INTERES SIMPLE

Capital 100,000.00
Interes Tasa TNA 12.00%
N Tiempo 3 Siempre de mide en Años
Pagos / Cuotas Capitalización Capitalización 2 Semestral n
Periodo 6 ( T * C) (T*n) (N*n)
N Saldo Inicial Interes Saldo Final
1 100,000.00 12,000.00 112,000.00 INTERES SIMPLE
2 112,000.00 12,000.00 124,000.00 n
3 124,000.00 12,000.00 136,000.00 1
2
INTERES COMPUESTO 3
N Saldo Inicial Interes Saldo Final 4
1 100,000.00 12,000.00 112,000.00 5
2 112,000.00 13,440.00 125,440.00 6
3 125,440.00 15,052.80 140,492.80
INTERES COMPUESTO
n
1
2
3
4
5
6
 TNA
i periodica =
n

12.00%
i periodica =
2
i periodica = 6.00%

INTERES SIMPLE
Saldo Inicial Interes Saldo Final
100,000.00 6,000.00 106,000.00
106,000.00 6,000.00 112,000.00
112,000.00 6,000.00 118,000.00
118,000.00 6,000.00 124,000.00
124,000.00 6,000.00 130,000.00
130,000.00 6,000.00 136,000.00

INTERES COMPUESTO
Saldo Inicial Interes Saldo Final
100,000.00 6,000.00 106,000.00
106,000.00 6,360.00 112,360.00
112,360.00 6,741.60 119,101.60
119,101.60 7,146.10 126,247.70
126,247.70 7,574.86 133,822.56
133,822.56 8,029.35 141,851.91
 Tasa de Interes
Se van a medir de forma Annual UNIDAD
Interes % = i Tasa Nominal Annual
Interes simple TNA

TNA Año = 1
i periodica =
n

TNA 12%

Año Comercial
12% Mes comercial
i periodica =
12

i periodica = 1.00% Mensual

3% =

3% x 12

36% =
 Capitalizaciones
Cuotas Cuotas
Semestre 2
Cuatrimestre 3
Trimestre 4
Bimestre 6
Mes 12
Semanas 52
Días 365 Natural o Exacto 366

Días 360
Semanas 4

x
12

=x

TNA
 Huevos
TNA 12.00%

TNA
i periodica =
n 3.33 / q
10 = 3q

Hoy
2019
Inflación 5.60%

Tasa Real TNA - Inflación

Tasa Real 6.40% 6.66
VF 50,000.00
TNA 12.00%
Valor Presente (VP) Tiempo 2

VP = VF * ((1+%)-ⁿ)
VP = VF * ((1+(%/n))-N*ⁿ) VP 39,859.69

Valor Futuro (VF)

3 años
Precio Venta 350,000.00
13.50%
3.60% Precio el día de Hoy
5.60%
9.20% VP 239,375.92
 10 = 2q

Futuro
2024

39,859.69 50,000.00

0 1 2

Sueldo 25,000.00 Meses Capitalización

13erMes 25,000.00
Cuanto es el Aguinaldo el 1 de enero
Tasa 5.60%

TNA 5.60% 0.46667%

i periodica =
n 12

Nper = N*n 1 * 12 12

VP 23,641.56
 0 1 2 3 4

TNA
TEA
iperiodo Deposito 30,000.00
N Tiempo 9 Meses
n periodos Capitalizaciones 7.70%

Opcion 1 Opcion 2
Capitaliza Mensual Trimestrales

Valor Presente 30,000.00 30,000.00

TNA 7.70% 7.70%
TEA
iperiodo
Tiempo
Capitalizaciones Mensual 12 Trimestrales
periodos 9 3

VF 31,777.64 31,766.06

Valor Presente 3,500.00 Valor Presente 80,000.00

TNA 15.00% TNA 7.00%
TEA TEA 7.21%
iperiodo iperiodo 1.17%
Tiempo 4 Tiempo 2
Capitalizaciones 1 Capitalizaciones 6
periodos 4 periodos 12
Valor Futuro 6,121.52 Valor Futuro 91,947.36
 28,000.00 28,000.00 28,000.00 28,000.00

0 1 2 3 4

Si se deposita 28k cada año, a una tasa del 7%, durante 5 años , cuanto tendria al final del mismo

Valor Presente
Pago 28,000.00 140,000.00
TNA 7.00%
TEA
iperiodo
Tiempo 5
Capitalizaciones 1
periodos 5
Valor Futuro 161,020.69

Valor Presente
Pago 3,500.00 56,000.00
TNA 5.30%
TEA 5.41%
iperiodo 1.33%
Tiempo 4
Capitalizaciones 4
periodos 16
Valor Futuro 61,924.40
 Valor Presente 20,000.00
TNA 5.50%
TEA
iperiodo
Tiempo 5
Capitalizaciones Annual 1
periodos 5 T*C N*n

5
VF 26,139.20
VF 26,139.20

4
 28,000.00

to tendria al final del mismo

 VP ?
VF $50,000.00
Tiempo 2 Años
TNA 11.00% i perdiodica
Valor Presente (VP) Capitalización mensual 31

VP = VF * ((1+%)-ⁿ) VP $40,141.57
VP = VF * ((1+(%/n))-N*ⁿ)

