334.8685 2,839,489.96 UVR
$ 335.8299 2,820,940.47 UVR
$ 336.7940 2,801,973.03 UVR
$ 337.7609 2,782,892.12 UVR
$ 338.7306 2,763,695.49 UVR
$ 339.7031 2,744,380.83 UVR
$ 340.6783 2,724,945.83 UVR
$ 341.6564 2,705,388.12 UVR
$ 342.6372 2,685,398.55 UVR
$ 343.6209 2,665,277.59 UVR
$ 344.6074 2,645,022.73 UVR
$ 345.5967 2,624,631.38 UVR
$ 346.5889 2,604,100.96 UVR
$ 347.5839 2,583,428.81 UVR
$ 348.5818 2,562,309.21 UVR
$ 349.5826 2,541,038.69 UVR
$ 350.5862 2,519,614.41 UVR
$ 351.5927 2,498,033.52 UVR
$ 352.6021 2,476,293.09 UVR
$ 353.6143 2,454,390.19 UVR
$ 354.6295 2,432,022.45 UVR
$ 355.6476 2,409,482.44 UVR
$ 356.6687 2,386,767.01 UVR
$ 357.6926 2,363,872.97 UVR
$ 358.7195 2,340,797.08 UVR
$ 359.7494 2,317,536.04 UVR
$ 360.7822 2,293,790.80 UVR
$ 361.8180 2,269,849.98 UVR
$ 362.8567 2,245,710.08 UVR
$ 363.8984 2,221,367.55 UVR
$ 364.9431 2,196,818.78 UVR
$ 365.9909 2,172,060.12 UVR
$ 367.0416 2,146,795.71 UVR
$ 368.0953 2,121,310.26 UVR
$ 369.1521 2,095,599.88 UVR
$ 370.2119 2,069,660.62 UVR
$ 371.2747 2,043,488.49 UVR
$ 372.3406 2,017,079.41 UVR
$ 373.4096 1,990,140.68 UVR
$ 374.4816 1,962,953.07 UVR
$ 375.5567 1,935,512.28 UVR
$ 376.6349 1,907,813.94 UVR
$ 377.7161 1,879,853.60 UVR
$ 378.8005 1,851,626.76 UVR
$ 379.8880 1,822,843.75 UVR
$ 380.9786 1,793,781.45 UVR
$ 382.0724 1,764,435.08 UVR
$ 383.1693 1,734,799.80 UVR
$ 384.2693 1,704,870.69 UVR
$ 385.3725 1,674,642.76 UVR
$ 386.4789 1,643,829.32 UVR
$ 387.5884 1,612,703.31 UVR
$ 388.7012 1,581,259.47 UVR
$ 389.8171 1,549,492.43 UVR
$ 390.9362 1,517,396.75 UVR
$ 392.0585 1,484,966.92 UVR
$ 393.1841 1,451,919.11 UVR
$ 394.3129 1,418,522.36 UVR
$ 395.4449 1,384,770.83 UVR
$ 396.5802 1,350,658.60 UVR
$ 397.7188 1,316,179.67 UVR
$ 398.8606 1,281,327.92 UVR
$ 400.0057 1,245,822.33 UVR
$ 401.1540 1,209,928.00 UVR
$ 402.3057 1,173,638.48 UVR
$ 403.4607 1,136,947.25 UVR
$ 404.6190 1,099,847.65 UVR
$ 405.7806 1,062,332.96 UVR
$ 406.9456 1,024,124.83 UVR
$ 408.1139 985,484.41 UVR
$ 409.2855 946,404.60 UVR
$ 410.4605 906,878.18 UVR
$ 411.6389 866,897.82 UVR
$ 412.8207 826,456.10 UVR
$ 414.0059 785,277.26 UVR
$ 415.1944 743,618.48 UVR
$ 416.3864 701,471.93 UVR
$ 417.5818 658,829.64 UVR
$ 418.7806 615,683.55 UVR
$ 419.9829 572,025.45 UVR
$ 421.1886 527,582.09 UVR
$ 422.3978 482,606.62 UVR
$ 423.6105 437,090.43 UVR
$ 424.8266 391,024.74 UVR
$ 426.0463 344,400.66 UVR
$ 427.2694 297,209.15 UVR
$ 428.4961 249,179.32 UVR
$ 429.7262 200,560.30 UVR
$ 430.9599 151,342.58 UVR
$ 432.1972 101,516.52 UVR
$ 433.4380 51,072.31 UVR
$ 434.6823 0.00 UVR
cia la deuda para pagar en las siguientes condiciones:
(mensual por días vencidos) 0.0437% DDV 1.3183% MMV

