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1.- Para invertir en una empresa de productos plásticos se necesitan $1 250 millones. Los socios
sólo cuentan con $700 millones. El resto se pedirá a dos instituciones financieras. La Financiera A
aportará $300 millones por los que cobrará un interés de 25% anual. Por su parte, la Financiera B
aportará $250 millones a un interés de 27.5% anual. Si la TMAR de los accionistas es de 30%,
¿cuál es el costo de capital o TMAR mixta para esta empresa?
= -13,720.85
3.- Una dependencia del Sector Salud quiere producir un chicle especial que sustituya con el tiempo
el hábito de fumar. Se ha calculado una inversión de $5,600 mdp (millones de pesos); los ingresos
por la venta del producto serán de $6,230 mdp, en tanto que los costos de producción ascenderían
a $5,350 mdp durante la vida útil del proyecto estimada en 10 años, al cabo de los cuales, la
inversión hecha no tendría ningún valor de salvamento. La dependencia gubernamental no paga
impuestos y ha determinado que la inversión no es rentable a una tasa de referencia de 10% anual.
Como el objetivo no es lucrar, se ha concluido que para ser rentable la inversión no debe elevarse
los precios del producto, sino pedir un préstamo a una tasa preferencial de 0.5% mensual
capitalizable anualmente, que se pagaría en 10 anualidades iguales, comenzando a pagar al final
del primer año. Determínese la conveniencia económica utilizando el VPN. No considere la
depreciación. INTERESES
0.06(1.06)10 1 5,600.00 * 0.06 = 336.00
𝐴= 5′600 [ (1.06)10 −1 ]= 760.86
2 5,175.14 * 0.06 = 310.51
3 4,724.79 * 0.06 = 283.49
4 4,247.42 * 0.06 = 254.84
5 3,741.40 * 0.06 = 224.48
6 3,205.02 * 0.06 = 192.301481
7 2,636.47 * 0.06 = 158.18797
8 2,033.79 * 0.06 = 122.027648
9 1,394.96 * 0.06 = 83.6977071
10 717.80 * 0.06 = 43.0679695
TMAR.
Inv. Propia 6230000000/5600000000= 1.1125
Préstamo 5600000000/5600000000= 1.0
2.1125
1 2 3 4 5 6 7 8 9 10
Ingresos 6,230.00 6,230.00 6,230.00 6,230.00 6,230.00 6,230.00 6,230.00 6,230.00 6,230.00 6,230.00
(-) Costos 5,350.00 5,350.00 5,350.00 5,350.00 5,350.00 5,350.00 5,350.00 5,350.00 5,350.00 5,350.00
(-) Depreciación - - - - - - - - - -
(-) Intereses 336.00 310.51 283.49 254.84 224.48 192.30 158.19 122.03 83.70 43.07
(+) Valor salvamento - - - - - - - - - -
(=) UAI 544.00 569.49 596.51 625.16 655.52 687.70 721.81 757.97 796.30 836.93
(-) Impuestos - - - - - - - - - -
(=) UDI 544.00 569.49 596.51 625.16 655.52 687.70 721.81 757.97 796.30 836.93
(+) Depreciación - - - - - - - - - -
(-) Pago prest. 424.86 450.35 477.37 506.02 536.38 568.56 602.67 638.83 677.16 717.79
(=) FNE 119.14 119.14 119.14 119.14 119.14 119.14 119.14 119.14 119.14 119.14
4.- Una empresa necesita comprar un equipo para producir un material para la construcción el cual
tiene la característica de ser ecológico, el precio del equipo es de $ 358,750 dólares con un valor de
salvamento del 10% de su valor, al final de su vida útil de diez años, se deprecia por SDA. Dicho
equipo producirá ingresos anuales por la cantidad de $ 64,340 dólares y sus costos de operación
por año serán de $ 25,670. Para la compra del equipo se pedirá un préstamo por la cantidad de $
200,000 dólares a una tasa de interés de 12% anual, el cual se va a pagar en 10 anualidades
iniciando en el año 1. El interés que se cobra es sobre saldos insolutos. La empresa considera una
TMAR de 10%, determine si conviene la inversión mediante el VPN.
