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SIMULATEUR DE CALCULS FINANCIERS

Calcul intrts simples

E .Ecrire les formules ncessaires


.Adapter le format de cellules
Vo
V
Vn
.Tester le tableau
Valeur
Valeurs
Taux
Dure (365 jours)
Nombre
Dure en
actuelle
dplacer
Dbut
Fin
de jours
annes
Vo
V
t
n
Paramtres
1,000.00
5.000%
1.0000
Taux (t)
01/01/05
01/01/06
365
1,000.00 5.000%
3.2000
Dure (n)
0
Succession de valeurs actualiser (Vo) ou capitaliser (Vn)
Vo,I,Vn
922.16 1,000.00 3.000%
10/01/05
15/08/07
947
2.5945
"
1,354.03 1,500.00 4.000%
10/03/05
15/08/07
888
2.4329
"
0.00
0
0.0000
0.00
0.0000
"
0
0.00
0.0000
"
0
Totaux
2,276.19
2,500.00 3.584%
0
2.4868
Moyenne
Taux
Dure
Conversion de la dure :
2.4868 =
2 ans
5 mois
annes
mois

Cellules de saisie
Cellules avec formules

Intrts
simples
I
50.00
160.00

Valeur
acquise
Vn

77.84 1,077.84
145.97 1,645.97
0.00
0.00
0.00
0.00
0.00
0.00
223.81
2,723.81
25 jrs
jours

Opration d'escompte d'effet de commerce


Valeur
nominale
Vn

Dure
anne de :
365 jours
Dbut
Fin

Commission Commission
Nombre
de jours

Escompte
Taux :
6.00%

proportionnelle indpendante Commission


au temps

0.5%
1.40

du temps TTC

0.1%
2,000.00 10/11/05
16.77
46.24
31/12/05
51
dont TVA :
19.60%
7.58
Charges HT
16.77
1.40
38.66
Calcul du taux rel d'escompte (taux correspondant au total des agios HT) :

fixe TTC

4.00
0.66
3.34

Agios
TTC

68.41
8.24
60.17
21.53%

Valeur
nette
Vo

72.41

Vn
Vt

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Calcul intrts composs


Vo

Vi

Valeur
actuelle

Paramtres

Taux (t)
Dure (n)

Vo
628.96
562.09

Vn

Valeurs
dplacer

Nombre de
de capitalisation capitalisation
par an
n

saisir

Taux
proportionnel
(pour info)

3.6313%
4.0000%

3.6313%
2.0000%

12
12

7.0000%
4.0000%

annes
29 ans

mois
4 mois

0.5833%
0.3333%
0.0000%
0.0000%
0.0000%
jours
16 jrs

Nb de Priodes

Vi
700.00
3
1,000.00 29.3765762

Taux
annuel

Cellules de saisie
Cellules avec formules
Taux
Valeur
quivalent
acquise

t
3.6313%
1.9804%

Vn
779.06
1,779.06

0.5654%
0.3274%
0.0000%
0.0000%
0.0000%

2,450.09
1,006.56
0.00
0.00
0.00
6,014.76

Succession de placements

1,632.60
2,000.00
36
993.48 1,000.00
2
0.00
0.00
0.00
Totaux
3,817.14
4,700.00
Conversion de la dure :
29.3766 =
Vo,I,Vn

Utilisation des fonctions financires d'excel


Vo
VA(taux;npm;-vpm;-vc;type)
Vn
VC(taux;npm;-vpm;-va;type)
t
TAUX(npm;-vpm;va;vc;type;estimation)
n
NPM(taux;-vpm;va;vc;type)
a
VPM(taux;npm;-va;-vc;type)

.Type =(0=fin de priode, 1=dbut de priode) (0 par dfaut).


.Estimation (0.1 par dfaut) (utile si le taux ne s'affiche pas).
.Les paramtres en italiques sont facultatifs.
.Paramtres souligns: en mentionner un sur deux.
.Valeur dcaisse = valeur ngative.

.Adapter le format de cellules


Taux
annuel

saisir
7.0000%
7.0000%
0.9901%
4.2000%
4.5000%

Nombre de
capitalisation
par an

12
12
4
12
12

Taux
quivalent

Cellules de saisie
Cellules avec formules

E Saisie des donnes horizontalement

TAUX (t)
0.5654%
0.5654%
4.0195%
0.3434%
0.3675%

NPM (n)
36
36
10
26
48

VPM (a)
1,400.00
1,400.00
800.00
1,500.00
682.89

Calculs de taux avec interpolation proportionnelle

VA (Vo)
45,742.92

VC (Vn)
56,037.04
10,000.00

Type
1
1
1

Estimation
0.001

37,500.00
30,000.00
Permet de rsoudre les problmes de calcul de taux
dans le cadre des suites d'annuits constantes sans excel

Cellules de saisie
Cellules avec formules

E Saisie des donnes horizontalement


Paramtres connus
1
2
3
4

Vn
10,000.00
10,000.00
Vo
10,000.00
9,000.00

n
10
10
n
4
10

a
800.00
950.00
a
2,860.12
1,500.00

Versements
fin de priode
dbut de priode
Versements
fin de priode
dbut de priode

Formules de calcul du taux


((1+t)n-1)/t) = Vn/a = Coef(t)
((1+t)n-1)/t)(1+t) = Vn/a = Coef(t)
Formules de calcul du taux
((1-(1+t)-n)/t) = Vo/a = Coef(t)
((1-(1+t)-n)/t)(1+t) = Vo/a = Coef(t)