OPCION 1 OPCION 1
Capitalización mensual 31 Capitalización Trimestral
VP ? VP ?
VF L 30,000.00 VF L 40,890.00
Tiempo 3 Tiempo 2
Periodo 93 Periodo 62
TNA 11.00% TNA 11.00%
i perdiodica 0.35% i perdiodica 0.35%
VP L 21,580.31 VP L 32,827.77

VP ?
VF L 30,000.00
Tiempo 3
Periodo 0
TNA 11.00%
i perdiodica #DIV/0!
VP #DIV/0!
Capitalización mensual 12
VP ?
VF 2,500,000.00
Tiempo 5
Periodo 60
TNA 9.30%
i perdiodica 0.78%
VP L 1,573,155.31
 TNA
i periodica =
n

0.35%
Periodo 62
TEA = 11.61%

n
TNA -1
TEA = 1+
n

4
11% -1
TEA = 1+
4

TEA = 11.6061%
 ANUALIDAD

1 Que los Montos son Iguales durante la vida del instrumento

2 Periodos Igual

PRESTAMO
Cantidad L 50,000.00
Prima 0% L -
Prestamo L 50,000.00
n 3 10.80 Periodos
TNA - i 14.50% 3.62% i periodica
Capitalizacion Mensual 4.00
Anualidad Cuota L 5,677.24 L -
TEA 15.31%

N Saldo Inicial Cuota Interes Abono a Capital

1 50,000.00 5,677.24 1,812.50 3,864.74
2 46,135.26 5,677.24 1,672.40 4,004.83
3 42,130.43 5,677.24 1,527.23 4,150.01
4 37,980.42 5,677.24 1,376.79 4,300.45
5 33,679.97 5,677.24 1,220.90 4,456.34
6 29,223.63 5,677.24 1,059.36 4,617.88
7 24,605.75 5,677.24 891.96 4,785.28
8 19,820.48 5,677.24 718.49 4,958.75
 5,677.24 5,677.24 5,677.24
5,677.24 5,677.24 5,677.24

25,000.00
8,500.00

Saldo Final
46,135.26
42,130.43
37,980.42
33,679.97
29,223.63
24,605.75
19,820.48
14,861.73
 ANUALIDAD

1 Que los Montos son Iguales durante la vida del instrumento

2 Periodos Igual 9
Tasa
PRESTAMO
Cantidad L 30,000.00
Prima 0% L -
Prestamo L 30,000.00
n 3 36.00 Periodos
TNA - i 11.00% 0.92% i periodica
Capitalizacio Mensual 12.00
Anualidad Cuota L 982.73 L -
TEA 11.57%
OPCION 1
N Saldo Inicial Cuota Interes Abono a Capital Saldo Final Capitalización
1 30,000.00 982.73 276.00 706.73 29,293.27 VP
2 29,293.27 982.73 269.50 713.23 28,580.04 VF
3 28,580.04 982.73 262.94 719.79 27,860.24 Tiempo
4 27,860.24 982.73 256.31 726.42 27,133.83 Periodo
5 27,133.83 982.73 249.63 733.10 26,400.73 TNA
6 26,400.73 982.73 242.89 739.84 25,660.89 i perdiodica
7 25,660.89 982.73 236.08 746.65 24,914.24 VP
8 24,914.24 982.73 229.21 753.52 24,160.72
9 24,160.72 982.73 222.28 760.45 23,400.27
10 23,400.27 982.73 215.28 767.45 22,632.82
11 22,632.82 982.73 208.22 774.51 21,858.31
