Interes simple

VP 1500000
I 2% mensual
SALDO INI LIQ INTERESES SALDO INTERESES
0
1 $ 1,500,000.00 $ 30,000.00 $ 30,000.00
2 $ 1,500,000.00 $ 30,000.00 $ 60,000.00
3 $ 1,500,000.00 $ 30,000.00 $ 90,000.00
4 $ 1,500,000.00 $ 30,000.00 $ 120,000.00
5 $ 1,500,000.00 $ 30,000.00 $ 150,000.00
6 $ 1,500,000.00 $ 30,000.00 $ 180,000.00

Interes compuesto
VP 1500000
I 2% mensual
SALDO INI INTERESES DEPOSITOS
0 1500000
1 $ 1,500,000.00 $ 30,000.00
2 $ 1,530,000.00 $ 30,600.00
3 $ 1,560,600.00 $ 31,212.00
4 $ 1,591,812.00 $ 31,836.24
5 $ 1,623,648.24 $ 32,472.96
6 $ 1,656,121.20 $ 33,122.42
7 $ 1,689,243.63 $ 33,784.87
8 $ 1,723,028.50 $ 34,460.57
9 $ 1,757,489.07 $ 35,149.78
10 $ 1,792,638.85 $ 35,852.78
11 $ 1,828,491.63 $ 36,569.83
12 $ 1,865,061.46 $ 37,301.23

I= (1+EA)^(1/n)-1 n --> numero de periodos

I= 9.14%

I= (1+I)^n-1

I= 6.121%
simple

SALDO CAPITAL SALDO INI

$ 1,500,000.00
$ 1,500,000.00 $ 1,530,000.00
$ 1,500,000.00 $ 1,560,000.00
$ 1,500,000.00 $ 1,590,000.00
$ 1,500,000.00 $ 1,620,000.00
$ 1,500,000.00 $ 1,650,000.00
$ 1,500,000.00 $ 1,680,000.00

mpuesto

RETIROS SALDO FIN

$ 1,500,000.00
$ 1,530,000.00 2.000% mensual
$ 1,560,600.00
$ 1,591,812.00 6.121% trimestral
$ 1,623,648.24
$ 1,656,121.20
$ 1,689,243.63 12.616% semestral
$ 1,723,028.50
$ 1,757,489.07
$ 1,792,638.85
$ 1,828,491.63
$ 1,865,061.46
$ 1,902,362.69 26.824% tasa efectiva anual

mero de periodos EA= 30% 1.25% mensual

N= 3
I= 2.00%

vf $ 1,902,362.69
va -$ 1,500,000.00
 I= (1+EA)^(1/n)-1

I= 6.78%

I= (1+I)^n-1

I= 51.807%

30% EA
n= 12 "=TASA.NOMINAL(B12;12)"
2.210% Mensual 26.525%
n= 4
6.779% Trimestral 27.116%

VF=VP(1+i)^n VP= $ 70,000,000.00

VF= $ 87,074,709.36

I= 1.22%
n= 36
VP= $ 70,000,000.00
VF= $ 70,000,001.00

tasa semestral 7.55%

VP $ 70,000,000.00
I 8%
SALDO INI INTERESES
0
1 $ 70,000,000.00 $ 5,282,847.56
2 $ 75,282,847.56 $ 5,681,540.11
3 $ 80,964,387.67 $ 6,110,321.69
4 $ 56,273,515.42 $ 4,246,920.05
5 $ 60,520,435.48 $ 4,567,431.93
6 $ 65,087,867.41 $ 4,912,132.59
 VP $ 100,000,000.00
I 8.401%
SALDO INI INTERESES
0
1 $ 100,000,000.00 $ 8,401,000.00
2 $ 83,333,333.33 $ 7,000,833.33
3 $ 66,666,666.67 $ 5,600,666.67
4 $ 50,000,000.00 $ 4,200,500.00
5 $ 33,333,333.33 $ 2,800,333.33
6 $ 16,666,666.67 $ 1,400,166.67

VP $ 100,000,000.00
I 8.401%
SALDO INI INTERESES
0
1 $ 100,000,000.00 $ 8,401,000.00
2 $ 86,505,634.60 $ 7,267,338.36
3 $ 71,877,607.57 $ 6,038,437.81
4 $ 56,020,679.98 $ 4,706,297.33
5 $ 38,831,611.91 $ 3,262,243.72
6 $ 20,198,490.23 $ 1,696,875.16
n --> numero de periodos EA= 30%
N= 4
I= 11.00%

"=INT.EFECTIVO(D13;12)"
AMV 30%

ATV 30%

i= 1.22% n= 18

revisar no quedo bien entendido

mensual
DEPOSITOS RETIROS SALDO FIN
$ 70,000,000.00 $ 70,000,000.00
$ 75,282,847.56
$ 80,964,387.67
$ 30,801,193.94 $ 56,273,515.42
$ 60,520,435.48
$ 65,087,867.41
$ 70,000,000.00 $ -
 volver a revisar

semestral
capital cuota SALDO FIN
$ 100,000,000.00
$ 16,666,666.67 $ 25,067,666.67 $ 83,333,333.33
$ 16,666,666.67 $ 23,667,500.00 $ 66,666,666.67
$ 16,666,666.67 $ 22,267,333.33 $ 50,000,000.00
$ 16,666,666.67 $ 20,867,166.67 $ 33,333,333.33
$ 16,666,666.67 $ 19,467,000.00 $ 16,666,666.67
$ 16,666,666.67 $ 18,066,833.33 $ -

semestral
capital cuota SALDO FIN
$ 100,000,000.00
$ 13,494,365.40 $ 21,895,365.40 $ 86,505,634.60
$ 14,628,027.03 $ 21,895,365.40 $ 71,877,607.57
$ 15,856,927.59 $ 21,895,365.40 $ 56,020,679.98
$ 17,189,068.07 $ 21,895,365.40 $ 38,831,611.91
$ 18,633,121.68 $ 21,895,365.40 $ 20,198,490.23
$ 20,198,490.23 $ 21,895,365.40 -$ 0.00