valor INTERESES
Abono a préstamo 200,000.00 1 200,000.00 * 0.12 = 24,000.00
= = 20,000.00
capital= num. De
2 180,000.00 * 0.12 = 21,600.00
pagos 10
3 160,000.00 * 0.12 = 19,200.00
4 140,000.00 * 0.12 = 16,800.00
TABLA DE AMORTIZACIÓN
5 120,000.00 * 0.12 = 14,400.00
ABONO A
CAPITAL INTERESES PAGO 6 100,000.00 * 0.12 = 12,000.00
CAP. 7 80,000.00 * 0.12 = 9,600.00
1 200,000.00 20,000.00 24,000.00 220,000.00 8 60,000.00 * 0.12 = 7,200.00
2 180,000.00 20,000.00 21,600.00 200,000.00 9 40,000.00 * 0.12 = 4,800.00
3 160,000.00 20,000.00 19,200.00 180,000.00 10 20,000.00 * 0.12 = 2,400.00
4 140,000.00 20,000.00 16,800.00 160,000.00
5 120,000.00 20,000.00 14,400.00 140,000.00 AÑO VEQ-VS
6 100,000.00 20,000.00 12,000.00 120,000.00 1 10 / 55 (358,750 -35,875) = 58,704.55
7 80,000.00 20,000.00 9,600.00 100,000.00 2 9 / 55 (358,750 -35,875) = 52,834.09
8 60,000.00 20,000.00 7,200.00 80,000.00 3 8 / 55 (358,750 -35,875) = 46,963.64
9 40,000.00 20,000.00 4,800.00 60,000.00 4 7 / 55 (358,750 -35,875) = 41,093.18
10 20,000.00 20,000.00 2,400.00 40,000.00 5 6 / 55 (358,750 -35,875) = 35,222.73
6 5 / 55 (358,750 -35,875) = 29,352.27
7 4 / 55 (358,750 -35,875) = 23,481.82
8 3 / 55 (358,750 -35,875) = 17,611.36
9 2 / 55 (358,750 -35,875) = 11,740.91
10 1 / 55 (358,750 -35,875) = 5,870.45
55 322,875.00
1 2 3 4 5 6 7 8 9 10
Ingresos 64,340.00 64,340.00 64,340.00 64,340.00 64,340.00 64,340.00 64,340.00 64,340.00 64,340.00 64,340.00
(-) Costos 25,670.00 25,670.00 25,670.00 25,670.00 25,670.00 25,670.00 25,670.00 25,670.00 25,670.00 25,670.00
(-) Depreciación - - - - - - - - - -
(-) Intereses 24,000.00 21,600.00 19,200.00 16,800.00 14,400.00 12,000.00 9,600.00 7,200.00 4,800.00 2,400.00
(+) Valor salvamento - - - - - - - - - 35,875.00
(=) UAI 14,670.00 17,070.00 19,470.00 21,870.00 24,270.00 26,670.00 29,070.00 31,470.00 33,870.00 72,145.00
(-) Impuestos - - - - - - - - - -
(=) UDI 14,670.00 17,070.00 19,470.00 21,870.00 24,270.00 26,670.00 29,070.00 31,470.00 33,870.00 72,145.00
(+) Depreciación 58,704.55 52,834.09 46,963.64 41,093.18 35,222.73 29,352.27 23,481.82 17,611.36 11,740.91 5,870.45
(-) Pago prest. 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
(=) FNE 53,374.55 49,904.09 46,433.64 42,963.18 39,492.73 36,022.27 32,551.82 29,081.36 25,610.91 58,015.45
5.- Después de analizar económicamente un proyecto se obtuvieron las siguientes cifras: Inversión
inicial, $ 310,000; utilidad neta anual de $ 130,000 cada año durante cinco años; valor de
salvamento de los activos al final del quinto año, $ 160,000. Las aportaciones de dinero para la
inversión inicial fueron: accionistas 60%, los cuales consideran una TMAR de 43%, el banco A
aportó 20% de la inversión, a una tasa de interés del 45% el cual se pagará al final de los 5 años
(capital e intereses); y el banco B financió el otro 20% y una tasa de interés por el préstamo de
49%, el cual se pagará mediante 4 pagos iguales cada año. Determine la conveniencia económica
de la inversión por el VPN.
