Usted es el alumno más feliz de la tierra. Ha recibido una herencia de US$.

200,000 y debe decidir qué hacer con ese dinero. Ha

decidido iniciar un negocio y está pensando en una serie de posibilidades, pero la que más se acerca a sus intereses es montar un salón
de videojuegos virtuales en Real Plaza de Huancayo cuya inversión es de US$ 320,000.

Usted ha llevado un curso de Finanzas 2 por lo que realiza una evaluación del negocio y según sus proyecciones los flujos de caja
finales serían los siguientes en los 7 años que duraría el proyecto:

1 2 3 4 5 6 7
50,000 60,000 70,000 75,000 80,000 80,000 100,000

Luego de mucha búsqueda usted consigue el financiamiento requerido de estas tres fuentes que han aprobado su proyecto. Tendrá
que optar por una de ellas:

 Préstamo bancario a 5 años a una tasa de 15% anual.

 Préstamo de la Caja Huancayo a 6 años de Caja Centro a la tasa de 18% anual.
 Préstamo de Banco Continental a 7 años a la tasa del 20% anual.

Asimismo, en su búsqueda de financiamiento los bancos a los que visitó le ofrecieron posibilidades de Inversión de su herencia. Le
presentaron diversas opciones, pero a usted como le gusta la tecnología preferiría la siguiente:

 Acciones de Google un rendimiento de 22% anual

Con esta información debe decidir si ejecuta el proyecto. Debe de realizar las siguientes acciones:

1. Presente su Balance inicial. Halle la Estructura de Capital más adecuada para el correcto desempeño del proyecto.

 En el balance inicial, nos indica que la herencia se refleja en el patrimonio que es equivalente el 63% del total, y el
financiamiento de 120,000 equivale al 38%, nuestro activo es 320,000.00.
 2. Explique por qué desecharía las fuentes de financiamiento no aceptadas por Usted. Elabore sus cronogramas. Considere el costo
real del financiamiento. Explique detalladamente.