$ 21,895,365.40 "=+PAGO(D64;6;-C67)"
Deposito inicial $ 2,500,000.00 interes del 0,5%

retiro en mes 4
retiro en mes 8 mes4/2

saldo final de $ 1,000,000.00

I= 0.50%
n= 12
VP= $ 2,500,000.00
VF= $ 1,000,000.00

VP $ 2,500,000.00
I 0.5%
SALDO INI INTERESES
0
1 $ 2,500,000.00 $ 12,500.00
2 $ 2,512,500.00 $ 12,562.50
3 $ 2,525,062.50 $ 12,625.31
4 $ 2,537,687.81 $ 12,688.44
5 $ 1,483,692.34 $ 7,418.46
6 $ 1,491,110.80 $ 7,455.55
7 $ 1,498,566.35 $ 7,492.83
8 $ 1,506,059.18 $ 7,530.30
9 $ 980,247.52 $ 4,901.24
10 $ 985,148.76 $ 4,925.74
11 $ 990,074.50 $ 4,950.37
12 $ 995,024.88 $ 4,975.12
Tasa 3.30% mensual

cuota 1 $ 550,000.00 3 mes

cuota 2 $ 700,000.00 8 mes
cuota 3 $ 1,280,000.00 12 mes

VP $ 1,496,870.18
I 3.300%
SALDO INI INTERESES
3
8
12
 Inversion $ 145,000,000.00
Tiempo 12 meses
a-) inversion $ 160,000,000.00 en un año

I 0.82% Mensual

b-) Iversion ofrece 0.80% Mesual

0.80% Mensual

3ro Inversion ofrece 10% ATV

I 2.5% trimestral
TEA 10.38%
I 0.826% mensual

TEA 33%

b-) I mensual 2.405% (1+TEA)^(1/n)-1

a-) AMV 28.86%

d-) I trimestral 6.544% (1+TEA)^(1/n)-1

c-) ATV 26.18%

e-) I semenstral 12.33% (1+TEA)^(1/n)-1

mensual

mensual
DEPOSITOS RETIROS SALDO FIN
$ 2,500,000.00 $ 2,500,000.00
$ 2,512,500.00
$ 2,525,062.50
$ 2,537,687.81
$ 1,066,683.92 $ 1,483,692.34
$ 1,491,110.80
$ 1,498,566.35
$ 1,506,059.18
$ 533,341.96 $ 980,247.52
$ 985,148.76
$ 990,074.50
$ 995,024.88
$ 1,000,000.00
semestral
capital cuota
$ 498,955.40 $ 550,000.00
$ 539,877.80 $ 700,000.00
$ 866,974.08 $ 1,280,000.00
$ 1,905,807.27

$ 3,211,396.08 TEA= 47.64%

51.81%
(1+i)^n-1
(1+TEA)^(1/n)-1 mejor opcion
 VP $ 175,000,000.00
I 3.500% trimestral
SALDO INI INTERESES capital
0
1 $ 175,000,000.00 $ 6,125,000.00 $ 11,984,691.12
2 $ 163,015,308.88 $ 5,705,535.81 $ 12,404,155.31
3 $ 150,611,153.57 $ 5,271,390.37 $ 12,838,300.75
4 $ 137,772,852.82 $ 4,822,049.85 $ 13,287,641.27
5 $ 124,485,211.55 $ 4,356,982.40 $ 13,752,708.72
6 $ 110,732,502.83 $ 3,875,637.60 $ 14,234,053.52
7 $ 96,498,449.31 $ 3,377,445.73 $ 14,732,245.40
8 $ 81,766,203.92 $ 2,861,817.14 $ 15,247,873.98
9 $ 66,518,329.93 $ 2,328,141.55 $ 15,781,549.57
10 $ 50,736,780.36 $ 1,775,787.31 $ 16,333,903.81
11 $ 34,402,876.55 $ 1,204,100.68 $ 16,905,590.44
12 $ 17,497,286.11 $ 612,405.01 $ 17,497,286.11

Cuota= $ 18,109,691.12 Interes= 3.500%

VP= $ 96,498,449.31 vp=A*(((1-(1+i)^(-n))/i))

VP $ 175,000,000.00
I 3.500% trimestral
SALDO INI INTERESES capital
0
1 $ 175,000,000.00 $ 6,125,000.00
2 $ 175,000,000.00 $ 6,125,000.00
3 $ 175,000,000.00 $ 6,125,000.00
4 $ 175,000,000.00 $ 6,125,000.00
5 $ 175,000,000.00 $ 6,125,000.00 $ 19,333,413.15
6 $ 155,666,586.85 $ 5,448,330.54 $ 20,010,082.61
7 $ 135,656,504.25 $ 4,747,977.65 $ 20,710,435.50
8 $ 114,946,068.75 $ 4,023,112.41 $ 21,435,300.74
9 $ 93,510,768.01 $ 3,272,876.88 $ 22,185,536.27
10 $ 71,325,231.75 $ 2,496,383.11 $ 22,962,030.03
11 $ 48,363,201.71 $ 1,692,712.06 $ 23,765,701.09
12 $ 24,597,500.62 $ 860,912.52 $ 24,597,500.62