fija mensual en UVR
3.5% anual 0.2871% mensual

d en pesos de la última cuota (mes 180) después de la refinanciación.
Ints UVR Amort UVR Sdo final UVR Valor UVR Cuota COP
x x 2,624,631.38 UVR $ 345.5967 x
34,601.26 UVR 18,690.36 UVR 2,605,941.02 UVR $ 346.5889 $ 18,470,284.95
34,354.86 UVR 18,936.76 UVR 2,587,004.26 UVR $ 347.5839 $ 18,523,311.27
34,105.21 UVR 19,186.41 UVR 2,567,817.86 UVR $ 348.5818 $ 18,576,489.82
33,852.27 UVR 19,439.35 UVR 2,548,378.51 UVR $ 349.5826 $ 18,629,821.04
33,596.00 UVR 19,695.62 UVR 2,528,682.88 UVR $ 350.5862 $ 18,683,305.37
33,336.34 UVR 19,955.28 UVR 2,508,727.61 UVR $ 351.5927 $ 18,736,943.25
33,073.27 UVR 20,218.35 UVR 2,488,509.26 UVR $ 352.6021 $ 18,790,735.12
32,806.72 UVR 20,484.90 UVR 2,468,024.36 UVR $ 353.6143 $ 18,844,681.41
32,536.67 UVR 20,754.95 UVR 2,447,269.41 UVR $ 354.6295 $ 18,898,782.59
32,263.05 UVR 21,028.57 UVR 2,426,240.84 UVR $ 355.6476 $ 18,953,039.08
31,985.82 UVR 21,305.80 UVR 2,404,935.04 UVR $ 356.6687 $ 19,007,451.33
31,704.94 UVR 21,586.68 UVR 2,383,348.36 UVR $ 357.6926 $ 19,062,019.80
31,420.36 UVR 21,871.26 UVR 2,361,477.10 UVR $ 358.7195 $ 19,116,744.93
31,132.02 UVR 22,159.60 UVR 2,339,317.50 UVR $ 359.7494 $ 19,171,627.17
30,839.89 UVR 22,451.73 UVR 2,316,865.77 UVR $ 360.7822 $ 19,226,666.97
30,543.90 UVR 22,747.72 UVR 2,294,118.05 UVR $ 361.8180 $ 19,281,864.78
30,244.01 UVR 23,047.61 UVR 2,271,070.44 UVR $ 362.8567 $ 19,337,221.06
29,940.17 UVR 23,351.45 UVR 2,247,718.98 UVR $ 363.8984 $ 19,392,736.26
29,632.32 UVR 23,659.30 UVR 2,224,059.68 UVR $ 364.9431 $ 19,448,410.84
29,320.41 UVR 23,971.21 UVR 2,200,088.47 UVR $ 365.9909 $ 19,504,245.26
29,004.39 UVR 24,287.23 UVR 2,175,801.24 UVR $ 367.0416 $ 19,560,239.98
28,684.21 UVR 24,607.41 UVR 2,151,193.83 UVR $ 368.0953 $ 19,616,395.44
28,359.80 UVR 24,931.82 UVR 2,126,262.01 UVR $ 369.1521 $ 19,672,712.13
28,031.12 UVR 25,260.50 UVR 2,101,001.50 UVR $ 370.2119 $ 19,729,190.49
27,698.10 UVR 25,593.52 UVR 2,075,407.98 UVR $ 371.2747 $ 19,785,831.00
27,360.69 UVR 25,930.93 UVR 2,049,477.06 UVR $ 372.3406 $ 19,842,634.12
27,018.84 UVR 26,272.78 UVR 2,023,204.27 UVR $ 373.4096 $ 19,899,600.31
26,672.48 UVR 26,619.14 UVR 1,996,585.13 UVR $ 374.4816 $ 19,956,730.05
26,321.55 UVR 26,970.07 UVR 1,969,615.06 UVR $ 375.5567 $ 20,014,023.80
25,965.99 UVR 27,325.63 UVR 1,942,289.43 UVR $ 376.6349 $ 20,071,482.03
25,605.75 UVR 27,685.87 UVR 1,914,603.57 UVR $ 377.7161 $ 20,129,105.22
25,240.76 UVR 28,050.86 UVR 1,886,552.71 UVR $ 378.8005 $ 20,186,893.85
24,870.96 UVR 28,420.66 UVR 1,858,132.05 UVR $ 379.8880 $ 20,244,848.37
24,496.28 UVR 28,795.34 UVR 1,829,336.71 UVR $ 380.9786 $ 20,302,969.28
24,116.67 UVR 29,174.95 UVR 1,800,161.76 UVR $ 382.0724 $ 20,361,257.05
23,732.04 UVR 29,559.58 UVR 1,770,602.18 UVR $ 383.1693 $ 20,419,712.16
23,342.35 UVR 29,949.27 UVR 1,740,652.91 UVR $ 384.2693 $ 20,478,335.08
22,947.52 UVR 30,344.10 UVR 1,710,308.82 UVR $ 385.3725 $ 20,537,126.31
22,547.49 UVR 30,744.13 UVR 1,679,564.68 UVR $ 386.4789 $ 20,596,086.32
