Ejercicio 1

$
N

16,935,542
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

0.03
Cuota
Interes
$
3,387,108
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $
$
800,000 $

406,453
394,647
382,486
369,961
357,059
343,771
330,084
315,987
301,466
286,510
271,106
255,239
238,896
222,063
204,725
186,867
168,473
149,527
130,013
109,913
89,210
67,887
45,923
23,301

Ejercicio 2

$
N

14,143
Cuota
0
1 $
2 $

0.03
Interes
5,000 $
5,000 $

70,715
399,292

3 $

5,000 $

2,370,750

Ejercicio 3

$
N

2,000,000
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

Ejercicio 4

$
N

0.03
Cuota
$
$
134,431.41
$
134,431.41
$
134,431.41
$
134,431.41
$
134,431.41
$
134,431.41
$
134,431.41
$
134,431.41
$
134,431.41
$
134,431.41
$
134,431.41
$
134,431.41
$
134,431.41
$
134,431.41
$
134,431.41
$
134,431.41
$
134,431.41
$
134,431.41
$
134,431.41
$
134,431.41

Interes
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

60,000
57,767
55,467
53,098
50,658
48,145
45,556
42,890
40,144
37,315
34,402
31,401
28,310
25,126
21,847
18,470
14,991
11,408
7,717
3,915

Anticipada

5,000,000.00

0.02
Cuota
Interes
$
259,172.04
1 $
259,172.04 $
100,000

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

259,172.04
259,172.04
259,172.04
259,172.04
259,172.04
259,172.04
259,172.04
259,172.04
259,172.04
259,172.04
259,172.04
259,172.04
259,172.04
259,172.04
259,172.04
259,172.04
259,172.04
259,172.04
259,172.04
259,172.04
259,172.04
259,172.04

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

96,817
93,569
90,257
86,879
83,433
79,918
76,333
72,677
68,947
65,142
61,262
57,303
53,266
49,148
44,947
40,663
36,293
31,835
27,288
22,651
17,920
13,095

Abono
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

Abono
$
$

393,547
405,353
417,514
430,039
442,941
456,229
469,916
484,013
498,534
513,490
528,894
544,761
561,104
577,937
595,275
613,133
631,527
650,473
669,987
690,087
710,790
732,113
754,077
776,699

Saldo
$
13,548,434
$
13,154,887
$
12,749,533
$
12,332,019
$
11,901,980
$
11,459,039
$
11,002,810
$
10,532,895
$
10,048,882
$
9,550,348
$
9,036,859
$
8,507,964
$
7,963,203
$
7,402,099
$
6,824,162
$
6,228,887
$
5,615,754
$
4,984,226
$
4,333,753
$
3,663,766
$
2,973,679
$
2,262,889
$
1,530,776
$
776,699
$
(0)

Saldo
$
(65,715) $
(394,292) $

14,143
79,858
474,150

va
VA

va

$ 14,143

(2,365,750) $

Abono

Saldo
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

2,000,000
1,925,569
1,848,904
1,769,940
1,688,607
1,604,833
1,518,547
1,429,672
1,338,131
1,243,843
1,146,727
1,046,698
943,667
837,546
728,241
615,656
499,695
380,254
257,230
130,516
-

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

74,431
76,664
78,964
81,333
83,773
86,286
88,875
91,541
94,287
97,116
100,030
103,030
106,121
109,305
112,584
115,962
119,441
123,024
126,714
130,516

Abono

Saldo
$
5,000,000
159,172 $
4,840,828

va

2,000,000

Hallar el pago a 24 meses de un prestamo

Pago a 24 meses
Pago a 20 meses

$
N

5,000,000.00
1

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

162,355
165,603
168,915
172,293
175,739
179,254
182,839
186,495
190,225
194,030
197,910
201,869
205,906
210,024
214,225
218,509
222,879
227,337
231,884
236,521
241,252
246,077