VP $ 175,000,000.00
I 3.500% trimestral
SALDO INI INTERESES capital
0
1 $ 175,000,000.00 $ 6,125,000.00
2 $ 181,125,000.00 $ 6,339,375.00
3 $ 187,464,375.00 $ 6,561,253.13
4 $ 194,025,628.13 $ 6,790,896.98
5 $ 200,816,525.11 $ 7,028,578.38 $ 22,185,536.27
6 $ 178,630,988.84 $ 6,252,084.61 $ 22,962,030.03
7 $ 155,668,958.81 $ 5,448,413.56 $ 23,765,701.09
8 $ 131,903,257.72 $ 4,616,614.02 $ 24,597,500.62
9 $ 107,305,757.10 $ 3,755,701.50 $ 25,458,413.15
10 $ 81,847,343.95 $ 2,864,657.04 $ 26,349,457.61
11 $ 55,497,886.35 $ 1,942,426.02 $ 27,271,688.62
12 $ 28,226,197.72 $ 987,916.92 $ 28,226,197.72
 cuota SALDO FIN
$ 175,000,000.00
$ 18,109,691.12 $ 163,015,308.88
$ 18,109,691.12 $ 150,611,153.57
$ 18,109,691.12 $ 137,772,852.82
$ 18,109,691.12 $ 124,485,211.55
$ 18,109,691.12 $ 110,732,502.83
$ 18,109,691.12 $ 96,498,449.31
$ 18,109,691.12 $ 81,766,203.92
$ 18,109,691.12 $ 66,518,329.93
$ 18,109,691.12 $ 50,736,780.36
$ 18,109,691.12 $ 34,402,876.55
$ 18,109,691.12 $ 17,497,286.11
$ 18,109,691.12 $ -

$ 32,841,936.52 "=+PAGO(D64;6;-C67)"

n= 6

((1-(1+i)^(-n))/i))

con tiempo de gracia

cuota SALDO FIN

$ 175,000,000.00
$ 6,125,000.00 $ 175,000,000.00
$ 6,125,000.00 $ 175,000,000.00
$ 6,125,000.00 $ 175,000,000.00
$ 6,125,000.00 $ 175,000,000.00
$ 25,458,413.15 $ 155,666,586.85
$ 25,458,413.15 $ 135,656,504.25
$ 25,458,413.15 $ 114,946,068.75
$ 25,458,413.15 $ 93,510,768.01
$ 25,458,413.15 $ 71,325,231.75
 $ 25,458,413.15 $ 48,363,201.71
$ 25,458,413.15 $ 24,597,500.62
$ 25,458,413.15 $ -

con tiempo muerto

cuota SALDO FIN

$ 175,000,000.00
$ 181,125,000.00
$ 187,464,375.00
$ 194,025,628.13
$ 200,816,525.11
$ 29,214,114.64 $ 178,630,988.84
$ 29,214,114.64 $ 155,668,958.81
$ 29,214,114.64 $ 131,903,257.72
$ 29,214,114.64 $ 107,305,757.10
$ 29,214,114.64 $ 81,847,343.95
$ 29,214,114.64 $ 55,497,886.35
$ 29,214,114.64 $ 28,226,197.72
$ 29,214,114.64 $ -
 inversion $ 1,225,000,000.00 27
12

VP inversion
I 1.06% mensual
SALDO INI INTERESES DEPOSITOS
0 inversion
1 $ 1,225,000,000.00 $ 12,995,686.49
2 $ 1,237,995,686.49 $ 13,133,554.13
3 $ 1,251,129,240.62 $ 13,272,884.38
4 $ 1,264,402,125.00 $ 13,413,692.74
5 $ 1,277,815,817.74 $ 13,555,994.90
6 $ 1,291,371,812.64 $ 13,699,806.71
7 $ 1,305,071,619.35 $ 13,845,144.17
8 $ 1,318,916,763.52 $ 13,992,023.48
9 $ 1,332,908,787.00 $ 14,140,460.99
10 $ 1,347,049,247.99 $ 14,290,473.23
11 $ 1,361,339,721.22 $ 14,442,076.91
12 $ 1,375,781,798.13 $ 14,595,288.92
13 $ 1,390,377,087.05 $ 14,750,126.30
14 $ 1,405,127,213.35 $ 14,906,606.32
15 $ 1,420,033,819.67 $ 15,064,746.38
16 $ 1,435,098,566.05 $ 15,224,564.12
17 $ 1,450,323,130.17 $ 15,386,077.31
18 $ 1,465,709,207.48 $ 15,549,303.95
19 $ 1,481,258,511.43 $ 15,714,262.22
20 $ 1,496,972,773.65 $ 15,880,970.49
21 $ 1,512,853,744.14 $ 16,049,447.31
22 $ 1,528,903,191.45 $ 16,219,711.46
23 $ 1,545,122,902.92 $ 16,391,781.90
24 $ 1,561,514,684.82 $ 16,565,677.79
25 $ 1,578,080,362.60 $ 16,741,418.48
26 $ 1,594,821,781.09 $ 16,919,023.57
27 $ 1,611,740,804.65 $ 17,098,512.81