22,142.18 UVR 31,149.44 UVR 1,648,415.24 UVR $ 387.5884 $ 20,655,215.60
21,731.53 UVR 31,560.09 UVR 1,616,855.15 UVR $ 388.7012 $ 20,714,514.63
21,315.46 UVR 31,976.16 UVR 1,584,878.99 UVR $ 389.8171 $ 20,773,983.90
20,893.91 UVR 32,397.71 UVR 1,552,481.28 UVR $ 390.9362 $ 20,833,623.91
20,466.80 UVR 32,824.82 UVR 1,519,656.46 UVR $ 392.0585 $ 20,893,435.13
20,034.06 UVR 33,257.56 UVR 1,486,398.90 UVR $ 393.1841 $ 20,953,418.07
19,595.62 UVR 33,696.00 UVR 1,452,702.90 UVR $ 394.3129 $ 21,013,573.21
19,151.39 UVR 34,140.23 UVR 1,418,562.68 UVR $ 395.4449 $ 21,073,901.05
18,701.31 UVR 34,590.31 UVR 1,383,972.37 UVR $ 396.5802 $ 21,134,402.08
18,245.30 UVR 35,046.32 UVR 1,348,926.05 UVR $ 397.7188 $ 21,195,076.81
17,783.28 UVR 35,508.34 UVR 1,313,417.71 UVR $ 398.8606 $ 21,255,925.73
17,315.16 UVR 35,976.46 UVR 1,277,441.25 UVR $ 400.0057 $ 21,316,949.34
16,840.87 UVR 36,450.75 UVR 1,240,990.50 UVR $ 401.1540 $ 21,378,148.14
16,360.33 UVR 36,931.29 UVR 1,204,059.21 UVR $ 402.3057 $ 21,439,522.64
15,873.45 UVR 37,418.17 UVR 1,166,641.04 UVR $ 403.4607 $ 21,501,073.34
15,380.16 UVR 37,911.46 UVR 1,128,729.58 UVR $ 404.6190 $ 21,562,800.74
14,880.36 UVR 38,411.26 UVR 1,090,318.32 UVR $ 405.7806 $ 21,624,705.36
14,373.98 UVR 38,917.64 UVR 1,051,400.68 UVR $ 406.9456 $ 21,686,787.70
13,860.91 UVR 39,430.71 UVR 1,011,969.97 UVR $ 408.1139 $ 21,749,048.27
13,341.09 UVR 39,950.53 UVR 972,019.44 UVR $ 409.2855 $ 21,811,487.59
12,814.41 UVR 40,477.21 UVR 931,542.23 UVR $ 410.4605 $ 21,874,106.16
12,280.79 UVR 41,010.83 UVR 890,531.40 UVR $ 411.6389 $ 21,936,904.50
11,740.13 UVR 41,551.49 UVR 848,979.90 UVR $ 412.8207 $ 21,999,883.13
11,192.34 UVR 42,099.28 UVR 806,880.63 UVR $ 414.0059 $ 22,063,042.57
10,637.34 UVR 42,654.28 UVR 764,226.34 UVR $ 415.1944 $ 22,126,383.33
10,075.01 UVR 43,216.61 UVR 721,009.74 UVR $ 416.3864 $ 22,189,905.93
9,505.28 UVR 43,786.34 UVR 677,223.39 UVR $ 417.5818 $ 22,253,610.91
8,928.03 UVR 44,363.59 UVR 632,859.80 UVR $ 418.7806 $ 22,317,498.77
8,343.17 UVR 44,948.45 UVR 587,911.35 UVR $ 419.9829 $ 22,381,570.05
7,750.60 UVR 45,541.02 UVR 542,370.34 UVR $ 421.1886 $ 22,445,825.27
7,150.22 UVR 46,141.40 UVR 496,228.94 UVR $ 422.3978 $ 22,510,264.96
6,541.93 UVR 46,749.69 UVR 449,479.25 UVR $ 423.6105 $ 22,574,889.65
5,925.61 UVR 47,366.01 UVR 402,113.24 UVR $ 424.8266 $ 22,639,699.87
5,301.17 UVR 47,990.45 UVR 354,122.79 UVR $ 426.0463 $ 22,704,696.16
4,668.50 UVR 48,623.12 UVR 305,499.67 UVR $ 427.2694 $ 22,769,879.04
4,027.49 UVR 49,264.13 UVR 256,235.54 UVR $ 428.4961 $ 22,835,249.06
3,378.03 UVR 49,913.59 UVR 206,321.95 UVR $ 429.7262 $ 22,900,806.75
2,720.00 UVR 50,571.62 UVR 155,750.33 UVR $ 430.9599 $ 22,966,552.64
2,053.30 UVR 51,238.32 UVR 104,512.01 UVR $ 432.1972 $ 23,032,487.29
1,377.81 UVR 51,913.81 UVR 52,598.20 UVR $ 433.4380 $ 23,098,611.23
693.42 UVR 52,598.20 UVR 0.00 UVR $ 434.6823 $ 23,164,925.00
Cuota 180 $ 23,164,925.00
Ints 180 $ 301,416.13
Amort 180 $ 22,863,508.87
Ints COP Amort COP Sdo final COP