Préstamo 1

Principal 120,000.00
tiempo 5 años
tasa anual 15%
Pago mensual S/-2,854.79

Cuadro de amortización del préstamo

Nro de cuotas Cuota Capital Interes Saldo

0 120,000.00

1 S/2,854.79 S/1,354.79 S/1,500.00 118,645.21

2 S/2,854.79 S/1,371.73 S/1,483.07 117,273.48

3 S/2,854.79 S/1,388.87 S/1,465.92 115,884.61

4 S/2,854.79 S/1,406.23 S/1,448.56 114,478.37

5 S/2,854.79 S/1,423.81 S/1,430.98 113,054.56

6 S/2,854.79 S/1,441.61 S/1,413.18 111,612.95

7 S/2,854.79 S/1,459.63 S/1,395.16 110,153.32

8 S/2,854.79 S/1,477.88 S/1,376.92 108,675.45

9 S/2,854.79 S/1,496.35 S/1,358.44 107,179.10

10 S/2,854.79 S/1,515.05 S/1,339.74 105,664.05

11 S/2,854.79 S/1,533.99 S/1,320.80 104,130.06

12 S/2,854.79 S/1,553.17 S/1,301.63 102,576.89

13 S/2,854.79 S/1,572.58 S/1,282.21 101,004.31

14 S/2,854.79 S/1,592.24 S/1,262.55 99,412.07

15 S/2,854.79 S/1,612.14 S/1,242.65 97,799.93

16 S/2,854.79 S/1,632.29 S/1,222.50 96,167.64

17 S/2,854.79 S/1,652.70 S/1,202.10 94,514.94

18 S/2,854.79 S/1,673.35 S/1,181.44 92,841.59

19 S/2,854.79 S/1,694.27 S/1,160.52 91,147.32

20 S/2,854.79 S/1,715.45 S/1,139.34 89,431.87

21 S/2,854.79 S/1,736.89 S/1,117.90 87,694.97

22 S/2,854.79 S/1,758.60 S/1,096.19 85,936.37

23 S/2,854.79 S/1,780.59 S/1,074.20 84,155.78

24 S/2,854.79 S/1,802.84 S/1,051.95 82,352.94

25 S/2,854.79 S/1,825.38 S/1,029.41 80,527.56

26 S/2,854.79 S/1,848.20 S/1,006.59 78,679.36

27 S/2,854.79 S/1,871.30 S/983.49 76,808.06

28 S/2,854.79 S/1,894.69 S/960.10 74,913.37

29 S/2,854.79 S/1,918.37 S/936.42 72,994.99

30 S/2,854.79 S/1,942.35 S/912.44 71,052.64

31 S/2,854.79 S/1,966.63 S/888.16 69,086.01

32 S/2,854.79 S/1,991.22 S/863.58 67,094.79

33 S/2,854.79 S/2,016.11 S/838.68 65,078.68

34 S/2,854.79 S/2,041.31 S/813.48 63,037.38

35 S/2,854.79 S/2,066.82 S/787.97 60,970.55

36 S/2,854.79 S/2,092.66 S/762.13 58,877.89

37 S/2,854.79 S/2,118.82 S/735.97 56,759.07

38 S/2,854.79 S/2,145.30 S/709.49 54,613.77

39 S/2,854.79 S/2,172.12 S/682.67 52,441.65

40 S/2,854.79 S/2,199.27 S/655.52
 50,242.38

41 S/2,854.79 S/2,226.76 S/628.03 48,015.62

42 S/2,854.79 S/2,254.60 S/600.20 45,761.02

43 S/2,854.79 S/2,282.78 S/572.01 43,478.24

44 S/2,854.79 S/2,311.31 S/543.48 41,166.93

45 S/2,854.79 S/2,340.20 S/514.59 38,826.72

46 S/2,854.79 S/2,369.46 S/485.33 36,457.27

47 S/2,854.79 S/2,399.08 S/455.72 34,058.19

48 S/2,854.79 S/2,429.06 S/425.73 31,629.13

49 S/2,854.79 S/2,459.43 S/395.36 29,169.70

50 S/2,854.79 S/2,490.17 S/364.62 26,679.53

51 S/2,854.79 S/2,521.30 S/333.49 24,158.23

52 S/2,854.79 S/2,552.81 S/301.98 21,605.42

53 S/2,854.79 S/2,584.72 S/270.07 19,020.69

54 S/2,854.79 S/2,617.03 S/237.76 16,403.66

55 S/2,854.79 S/2,649.75 S/205.05 13,753.92

56 S/2,854.79 S/2,682.87 S/171.92 11,071.05

57 S/2,854.79 S/2,716.40 S/138.39 8,354.64

58 S/2,854.79 S/2,750.36 S/104.43 5,604.29

59 S/2,854.79 S/2,784.74 S/70.05 2,819.55

60 S/2,854.79 S/2,819.55 S/35.24 0.00

S/
Total S/171,287.50 S/120,000.00 51,287.50

Préstamo 2
 120,000.0
Principal 0
tiempo 6 años
tasa anual 18%
Pago mensual S/-2,736.93