CREDITO $ 1,550,000,000.00
60 MESES
60 TRIMESTRES
a-) Cuota fija $ 37,887,349.83
b-) Cuota fija $ 69,998,732.62
c-) saldo a 30 meses $ 929,146,161.49
saldo a 30 trimestres $ 1,193,829,272.12
d-) Cuota fija $ 71,216,420.31
e-) cuota 1/9/24 $ 118,949,357.94
f -) cuota 1/9/25 $ 155,974,948.10
meses interes 12.866% ATV plazo 6

RETIROS SALDO FIN Imensual=

$ 1,225,000,000.00 A-)
$ 1,237,995,686.49 1.061% Itrimestral= 3.2165%
$ 1,251,129,240.62 2.133% TEA= 13.50%
$ 1,264,402,125.00 3.216%
$ 1,277,815,817.74 4.311%
$ 1,291,371,812.64 5.418% B-)
$ 1,305,071,619.35 6.536% Vfinal(a)= $ 1,565,000,000.00
$ 1,318,916,763.52 7.667% Vfinal(b)= $ 1,596,721,834.80
$ 1,332,908,787.00 8.809%
$ 1,347,049,247.99 9.963%
$ 1,361,339,721.22 11.130% C-)
$ 1,375,781,798.13 12.309% Vf= $ 2,618,877,408.73
$ 1,390,377,087.05 13.500% Rentabilidad $ 1,022,155,573.93
$ 1,405,127,213.35 14.704% VF $ 2,618,877,408.73
$ 1,420,033,819.67 15.921%
 $ 1,435,098,566.05 17.151%
$ 1,450,323,130.17 18.394% D-)
$ 1,465,709,207.48 19.650% Vf= $ 1,628,839,317.47
$ 1,481,258,511.43 20.919%
$ 1,496,972,773.65 22.202%
$ 1,512,853,744.14 23.498%
$ 1,528,903,191.45 24.808%
$ 1,545,122,902.92 26.132%
$ 1,561,514,684.82 27.471%
$ 1,578,080,362.60 28.823%
$ 1,594,821,781.09 30.190%
$ 1,611,740,804.65 31.571%
$ 1,628,839,317.47 32.966%

vp=A*(((1-(1+i)^(-n))/i))

5 AÑOS 17.50% TEA Tasa trimestral 4.114%

Tasa mensual 1.353%
dato hallado en la tabla D
dato hallado en la tabla E
años

1.061%

TEA= 12.50%
Imensual= 0.986% Se evalua que como la inversion se realiza 27 meses
11.50% TEA TEA= 11.50% atrás, la venta con la opcion B es la mas rentable
12.50% TEA 28%
Imensual= 0.911%