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

4,678,472
4,512,870
4,343,955
4,171,662
3,995,924
3,816,670
3,633,831
3,447,336
3,257,111
3,063,081
2,865,170
2,663,302
2,457,396
2,247,372
2,033,147
1,814,638
1,591,759
1,364,422
1,132,538
896,017
654,765
408,688

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

$ 13,548,433.70
$ 16,935,542.12

4 meses de un prestamo de 2000000

($ 118,094.83)
($ 134,431.41)

0.02
Cuota
$
$

Interes
150,000.00
150,000.00 $

Abono

97,000 $

Saldo
$
4,850,000
53,000 $
4,797,000

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

95,940
94,859
93,756
92,631
91,484
90,313
89,120
87,902
86,660
85,393
84,101
82,783
81,439
80,068
78,669
77,242
75,787
74,303
72,789
71,245
69,670
68,063

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

54,060
55,141
56,244
57,369
58,516
59,687
60,880
62,098
63,340
64,607
65,899
67,217
68,561
69,932
71,331
72,758
74,213
75,697
77,211
78,755
80,330
81,937

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

4,742,940
4,687,799
4,631,555
4,574,186
4,515,670
4,455,983
4,395,103
4,333,005
4,269,665
4,205,058
4,139,159
4,071,942
4,003,381
3,933,449
3,862,118
3,789,360
3,715,147
3,639,450
3,562,239
3,483,484
3,403,154
3,321,217

N
0
1
2
3
4
5
6
7
8
9
10
11

Cuota

Tasa de inters

Inters

12000
12000
12000
12000
12000
12000
12000
12000
12000
12000
12000

3.0%
2.9%
3.1%
2.5%
2.7%
2.8%
3.0%
3.1%
3.2%
3.3%
3.2%

360
706.44
1149.05964
1255.387491
1713.713952537
2161.168830339
2740.3730974163
3288.6704333501
3883.9940302286
4529.5406466708
4921.2271398893

Cuota

Tasa de Inters

Inters

1
2
3
4
5
6

1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000

0
0
0
0
0
0

18,000
36,324
54,978
73,967
93,299

7
8
9
10
11
12

1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000

###

112,978
157,791
190,947
224,766
259,261
294,446

0.025

N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26

0
0
0
0
0
0

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

Cuota
1,000,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00

Inters
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

117,781.26
115,725.79
113,618.93
111,459.40
109,245.89
106,977.04
104,651.46
102,267.75
99,824.44
97,320.05
94,753.06
92,121.88
89,424.93
86,660.55
83,827.07
80,922.74
77,945.81
74,894.46
71,766.82
68,560.99
65,275.01
61,906.89
58,454.56
54,915.92
51,288.82
47,571.04

Abono
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

82,218.74
84,274.21
86,381.07
88,540.60
90,754.11
93,022.96
95,348.54
97,732.25
100,175.56
102,679.95
105,246.94
107,878.12
110,575.07
113,339.45
116,172.93
119,077.26
122,054.19
125,105.54
128,233.18
131,439.01
134,724.99
138,093.11
141,545.44
145,084.08
148,711.18
152,428.96

27
28
29
30
31
32
33
34
35
36

$
$
$
$
$
$
$
$
$
$

200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00

$
$
$
$
$
$
$
$
$
$

43,760.32
39,854.33
35,850.69
31,746.95
27,540.63
23,229.14
18,809.87
14,280.12
9,637.12
4,878.05

$
$
$
$
$
$
$
$
$
$

156,239.68
160,145.67
164,149.31
168,253.05
172,459.37
176,770.86
181,190.13
185,719.88
190,362.88
195,121.95

Interes + Deposito
12360
12706.44
13149.05964
13255.387491
13713.713952537
14161.168830339
14740.3730974163
15288.6704333501
15883.9940302286
16529.5406466707
16921.2271398893

Saldo Acumulado
12000
24360
37066.44
50215.50
63470.89
77184.60
91345.77
106086.14
121374.81
137258.81
153788.35
170709.58