62000
Banco A = 0.20*0.45= 0.09
310000
Costos
Máquina Inversión Ingresos anuales V.S
inicial anuales operacionales
Alemana 960 180 140 100
Italiana 600 290 220 50
Japonesa 1050 320 285 140
Americana 830 250 200 60
La empresa puede financiar la compra de la máquina con las siguientes fuentes de fondos:
El banco 1 aportará el 50% del capital a una tasa de interés de 20%, el banco 2 puede financiar el
22% cobrando una tasa de interés de 28% y la empresa aportará el capital propio restante, la
TMAR de la empresa es de un 28%. Todas las máquinas tienen una vida útil de 10 años. El crédito
se pagará en 10 anualidades iguales. Por medio del VPN, seleccione la mejor alternativa desde el
punto de vista económico, si los activos se deprecian por línea recta.
Alemana
valor equipo-valor salvamento 960000-100000
Dep'n línea recta= = = 86000
años de vida útil 10
BANCO 1
0.20(1.20)10
𝐴 = 480000 [ ]= 114,490.92
(1.20)10 −1
TABLA DE AMORTIZACIÓN
CAPITAL ABONO A INTERESES PAGO INTERESES
1 211,200.00 5,472.55 59,136.00 64,608.55 1 211,200.00 * 0.28 = 59,136.00
2 152,064.00 22,030.63 42,577.92 64,608.55 2 152,064.00 * 0.28 = 42,577.92
3 109,486.08 33,952.45 30,656.10 64,608.55 3 109,486.08 * 0.28 = 30,656.10
4 78,829.98 42,536.16 22,072.39 64,608.55 4 78,829.98 * 0.28 = 22,072.39
5 56,757.58 48,716.43 15,892.12 64,608.55 5 56,757.58 * 0.28 = 15,892.12
6 40,865.46 53,166.22 11,442.33 64,608.55 6 40,865.46 * 0.28 = 11,442.33
7 29,423.13 56,370.07 8,238.48 64,608.55 7 29,423.13 * 0.28 = 8,238.48
8 21,184.65 58,676.85 5,931.70 64,608.55 8 21,184.65 * 0.28 = 5,931.70
9 15,252.95 60,337.72 4,270.83 64,608.55 9 15,252.95 * 0.28 = 4,270.83
10 10,982.12 61,533.56 3,074.99 64,608.55 10 10,982.12 * 0.28 = 3,074.99
TMAR.
Inv. Propia 268800/960000= 0.28*0.28= 0.0784
Préstamo 1 211200/960000= 0.22*0.28= 0.0616
Préstamo 2 480000/960000= 0.50*0.20= 0.10
0.24
FNE0.9075
FNE FNE FNE
VPN= - I ± ± ±
(1+i) (1+i) (1+i) … (1+i)
Italiana
valor equipo-valor salvamento 600000-50000
Dep'n línea recta= = = 55,000
años de vida útil 10
BANCO 1
0.20(1.20)10
𝐴 = 300,000 [ ]= 71,556.82
(1.20)10 −1
TABLA DE AMORTIZACIÓN
ABONO A
CAPITAL INTERESES PAGO
CAP. INTERESES
1 300,000.00 11,556.82 60,000.00 71,556.82 1 300,000.00 * 0.20 = 60,000.00
2 288,443.18 13,868.18 57,688.64 71,556.82 2 288,443.18 * 0.20 = 57,688.64
3 274,575.00 16,641.82 54,915.00 71,556.82 3 274,575.00 * 0.20 = 54,915.00
4 257,933.18 19,970.18 51,586.64 71,556.82 4 257,933.18 * 0.20 = 51,586.64