a los 6 años con TAE 13,5%

64% TEA= 12.50% TEA
Imensual= 1.11% TEA= 14.105%
meses 60
trimestres 20
 Tabla a

VP $ 1,550,000,000.00
I 1.353% mensual
SALDO INI INTERESES capital cuota
0
1 $ 1,550,000,000.00 $ 20,971,068.66 $ 16,916,281.17 $ 37,887,349.83
2 $ 1,533,083,718.83 $ 20,742,196.09 $ 17,145,153.74 $ 37,887,349.83
3 $ 1,515,938,565.09 $ 20,510,226.93 $ 17,377,122.90 $ 37,887,349.83
4 $ 1,498,561,442.19 $ 20,275,119.29 $ 17,612,230.54 $ 37,887,349.83
5 $ 1,480,949,211.65 $ 20,036,830.71 $ 17,850,519.12 $ 37,887,349.83
6 $ 1,463,098,692.53 $ 19,795,318.16 $ 18,092,031.67 $ 37,887,349.83
7 $ 1,445,006,660.86 $ 19,550,538.00 $ 18,336,811.83 $ 37,887,349.83
8 $ 1,426,669,849.03 $ 19,302,446.04 $ 18,584,903.79 $ 37,887,349.83
9 $ 1,408,084,945.24 $ 19,050,997.46 $ 18,836,352.37 $ 37,887,349.83
10 $ 1,389,248,592.87 $ 18,796,146.86 $ 19,091,202.97 $ 37,887,349.83
11 $ 1,370,157,389.90 $ 18,537,848.20 $ 19,349,501.63 $ 37,887,349.83
12 $ 1,350,807,888.27 $ 18,276,054.82 $ 19,611,295.01 $ 37,887,349.83
13 $ 1,331,196,593.26 $ 18,010,719.46 $ 19,876,630.37 $ 37,887,349.83
14 $ 1,311,319,962.89 $ 17,741,794.18 $ 20,145,555.65 $ 37,887,349.83
15 $ 1,291,174,407.24 $ 17,469,230.42 $ 20,418,119.41 $ 37,887,349.83
16 $ 1,270,756,287.83 $ 17,192,978.95 $ 20,694,370.88 $ 37,887,349.83
17 $ 1,250,061,916.95 $ 16,912,989.87 $ 20,974,359.96 $ 37,887,349.83
18 $ 1,229,087,556.98 $ 16,629,212.61 $ 21,258,137.22 $ 37,887,349.83
19 $ 1,207,829,419.77 $ 16,341,595.93 $ 21,545,753.90 $ 37,887,349.83
20 $ 1,186,283,665.87 $ 16,050,087.88 $ 21,837,261.95 $ 37,887,349.83
21 $ 1,164,446,403.92 $ 15,754,635.80 $ 22,132,714.03 $ 37,887,349.83
22 $ 1,142,313,689.89 $ 15,455,186.34 $ 22,432,163.49 $ 37,887,349.83
23 $ 1,119,881,526.40 $ 15,151,685.41 $ 22,735,664.42 $ 37,887,349.83
24 $ 1,097,145,861.98 $ 14,844,078.20 $ 23,043,271.63 $ 37,887,349.83
25 $ 1,074,102,590.34 $ 14,532,309.14 $ 23,355,040.69 $ 37,887,349.83
26 $ 1,050,747,549.66 $ 14,216,321.94 $ 23,671,027.89 $ 37,887,349.83
27 $ 1,027,076,521.77 $ 13,896,059.52 $ 23,991,290.31 $ 37,887,349.83
28 $ 1,003,085,231.46 $ 13,571,464.04 $ 24,315,885.79 $ 37,887,349.83
29 $ 978,769,345.68 $ 13,242,476.87 $ 24,644,872.96 $ 37,887,349.83
30 $ 954,124,472.72 $ 12,909,038.60 $ 24,978,311.23 $ 37,887,349.83
31 $ 929,146,161.49 $ 12,571,089.00 $ 25,316,260.83 $ 37,887,349.83
32 $ 903,829,900.66 $ 12,228,567.04 $ 25,658,782.79 $ 37,887,349.83
33 $ 878,171,117.87 $ 11,881,410.85 $ 26,005,938.98 $ 37,887,349.83
34 $ 852,165,178.88 $ 11,529,557.73 $ 26,357,792.10 $ 37,887,349.83
35 $ 825,807,386.78 $ 11,172,944.14 $ 26,714,405.69 $ 37,887,349.83
36 $ 799,092,981.09 $ 10,811,505.66 $ 27,075,844.17 $ 37,887,349.83
37 $ 772,017,136.92 $ 10,445,177.02 $ 27,442,172.81 $ 37,887,349.83
38 $ 744,574,964.11 $ 10,073,892.06 $ 27,813,457.77 $ 37,887,349.83
39 $ 716,761,506.34 $ 9,697,583.72 $ 28,189,766.11 $ 37,887,349.83
40 $ 688,571,740.23 $ 9,316,184.03 $ 28,571,165.80 $ 37,887,349.83
41 $ 660,000,574.43 $ 8,929,624.11 $ 28,957,725.72 $ 37,887,349.83
42 $ 631,042,848.71 $ 8,537,834.14 $ 29,349,515.69 $ 37,887,349.83
43 $ 601,693,333.01 $ 8,140,743.36 $ 29,746,606.47 $ 37,887,349.83
44 $ 571,946,726.54 $ 7,738,280.05 $ 30,149,069.78 $ 37,887,349.83
45 $ 541,797,656.75 $ 7,330,371.52 $ 30,556,978.31 $ 37,887,349.83
46 $ 511,240,678.45 $ 6,916,944.11 $ 30,970,405.72 $ 37,887,349.83
47 $ 480,270,272.73 $ 6,497,923.14 $ 31,389,426.69 $ 37,887,349.83
48 $ 448,880,846.04 $ 6,073,232.93 $ 31,814,116.90 $ 37,887,349.83
49 $ 417,066,729.14 $ 5,642,796.78 $ 32,244,553.05 $ 37,887,349.83
50 $ 384,822,176.09 $ 5,206,536.95 $ 32,680,812.88 $ 37,887,349.83
51 $ 352,141,363.22 $ 4,764,374.65 $ 33,122,975.18 $ 37,887,349.83
52 $ 319,018,388.03 $ 4,316,230.01 $ 33,571,119.82 $ 37,887,349.83
53 $ 285,447,268.22 $ 3,862,022.10 $ 34,025,327.73 $ 37,887,349.83
54 $ 251,421,940.49 $ 3,401,668.89 $ 34,485,680.94 $ 37,887,349.83
55 $ 216,936,259.55 $ 2,935,087.22 $ 34,952,262.61 $ 37,887,349.83
56 $ 181,983,996.94 $ 2,462,192.84 $ 35,425,156.99 $ 37,887,349.83
57 $ 146,558,839.95 $ 1,982,900.32 $ 35,904,449.51 $ 37,887,349.83
58 $ 110,654,390.44 $ 1,497,123.11 $ 36,390,226.72 $ 37,887,349.83
59 $ 74,264,163.72 $ 1,004,773.47 $ 36,882,576.36 $ 37,887,349.83
60 $ 37,381,587.36 $ 505,762.47 $ 37,381,587.36 $ 37,887,349.83

