Ejemplo Bancoldex

la empresa opta por un crdito de $ 100.000.000 a 24 meses, periodo de gracia con cuota parcial (solo paga intereses) para
los primeros 6 periodos, abono constante a capital y se maneja una tasa Bancoldex de 9.2% ms 3 puntos adicionales que
equivale a una tasa peridica mensual del 0.98%, esta tasa se obtiene con el siguiente clculo:

Solucin:
Debemos hallar una tasa que consolide las tasa del 9,2% mas los 3 puntos adicionales

Tasa 9.20% 0.092

Ptos adc 3% 0.03

Para ello debemos aplicar la formula de tasa conjugada:

i = ((1 + i) x (1 + ptos adc)) - 1

Noten que al consolidar dos tasas, estas no se suman, se multiplican, con lo que tendriamos:

i= 1 0.092 x 1 0.03
1.092 x 1.03
1.12476
12.476% 0.124760
Teniendo la tasa EA procedemos a hallar su equivalente nominal:

Efectiva 0.12476 EA
Nominal 11.81% NMV

Y con esta, hallamos la tasa periodica

11.81% 0.98% Mensual

12

Con estos datos, la tabla de amortizacin queda de la siguiente manera:

VP 100,000,000.00
n 24 18

Periodo Cuota Interes Amortizacin Saldo

0 100,000,000.00
1 984,562.57 984,562.57 - 100,000,000.00
2 984,562.57 984,562.57 - 100,000,000.00
3 984,562.57 984,562.57 - 100,000,000.00
4 984,562.57 984,562.57 - 100,000,000.00
 5 984,562.57 984,562.57 - 100,000,000.00
6 984,562.57 984,562.57 - 100,000,000.00
7 6,540,118.12 984,562.57 5,555,555.56 94,444,444.44
8 6,485,420.20 929,864.65 5,555,555.56 88,888,888.89
9 6,430,722.28 875,166.73 5,555,555.56 83,333,333.33
10 6,376,024.36 820,468.81 5,555,555.56 77,777,777.78
11 6,321,326.44 765,770.89 5,555,555.56 72,222,222.22
12 6,266,628.52 711,072.96 5,555,555.56 66,666,666.67
13 6,211,930.60 656,375.04 5,555,555.56 61,111,111.11
14 6,157,232.68 601,677.12 5,555,555.56 55,555,555.56
15 6,102,534.76 546,979.20 5,555,555.56 50,000,000.00
16 6,047,836.84 492,281.28 5,555,555.56 44,444,444.44
17 5,993,138.92 437,583.36 5,555,555.56 38,888,888.89
18 5,938,441.00 382,885.44 5,555,555.56 33,333,333.33
19 5,883,743.08 328,187.52 5,555,555.56 27,777,777.78
20 5,829,045.16 273,489.60 5,555,555.56 22,222,222.22
21 5,774,347.24 218,791.68 5,555,555.56 16,666,666.67
22 5,719,649.32 164,093.76 5,555,555.56 11,111,111.11
23 5,664,951.40 109,395.84 5,555,555.56 5,555,555.56
24 5,610,253.48 54,697.92 5,555,555.56 0.00
115,260,719.78 15,260,719.78 100,000,000.00
solo paga intereses) para
puntos adicionales que
Valor 48,000,000.00
Plazo 5 aos equivalente a 60 meses
Amortizacin Mensual
Tasa 15% EA
Opcin de C. 12% que equivale a 5,760,000.00
Comisin desemb 1% 480,000.00

Conversin de tasa
15% EA
Tasa de int nominal
= m x ((1 + i ef)^(1/m)) - 1 x 100

12 1.0117149169 1
12 0.0117149169
14.06% MV
Tasa periodica
1.17% Mesual

Hallamos el valor presente VP sobre el valor de opcin de compra

VP = 5,760,000.00
2.0113571875

VP = 2,863,738.00

Entonces, valor a financiar:

45,136,262.00

Cuota a pagar:

A= P.i
1-(1+i)-n

A= 528,767.56
0.5028

A= 1,051,597.24

Tabla de amortizacin:

Periodo saldo a capital Abono a capital Intereses comisiones total cuota

0 48,000,000.00 0 0 480,000.00 480,000.00
1 48,000,000.00 489,281.23 562,316.01 1,051,597.24
2 47,510,718.77 495,013.12 556,584.12 1,051,597.24
3 47,015,705.65 500,812.16 550,785.09 1,051,597.24
 4 46,514,893.49 506,679.13 544,918.11 1,051,597.24
5 46,008,214.36 512,614.84 538,982.41 1,051,597.24
6 45,495,599.52 518,620.08 532,977.17 1,051,597.24
7 44,976,979.45 524,695.67 526,901.58 1,051,597.24
8 44,452,283.78 530,842.43 520,754.81 1,051,597.24
9 43,921,441.35 537,061.21 514,536.04 1,051,597.24
10 43,384,380.14 543,352.84 508,244.41 1,051,597.24
11 42,841,027.30 549,718.17 501,879.08 1,051,597.24
12 42,291,309.14 556,158.07 495,439.17 1,051,597.24
13 41,735,151.06 562,673.42 488,923.83 1,051,597.24
14 41,172,477.65 569,265.09 482,332.16 1,051,597.24
15 40,603,212.56 575,933.98 475,663.26 1,051,597.24
16 40,027,278.58 582,681.00 468,916.24 1,051,597.24
17 39,444,597.57 589,507.06 462,090.18 1,051,597.24
18 38,855,090.51 596,413.09 455,184.16 1,051,597.24
19 38,258,677.43 603,400.02 448,197.23 1,051,597.24
20 37,655,277.41 610,468.80 441,128.45 1,051,597.24
21 37,044,808.61 617,620.39 433,976.86 1,051,597.24
22 36,427,188.22 624,855.76 426,741.48 1,051,597.24
23 35,802,332.46 632,175.89 419,421.35 1,051,597.24
24 35,170,156.57 639,581.78 412,015.46 1,051,597.24
25 34,530,574.79 647,074.43 404,522.81 1,051,597.24
26 33,883,500.36 654,654.85 396,942.39 1,051,597.24
27 33,228,845.51 662,324.08 389,273.16 1,051,597.24
28 32,566,521.43 670,083.15 381,514.09 1,051,597.24
29 31,896,438.27 677,933.12 373,664.12 1,051,597.24
30 31,218,505.16 685,875.05 365,722.19 1,051,597.24
31 30,532,630.11 693,910.02 357,687.23 1,051,597.24
32 29,838,720.09 702,039.12 349,558.13 1,051,597.24
33 29,136,680.97 710,263.45 341,333.80 1,051,597.24
34 28,426,417.52 718,584.12 333,013.12 1,051,597.24
35 27,707,833.40 727,002.28 324,594.97 1,051,597.24
36 26,980,831.12 735,519.05 316,078.19 1,051,597.24
37 26,245,312.07 744,135.59 307,461.65 1,051,597.24
38 25,501,176.48 752,853.08 298,744.16 1,051,597.24
39 24,748,323.40 761,672.69 289,924.55 1,051,597.24
40 23,986,650.70 770,595.62 281,001.62 1,051,597.24
41 23,216,055.08 779,623.09 271,974.16 1,051,597.24
42 22,436,431.99 788,756.31 262,840.94 1,051,597.24
43 21,647,675.69 797,996.52 253,600.72 1,051,597.24
44 20,849,679.16 807,344.98 244,252.26 1,051,597.24
45 20,042,334.18 816,802.96 234,794.28 1,051,597.24
46 19,225,531.21 826,371.74 225,225.50 1,051,597.24
47 18,399,159.47 836,052.62 215,544.62 1,051,597.24
48 17,563,106.85 845,846.91 205,750.34 1,051,597.24
 49 16,717,259.94 855,755.93 195,841.31 1,051,597.24
50 15,861,504.01 865,781.04 185,816.20 1,051,597.24
51 14,995,722.97 875,923.60 175,673.65 1,051,597.24
52 14,119,799.37 886,184.97 165,412.28 1,051,597.24
53 13,233,614.41 896,566.55 155,030.69 1,051,597.24
54 12,337,047.86 907,069.75 144,527.49 1,051,597.24
55 11,429,978.10 917,696.00 133,901.24 1,051,597.24
56 10,512,282.10 928,446.73 123,150.51 1,051,597.24
57 9,583,835.37 939,323.41 112,273.84 1,051,597.24
58 8,644,511.96 950,327.50 101,269.74 1,051,597.24
59 7,694,184.46 961,460.51 90,136.73 1,051,597.24
60 6,732,723.94 972,723.94 78,873.30 1,051,597.24
P. compra 5,760,000.00 5,760,000.00 0 5,760,000.00
Nvo saldo a capital
48,000,000.00
47,510,718.77
47,015,705.65
46,514,893.49
46,008,214.36
45,495,599.52
44,976,979.45
44,452,283.78
43,921,441.35
43,384,380.14
42,841,027.30
42,291,309.14
41,735,151.06
41,172,477.65
40,603,212.56
40,027,278.58
39,444,597.57
38,855,090.51
38,258,677.43
37,655,277.41
37,044,808.61
36,427,188.22
35,802,332.46
35,170,156.57
34,530,574.79
33,883,500.36
33,228,845.51
32,566,521.43
31,896,438.27
31,218,505.16
30,532,630.11
29,838,720.09
29,136,680.97
28,426,417.52
27,707,833.40
26,980,831.12
26,245,312.07
25,501,176.48
24,748,323.40
23,986,650.70
23,216,055.08
22,436,431.99
21,647,675.69
20,849,679.16
20,042,334.18
19,225,531.21
18,399,159.47
17,563,106.85
16,717,259.94
15,861,504.01
14,995,722.97
14,119,799.37
13,233,614.41
12,337,047.86
11,429,978.10
10,512,282.10
9,583,835.37
8,644,511.96
7,694,184.46
6,732,723.94
5,760,000.00
-
 Una empresa muy reconocida a nivel mundial le fue dada una prima de riesgo del mercado
de un 6%, beta de riesgo asignada a la empresa directamente de 1.4 y se toma una tasa
libre de riesgo de 4%. Calcular la rentabilidad total esperada.

Ei = Rf + Bi*(Em - Rf)

Rf 4%
Bi 1.4
Em 6%

Ei= 4% 1.4 2%
Ei= 4% 0.028
Ei= 6.80% Tasa mnima de rentabilidad esperada de inversin para cubrir todos los riesgos
implcitos. Una vez aplicado este clculo los inversionistas exigirn como mnimo una
rentabilidad de 6.80% adicional a la tasa libre de riesgo de 4%. Esto para compensar el
riesgo sistemtico a los cuales est expuesta la compaa. Por lo tanto el total de la
rentabilidad mnima esperada por los inversionistas es de 10.80%.