5 237,962.99 23,964.22 47,592.60 71,556.82 5 237,962.99 * 0.20 = 47,592.60
6 213,998.77 28,757.07 42,799.75 71,556.82 6 213,998.77 * 0.20 = 42,799.75
7 185,241.70 34,508.48 37,048.34 71,556.82 7 185,241.70 * 0.20 = 37,048.34
8 150,733.22 41,410.18 30,146.64 71,556.82 8 150,733.22 * 0.20 = 30,146.64
9 109,323.05 49,692.21 21,864.61 71,556.82 9 109,323.05 * 0.20 = 21,864.61
10 59,630.84 59,630.65 11,926.17 71,556.82 10 59,630.84 * 0.20 = 11,926.17
BANCO 2
0.28(1.28)10
𝐴 = 132,000 [ ]= 40,380.34
(1.28)10 −1
TABLA DE AMORTIZACIÓN
CAPITAL ABONO A INTERESES PAGO INTERESES
1 132,000.00 3,420.34 36,960.00 40,380.34 1 132,000.00 * 0.28 = 36,960.00
2 95,040.00 13,769.14 26,611.20 40,380.34 2 95,040.00 * 0.28 = 26,611.20
3 68,428.80 21,220.28 19,160.06 40,380.34 3 68,428.80 * 0.28 = 19,160.06
4 49,268.74 26,585.09 13,795.25 40,380.34 4 49,268.74 * 0.28 = 13,795.25
5 35,473.49 30,447.76 9,932.58 40,380.34 5 35,473.49 * 0.28 = 9,932.58
6 25,540.91 33,228.88 7,151.46 40,380.34 6 25,540.91 * 0.28 = 7,151.46
7 18,389.46 35,231.29 5,149.05 40,380.34 7 18,389.46 * 0.28 = 5,149.05
8 13,240.41 36,673.03 3,707.31 40,380.34 8 13,240.41 * 0.28 = 3,707.31
9 9,533.09 37,711.07 2,669.27 40,380.34 9 9,533.09 * 0.28 = 2,669.27
10 6,863.83 38,458.47 1,921.87 40,380.34 10 6,863.83 * 0.28 = 1,921.87
FLUJO NETO DE EFECTIVO
1 2 3 4 5 6 7 8 9 10
Ingresos 290,000.00 290,000.00 290,000.00 290,000.00 290,000.00 290,000.00 290,000.00 290,000.00 290,000.00 290,000.00
(-) Costos 220,000.00 220,000.00 220,000.00 220,000.00 220,000.00 220,000.00 220,000.00 220,000.00 220,000.00 220,000.00
(-) Depreciación 55,000.00 55,000.00 55,000.00 55,000.00 55,000.00 55,000.00 55,000.00 55,000.00 55,000.00 55,000.00
(-) Intereses 96,960.00 93,690.94 89,691.45 84,794.00 78,791.53 71,427.89 62,385.87 51,272.18 37,598.80 20,759.44
(+) Valor salvamento - - - - - - - - - 50,000.00
(=) UAI - 81,960.00 - 78,690.94 - 74,691.45 - 69,794.00 - 63,791.53 - 56,427.89 - 47,385.87 - 36,272.18 - 22,598.80 44,240.56
(-) Impuestos - - - - - - - - - 17,696.22
(=) UDI - 81,960.00 - 78,690.94 - 74,691.45 - 69,794.00 - 63,791.53 - 56,427.89 - 47,385.87 - 36,272.18 - 22,598.80 26,544.34
(+) Depreciación 55,000.00 55,000.00 55,000.00 55,000.00 55,000.00 55,000.00 55,000.00 55,000.00 55,000.00 55,000.00
(-) Pago prest. 14,977.16 18,246.22 22,245.71 27,143.16 33,145.63 40,509.27 49,551.29 60,664.98 74,338.36 91,177.72
(=) FNE - 41,937.16 - 41,937.16 - 41,937.16 - 41,937.16 - 41,937.16 - 41,937.16 - 41,937.16 - 41,937.16 - 41,937.16 - 9,633.38
TMAR.