Tabla c
Con
VP $ 1,550,000,000.00
I 4.114% Trimestral
SALDO INI INTERESES capital cuota
0
1 $ 1,550,000,000.00 $ 63,768,242.98 $ 63,768,242.98
2 $ 1,550,000,000.00 $ 63,768,242.98 $ 63,768,242.98
3 $ 1,550,000,000.00 $ 63,768,242.98 $ 63,768,242.98
4 $ 1,550,000,000.00 $ 63,768,242.98 $ 63,768,242.98
5 $ 1,550,000,000.00 $ 63,768,242.98 $ 7,448,177.32 $ 71,216,420.31
6 $ 1,542,551,822.68 $ 63,461,819.00 $ 7,754,601.31 $ 71,216,420.31
7 $ 1,534,797,221.37 $ 63,142,788.48 $ 8,073,631.83 $ 71,216,420.31
8 $ 1,526,723,589.54 $ 62,810,632.79 $ 8,405,787.51 $ 71,216,420.31
9 $ 1,518,317,802.02 $ 62,464,811.95 $ 8,751,608.35 $ 71,216,420.31
10 $ 1,509,566,193.67 $ 62,104,763.77 $ 9,111,656.54 $ 71,216,420.31
11 $ 1,500,454,537.13 $ 61,729,902.91 $ 9,486,517.40 $ 71,216,420.31
12 $ 1,490,968,019.73 $ 61,339,619.98 $ 9,876,800.33 $ 71,216,420.31
13 $ 1,481,091,219.40 $ 60,933,280.49 $ 10,283,139.82 $ 71,216,420.31
14 $ 1,470,808,079.59 $ 60,510,223.87 $ 10,706,196.43 $ 71,216,420.31
15 $ 1,460,101,883.15 $ 60,069,762.37 $ 11,146,657.94 $ 71,216,420.31
16 $ 1,448,955,225.21 $ 59,611,179.92 $ 11,605,240.39 $ 71,216,420.31
17 $ 1,437,349,984.83 $ 59,133,731.02 $ 12,082,689.28 $ 71,216,420.31
18 $ 1,425,267,295.54 $ 58,636,639.50 $ 12,579,780.81 $ 71,216,420.31
19 $ 1,412,687,514.73 $ 58,119,097.23 $ 13,097,323.08 $ 71,216,420.31
20 $ 1,399,590,191.65 $ 57,580,262.85 $ 13,636,157.46 $ 71,216,420.31
21 $ 1,385,954,034.19 $ 57,019,260.40 $ 14,197,159.91 $ 71,216,420.31
22 $ 1,371,756,874.29 $ 56,435,177.85 $ 14,781,242.45 $ 71,216,420.31
23 $ 1,356,975,631.83 $ 55,827,065.69 $ 15,389,354.62 $ 71,216,420.31
24 $ 1,341,586,277.21 $ 55,193,935.30 $ 16,022,485.01 $ 71,216,420.31
25 $ 1,325,563,792.20 $ 54,534,757.41 $ 16,681,662.89 $ 71,216,420.31
26 $ 1,308,882,129.31 $ 53,848,460.43 $ 17,367,959.88 $ 71,216,420.31
27 $ 1,291,514,169.43 $ 53,133,928.63 $ 18,082,491.68 $ 71,216,420.31
28 $ 1,273,431,677.75 $ 52,390,000.42 $ 18,826,419.89 $ 71,216,420.31
29 $ 1,254,605,257.86 $ 51,615,466.41 $ 19,600,953.90 $ 71,216,420.31
30 $ 1,235,004,303.97 $ 50,809,067.45 $ 20,407,352.86 $ 71,216,420.31
31 $ 1,214,596,951.10 $ 49,969,492.58 $ 21,246,927.72 $ 71,216,420.31
32 $ 1,193,350,023.38 $ 49,095,376.94 $ 22,121,043.37 $ 71,216,420.31
33 $ 1,171,228,980.02 $ 48,185,299.48 $ 23,031,120.83 $ 71,216,420.31
34 $ 1,148,197,859.18 $ 47,237,780.70 $ 23,978,639.61 $ 71,216,420.31
35 $ 1,124,219,219.57 $ 46,251,280.23 $ 24,965,140.07 $ 71,216,420.31
36 $ 1,099,254,079.50 $ 45,224,194.35 $ 25,992,225.96 $ 71,216,420.31
37 $ 1,073,261,853.54 $ 44,154,853.33 $ 27,061,566.98 $ 71,216,420.31
38 $ 1,046,200,286.57 $ 43,041,518.76 $ 28,174,901.54 $ 71,216,420.31
39 $ 1,018,025,385.02 $ 41,882,380.72 $ 29,334,039.59 $ 71,216,420.31
40 $ 988,691,345.44 $ 40,675,554.81 $ 30,540,865.50 $ 71,216,420.31
41 $ 958,150,479.94 $ 39,419,079.11 $ 31,797,341.20 $ 71,216,420.31
42 $ 926,353,138.74 $ 38,110,910.99 $ 33,105,509.31 $ 71,216,420.31
43 $ 893,247,629.43 $ 36,748,923.79 $ 34,467,496.51 $ 71,216,420.31
44 $ 858,780,132.91 $ 35,330,903.35 $ 35,885,516.96 $ 71,216,420.31
45 $ 822,894,615.95 $ 33,854,544.40 $ 37,361,875.91 $ 71,216,420.31
46 $ 785,532,740.05 $ 32,317,446.86 $ 38,898,973.44 $ 71,216,420.31
47 $ 746,633,766.60 $ 30,717,111.90 $ 40,499,308.40 $ 71,216,420.31
48 $ 706,134,458.20 $ 29,050,937.88 $ 42,165,482.43 $ 71,216,420.31
49 $ 663,968,975.77 $ 27,316,216.12 $ 43,900,204.19 $ 71,216,420.31
50 $ 620,068,771.58 $ 25,510,126.51 $ 45,706,293.80 $ 71,216,420.31
51 $ 574,362,477.78 $ 23,629,732.93 $ 47,586,687.38 $ 71,216,420.31
52 $ 526,775,790.41 $ 21,671,978.45 $ 49,544,441.85 $ 71,216,420.31
53 $ 477,231,348.55 $ 19,633,680.38 $ 51,582,739.92 $ 71,216,420.31
54 $ 425,648,608.63 $ 17,511,525.10 $ 53,704,895.21 $ 71,216,420.31
55 $ 371,943,713.42 $ 15,302,062.64 $ 55,914,357.67 $ 71,216,420.31
56 $ 316,029,355.75 $ 13,001,701.13 $ 58,214,719.18 $ 71,216,420.31
57 $ 257,814,636.57 $ 10,606,700.90 $ 60,609,719.41 $ 71,216,420.31
58 $ 197,204,917.16 $ 8,113,168.44 $ 63,103,251.87 $ 71,216,420.31
59 $ 134,101,665.29 $ 5,517,050.05 $ 65,699,370.26 $ 71,216,420.31
60 $ 68,402,295.04 $ 2,814,125.27 $ 68,402,295.04 $ 71,216,420.31
SALDO FIN
$ 1,550,000,000.00 0
$ 1,533,083,718.83 1
$ 1,515,938,565.09 2
$ 1,498,561,442.19 3
$ 1,480,949,211.65 4
$ 1,463,098,692.53 5
$ 1,445,006,660.86 6
$ 1,426,669,849.03 7
$ 1,408,084,945.24 8
$ 1,389,248,592.87 9
$ 1,370,157,389.90 10
$ 1,350,807,888.27 11
$ 1,331,196,593.26 12
$ 1,311,319,962.89 13
$ 1,291,174,407.24 14
$ 1,270,756,287.83 15
$ 1,250,061,916.95 16
$ 1,229,087,556.98 17
$ 1,207,829,419.77 18
$ 1,186,283,665.87 19
$ 1,164,446,403.92 20
$ 1,142,313,689.89 21
$ 1,119,881,526.40 22
$ 1,097,145,861.98 23
$ 1,074,102,590.34 24
$ 1,050,747,549.66 25
$ 1,027,076,521.77 26
$ 1,003,085,231.46 27
$ 978,769,345.68 28
$ 954,124,472.72 29
$ 929,146,161.49 30
$ 903,829,900.66 31
$ 878,171,117.87 32
$ 852,165,178.88 33
$ 825,807,386.78 34
$ 799,092,981.09 35
$ 772,017,136.92 36
$ 744,574,964.11 37
$ 716,761,506.34 38
$ 688,571,740.23 39
$ 660,000,574.43 40
$ 631,042,848.71 41
$ 601,693,333.01 42
$ 571,946,726.54 43
$ 541,797,656.75 44
$ 511,240,678.45 45
$ 480,270,272.73 46
$ 448,880,846.04 47
$ 417,066,729.14 48
$ 384,822,176.09 49
$ 352,141,363.22 50
$ 319,018,388.03 51
$ 285,447,268.22 52
$ 251,421,940.49 53
$ 216,936,259.55 54
$ 181,983,996.94 55
$ 146,558,839.95 56
$ 110,654,390.44 57
$ 74,264,163.72 58
$ 37,381,587.36 59
$ 0.00 60