x x $ 907,064,068.31
$ 11,992,413.55 $ 6,477,871.40 $ 903,190,285.98
$ 11,941,197.77 $ 6,582,113.50 $ 899,201,140.31
$ 11,888,456.75 $ 6,688,033.08 $ 895,094,622.64
$ 11,834,163.94 $ 6,795,657.11 $ 890,868,691.53
$ 11,778,292.34 $ 6,905,013.03 $ 886,521,272.29
$ 11,720,814.54 $ 7,016,128.71 $ 882,050,256.37
$ 11,661,702.65 $ 7,129,032.47 $ 877,453,500.85
$ 11,600,928.34 $ 7,243,753.07 $ 872,728,827.91
$ 11,538,462.82 $ 7,360,319.77 $ 867,874,024.22
$ 11,474,276.82 $ 7,478,762.26 $ 862,886,840.38
$ 11,408,340.60 $ 7,599,110.73 $ 857,764,990.38
$ 11,340,623.95 $ 7,721,395.85 $ 852,506,150.94
$ 11,271,096.14 $ 7,845,648.79 $ 847,107,960.97
$ 11,199,725.96 $ 7,971,901.21 $ 841,568,020.93
$ 11,126,481.68 $ 8,100,185.28 $ 835,883,892.20
$ 11,051,331.07 $ 8,230,533.71 $ 830,053,096.48
$ 10,974,241.35 $ 8,362,979.71 $ 824,073,115.14
$ 10,895,179.23 $ 8,497,557.04 $ 817,941,388.56
$ 10,814,110.86 $ 8,634,299.98 $ 811,655,315.46
$ 10,731,001.86 $ 8,773,243.40 $ 805,212,252.26
$ 10,645,817.27 $ 8,914,422.70 $ 798,609,512.39
$ 10,558,521.58 $ 9,057,873.86 $ 791,844,365.55
$ 10,469,078.68 $ 9,203,633.44 $ 784,914,037.08
$ 10,377,451.90 $ 9,351,738.59 $ 777,815,707.19
$ 10,283,603.94 $ 9,502,227.06 $ 770,546,510.25
$ 10,187,496.93 $ 9,655,137.18 $ 763,103,534.05
$ 10,089,092.36 $ 9,810,507.95 $ 755,483,819.07
$ 9,988,351.11 $ 9,968,378.94 $ 747,684,357.66
$ 9,885,233.40 $ 10,128,790.40 $ 739,702,093.32
$ 9,779,698.83 $ 10,291,783.20 $ 731,533,919.92
$ 9,671,706.34 $ 10,457,398.89 $ 723,176,680.82
$ 9,561,214.18 $ 10,625,679.67 $ 714,627,168.16
$ 9,448,179.94 $ 10,796,668.43 $ 705,882,121.95
$ 9,332,560.53 $ 10,970,408.75 $ 696,938,229.28
$ 9,214,312.15 $ 11,146,944.90 $ 687,792,123.45
$ 9,093,390.28 $ 11,326,321.88 $ 678,440,383.09
$ 8,969,749.69 $ 11,508,585.39 $ 668,879,531.33
$ 8,843,344.41 $ 11,693,781.90 $ 659,106,034.82
$ 8,714,127.72 $ 11,881,958.60 $ 649,116,302.89
$ 8,582,052.16 $ 12,073,163.44 $ 638,906,686.62
$ 8,447,069.48 $ 12,267,445.15 $ 628,473,477.86
$ 8,309,130.65 $ 12,464,853.25 $ 617,812,908.31
$ 8,168,185.86 $ 12,665,438.05 $ 606,921,148.55
$ 8,024,184.47 $ 12,869,250.66 $ 595,794,307.03
$ 7,877,075.03 $ 13,076,343.04 $ 584,428,429.10
$ 7,726,805.26 $ 13,286,767.95 $ 572,819,495.98
$ 7,573,322.03 $ 13,500,579.02 $ 560,963,423.72
$ 7,416,571.33 $ 13,717,830.75 $ 548,856,062.14
$ 7,256,498.31 $ 13,938,578.50 $ 536,493,193.80
$ 7,093,047.20 $ 14,162,878.53 $ 523,870,532.89
$ 6,926,161.34 $ 14,390,788.01 $ 510,983,724.13
$ 6,755,783.14 $ 14,622,365.00 $ 497,828,341.64
$ 6,581,854.09 $ 14,857,668.55 $ 484,399,887.84
$ 6,404,314.74 $ 15,096,758.60 $ 470,693,792.26
$ 6,223,104.64 $ 15,339,696.10 $ 456,705,410.36