Fourchette indicative t Coefficients (1) avec t1, t et t2


1
2
3
4

t1
3.00%
0.50%
5.00%
0.50%

t2
5.00%
1.50%
6.00%
1.50%

Coef(t1)
Coef(t)
Coef(t2) a = ct-c1 b = c2-c1
11.463879 12.500000 12.577893 1.036121 1.114013
10.279167 10.526316 10.863262 0.247149 0.584096
3.545951 3.496357 3.465106 -0.049594 -0.080845
9.779064 6.000000 9.360517 -3.779064 -0.418547
c1

ct
a

c2

Coef(t)
12.500000
10.526316
Coef(t)
3.496357
6.000000

t = t1 + t x a/b M
a/b
t
0.930079
4.86%
0.423131
0.92%
0.613443
5.61%
9.029016
9.53%

Simulateur d'emprunt

Cellules de saisie
Cellules avec formules
Conditions
d'emprunt
Modalits de
remboursement

Priodes

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Nominal (Vo)
Frais HT
Type de priode
Cocher le type
Taux par priode
Cocher le type

D dbut

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Fonctions financires sous Excel spcifiques aux emprunts


Intrts de la priode
INTPER(taux;priode;npm;va;vc;type)
PRINCPER(taux;priode;npm;va;vc;type)
Amortissement du principal de la priode
VPM(taux;npm;va;vc;type)
Annuits de remboursement par priode
.Les paramtres en italiques (type et estimation) sont facultatifs.
.Vpm correspondant un dcaissement : valeur ngative

150,000.00 Taux d'intrt t


150.00 Dure (n)

6.00%

0.30%

Anne

Semestre

Trimestre

Taux
d'assurance
Mois

120

quivalent

proportionnel

Taux d'intrt

Tx assurance

TEG

Intrts

x
Amortissements

Mensualits

0.0250%

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du nominal
Nb priodes

D fin

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Taux
effectif
global
(TEG)

149,850.00
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Mensualits

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Choix de projets d'investissement

Cellules de saisie
Cellules avec formules

Evaluation des critres de choix entre deux projets

Hypothse 1
12%
Le rendement escompt des ressources est de

Projet 1
Dpenses d'investissement
Recettes nettes
Valeur rsiduelle

0
80,000

Projet 2
Dpenses d'investissement
Recettes nettes
Valeur rsiduelle

0
70,000

33,000

32,000

25,000

15,000
2,000

-5,000

28,000

35,000

40,000
2,000

3
(1+t)-3
25,000
17,795
-7,231
35,000
24,912
-27,231

4
(1+t)-4
17,000
10,804
3,573
42,000
26,692
-539

Hypothse 2
15%

Evaluation des flux nets actualiss dans le cadre de l'hypothse 1

Priodes

Coef. d'actualisation
Flux de trsorerie du projet 1
Flux actualiss
Cumul
Flux de trsorerie du projet 2
Flux actualiss
Cumul

12%

-80,000
-80,000
-80,000
-70,000
-70,000
-70,000

1
(1+t)-1
33,000
29,464
-50,536
-5,000
-4,464
-74,464

2
(1+t)-2
32,000
25,510
-25,026
28,000
22,321
-52,143

0
0
0
0
0
0

Evaluation des diffrents critres de choix et conclusion

Projet 1

Projet 2

Valeur actuelle nette (VAN)


Indice de profitabilit (Ip)
Dlai de rcupration (DRCI)

3,573
1.04
3.6693
3 ans
8 mois
0 jours
14.35%
+

-539
0.99
> 4 ans
> 4 ans
0 mois
0 jours
11.73%
-

Projet 1

0 jours

4
(1+t)-4
9,720
-949
24,014
-6,149

5
(1+t)-5

Projet 1

Projet 2

-949
Projet 1

-6,149
0 jours

= Total des flux nets actualiss


= Total recettes actualises / Total dpenses actualiss
= Dlai pour rcuprer la dpense initiale
Anne
Mois
Jour

Taux de rendement interne (TRI)


Conclusion sur la rentabilit
Projet retenir

= Taux pour lequel la VAN est nulle


(+) si le projet est rentable et (-) s'il est non rentable

Evaluation des flux nets actualiss dans le cadre de l'hypothse 2


Priodes
0
1
2

Coef. d'actualisation
Flux nets actualiss 1
Cumul
Flux nets actualiss 2
Cumul

15%

-80,000
-80,000
-70,000
-70,000

(1+t)-1
28,696
-51,304
-4,348
-74,348

(1+t)-2
24,197
-27,107
21,172
-53,176

3
(1+t)-3
16,438
-10,669
23,013
-30,163

Evaluation de la VAN et conclusion

Valeur actuelle nette (VAN)


Conclusion sur la rentabilit
Projet retenir

= Total des flux nets actualiss


(+) si le projet est rentable et (-) s'il est non rentable

Graphique d'volution de la VAN


en fonction du taux d'actualisation

6,000

Projet 1
Projet 2

4,000
2,000

Taux

12.0%
15.0%

VAN

Projet 1

Projet 2

3,573.00
-949.00

-539.00
-6,149.00

0
12.%
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-4,000
-6,000
-8,000

0
0
0
0

13.%

14.%

15.%

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