12 21,858.31 982.73 201.10 781.63 21,076.68
13 21,076.68 982.73 193.91 788.82 20,287.85
14 20,287.85 982.73 186.65 796.08 19,491.77
15 19,491.77 982.73 179.32 803.41 18,688.37
16 18,688.37 982.73 171.93 810.80 17,877.57
17 17,877.57 982.73 164.47 818.26 17,059.31
18 17,059.31 982.73 156.95 825.78 16,233.53
19 16,233.53 982.73 149.35 833.38 15,400.15
20 15,400.15 982.73 141.68 841.05 14,559.10
21 14,559.10 982.73 133.94 848.79 13,710.31
22 13,710.31 982.73 126.13 856.60 12,853.72
23 12,853.72 982.73 118.25 864.48 11,989.24
24 11,989.24 982.73 110.30 872.43 11,116.81
25 11,116.81 982.73 102.27 880.46 10,236.36
26 10,236.36 982.73 94.17 888.56 9,347.80
27 9,347.80 982.73 86.00 896.73 8,451.07
28 8,451.07 982.73 77.75 904.98 7,546.09
29 7,546.09 982.73 69.42 913.31 6,632.79
30 6,632.79 982.73 61.02 921.71 5,711.08
31 5,711.08 982.73 52.54 930.19 4,780.89
32 4,780.89 982.73 43.98 938.75 3,842.15
33 3,842.15 982.73 35.35 947.38 2,894.76
34 2,894.76 982.73 26.63 956.10 1,938.67
35 1,938.67 982.73 17.84 964.89 973.77
36 973.77 982.73 8.96 973.77 - aa
37 - 982.73 - 982.73 (982.73)
38 (982.73) 982.73 (9.04) 991.77 (1,974.50)
39 (1,974.50) 982.73 (18.17) 1,000.90 (2,975.40)
40 (2,975.40) 982.73 (27.37) 1,010.10 (3,985.50)
41 (3,985.50) 982.73 (36.67) 1,019.40 (5,004.90)
42 (5,004.90) 982.73 (46.05) 1,028.77 (6,033.67)
43 (6,033.67) 982.73 (55.51) 1,038.24 (7,071.91)
44 (7,071.91) 982.73 (65.06) 1,047.79 (8,119.70)
45 (8,119.70) 982.73 (74.70) 1,057.43 (9,177.13)
46 (9,177.13) 982.73 (84.43) 1,067.16 (10,244.29)
47 (10,244.29) 982.73 (94.25) 1,076.98 (11,321.27)
48 (11,321.27) 982.73 (104.16) 1,086.89 (12,408.16)
49 (12,408.16) 982.73 (114.16) 1,096.88 (13,505.04)
50 (13,505.04) 982.73 (124.25) 1,106.98 (14,612.02)
51 (14,612.02) 982.73 (134.43) 1,117.16 (15,729.18)
52 (15,729.18) 982.73 (144.71) 1,127.44 (16,856.62)
53 (16,856.62) 982.73 (155.08) 1,137.81 (17,994.43)
54 (17,994.43) 982.73 (165.55) 1,148.28 (19,142.71)
55 (19,142.71) 982.73 (176.11) 1,158.84 (20,301.55)
56 (20,301.55) 982.73 (186.77) 1,169.50 (21,471.05)
57 (21,471.05) 982.73 (197.53) 1,180.26 (22,651.32)
58 (22,651.32) 982.73 (208.39) 1,191.12 (23,842.44)
59 (23,842.44) 982.73 (219.35) 1,202.08 (25,044.52)
60 (25,044.52) 982.73 (230.41) 1,213.14 (26,257.66)
2,706.14