$ 6,038,162.40 $ 15,586,542.96 $ 442,430,022.38
$ 5,849,425.62 $ 15,837,362.08 $ 427,862,832.08
$ 5,656,830.87 $ 16,092,217.40 $ 412,998,965.54
$ 5,460,313.74 $ 16,351,173.85 $ 397,833,469.89
$ 5,259,808.72 $ 16,614,297.44 $ 382,361,312.05
$ 5,055,249.28 $ 16,881,655.22 $ 366,577,377.44
$ 4,846,567.80 $ 17,153,315.33 $ 350,476,468.63
$ 4,633,695.57 $ 17,429,347.00 $ 334,053,304.08
$ 4,416,562.75 $ 17,709,820.58 $ 317,302,516.69
$ 4,195,098.38 $ 17,994,807.56 $ 300,218,652.53
$ 3,969,230.36 $ 18,284,380.55 $ 282,796,169.32
$ 3,738,885.41 $ 18,578,613.36 $ 265,029,435.13
$ 3,503,989.08 $ 18,877,580.97 $ 246,912,726.82
$ 3,264,465.69 $ 19,181,359.58 $ 228,440,228.68
$ 3,020,238.36 $ 19,490,026.60 $ 209,606,030.84
$ 2,771,228.95 $ 19,803,660.70 $ 190,404,127.82
$ 2,517,358.06 $ 20,122,341.81 $ 170,828,416.97
$ 2,258,545.01 $ 20,446,151.15 $ 150,872,696.91
$ 1,994,707.80 $ 20,775,171.24 $ 130,530,665.90
$ 1,725,763.13 $ 21,109,485.93 $ 109,795,920.30
$ 1,451,626.33 $ 21,449,180.42 $ 88,661,952.84
$ 1,172,211.36 $ 21,794,341.28 $ 67,122,151.05
$ 887,430.80 $ 22,145,056.49 $ 45,169,795.46
$ 597,195.82 $ 22,501,415.41 $ 22,798,057.96
$ 301,416.13 $ 22,863,508.87 $ 0.00
17. Peter es un inversionista inglés con un costo de oportunidad del
Y tiene la oportunidad de invertir en tres proyectos mutuamente excluyentes con los siguientes flujos y en las sig
Proyecto A: Londres Proyecto B: Liverpool
Año Flujo neto inversionista Semestre Flujo neto del inversionista
0 -11,000,000.00 GBP 0 -10,000,000.00 GBP
1 0 GBP 1 -1,000,000.00 GBP
2 0 GBP 2 0 GBP
3 0 GBP 3 0 GBP
4 0 GBP 4 0 GBP
5 0 GBP 5 0 GBP
6 0 GBP 6 0 GBP
7 35,000,000.00 GBP 7 0 GBP
8 0 GBP
9 0 GBP
10 0 GBP
11 0 GBP
12 24,000,000.00 GBP
17% anual 8.1665% sem 4.0031% trim
Se recomienda invertir en e
yentes con los siguientes flujos y en las siguientes ciudades: Londres
cto B: Liverpool Proyecto C: Manchester
Evalúe cada proyecto por TIR anual y R B
Beneficios (B) Trimestre Flujo neto del inversionista de ser necesario y aconseje
x 0 -12,000,000.00 GBP
0 GBP 1 0 GBP TIR (A)
0 GBP 2 0 GBP R B/C (A)
0 GBP 3 0 GBP
0 GBP 4 0 GBP TIR (B)
0 GBP 5 0 GBP R B/C (B)
0 GBP 6 0 GBP
0 GBP 7 0 GBP TIR (C)
0 GBP 8 0 GBP R B/C (C)
0 GBP 9 0 GBP
0 GBP 10 0 GBP
0 GBP 11 0 GBP
24,000,000.00 GBP 12 0 GBP
13 0 GBP
14 0 GBP
15 0 GBP
16 0 GBP
17 0 GBP
18 0 GBP
19 0 GBP
20 0 GBP
21 0 GBP
22 0 GBP
23 0 GBP
24 0 GBP
25 0 GBP
26 0 GBP
27 0 GBP
28 0 GBP
29 0 GBP
30 0 GBP
31 0 GBP
32 39,000,000.00 GBP
e recomienda invertir en el proyecto A:
Londres
valúe cada proyecto por TIR anual y R B/C, compare en caso
de ser necesario y aconseje a Peter
17.9806% anual Sí se compara