Inv. Propia 168000/600000= 0.28*0.28= 0.0784
Préstamo 1 300000/600000= 0.50*0.20= 0.10
Préstamo 2 132000/600000= 0.22*0.28= 0.0616
0.24
FNE0.9075
FNE FNE FNE
VPN= - I ± ± ±
(1+i) (1+i) (1+i) … (1+i)
BANCO 1
0.20(1.20)10
𝐴 = 525,000 [ ]= 125,224.44
(1.20)10 −1
TABLA DE AMORTIZACIÓN
ABONO A
CAPITAL INTERESES PAGO
CAP. INTERESES
1 525,000.00 20,224.44 105,000.00 125,224.44 1 525,000.00 * 0.20 = 105,000.00
2 504,775.56 24,269.33 100,955.11 125,224.44 2 504,775.56 * 0.20 = 100,955.11
3 480,506.23 29,123.19 96,101.25 125,224.44 3 480,506.23 * 0.20 = 96,101.25
4 451,383.04 34,947.83 90,276.61 125,224.44 4 451,383.04 * 0.20 = 90,276.61
5 416,435.21 41,937.40 83,287.04 125,224.44 5 416,435.21 * 0.20 = 83,287.04
6 374,497.81 50,324.88 74,899.56 125,224.44 6 374,497.81 * 0.20 = 74,899.56
7 324,172.93 60,389.85 64,834.59 125,224.44 7 324,172.93 * 0.20 = 64,834.59
8 263,783.07 72,467.83 52,756.61 125,224.44 8 263,783.07 * 0.20 = 52,756.61
9 191,315.25 86,961.39 38,263.05 125,224.44 9 191,315.25 * 0.20 = 38,263.05
10 104,353.86 104,353.67 20,870.77 125,224.44 10 104,353.86 * 0.20 = 20,870.77
BANCO 2
0.28(1.28)10
𝐴 = 231,000 [ ]= 70,665.60
(1.28)10 −1
TABLA DE AMORTIZACIÓN
CAPITAL ABONO A INTERESES PAGO INTERESES
1 231,000.00 5,985.60 64,680.00 70,665.60 1 231,000.00 * 0.28 = 64,680.00
2 225,014.40 7,661.57 63,004.03 70,665.60 2 225,014.40 * 0.28 = 63,004.03
3 217,352.83 9,806.81 60,858.79 70,665.60 3 217,352.83 * 0.28 = 60,858.79
4 207,546.02 12,552.71 58,112.89 70,665.60 4 207,546.02 * 0.28 = 58,112.89
5 194,993.31 16,067.47 54,598.13 70,665.60 5 194,993.31 * 0.28 = 54,598.13
6 178,925.84 20,566.36 50,099.24 70,665.60 6 178,925.84 * 0.28 = 50,099.24
7 158,359.47 26,324.95 44,340.65 70,665.60 7 158,359.47 * 0.28 = 44,340.65
8 132,034.53 33,695.93 36,969.67 70,665.60 8 132,034.53 * 0.28 = 36,969.67
9 98,338.59 43,130.79 27,534.81 70,665.60 9 98,338.59 * 0.28 = 27,534.81
10 55,207.80 55,207.42 15,458.18 70,665.60 10 55,207.80 * 0.28 = 15,458.18
FLUJO NETO DE EFECTIVO
1 2 3 4 5 6 7 8 9 10
Ingresos 320,000.00 320,000.00 320,000.00 320,000.00 320,000.00 320,000.00 320,000.00 320,000.00 320,000.00 320,000.00
(-) Costos 285,000.00 285,000.00 285,000.00 285,000.00 285,000.00 285,000.00 285,000.00 285,000.00 285,000.00 285,000.00
(-) Depreciación 91,000.00 91,000.00 91,000.00 91,000.00 91,000.00 91,000.00 91,000.00 91,000.00 91,000.00 91,000.00
(-) Intereses 169,680.00 163,959.14 156,960.04 148,389.49 137,885.17 124,998.80 109,175.24 89,726.28 65,797.86 36,328.96
(+) Valor salvamento - - - - - - - - - 140,000.00
(=) UAI -225,680.00 - 219,959.14 - 212,960.04 - 204,389.49 - 193,885.17 - 180,998.80 - 165,175.24 - 145,726.28 - 121,797.86 47,671.04
(-) Impuestos - - - - - - - - - 19,068.42
(=) UDI -225,680.00 - 219,959.14 - 212,960.04 - 204,389.49 - 193,885.17 - 180,998.80 - 165,175.24 - 145,726.28 - 121,797.86 28,602.63
(+) Depreciación 91,000.00 91,000.00 91,000.00 91,000.00 91,000.00 91,000.00 91,000.00 91,000.00 91,000.00 91,000.00
(-) Pago prest. 26,210.04 31,930.90 38,930.00 47,500.55 58,004.87 70,891.24 86,714.80 106,163.76 130,092.18 159,561.08
(=) FNE -160,890.04 - 160,890.04 - 160,890.04 - 160,890.04 - 160,890.04 - 160,890.04 - 160,890.04 - 160,890.04 - 160,890.04 - 39,958.46
TMAR.