PRESTAMO
Cantidad L 50,000.00
Prima 0% L -
Prestamo L 50,000.00
n 3 31.00 Periodos
TNA - i 11.00% 0.92% i periodica
Capitalizacio Mensual 12.00
Anualidad Cuota L 1,861.18 L -

PRESTAMO
Cantidad L 2,500,000.00
Prima 0% L -
Prestamo L 2,500,000.00
n 2 8.00 Periodos
TNA - i 10.50% 2.63% i periodica
Capitalizacio trimestral 4.00
Anualidad Cuota L 350,529.16 L -
 OPCION 1 OPCION 1
apitalización CapitalizacióTrimestral 1 CapitalizacióTrimestral 1
VP ? VP ?
L 20,000.00 VF L28,500.00 VF L54,000.00
Tiempo 3 Tiempo 9
Periodo 3 Periodo 9
TNA 11.00% TNA 11.00%
i perdiodica 11.00% i perdiodica 11.00%
L 20,000.00 VP ### VP ###
OPCION 1
CapitalizacióTrimestral
VP ?
VF L 160,000.00
Tiempo 20
Periodo 20
TNA 11.00%
i perdiodica 11.00%
VP L 19,845.43
 Vencimiento

PRESTAMO
Cantidad L 50,000.00
Prima 0% L -
Prestamo L 50,000.00
n 2.7 31.00
TNA - i 11.00% 0.92%
Capitalizacion Mensual 12.00
Anualidad Cuota L 1,860.24
TEA
N Saldo Inicial Cuota Interes Abono a Capital Saldo Final N
1 50,000.00 1,860.24 458.33 1,401.91 48,598.09 1
2 48,598.09 1,860.24 445.48 1,414.76 47,183.33 2
3 47,183.33 1,860.24 432.51 1,427.73 45,755.61 3
4 45,755.61 1,860.24 419.43 1,440.81 44,314.79 4
5 44,314.79 1,860.24 406.22 1,454.02 42,860.77 5
6 42,860.77 1,860.24 392.89 1,467.35 41,393.42 6
7 41,393.42 1,860.24 379.44 1,480.80 39,912.62 7
8 39,912.62 1,860.24 365.87 1,494.38 38,418.24 8
9 38,418.24 1,860.24 352.17 1,508.07 36,910.17 9
10 36,910.17 1,860.24 338.34 1,521.90 35,388.27 10
11 35,388.27 1,860.24 324.39 1,535.85 33,852.42 11
12 33,852.42 1,860.24 310.31 1,549.93 32,302.50 12
13 32,302.50 1,860.24 296.11 1,564.13 30,738.36 13
14 30,738.36 1,860.24 281.77 1,578.47 29,159.89 14
15 29,159.89 1,860.24 267.30 1,592.94 27,566.95 15
16 27,566.95 1,860.24 252.70 1,607.54 25,959.40 16
17 25,959.40 1,860.24 237.96 1,622.28 24,337.12 17
18 24,337.12 1,860.24 223.09 1,637.15 22,699.97 18
19 22,699.97 1,860.24 208.08 1,652.16 21,047.82 19
20 21,047.82 1,860.24 192.94 1,667.30 19,380.51 20
21 19,380.51 1,860.24 177.65 1,682.59 17,697.93 21
22 17,697.93 1,860.24 162.23 1,698.01 15,999.92 22
23 15,999.92 1,860.24 146.67 1,713.57 14,286.34 23
24 14,286.34 1,860.24 130.96 1,729.28 12,557.06 24
25 12,557.06 1,860.24 115.11 1,745.13 10,811.93 25
26 10,811.93 1,860.24 99.11 1,761.13 9,050.79 26
27 9,050.79 1,860.24 82.97 1,777.28 7,273.52 27
28 7,273.52 1,860.24 66.67 1,793.57 5,479.95 28
29 5,479.95 1,860.24 50.23 1,810.01 3,669.94 29
30 3,669.94 1,860.24 33.64 1,826.60 1,843.34 30
31 1,843.34 1,860.24 16.90 1,843.34 - 31
32 - 1,860.24 - 1,860.24 (1,860.24) 32
33 (1,860.24) 1,860.24 (17.05) 1,877.29 (3,737.53) 33
34 (3,737.53) 1,860.24 (34.26) 1,894.50 (5,632.04) 34
35 (5,632.04) 1,860.24 (51.63) 1,911.87 (7,543.90) 35
36 (7,543.90) 1,860.24 (69.15) 1,929.39 (9,473.30) 36
37 (9,473.30) 1,860.24 (86.84) 1,947.08 (11,420.38) 37
38 (11,420.38) 1,860.24 (104.69) 1,964.93 (13,385.30) 38
39 (13,385.30) 1,860.24 (122.70) 1,982.94 (15,368.24) 39
40 (15,368.24) 1,860.24 (140.88) 2,001.12 (17,369.36) 40
41 (17,369.36) 1,860.24 (159.22) 2,019.46 (19,388.82) 41
42 (19,388.82) 1,860.24 (177.73) 2,037.97 (21,426.79) 42
43 (21,426.79) 1,860.24 (196.41) 2,056.65 (23,483.44) 43
44 (23,483.44) 1,860.24 (215.26) 2,075.51 (25,558.95) 44
45 (25,558.95) 1,860.24 (234.29) 2,094.53 (27,653.48) 45
46 (27,653.48) 1,860.24 (253.49) 2,113.73 (29,767.21) 46
47 (29,767.21) 1,860.24 (272.87) 2,133.11 (31,900.32) 47
48 (31,900.32) 1,860.24 (292.42) 2,152.66 (34,052.98) 48
49 (34,052.98) 1,860.24 (312.15) 2,172.39 (36,225.37) 49
50 (36,225.37) 1,860.24 (332.07) 2,192.31 (38,417.68) 50
51 (38,417.68) 1,860.24 (352.16) 2,212.40 (40,630.08) 51
52 (40,630.08) 1,860.24 (372.44) 2,232.68 (42,862.77) 52
53 (42,862.77) 1,860.24 (392.91) 2,253.15 (45,115.92) 53
54 (45,115.92) 1,860.24 (413.56) 2,273.80 (47,389.72) 54
55 (47,389.72) 1,860.24 (434.41) 2,294.65 (49,684.37) 55
56 (49,684.37) 1,860.24 (455.44) 2,315.68 (52,000.05) 56
57 (52,000.05) 1,860.24 (476.67) 2,336.91 (54,336.96) 57
58 (54,336.96) 1,860.24 (498.09) 2,358.33 (56,695.28) 58
59 (56,695.28) 1,860.24 (519.71) 2,379.95 (59,075.23) 59
60 (59,075.23) 1,860.24 (541.52) 2,401.76 (61,477.00) 60
111,614.45 137.46 111,477.00
 Anticipadas