1.0602 veces Sí se compara
6.7687% sem 13.9956% anual No le sirve

0.8564 veces No le sirve
3.7520% trim 15.8738% anual No le sirve

0.9255 veces No le sirve
18. Mi hija piensa viajar a Europa en julio de 2025, para la cual planea realizar depósitos mensuales, a partir de
Depósitos iguales en 2019
Depósitos crecientes en $ 400,000.00 al año durante los años 2020 a 2022
Depósitos decrecientes en 2% semestral durante los años 2023 y 2024
0.7% MMA (mensual anticipado)
El fondo de interés reconoce intereses del
y del 1.1% MQV (mensual por quincenas vencida
Mi hija desea tener acumulada la suma de $ 140,000,000.00 en julio de 2025
¿Cuál debe ser el valor del primer depósito?
Mes i mensual Depósito mes Intereses Saldo final

Jan-19 x $ 539,285.57 x $ 539,285.57
Feb-19 0.7049% $ 539,285.57 $ 3,801.61 $ 1,082,372.75
Mar-19 0.7049% $ 539,285.57 $ 7,630.02 $ 1,629,288.34
Apr-19 0.7049% $ 539,285.57 $ 11,485.42 $ 2,180,059.32
May-19 0.7049% $ 539,285.57 $ 15,367.99 $ 2,734,712.88
Jun-19 0.7049% $ 539,285.57 $ 19,277.94 $ 3,293,276.39
Jul-19 0.7049% $ 539,285.57 $ 23,215.44 $ 3,855,777.40
Aug-19 0.7049% $ 539,285.57 $ 27,180.71 $ 4,422,243.67
Sep-19 0.7049% $ 539,285.57 $ 31,173.92 $ 4,992,703.17
Oct-19 0.7049% $ 539,285.57 $ 35,195.29 $ 5,567,184.02
Nov-19 0.7049% $ 539,285.57 $ 39,245.00 $ 6,145,714.60
Dec-19 0.7049% $ 539,285.57 $ 43,323.27 $ 6,728,323.43
Jan-20 0.7049% $ 939,285.57 $ 47,430.28 $ 7,715,039.28
Feb-20 0.7049% $ 939,285.57 $ 54,385.98 $ 8,708,710.82
Mar-20 0.7049% $ 939,285.57 $ 61,390.71 $ 9,709,387.10
Apr-20 0.7049% $ 939,285.57 $ 68,444.82 $ 10,717,117.49
May-20 0.7049% $ 939,285.57 $ 75,548.66 $ 11,731,951.73
Jun-20 0.7049% $ 939,285.57 $ 82,702.58 $ 12,753,939.87
Jul-20 0.7049% $ 939,285.57 $ 89,906.93 $ 13,783,132.37
Aug-20 0.7049% $ 939,285.57 $ 97,162.06 $ 14,819,580.00
Sep-20 0.7049% $ 939,285.57 $ 104,468.34 $ 15,863,333.91
Oct-20 0.7049% $ 939,285.57 $ 111,826.12 $ 16,914,445.60
Nov-20 0.7049% $ 939,285.57 $ 119,235.77 $ 17,972,966.94
Dec-20 0.7049% $ 939,285.57 $ 126,697.65 $ 19,038,950.16
Jan-21 0.7049% $ 1,339,285.57 $ 134,212.14 $ 20,512,447.86
Feb-21 0.7049% $ 1,339,285.57 $ 144,599.33 $ 21,996,332.76
Mar-21 0.7049% $ 1,339,285.57 $ 155,059.75 $ 23,490,678.08
Apr-21 0.7049% $ 1,339,285.57 $ 165,593.90 $ 24,995,557.55
May-21 0.7049% $ 1,339,285.57 $ 176,202.32 $ 26,511,045.44
Jun-21 0.7049% $ 1,339,285.57 $ 186,885.52 $ 28,037,216.52
Jul-21 0.7049% $ 1,339,285.57 $ 197,644.02 $ 29,574,146.12
Aug-21 0.7049% $ 1,339,285.57 $ 208,478.37 $ 31,121,910.06
Sep-21 0.7049% $ 1,339,285.57 $ 219,389.09 $ 32,680,584.72
Oct-21 0.7049% $ 1,339,285.57 $ 230,376.73 $ 34,250,247.02
Nov-21 0.7049% $ 1,339,285.57 $ 241,441.82 $ 35,830,974.41