CAJA HUANCAYO CRONOGRAMA

Nro de cuotas Cuota Capital Interes Saldo

0 120,000.00

1 S/2,736.93 S/936.93 S/1,800.00 119,063.07

2 S/2,736.93 S/950.99 S/1,785.95 118,112.08

3 S/2,736.93 S/965.25 S/1,771.68 117,146.82

4 S/2,736.93 S/979.73 S/1,757.20 116,167.09

5 S/2,736.93 S/994.43 S/1,742.51 115,172.66

6 S/2,736.93 S/1,009.35 S/1,727.59 114,163.32

7 S/2,736.93 S/1,024.49 S/1,712.45 113,138.83

8 S/2,736.93 S/1,039.85 S/1,697.08 112,098.98

9 S/2,736.93 S/1,055.45 S/1,681.48 111,043.53

10 S/2,736.93 S/1,071.28 S/1,665.65 109,972.25

11 S/2,736.93 S/1,087.35 S/1,649.58 108,884.89

12 S/2,736.93 S/1,103.66 S/1,633.27 107,781.23

13 S/2,736.93 S/1,120.22 S/1,616.72 106,661.02

14 S/2,736.93 S/1,137.02 S/1,599.92 105,524.00

15 S/2,736.93 S/1,154.07 S/1,582.86 104,369.92

16 S/2,736.93 S/1,171.39 S/1,565.55 103,198.54

17 S/2,736.93 S/1,188.96 S/1,547.98 102,009.58

18 S/2,736.93 S/1,206.79 S/1,530.14 100,802.79

19 S/2,736.93 S/1,224.89 S/1,512.04 99,577.90

20 S/2,736.93 S/1,243.27 S/1,493.67 98,334.63

21 S/2,736.93 S/1,261.92 S/1,475.02 97,072.71

22 S/2,736.93 S/1,280.84 S/1,456.09 95,791.87

23 S/2,736.93 S/1,300.06 S/1,436.88 94,491.81

24 S/2,736.93 S/1,319.56 S/1,417.38 93,172.25

25 S/2,736.93 S/1,339.35 S/1,397.58 91,832.90

26 S/2,736.93 S/1,359.44 S/1,377.49 90,473.46

27 S/2,736.93 S/1,379.83 S/1,357.10 89,093.63

28 S/2,736.93 S/1,400.53 S/1,336.40 87,693.10

29 S/2,736.93 S/1,421.54 S/1,315.40 86,271.56

30 S/2,736.93 S/1,442.86 S/1,294.07 84,828.70

31 S/2,736.93 S/1,464.50 S/1,272.43 83,364.19

32 S/2,736.93 S/1,486.47 S/1,250.46 81,877.72

33 S/2,736.93 S/1,508.77 S/1,228.17 80,368.95

34 S/2,736.93 S/1,531.40 S/1,205.53 78,837.55

35 S/2,736.93 S/1,554.37 S/1,182.56 77,283.18

36 S/2,736.93 S/1,577.69 S/1,159.25 75,705.49

37 S/2,736.93 S/1,601.35 S/1,135.58 74,104.14

38 S/2,736.93 S/1,625.37 S/1,111.56 72,478.77

39 S/2,736.93 S/1,649.75 S/1,087.18 70,829.01

40 S/2,736.93 S/1,674.50 S/1,062.44 69,154.51

41 S/2,736.93 S/1,699.62 S/1,037.32 67,454.90

42 S/2,736.93 S/1,725.11 S/1,011.82
 65,729.79

43 S/2,736.93 S/1,750.99 S/985.95 63,978.80

44 S/2,736.93 S/1,777.25 S/959.68 62,201.54

45 S/2,736.93 S/1,803.91 S/933.02 60,397.63

46 S/2,736.93 S/1,830.97 S/905.96 58,566.66

47 S/2,736.93 S/1,858.43 S/878.50 56,708.23

48 S/2,736.93 S/1,886.31 S/850.62 54,821.92

49 S/2,736.93 S/1,914.61 S/822.33 52,907.31

50 S/2,736.93 S/1,943.33 S/793.61 50,963.98

51 S/2,736.93 S/1,972.48 S/764.46 48,991.51

52 S/2,736.93 S/2,002.06 S/734.87 46,989.45

53 S/2,736.93 S/2,032.09 S/704.84 44,957.35

54 S/2,736.93 S/2,062.57 S/674.36 42,894.78

55 S/2,736.93 S/2,093.51 S/643.42 40,801.27

56 S/2,736.93 S/2,124.92 S/612.02 38,676.35

57 S/2,736.93 S/2,156.79 S/580.15 36,519.56

58 S/2,736.93 S/2,189.14 S/547.79 34,330.42

59 S/2,736.93 S/2,221.98 S/514.96 32,108.44

60 S/2,736.93 S/2,255.31 S/481.63 29,853.13

61 S/2,736.93 S/2,289.14 S/447.80 27,563.99

62 S/2,736.93 S/2,323.48 S/413.46 25,240.52

63 S/2,736.93 S/2,358.33 S/378.61 22,882.19

64 S/2,736.93 S/2,393.70 S/343.23 20,488.49

65 S/2,736.93 S/2,429.61 S/307.33 18,058.88

 66 S/2,736.93 S/2,466.05 S/270.88 15,592.83

67 S/2,736.93 S/2,503.04 S/233.89 13,089.79

68 S/2,736.93 S/2,540.59 S/196.35 10,549.20

69 S/2,736.93 S/2,578.70 S/158.24 7,970.50

70 S/2,736.93 S/2,617.38 S/119.56 5,353.13

71 S/2,736.93 S/2,656.64 S/80.30 2,696.49

72 S/2,736.93 S/2,696.49 S/40.45 0.00
S/ S/
TOTAL S/197,059.31 120,000.00 77,059.31

Préstamo 3
120,000.0
Principal 0
tiempo 7
tasa anual 20%
Pago mensual S/-2,664.74