PRESTAMO
Cantidad L 30,000.00
Prima 10% L 3,000.00
Prestamo L 27,000.00
n 3 36.00
TNA - i 11.00% 0.92%
Capitalizacion Mensual 12.00
Anualidad Cuota L 875.92
TEA
Saldo Inicial Cuota Interes Abono a Capital Saldo Final
27,000.00 875.92 - 875.92 26,124.08
26,124.08 875.92 239.47 636.45 25,487.64
25,487.64 875.92 233.64 642.28 24,845.36
24,845.36 875.92 227.75 648.17 24,197.19
24,197.19 875.92 221.81 654.11 23,543.08
23,543.08 875.92 215.81 660.10 22,882.98
22,882.98 875.92 209.76 666.16 22,216.82
22,216.82 875.92 203.65 672.26 21,544.56
21,544.56 875.92 197.49 678.42 20,866.14
20,866.14 875.92 191.27 684.64 20,181.49
20,181.49 875.92 185.00 690.92 19,490.57
19,490.57 875.92 178.66 697.25 18,793.32
18,793.32 875.92 172.27 703.64 18,089.68
18,089.68 875.92 165.82 710.09 17,379.58
17,379.58 875.92 159.31 716.60 16,662.98
16,662.98 875.92 152.74 723.17 15,939.81
15,939.81 875.92 146.11 729.80 15,210.01
15,210.01 875.92 139.43 736.49 14,473.52
14,473.52 875.92 132.67 743.24 13,730.27
13,730.27 875.92 125.86 750.06 12,980.22
12,980.22 875.92 118.99 756.93 12,223.29
12,223.29 875.92 112.05 763.87 11,459.42
11,459.42 875.92 105.04 770.87 10,688.55
10,688.55 875.92 97.98 777.94 9,910.61
9,910.61 875.92 90.85 785.07 9,125.54
9,125.54 875.92 83.65 792.27 8,333.28
8,333.28 875.92 76.39 799.53 7,533.75
7,533.75 875.92 69.06 806.86 6,726.89
6,726.89 875.92 61.66 814.25 5,912.64
5,912.64 875.92 54.20 821.72 5,090.92
5,090.92 875.92 46.67 829.25 4,261.67
4,261.67 875.92 39.07 836.85 3,424.82
 3,424.82 875.92 31.39 844.52 2,580.30
2,580.30 875.92 23.65 852.26 1,728.04
1,728.04 875.92 15.84 860.08 867.96
867.96 875.92 7.96 867.96 -
- 875.92 - 875.92 (875.92)
(875.92) 875.92 (8.03) 883.95 (1,759.86)
(1,759.86) 875.92 (16.13) 892.05 (2,651.91)
(2,651.91) 875.92 (24.31) 900.23 (3,552.13)
(3,552.13) 875.92 (32.56) 908.48 (4,460.61)
(4,460.61) 875.92 (40.89) 916.81 (5,377.42)
(5,377.42) 875.92 (49.29) 925.21 (6,302.63)
(6,302.63) 875.92 (57.77) 933.69 (7,236.32)
(7,236.32) 875.92 (66.33) 942.25 (8,178.57)
(8,178.57) 875.92 (74.97) 950.89 (9,129.45)
(9,129.45) 875.92 (83.69) 959.60 (10,089.05)
(10,089.05) 875.92 (92.48) 968.40 (11,057.45)
(11,057.45) 875.92 (101.36) 977.28 (12,034.73)
(12,034.73) 875.92 (110.32) 986.23 (13,020.96)
(13,020.96) 875.92 (119.36) 995.27 (14,016.24)
(14,016.24) 875.92 (128.48) 1,004.40 (15,020.64)
(15,020.64) 875.92 (137.69) 1,013.61 (16,034.24)
(16,034.24) 875.92 (146.98) 1,022.90 (17,057.14)
(17,057.14) 875.92 (156.36) 1,032.27 (18,089.41)
(18,089.41) 875.92 (165.82) 1,041.74 (19,131.15)
(19,131.15) 875.92 (175.37) 1,051.28 (20,182.43)
(20,182.43) 875.92 (185.01) 1,060.92 (21,243.36)
(21,243.36) 875.92 (194.73) 1,070.65 (22,314.00)
(22,314.00) 875.92 (204.55) 1,080.46 (23,394.46)
52,554.97 2,160.50 50,394.46
 FRANCES

PRESTAMO
Cantidad L 774,224.03
Prima 0% L -
Prestamo L 774,224.03
n 5 60.00
TNA - i 21.00% 1.75%
Capitalizacion Mensual 12.00
Anualidad Cuota L 20,945.36
TEA
N Saldo Inicial Cuota Interes Abono a Capital Saldo Final
1 774,224.03 20,945.36 13,548.92 7,396.44 766,827.59
2 766,827.59 20,945.36 13,419.48 7,525.88 759,301.71
3 759,301.71 20,945.36 13,287.78 7,657.58 751,644.13
4 751,644.13 20,945.36 13,153.77 7,791.59 743,852.54
5 743,852.54 20,945.36 13,017.42 7,927.94 735,924.60
6 735,924.60 20,945.36 12,878.68 8,066.68 727,857.92
7 727,857.92 20,945.36 12,737.51 8,207.85 719,650.07
8 719,650.07 20,945.36 12,593.88 8,351.49 711,298.59
9 711,298.59 20,945.36 12,447.73 8,497.64 702,800.95
10 702,800.95 20,945.36 12,299.02 8,646.34 694,154.60
11 694,154.60 20,945.36 12,147.71 8,797.66 685,356.95
12 685,356.95 20,945.36 11,993.75 8,951.61 676,405.33
251,344.34 153,525.64 97,818.70
774,224.03
(20,945.36)
(20,945.36)
(20,945.36)
(20,945.36)
(20,945.36) 200000 -115238 -115238
(20,945.36) 9.9999%
(20,945.36)
(20,945.36)
(20,945.36)
(20,945.36)
(20,945.36)
(20,945.36)
-14.1%
 ALEMAN