Dec-21 0.7049% $ 1,339,285.57 $ 252,584.92 $ 37,422,844.90
Jan-22 1.1030% $ 1,739,285.57 $ 412,783.33 $ 39,574,913.80
Feb-22 1.1030% $ 1,739,285.57 $ 436,521.19 $ 41,750,720.56
Mar-22 1.1030% $ 1,739,285.57 $ 460,520.89 $ 43,950,527.02
Apr-22 1.1030% $ 1,739,285.57 $ 484,785.30 $ 46,174,597.89
May-22 1.1030% $ 1,739,285.57 $ 509,317.36 $ 48,423,200.81
Jun-22 1.1030% $ 1,739,285.57 $ 534,120.01 $ 50,696,606.39
Jul-22 1.1030% $ 1,739,285.57 $ 559,196.24 $ 52,995,088.20
Aug-22 1.1030% $ 1,739,285.57 $ 584,549.07 $ 55,318,922.84
Sep-22 1.1030% $ 1,739,285.57 $ 610,181.55 $ 57,668,389.96
Oct-22 1.1030% $ 1,739,285.57 $ 636,096.76 $ 60,043,772.29
Nov-22 1.1030% $ 1,739,285.57 $ 662,297.82 $ 62,445,355.68
Dec-22 1.1030% $ 1,739,285.57 $ 688,787.88 $ 64,873,429.13
Jan-23 1.1030% $ 1,704,499.86 $ 715,570.14 $ 67,293,499.13
Feb-23 1.1030% $ 1,704,499.86 $ 742,264.12 $ 69,740,263.11
Mar-23 1.1030% $ 1,704,499.86 $ 769,252.54 $ 72,214,015.50
Apr-23 1.1030% $ 1,704,499.86 $ 796,538.64 $ 74,715,054.00
May-23 1.1030% $ 1,704,499.86 $ 824,125.72 $ 77,243,679.59
Jun-23 1.1030% $ 1,704,499.86 $ 852,017.10 $ 79,800,196.54
Jul-23 1.1030% $ 1,670,409.86 $ 880,216.12 $ 82,350,822.52
Aug-23 1.1030% $ 1,670,409.86 $ 908,350.16 $ 84,929,582.54
Sep-23 1.1030% $ 1,670,409.86 $ 936,794.53 $ 87,536,786.93
Oct-23 1.1030% $ 1,670,409.86 $ 965,552.64 $ 90,172,749.43
Nov-23 1.1030% $ 1,670,409.86 $ 994,627.97 $ 92,837,787.26
Dec-23 1.1030% $ 1,670,409.86 $ 1,024,024.00 $ 95,532,221.12
Jan-24 1.1030% $ 1,637,001.66 $ 1,053,744.28 $ 98,222,967.07
Feb-24 1.1030% $ 1,637,001.66 $ 1,083,423.88 $ 100,943,392.62
Mar-24 1.1030% $ 1,637,001.66 $ 1,113,430.86 $ 103,693,825.14
Apr-24 1.1030% $ 1,637,001.66 $ 1,143,768.81 $ 106,474,595.61
May-24 1.1030% $ 1,637,001.66 $ 1,174,441.41 $ 109,286,038.68
Jun-24 1.1030% $ 1,637,001.66 $ 1,205,452.33 $ 112,128,492.68
Jul-24 1.1030% $ 1,604,261.63 $ 1,236,805.31 $ 114,969,559.61
Aug-24 1.1030% $ 1,604,261.63 $ 1,268,142.98 $ 117,841,964.23
Sep-24 1.1030% $ 1,604,261.63 $ 1,299,826.33 $ 120,746,052.18
Oct-24 1.1030% $ 1,604,261.63 $ 1,331,859.14 $ 123,682,172.96
Nov-24 1.1030% $ 1,604,261.63 $ 1,364,245.29 $ 126,650,679.87
Dec-24 1.1030% $ 1,604,261.63 $ 1,396,988.66 $ 129,651,930.17
Jan-25 1.1030% $ - $ 1,430,093.20 $ 131,082,023.37
Feb-25 1.1030% $ - $ 1,445,867.49 $ 132,527,890.86
Mar-25 1.1030% $ - $ 1,461,815.77 $ 133,989,706.62
Apr-25 1.1030% $ - $ 1,477,939.96 $ 135,467,646.59
May-25 1.1030% $ - $ 1,494,242.01 $ 136,961,888.59
Jun-25 1.1030% $ - $ 1,510,723.87 $ 138,472,612.47
Jul-25 1.1030% $ - $ 1,527,387.53 $ 140,000,000.00
mensuales, a partir de enero de 2019, de la siguiente manera:
anticipado) hasta diciembre de 2021 0.7049% MMV