Con 1 año de Gracia

SALDO FIN
$ 1,550,000,000.00 9/1/2022 0
$ 1,550,000,000.00 12/1/2022 1
$ 1,550,000,000.00 3/1/2023 2
$ 1,550,000,000.00 6/1/2023 3
$ 1,550,000,000.00 9/1/2023 4
$ 1,542,551,822.68 $ 71,216,420.31 12/1/2023 5
$ 1,534,797,221.37 3/1/2024 6
$ 1,526,723,589.54 6/1/2024 7
$ 1,518,317,802.02 9/1/2024 8
$ 1,509,566,193.67 12/1/2024 9
$ 1,500,454,537.13 3/1/2025 10
$ 1,490,968,019.73 6/1/2025 11
$ 1,481,091,219.40 9/1/2025 12
$ 1,470,808,079.59 12/1/2025 13
$ 1,460,101,883.15 3/1/2026 14
$ 1,448,955,225.21 6/1/2026 15
$ 1,437,349,984.83 9/1/2026 16
$ 1,425,267,295.54 12/1/2026 17
$ 1,412,687,514.73 3/1/2027 18
$ 1,399,590,191.65 6/1/2027 19
$ 1,385,954,034.19 9/1/2027 20
$ 1,371,756,874.29
$ 1,356,975,631.83
$ 1,341,586,277.21
$ 1,325,563,792.20
$ 1,308,882,129.31
$ 1,291,514,169.43
$ 1,273,431,677.75
$ 1,254,605,257.86
$ 1,235,004,303.97 9/1/2022 0
$ 1,214,596,951.10 12/1/2022 1
$ 1,193,350,023.38 3/1/2023 2
$ 1,171,228,980.02 6/1/2023 3
$ 1,148,197,859.18 9/1/2023 4
$ 1,124,219,219.57 12/1/2023 5
$ 1,099,254,079.50 3/1/2024 6
$ 1,073,261,853.54 6/1/2024 7
$ 1,046,200,286.57 9/1/2024 8
$ 1,018,025,385.02 12/1/2024 9
$ 988,691,345.44 3/1/2025 10
$ 958,150,479.94 6/1/2025 11
$ 926,353,138.74 9/1/2025 12
$ 893,247,629.43 12/1/2025 13
$ 858,780,132.91 3/1/2026 14
$ 822,894,615.95 6/1/2026 15
$ 785,532,740.05 9/1/2026 16
$ 746,633,766.60 12/1/2026 17
$ 706,134,458.20 3/1/2027 18
$ 663,968,975.77 6/1/2027 19
$ 620,068,771.58 9/1/2027 20
$ 574,362,477.78
$ 526,775,790.41
$ 477,231,348.55
$ 425,648,608.63
$ 371,943,713.42
$ 316,029,355.75
$ 257,814,636.57
$ 197,204,917.16
$ 134,101,665.29
$ 68,402,295.04
-$ 0.00
 Tabla b