PRESTAMO
Cantidad L 774,224.03
Prima 0% L -
Prestamo L 774,224.03
n 5 60.00
TNA - i 21.00% 1.75%
Capitalizacion Mensual 12.00
Anualidad Cuota ?
TEA
N Saldo Inicial Cuota Interes Abono a Capital Saldo Final
1 774,224.03 23,548.92 13,548.92 10,000.00 764,224.03
2 764,224.03 23,373.92 13,373.92 10,000.00 754,224.03
3 754,224.03 23,198.92 13,198.92 10,000.00 744,224.03
4 744,224.03 23,023.92 13,023.92 10,000.00 734,224.03
5 734,224.03 22,848.92 12,848.92 10,000.00 724,224.03
6 724,224.03 22,673.92 12,673.92 10,000.00 714,224.03
7 714,224.03 22,498.92 12,498.92 10,000.00 704,224.03
8 704,224.03 22,323.92 12,323.92 10,000.00 694,224.03
9 694,224.03 22,148.92 12,148.92 10,000.00 684,224.03
10 684,224.03 21,973.92 11,973.92 10,000.00 674,224.03
11 674,224.03 21,798.92 11,798.92 10,000.00 664,224.03
12 664,224.03 21,623.92 11,623.92 10,000.00 654,224.03
271,037.05 151,037.05 120,000.00
774,224.03
(23,548.92)
(23,373.92)
(23,198.92)
(23,023.92)
(22,848.92)
(22,673.92)
(22,498.92)
(22,323.92)
(22,148.92)
(21,973.92)
(21,798.92)
(21,623.92)
-13.5%
 AMERICANO

PRESTAMO
Cantidad L 774,224.03
Prima 0% L -
Prestamo L 774,224.03
n 5 60.00
TNA - i 21.00% 1.75%
Capitalizacion Mensual 12.00
Anualidad Cuota ?
TEA
N Saldo Inicial Cuota Interes Abono a Capital Saldo Final
1 774,224.03 13,548.92 13,548.92 - 774,224.03
2 774,224.03 13,548.92 13,548.92 - 774,224.03
3 774,224.03 13,548.92 13,548.92 - 774,224.03
4 774,224.03 13,548.92 13,548.92 - 774,224.03
5 774,224.03 13,548.92 13,548.92 - 774,224.03
6 774,224.03 13,548.92 13,548.92 - 774,224.03
7 774,224.03 13,548.92 13,548.92 - 774,224.03
8 774,224.03 13,548.92 13,548.92 - 774,224.03
9 774,224.03 13,548.92 13,548.92 - 774,224.03
10 774,224.03 13,548.92 13,548.92 - 774,224.03
11 774,224.03 13,548.92 13,548.92 - 774,224.03
12 774,224.03 133,548.92 13,548.92 120,000.00 654,224.03
282,587.05 162,587.05 120,000.00
774,224.03
(13,548.92)
(13,548.92)
(13,548.92)
(13,548.92)
(13,548.92)
(13,548.92)
(13,548.92)
(13,548.92)
(13,548.92)
(13,548.92)
(13,548.92)
(133,548.92)
-10.1%
 ESTILO FRANCES Capital 300,000.00
PRESTAMO Cuotas Mensual
Cantidad L 300,000.00 Tasa 17.50%
Prima 0% L - Años 2
Prestamo L 300,000.00
n 2 24.00 FIJA
TNA - i 17.50% 1.46%
Capitalizacion Mensual 12.00
Anualidad Cuota L 14,904.85

N Saldo Inicial Cuota Interes Abono a Capital Saldo Final N

1 300,000.00 14,904.85 4,375.00 10,529.85 289,470.15 1
2 289,470.15 14,904.85 4,221.44 10,683.41 278,786.73 2
3 278,786.73 14,904.85 4,065.64 10,839.21 267,947.52 3
4 267,947.52 14,904.85 3,907.57 10,997.29 256,950.23 4
5 256,950.23 14,904.85 3,747.19 11,157.66 245,792.57 5
6 245,792.57 14,904.85 3,584.47 11,320.38 234,472.19 6
7 234,472.19 14,904.85 3,419.39 11,485.47 222,986.72 7
8 222,986.72 14,904.85 3,251.89 11,652.96 211,333.75 8
9 211,333.75 14,904.85 3,081.95 11,822.90 199,510.85 9
10 199,510.85 14,904.85 2,909.53 11,995.32 187,515.53 10
11 187,515.53 14,904.85 2,734.60 12,170.25 175,345.28 11
12 175,345.28 14,904.85 2,557.12 12,347.74 162,997.54 12
13 162,997.54 14,904.85 2,377.05 12,527.81 150,469.73 13
14 150,469.73 14,904.85 2,194.35 12,710.50 137,759.23 14
15 137,759.23 14,904.85 2,008.99 12,895.87 124,863.36 15
16 124,863.36 14,904.85 1,820.92 13,083.93 111,779.43 16
17 111,779.43 14,904.85 1,630.12 13,274.74 98,504.70 17
18 98,504.70 14,904.85 1,436.53 13,468.33 85,036.37 18
19 85,036.37 14,904.85 1,240.11 13,664.74 71,371.63 19
20 71,371.63 14,904.85 1,040.84 13,864.02 57,507.61 20
21 57,507.61 14,904.85 838.65 14,066.20 43,441.41 21
22 43,441.41 14,904.85 633.52 14,271.33 29,170.07 22
23 29,170.07 14,904.85 425.40 14,479.46 14,690.62 23
24 14,690.62 14,904.85 214.24 14,690.62 0.00 24
357,716.51 57,716.51 300,000.00
 ESTILO ALEMAN Capital 300,000.00 ESTILO AMERICANO
PRESTAMO Cuotas Mensual PRESTAMO
Cantidad L 300,000.00 Tasa 17.50% Cantidad
Prima 0% L - Años 2 Prima
Prestamo L 300,000.00 Prestamo
n 2 24.00 Cuota A Cap ### n
TNA - i 17.50% 1.46% 300,000.00 TNA - i
Capitalizacio Mensual 12.00 Capitalizacion
Anualidad Cuota Anualidad