por quincenas vencidas) en adelante 0.55% QQV 1.1030% MMV
e 2025
Primer depósito $ 539,285.57

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1. Preguntas de conocimiento puntual.

a) 28% AMA → Semestral continua

1. Preguntas de conocimiento puntual.

1. Preguntas de conocimiento puntual.

Mes Cuota mes Intereses Amortización

1. Preguntas de conocimiento puntual.

ses? Suponga una inflación del 5% anual.

millones pagadero en 6 meses mediante cuotas

tal invertido al 14% semestral?

Mes IBR EA Tasa ints EA Tasa ints mensual Cuota mes

Costo del crédito

Cuota sem Cuota año Cuota total Intereses Amortización

Mes Depósito d Retiros mes Retiros mes Retiros año

1.0814% MMV 13.7778% AAV

COP inv (ENG) 10% anual 4.8809% SSV

to, y aconsejar a Steve, teniendo en cuenta que la

Proyecto ESTADOS UNIDOS

Se recomienda invertir en Colombia

Inv inic $ 2,200,000,000.00

Año Flujo neto inv

TIR 24.5% anual

flación del 2% semestral en sus cálculos.

0.9826% mensual real

Inversionista Radamel (Z. Euro) Leonel (Z. Euro)

Devaluación EUR/JPY 0.3956% anual

R B/C TIR anual

Año F neto inv (JPY) TC (JPY/EUR)

James (Colombia) Japón

3,557.31 COP /EUR 132.84 JPY /EUR

F neto inv (EUR) Beneficios (EUR) dev anual (COP/EUR)

TC (COP/EUR) F neto inv (COP)

Mes Cuota mes Ints Amort Sdo final

ue cuando se paga la cuota anual, no se paga la

Vlr UVR Sdo final ($) Mes Cuota mes

Cuota año Cuota total Ints Amort Sdo final

Sdo jun-27 $ 500,000,000.00

Trim i trim Deps trims Ints

Durante cada uno de los trimestres de 2019 a 2023

Depósito mar-24 $ 10,432,926.90

0.5868% MMV 1.7706% TTV

Amort fija mes $ 20,000,000.00 anticipada

Mes IBR anual i anual i mensual Cuota mes

al. La reciprocidad en el mes 2 es de $6 millones y el

Ints Amort Sdo final Reciprocidad

Préstamo 150,000.00 USD

CO inv (JAP) 4% anual

R B/C 2.0900 veces Sí se compara

Se recomienda invertir en Colombia

4% anual USA: 2% anual

Proyecto B: Estados Unidos

R B/C 1.9560 veces

nda invertir en Colombia

Dividendos año $ 800,000,000.00 d1 9% anual 10 años

Año Dividendos VP Kp Total

Mes Cuota mes Cuota año Ints Amort

Sdo final Sdo UVR Mes Cuota mes

Ints Amort Sdo final Vlr UVR Cuota $

14. B. Elabore la tabla de amortización de un préstamo con las siguientes características:

Semestre DTF EA i anual i semestral

Mes Depósito Intereses Saldo final

los primeros 2 años

Cuota sem Intereses Amortización Saldo final

Mes Cuota mes Intereses Amortización Saldo final