Inters + Deposito

Saldo Acumulado

1,000,000
1,018,000
1,036,324
1,054,978
1,073,967
1,093,299

1,000,000
2,018,000
3,054,324
4,109,302
5,183,269
6,276,568

1,612,978
1,657,791
1,690,947
1,724,766
1,759,261
1,794,446

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

Saldo Acumulado
4,711,250.21
4,629,031.47
4,544,757.26
4,458,376.19
4,369,835.59
4,279,081.48
4,186,058.52
4,090,709.98
3,992,977.73
3,892,802.17
3,790,122.23
3,684,875.28
3,576,997.17
3,466,422.10
3,353,082.65
3,236,909.71
3,117,832.46
2,995,778.27
2,870,672.73
2,742,439.54
2,611,000.53
2,476,275.55
2,338,182.43
2,196,636.99
2,051,552.92
1,902,841.74
1,750,412.79

7,889,546
9,547,337
11,238,284
12,963,050
14,722,311
16,516,757

$
$
$
$
$
$
$
$
$
$

1,594,173.11
1,434,027.43
1,269,878.12
1,101,625.07
929,165.70
752,394.84
571,204.71
385,484.83
195,121.95
0.00

###
N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

2.5% mes 20
Cuota
Inters
1,000,000.00
200,000.00 $
116,073.32
200,000.00 $
113,975.15
200,000.00 $
111,824.53
200,000.00 $
109,620.14
200,000.00 $
107,360.65
200,000.00 $
105,044.66
200,000.00 $
102,670.78
200,000.00 $
100,237.55
200,000.00 $
97,743.49
200,000.00 $
95,187.07
200,000.00 $
92,566.75
200,000.00 $
89,880.92
200,000.00 $
87,127.94
200,000.00 $
84,306.14
200,000.00 $
81,413.79
200,000.00 $
78,449.14
200,000.00 $
75,410.37
200,000.00 $
72,295.63
200,000.00 $
69,103.02
200,000.00 $
78,996.71
200,000.00 $
75,366.61
200,000.00 $
71,627.61
200,000.00 $
67,776.44
200,000.00 $
63,809.73
200,000.00 $
59,724.02
200,000.00 $
55,515.74

3%
Abono
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

83,926.68
86,024.85
88,175.47
90,379.86
92,639.35
94,955.34
97,329.22
99,762.45
102,256.51
104,812.93
107,433.25
110,119.08
112,872.06
115,693.86
118,586.21
121,550.86
124,589.63
127,704.37
130,896.98
121,003.29
124,633.39
128,372.39
132,223.56
136,190.27
140,275.98
144,484.26

27
28
29
30
31
32
33
34
35
36

$
$
$
$
$
$
$
$
$
$

200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00
200,000.00

$
$
$
$
$
$
$
$
$
$

51,181.22
46,716.65
42,118.15
37,381.70
32,503.15
27,478.24
22,302.59
16,971.67
11,480.82
5,825.24

$
$
$
$
$
$
$
$
$
$

148,818.78
153,283.35
157,881.85
162,618.30
167,496.85
172,521.76
177,697.41
183,028.33
188,519.18
194,174.76

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

Saldo Acumulado
4,642,932.67
4,559,005.99
4,472,981.14
4,384,805.67
4,294,425.81
4,201,786.45
4,106,831.12
4,009,501.89
3,909,739.44
3,807,482.93
3,702,670.00
3,595,236.75
3,485,117.67
3,372,245.61
3,256,551.75
3,137,965.55
3,016,414.68
2,891,825.05
2,764,120.68
2,633,223.69
2,512,220.41
2,387,587.02
2,259,214.63
2,126,991.07
1,990,800.80
1,850,524.82
1,706,040.57

$
$
$
$
$
$
$
$
$
$

1,557,221.78
1,403,938.44
1,246,056.59
1,083,438.29
915,941.44
743,419.68
565,722.27
382,693.94
194,174.76
0.00