Saldo Inicial Cuota Interes Abono a Capital Saldo Final N Saldo Inicial
300,000.00 16,875.00 4,375.00 12,500.00 287,500.00 1 300,000.00
287,500.00 16,692.71 4,192.71 12,500.00 275,000.00 2 300,000.00
275,000.00 16,510.42 4,010.42 12,500.00 262,500.00 3 300,000.00
262,500.00 16,328.13 3,828.12 12,500.00 250,000.00 4 300,000.00
250,000.00 16,145.83 3,645.83 12,500.00 237,500.00 5 300,000.00
237,500.00 15,963.54 3,463.54 12,500.00 225,000.00 6 300,000.00
225,000.00 15,781.25 3,281.25 12,500.00 212,500.00 7 300,000.00
212,500.00 15,598.96 3,098.96 12,500.00 200,000.00 8 300,000.00
200,000.00 15,416.67 2,916.67 12,500.00 187,500.00 9 300,000.00
187,500.00 15,234.38 2,734.37 12,500.00 175,000.00 10 300,000.00
175,000.00 15,052.08 2,552.08 12,500.00 162,500.00 11 300,000.00
162,500.00 14,869.79 2,369.79 12,500.00 150,000.00 12 300,000.00
150,000.00 14,687.50 2,187.50 12,500.00 137,500.00 13 300,000.00
137,500.00 14,505.21 2,005.21 12,500.00 125,000.00 14 300,000.00
125,000.00 14,322.92 1,822.92 12,500.00 112,500.00 15 300,000.00
112,500.00 14,140.63 1,640.62 12,500.00 100,000.00 16 300,000.00
100,000.00 13,958.33 1,458.33 12,500.00 87,500.00 17 300,000.00
87,500.00 13,776.04 1,276.04 12,500.00 75,000.00 18 300,000.00
75,000.00 13,593.75 1,093.75 12,500.00 62,500.00 19 300,000.00
62,500.00 13,411.46 911.46 12,500.00 50,000.00 20 300,000.00
50,000.00 13,229.17 729.17 12,500.00 37,500.00 21 300,000.00
37,500.00 13,046.88 546.88 12,500.00 25,000.00 22 300,000.00
25,000.00 12,864.58 364.58 12,500.00 12,500.00 23 300,000.00
12,500.00 12,682.29 182.29 12,500.00 - 24 300,000.00
354,687.50 54,687.50 300,000.00
ESTILO AMERICANO Capital 300,000.00 PLUTON
PRESTAMO Cuotas Mensual PRESTAMO
L 300,000.00 Tasa 17.50% Cantidad
0% L - Años 2 Prima 0%
L 300,000.00 Prestamo
2 24.00 n 2
17.50% 1.46% Cuota de % L 4,375.00 TNA - i 17.50%
Mensual 12.00 Capitalizacio -
Cuota Anualidad Cuota

Cuota Interes Abono a Capital Saldo Final N Saldo Inicial Cuota

- 4,375.00 - 300,000.00 1 352,500.00 14,687.50
- 4,375.00 - 300,000.00 2 337,812.50 14,687.50
- 4,375.00 - 300,000.00 3 323,125.00 14,687.50
- 4,375.00 - 300,000.00 4 308,437.50 14,687.50
- 4,375.00 - 300,000.00 5 293,750.00 14,687.50
- 4,375.00 - 300,000.00 6 279,062.50 14,687.50
- 4,375.00 - 300,000.00 7 264,375.00 14,687.50
- 4,375.00 - 300,000.00 8 249,687.50 14,687.50
- 4,375.00 - 300,000.00 9 235,000.00 14,687.50
- 4,375.00 - 300,000.00 10 220,312.50 14,687.50
- 4,375.00 - 300,000.00 11 205,625.00 14,687.50
- 4,375.00 - 300,000.00 12 190,937.50 14,687.50
- 4,375.00 - 300,000.00 13 176,250.00 14,687.50
- 4,375.00 - 300,000.00 14 161,562.50 14,687.50
- 4,375.00 - 300,000.00 15 146,875.00 14,687.50
- 4,375.00 - 300,000.00 16 132,187.50 14,687.50
- 4,375.00 - 300,000.00 17 117,500.00 14,687.50
- 4,375.00 - 300,000.00 18 102,812.50 14,687.50
- 4,375.00 - 300,000.00 19 88,125.00 14,687.50
- 4,375.00 - 300,000.00 20 73,437.50 14,687.50
- 4,375.00 - 300,000.00 21 58,750.00 14,687.50
- 4,375.00 - 300,000.00 22 44,062.50 14,687.50
- 4,375.00 - 300,000.00 23 29,375.00 14,687.50
304,375.00 4,375.00 300,000.00 - 24 14,687.50 14,687.50
405,000.00 105,000.00 300,000.00 352,500.00

Frances 57,716.51
Aleman 54,687.50
Americano 105,000.00
Pluton 52,500.00
iperiodo 10.00% TNA 3650.00%
CAP 365