BANCO CONTINENTAL CRONOGRAMA

Nro de cuotas Cuota Capital Interes Saldo

0 120,000.00
1 S/2,664.74 664.74 2000 119,335.26
2 S/2,664.74 675.82 1988.920935 118,659.43
3 S/2,664.74 687.09 1977.657218 117,972.35
4 S/2,664.74 698.54 1966.205773 117,273.81
5 S/2,664.74 710.18 1954.563471 116,563.63
6 S/2,664.74 722.02 1942.72713 115,841.61
7 S/2,664.74 734.05 1930.693517 115,107.56
8 S/2,664.74 746.28 1918.459344 114,361.28
9 S/2,664.74 758.72 1906.021268 113,602.55
10 S/2,664.74 771.37 1893.37589 112,831.19
11 S/2,664.74 784.22 1880.519757 112,046.96
12 S/2,664.74 797.29 1867.449354 111,249.67
13 S/2,664.74 810.58 1854.161111 110,439.08
14 S/2,664.74 824.09 1840.651398 109,614.99
15 S/2,664.74 837.83 1826.916523 108,777.16
16 S/2,664.74 851.79 1812.952733 107,925.37
17 S/2,664.74 865.99 1798.756213 107,059.39
18 S/2,664.74 880.42 1784.323085 106,178.96
19 S/2,664.74 895.09 1769.649404 105,283.87
20 S/2,664.74 910.01 1754.731162 104,373.86
21 S/2,664.74 925.18 1739.564283 103,448.68
22 S/2,664.74 940.60 1724.144623 102,508.08
23 S/2,664.74 956.28 1708.467968 101,551.80
24 S/2,664.74 972.21 1692.530035 100,579.59
25 S/2,664.74 988.42 1676.326471 99,591.17
26 S/2,664.74 1,004.89 1659.852847 98,586.28
27 S/2,664.74 1,021.64 1643.104662 97,564.64
28 S/2,664.74 1,038.67 1626.077341 96,525.97
29 S/2,664.74 1,055.98 1608.766232 95,470.00
30 S/2,664.74 1,073.58 1591.166604 94,396.42
31 S/2,664.74 1,091.47 1573.273648 93,304.95
32 S/2,664.74 1,109.66 1555.082477 92,195.29
33 S/2,664.74 1,128.16 1536.58812 91,067.13
34 S/2,664.74 1,146.96 1517.785523 89,920.17
35 S/2,664.74 1,166.07 1498.66955 88,754.10
36 S/2,664.74 1,185.51 1479.234978 87,568.59
37 S/2,664.74 1,205.27 1459.476495 86,363.32
38 S/2,664.74 1,225.36 1439.388705 85,137.97
39 S/2,664.74 1,245.78 1418.966118 83,892.19
40 S/2,664.74 1,266.54 1398.203155 82,625.65
41 S/2,664.74 1,287.65 1377.094142 81,338.00
42 S/2,664.74 1,309.11 1355.633313 80,028.89
43 S/2,664.74 1,330.93 1333.814803 78,697.96
44 S/2,664.74 1,353.11 1311.632651 77,344.85
45 S/2,664.74 1,375.66 1289.080796 75,969.18
46 S/2,664.74 1,398.59 1266.153078 74,570.59
47 S/2,664.74 1,421.90 1242.84323 73,148.69
48 S/2,664.74 1,445.60 1219.144886 71,703.09
49 S/2,664.74 1,469.69 1195.051568 70,233.40
50 S/2,664.74 1,494.19 1170.556696 68,739.21
51 S/2,664.74 1,519.09 1145.653576 67,220.12
52 S/2,664.74 1,544.41 1120.335403 65,675.72