3,441,891
cuota

No
0
1
2
3
4
5
6
7
8
9
10
11
12

$
No

0.08
interes

500,000
490,000
480,200
470,596
461,184
451,960
442,921
434,063
425,382
416,874
408,536
400,366

51,174,198.72

275,351
257,379
238,770
219,455
199,364
178,418
156,535
133,624
109,589
84,326
57,722
29,657

3%

cuota
interes
0 $ 12,793,549.68
1 $
$ 1,151,419.47
2 $
$ 1,185,962.06
3 $
$ 1,221,540.92
4 $
$ 1,258,187.14
5 $
$ 1,295,932.76
6 $
3,500,000.00 $ 1,334,810.74

7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

3,447,500.00
3,395,787.50
3,344,850.69
3,294,677.93
3,245,257.76
3,196,578.89
3,148,630.21
3,101,400.76
3,054,879.74
3,009,056.55
2,963,920.70
2,919,461.89
2,875,669.96
2,832,534.91
2,790,046.89
2,748,196.18
2,706,973.24
2,666,368.64

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,269,855.06
1,204,525.72
1,138,787.86
1,072,605.98
1,005,943.82
938,764.40
871,029.97
802,701.96
733,740.99
664,106.83
593,758.34
522,653.47
450,749.22
378,001.60
304,365.60
229,795.16
154,243.13
77,661.22

0.02
abono

saldo
3,441,891
3,217,242
2,984,622
2,743,191
2,492,051
2,230,231
1,956,689
1,670,303
1,369,864
1,054,072
721,523
370,709
0

224,649
232,621
241,430
251,141
261,820
273,542
286,386
300,439
315,792
332,548
350,815
370,709

1.5%
Abono
$
$
$
$
$
$

saldo
$ 38,380,649.04
(1,151,419.47) $ 39,532,068.51
(1,185,962.06) $ 40,718,030.56
(1,221,540.92) $ 41,939,571.48
(1,258,187.14) $ 43,197,758.62
(1,295,932.76) $ 44,493,691.38
2,165,189.26 $ 42,328,502.12

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

2,177,644.94
2,191,261.78
2,206,062.83
2,222,071.95
2,239,313.94
2,257,814.49
2,277,600.24
2,298,698.80
2,321,138.75
2,344,949.72
2,370,162.36
2,396,808.42
2,424,920.74
2,454,533.32
2,485,681.29
2,518,401.03
2,552,730.12
2,588,707.42

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

40,150,857.19
37,959,595.40
35,753,532.58
33,531,460.63
31,292,146.69
29,034,332.20
26,756,731.96
24,458,033.16
22,136,894.41
19,791,944.69
17,421,782.33
15,024,973.92
12,600,053.17
10,145,519.86
7,659,838.56
5,141,437.54
2,588,707.42
0.00

Se invierte hoy 4.000.000 y en 12 meses se

reciben 4.700.000. A una tasa de oportunidad
de 2,5% mensual, hizo un buen negocio?
Periodo

Valores
0
1
2
3
4
5
6
7
8
9
10
11
12

TO
VPN

4000000
0
0
0
0
0
0
0
0
0
0
0
4700000
0.025
$ 585,365.85

A una tasa de oportunidad del 18% EA determinar si la

inversin fue acertada si, la inversin fue de $900.000
el 11 de Feb 2013, con los siguientes beneficios.
Fecha
Valor
2/11/2013 $
4/6/2013 $
6/10/2013 $
9/11/2013 $
12/23/2013 $
VPN.NO.PER

(900,000)
280,900
154,786
223,650
300,560
13.87%

Se invierten $200.000 y al
final del primer ao se recibe

$110.000 y del segundo ao

$110.000. Calcular la TIR.
Periodo

Valor
0
1
2

TIR

AO
0
1
2
3
4
5
6
TO
VPN
TIR

-200000
110000
110000
6.60%

11
$
(5,000,000.00)
$
1,200,000.00
$
985,000.00
$
1,900,000.00
$
2,500,000.00
$
1,400,000.00
$
1,000,000.00
18%
$ 152,616.10
19.13%

Le proponen a alguien invertir $15.000.000 p

recibir beneficios anuales de 5 millones por 5
aos. Si su tasa de oportunidad es de 18%An
conviene el negocio?