Inv. Propia 294000/1’050,000= 0.28*0.28= 0.0784
Préstamo 1 525000/1’050,000= 0.50*0.20= 0.10
Préstamo 2 231000/1’050,000= 0.22*0.28= 0.0616
0.24
FNE0.9075
FNE FNE FNE
VPN= - I ± ± ±
(1+i) (1+i) (1+i) … (1+i)
BANCO 1
0.20(1.20)10
𝐴 = 415,000 [ ]= 98,986.94
(1.20)10 −1
TABLA DE AMORTIZACIÓN
ABONO A
CAPITAL INTERESES PAGO
CAP. INTERESES
1 415,000.00 15,986.94 83,000.00 98,986.94 1 415,000.00 * 0.20 = 83,000.00
2 399,013.06 19,184.33 79,802.61 98,986.94 2 399,013.06 * 0.20 = 79,802.61
3 379,828.73 23,021.19 75,965.75 98,986.94 3 379,828.73 * 0.20 = 75,965.75
4 356,807.54 27,625.43 71,361.51 98,986.94 4 356,807.54 * 0.20 = 71,361.51
5 329,182.11 33,150.52 65,836.42 98,986.94 5 329,182.11 * 0.20 = 65,836.42
6 296,031.59 39,780.62 59,206.32 98,986.94 6 296,031.59 * 0.20 = 59,206.32
7 256,250.96 47,736.75 51,250.19 98,986.94 7 256,250.96 * 0.20 = 51,250.19
8 208,514.22 57,284.10 41,702.84 98,986.94 8 208,514.22 * 0.20 = 41,702.84
9 151,230.12 68,740.92 30,246.02 98,986.94 9 151,230.12 * 0.20 = 30,246.02
10 82,489.21 82,489.10 16,497.84 98,986.94 10 82,489.21 * 0.20 = 16,497.84
BANCO 2
0.28(1.28)10
𝐴 = 182,600 [ ]= 55,859.48
(1.28)10 −1
TABLA DE AMORTIZACIÓN
CAPITAL ABONO A INTERESES PAGO
1 182,600.00 4,731.48 51,128.00 55,859.48 INTERESES
1 182,600.00 * 0.28 = 51,128.00
2 177,868.52 6,056.29 49,803.19 55,859.48
2 177,868.52 * 0.28 = 49,803.19
3 171,812.23 7,752.06 48,107.42 55,859.48
3 171,812.23 * 0.28 = 48,107.42
4 164,060.17 9,922.63 45,936.85 55,859.48
4 164,060.17 * 0.28 = 45,936.85
5 154,137.54 12,700.97 43,158.51 55,859.48 5 154,137.54 * 0.28 = 43,158.51
6 141,436.57 16,257.24 39,602.24 55,859.48 6 141,436.57 * 0.28 = 39,602.24
7 125,179.32 20,809.27 35,050.21 55,859.48 7 125,179.32 * 0.28 = 35,050.21
8 104,370.06 26,635.86 29,223.62 55,859.48 8 104,370.06 * 0.28 = 29,223.62
9 77,734.19 34,093.91 21,765.57 55,859.48 9 77,734.19 * 0.28 = 21,765.57
10 43,640.28 43,640.20 12,219.28 55,859.48 10 43,640.28 * 0.28 = 12,219.28
FLUJO NETO DE EFECTIVO
1 2 3 4 5 6 7 8 9 10
Ingresos 250,000.00 250,000.00 250,000.00 250,000.00 250,000.00 250,000.00 250,000.00 250,000.00 250,000.00 250,000.00
(-) Costos 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
(-) Depreciación 77,000.00 77,000.00 77,000.00 77,000.00 77,000.00 77,000.00 77,000.00 77,000.00 77,000.00 77,000.00
(-) Intereses 134,128.00 129,605.80 124,073.17 117,298.35 108,994.93 98,808.56 86,300.40 70,926.46 52,011.60 28,717.12
(+) Valor salvamento - - - - - - - - - 60,000.00
(=) UAI -161,128.00 - 156,605.80 - 151,073.17 - 144,298.35 - 135,994.93 - 125,808.56 - 113,300.40 - 97,926.46 - 79,011.60 4,282.88
(-) Impuestos - - - - - - - - - 1,713.15
(=) UDI -161,128.00 - 156,605.80 - 151,073.17 - 144,298.35 - 135,994.93 - 125,808.56 - 113,300.40 - 97,926.46 - 79,011.60 2,569.73
(+) Depreciación 77,000.00 77,000.00 77,000.00 77,000.00 77,000.00 77,000.00 77,000.00 77,000.00 77,000.00 77,000.00
(-) Pago prest. 20,718.42 25,240.62 30,773.25 37,548.07 45,851.49 56,037.86 68,546.02 83,919.96 102,834.82 126,129.30
(=) FNE -104,846.42 - 104,846.42 - 104,846.42 - 104,846.42 - 104,846.42 - 104,846.42 - 104,846.42 - 104,846.42 - 104,846.42 - 46,559.57
TMAR.