53 S/2,664.74 1,570.15 1094.595261 64,105.57
54 S/2,664.74 1,596.32 1068.426117 62,509.25
55 S/2,664.74 1,622.92 1041.820821 60,886.33
56 S/2,664.74 1,649.97 1014.772102 59,236.35
57 S/2,664.74 1,677.47 987.2725722 57,558.88
58 S/2,664.74 1,705.43 959.3147165 55,853.45
59 S/2,664.74 1,733.85 930.8908965 54,119.60
60 S/2,664.74 1,762.75 901.9933462 52,356.85
 61 S/2,664.74 1,792.13 872.61417 50,564.72
62 S/2,664.74 1,822.00 842.745341 48,742.72
63 S/2,664.74 1,852.37 812.3786981 46,890.36
64 S/2,664.74 1,883.24 781.5059444 45,007.12
65 S/2,664.74 1,914.63 750.1186449 43,092.49
66 S/2,664.74 1,946.54 718.2082238 41,145.96
67 S/2,664.74 1,978.98 685.7659622 39,166.98
68 S/2,664.74 2,011.96 652.7829964 37,155.02
69 S/2,664.74 2,045.49 619.2503144 35,109.53
70 S/2,664.74 2,079.59 585.1587544 33,029.94
71 S/2,664.74 2,114.24 550.4990017 30,915.70
72 S/2,664.74 2,149.48 515.2615865 28,766.21
73 S/2,664.74 2,185.31 479.436881 26,580.91
74 S/2,664.74 2,221.73 443.0150971 24,359.18
75 S/2,664.74 2,258.76 405.9862835 22,100.42
76 S/2,664.74 2,296.40 368.340323 19,804.02
77 S/2,664.74 2,334.68 330.0669298 17,469.34
78 S/2,664.74 2,373.59 291.1556467 15,095.75
79 S/2,664.74 2,413.15 251.5958422 12,682.60
80 S/2,664.74 2,453.37 211.3767077 10,229.24
81 S/2,664.74 2,494.26 170.4872542 7,734.98
82 S/2,664.74 2,535.83 128.9163099 5,199.15
83 S/2,664.74 2,578.09 86.65251645 2,621.06
84 S/2,664.74 2,621.06 43.68432647 0.00
TOTAL S/223,838.49 S/120,000.00 S/103,838.49

 Desecharía el préstamo 2 y 3 ya que los intereses son muy elevados.

3. Hallar el Costo de Oportunidad de su Herencia. En dinero y en porcentaje. Explique detalladamente.

 El costo de oportunidad de la herencia, invirtiendo en las acciones Google tendremos una rentabilidad de 308,000.00 dólares en
7 años.

4. Hallar el Costo de oportunidad del Capital de la empresa. Explique el procedimiento.

 Si recurrimos al financiamiento para tener un capital de 320,000.00 Dólares, la rentabilidad al 22% en 7 años será de 321,512.50
dólares.

5. Halle el VAN. ¿Qué nos dice este indicador? Explique detalladamente.

 Hallando el VAN, obtenemos un resultado negativo.

6. ¿Efectuaría el Proyecto? Explique detalladamente.

 No, por que el VAN es negativo, y para que un proyecto sea rentable el VAN deber ser mayor o igual a cero.

7. ¿Cuánto gana como inversionista de este negocio?

 Según los resultados del VAN, no genera rentabilidad.