Se invierten $200.000 u al ao se reciben

$220.000, calcular la TIR anual

Se adquiere un terreno por valor

de 20.000.000 para pagarlo as:
Cuota inicial: 5 millones
Mes 4. 3.500.000
Mes 6. 5.500.000
Mes 12. 10.000.000
Calcular tasa de financiacin.

AO
0
1
2
3
TO
VPN

n a alguien invertir $15.000.000 para

eficios anuales de 5 millones por 5
tasa de oportunidad es de 18%Anual, le
negocio?
Periodo

Valores
0
1
2
3
4
5

TO
VPN

15000000
5000000
5000000
5000000
5000000
5000000
0.18
$ 635,855.10

n $200.000 u al ao se reciben
calcular la TIR anual
Periodo

TIR

e un terreno por valor

000 para pagarlo as:

al: 5 millones

sa de financiacin.

Valores
0 $
1 $

(200,000)
220,000
10%

Periodo
0
1
2
3
4
5
6
7
8
9
10
11

Valores
$ (15,000,000)
$
$
$
$
3,500,000
$
$
5,500,000
$
$
$
$
$
-

12 $
TIR

Fecha

Valor
2/11/2013 $
4/6/2013 $
6/10/2013 $
9/11/2013 $
12/23/2013 $
TIR.NO.PER

FECHA

Tasa
(900,000)
280,900
154,786
223,650
300,560
13.87%

FLUJO
12-Apr-11 $
(20,000,000.00)
9-Jun-11 $
5,400,000.00
20-Sep-11 $
7,000,000.00
18-Dec-11 $
9,800,000.00
TO
18%
VPN_NO_PER
$
516,654.92
TIR_NO_PER
24.6%

0.18

10,000,000
2.78%

B
500
130
280
350
18%
$ 24.28

450
100
70
580
$ 38.02

i
Ao

0.15
A
0 $
1 $
2 $
3 $
4 $

B
$
$
$
$
$

B-A
$
$
$
$
$
$
$

VPN A

200,000.00
300,000.00
90,000.00
90,000.00
90,000.00
90,000.00
650,000.00
$ 256,948.05
$ 371,639.61
$
200,000.00 $
300,000.00
1.28
1.24
$ 56,948.05
$ 71,639.61

VPI
VPC
RB/C
VPN

0.12

Proyecto
Inversion inicial

A
1
2
3
4
5

600000
300000
300000
100000
50000
0

600000
100000
200000
300000
400000
500000
VPNI
VPN

100,000.00
(90,000.00)
(90,000.00)
(90,000.00)
560,000.00
320,181.82
305,490.26
1.05

0.354 EA
0.025 EM

$ 267,857.14
$ 239,158.16
$ 71,178.02
$ 31,775.90
$ 0.00
$ 609,969.23
$ 9,969.23

A
Costo inicial
costo mensual de operacin
aos de vida
valor de salvamento
reparacion general ao 12
CAO
Costo Inicial repartido
Salvamento repartido
Reparacion general
CAUE

B
100000
5000
5
15000
0
$ 68,977.76
$ 45,369.42
$ 1,495.41
$ 112,851.77

500000
10000
20
150000
200000
$ 137,955.53
$ 177,413.63
$ 124.09
$ 5,267.52
$ 315,245.07

VPN B
$ 89,285.71
$ 159,438.78
$ 213,534.07
$ 254,207.23
$ 283,713.43
$ 1,000,179.22
$ 400,179.22

$ 337.90