Inv. Propia 232400/830,000= 0.28*0.28= 0.0784
Préstamo 1 415000/830,000= 0.50*0.20= 0.10
Préstamo 2 182600/830,000= 0.22*0.28= 0.0616
0.24
FNE0.9075
FNE FNE FNE
VPN= - I ± ± ±
(1+i) (1+i) (1+i) … (1+i)
PLAN 1.
Depreciación valor equipo-valor salvamento 25,000-4,000
= = 3,500
línea recta= años de vida útil 6
0.15(1.15)6
𝐴 = 12,000 [ ]= 3,170.84
(1.15)6 −1
TABLA DE AMORTIZACIÓN
ABONO A
CAPITAL INTERESES PAGO INTERESES
CAP.
1 12,000.00 * 0.15 = 1,800.00
1 12,000.00 1,370.84 1,800.00 3,170.84
2 10,629.16 1,576.47 1,594.37 3,170.84 2 10,629.16 * 0.15 = 1,594.37
3 9,052.69 1,812.94 1,357.90 3,170.84 3 9,052.69 * 0.15 = 1,357.90
4 7,239.76 2,084.88 1,085.96 3,170.84 4 7,239.76 * 0.15 = 1,085.96
5 5,154.88 2,397.61 773.23 3,170.84 5 5,154.88 * 0.15 = 773.23
6 2,757.27 2,757.25 413.59 3,170.84 6 2,757.27 * 0.15 = 413.59
FLUJO NETO DE EFECTIVO
1 2 3 4 5 6
Ingresos 17,000.00 17,000.00 17,000.00 17,000.00 17,000.00 17,000.00
(-) Costos 9,500.00 9,500.00 9,500.00 9,500.00 9,500.00 9,500.00
(-) Depreciación 3,500.00 3,500.00 3,500.00 3,500.00 3,500.00 3,500.00
(-) Intereses 1,800.00 1,594.37 1,357.90 1,085.96 773.23 413.59
(+) Valor salvamento - - - - - 4,000.00
(=) UAI 2,200.00 2,405.63 2,642.10 2,914.04 3,226.77 7,586.41
(-) Impuestos 880.00 962.25 1,056.84 1,165.61 1,290.71 3,034.56
(=) UDI 1,320.00 1,443.38 1,585.26 1,748.42 1,936.06 4,551.85
(+) Depreciación 3,500.00 3,500.00 3,500.00 3,500.00 3,500.00 3,500.00
(-) Pago prest. 1,370.84 1,576.47 1,812.94 2,084.88 2,397.61 2,757.25
(=) FNE 3,449.16 3,366.91 3,272.32 3,163.55 3,038.45 5,294.60
TMAR.
Inv. Propia 13,000/25,000= 0.52*0.18= 0.0936
Préstamo 12,000/25,000= 0.48*0.15= 0.072
0.1656
0.9075
FNE FNE FNE FNE
VPN= - I ± ± ±
(1+i) (1+i) (1+i) … (1+i)
PLAN 2.
Depreciación valor equipo-valor salvamento 25,000-4,000
= = 3,500
línea recta= años de vida útil 6
0.15(1.15)6
𝐴 = 12,000 [ ]= 1,837.06
(1.15)6 −1