2200
2000
200
0.1
 PLUTON
PRESTAMO
L 300,000.00
L -
L 300,000.00
24.00
L 52,500.00
12.00
L 352,500.00

Interes Abono a Capital Saldo Final

2,187.50 12,500.00 337,812.50
2,187.50 12,500.00 323,125.00
2,187.50 12,500.00 308,437.50
2,187.50 12,500.00 293,750.00
2,187.50 12,500.00 279,062.50
2,187.50 12,500.00 264,375.00
2,187.50 12,500.00 249,687.50
2,187.50 12,500.00 235,000.00
2,187.50 12,500.00 220,312.50
2,187.50 12,500.00 205,625.00
2,187.50 12,500.00 190,937.50
2,187.50 12,500.00 176,250.00
2,187.50 12,500.00 161,562.50
2,187.50 12,500.00 146,875.00
2,187.50 12,500.00 132,187.50
2,187.50 12,500.00 117,500.00
2,187.50 12,500.00 102,812.50
2,187.50 12,500.00 88,125.00
2,187.50 12,500.00 73,437.50
2,187.50 12,500.00 58,750.00
2,187.50 12,500.00 44,062.50
2,187.50 12,500.00 29,375.00
2,187.50 12,500.00 14,687.50
2,187.50 12,500.00 -
52,500.00 300,000.00
 Peso
Costo de Capital Promedio Ponderado
Estructura de capital Monto % de Participación Costo
Prestamo 3,000,000.00 35.29% 9.50%
Bonos Corporativos 2,300,000.00 27.06% 7.00%
Acciones Comunes 2,700,000.00 31.76% 10.00%
Acciones Preferente 500,000.00 5.88% 18.00%

Total 8,500,000.00 100.00%

Inversion 8,500,000.00

Fuente Monto Costo

Prestamo 3,000,000.00 9.50%
Bonos Corporativos 2,300,000.00 7.00%
Acciones Comunes 2,700,000.00 10.00%
Acciones Preferente 500,000.00 18.00%
 CCPP
WACC
ado Referencia de tasa de requerimiento por los accionistas
Costo Ponderado Tasa Requerimiento Inflacion Tasa Premio
3.35% 0.00% 4.50% 0.00%
1.89% Formula es igual i + f + if
3.18% Referencia de indice inflacionario para determinar tasa
1.06% Tasa Banco Factor impuesto
100.00% 25.00%
9.48% Formula es igual i (1-t)

Valor Presente Neto

-8,500,000.00

VPN > 0 Acepta

VPN < 0 Se rechaza
VPN = 0

Tasa Interna de Retorno

TIR > CC Acepta

TIR < CC Se rechaza
TIR = CC

CC 15%
PROYECTO X
0 -900,000.00 -900,000.00
1 (58,615.00) ($50,969.57)
2 284,549.00 $215,159.92
3 586,418.00 $385,579.35
4 957,689.00 $547,561.79
5 1,120,686.00 $557,179.01
TIR VPN
 34.58% $754,510.51

PROYECTO X
0 -500,000.00 -500,000.00
1 100,000.00 $86,956.52
2 120,000.00 $90,737.24
3 150,000.00 $98,627.43
4 190,000.00 $108,633.12
5 250,000.00 $124,294.18
TIR VPN
15.67% $9,248.50

0
1
2
3
4
5

0
1
2
3
4
5
o por los accionistas
Fondo propios
4.50%
+ f + if
para determinar tasa
Tasa ajustada
0.00%
(1-t) VP = VF * ((1+%)-ⁿ)

3,200,000.00
2,300,000.00
2,000,000.00 1,800,000.00 3,100,000.00

-8,500,000.00 Flujos
0 -1,074,224.00 -1,074,224.00
1 688,238.00 551,605.35
2 398,766.00 256,152.01
3 594,865.00 306,258.32
4 660,334.00 272,472.68
5 753,321.00 249,131.82

∑ VP = 1,635,620.18
VPN 561,396.18
TIR = 48.00%
CC 9.48%

PROYECTO Y
0 -1,074,224.00 -1,074,224.00
1 688,238.00 $551,605.35
2 398,766.00 $256,152.01
3 594,865.00 $306,258.32
4 660,334.00 $272,472.68
5 753,321.00 $249,131.82
TIR VPN
 48.00% $561,396.18

PROYECTO Y
0 -325,000.00 -325,000.00
1 140,000.00 $121,739.13
2 120,000.00 $90,737.24
3 95,000.00 $62,464.04
4 70,000.00 $40,022.73
5 50,000.00 $24,858.84
TIR VPN
17.29% $14,821.98

-22,312,706.46 -22,312,706.46
5,595,541.49 4,484,685.01
6,573,875.61 4,222,806.02
7,637,327.39 3,931,976.22
8,676,214.91 3,580,054.19
13,542,143.32 4,478,540.75
TIR
21.68% ∑ VP = 20,698,062.20
VPN (1,614,644.26)

-595,528.00 -595,528.00
781,612.00 730,478.50
509,227.00 444,778.58
792,860.00 647,209.93
 916,455.00 699,159.13
1,022,017.00 728,684.00
TIR
119.66% ∑ VP = 3,250,310.15
VPN 2,654,782.15
 3,500,000.00
3,100,000.00