VP $ 1,550,000,000.00
I 4.114% Trimestral
SALDO INI INTERESES capital cuota SALDO FIN
$ 1,550,000,000.00
$ 1,550,000,000.00 $ 63,768,242.98 $ 6,230,489.63 $ 69,998,732.62 $ 1,543,769,510.37
$ 1,543,769,510.37 $ 63,511,915.64 $ 6,486,816.97 $ 69,998,732.62 $ 1,537,282,693.39
$ 1,537,282,693.39 $ 63,245,042.79 $ 6,753,689.83 $ 69,998,732.62 $ 1,530,529,003.57
$ 1,530,529,003.57 $ 62,967,190.58 $ 7,031,542.04 $ 69,998,732.62 $ 1,523,497,461.53
$ 1,523,497,461.53 $ 62,677,907.30 $ 7,320,825.32 $ 69,998,732.62 $ 1,516,176,636.21
$ 1,516,176,636.21 $ 62,376,722.67 $ 7,622,009.94 $ 69,998,732.62 $ 1,508,554,626.27
$ 1,508,554,626.27 $ 62,063,147.07 $ 7,935,585.54 $ 69,998,732.62 $ 1,500,619,040.72
$ 1,500,619,040.72 $ 61,736,670.72 $ 8,262,061.90 $ 69,998,732.62 $ 1,492,356,978.83
$ 1,492,356,978.83 $ 61,396,762.87 $ 8,601,969.75 $ 69,998,732.62 $ 1,483,755,009.08
$ 1,483,755,009.08 $ 61,042,870.93 $ 8,955,861.68 $ 69,998,732.62 $ 1,474,799,147.39
$ 1,474,799,147.39 $ 60,674,419.60 $ 9,324,313.01 $ 69,998,732.62 $ 1,465,474,834.38
$ 1,465,474,834.38 $ 60,290,809.89 $ 9,707,922.73 $ 69,998,732.62 $ 1,455,766,911.65
$ 1,455,766,911.65 $ 59,891,418.16 $ 10,107,314.46 $ 69,998,732.62 $ 1,445,659,597.19
$ 1,445,659,597.19 $ 59,475,595.14 $ 10,523,137.48 $ 69,998,732.62 $ 1,435,136,459.72
$ 1,435,136,459.72 $ 59,042,664.83 $ 10,956,067.79 $ 69,998,732.62 $ 1,424,180,391.92
$ 1,424,180,391.92 $ 58,591,923.41 $ 11,406,809.21 $ 69,998,732.62 $ 1,412,773,582.72
$ 1,412,773,582.72 $ 58,122,638.13 $ 11,876,094.49 $ 69,998,732.62 $ 1,400,897,488.23
$ 1,400,897,488.23 $ 57,634,046.08 $ 12,364,686.54 $ 69,998,732.62 $ 1,388,532,801.69
$ 1,388,532,801.69 $ 57,125,352.96 $ 12,873,379.66 $ 69,998,732.62 $ 1,375,659,422.04
$ 1,375,659,422.04 $ 56,595,731.80 $ 13,403,000.82 $ 69,998,732.62 $ 1,362,256,421.22
$ 1,362,256,421.22 $ 56,044,321.60 $ 13,954,411.02 $ 69,998,732.62 $ 1,348,302,010.20
$ 1,348,302,010.20 $ 55,470,225.94 $ 14,528,506.68 $ 69,998,732.62 $ 1,333,773,503.52
$ 1,333,773,503.52 $ 54,872,511.52 $ 15,126,221.10 $ 69,998,732.62 $ 1,318,647,282.42
$ 1,318,647,282.42 $ 54,250,206.66 $ 15,748,525.96 $ 69,998,732.62 $ 1,302,898,756.46
$ 1,302,898,756.46 $ 53,602,299.67 $ 16,396,432.95 $ 69,998,732.62 $ 1,286,502,323.51
$ 1,286,502,323.51 $ 52,927,737.27 $ 17,070,995.35 $ 69,998,732.62 $ 1,269,431,328.16
$ 1,269,431,328.16 $ 52,225,422.83 $ 17,773,309.79 $ 69,998,732.62 $ 1,251,658,018.38
$ 1,251,658,018.38 $ 51,494,214.61 $ 18,504,518.00 $ 69,998,732.62 $ 1,233,153,500.37
$ 1,233,153,500.37 $ 50,732,923.90 $ 19,265,808.71 $ 69,998,732.62 $ 1,213,887,691.66
$ 1,213,887,691.66 $ 49,940,313.08 $ 20,058,419.54 $ 69,998,732.62 $ 1,193,829,272.12
$ 1,193,829,272.12 $ 49,115,093.62 $ 20,883,639.00 $ 69,998,732.62 $ 1,172,945,633.12
$ 1,172,945,633.12 $ 48,255,923.96 $ 21,742,808.66 $ 69,998,732.62 $ 1,151,202,824.47
$ 1,151,202,824.47 $ 47,361,407.38 $ 22,637,325.24 $ 69,998,732.62 $ 1,128,565,499.23
$ 1,128,565,499.23 $ 46,430,089.66 $ 23,568,642.95 $ 69,998,732.62 $ 1,104,996,856.27
$ 1,104,996,856.27 $ 45,460,456.79 $ 24,538,275.83 $ 69,998,732.62 $ 1,080,458,580.45
$ 1,080,458,580.45 $ 44,450,932.45 $ 25,547,800.17 $ 69,998,732.62 $ 1,054,910,780.28
$ 1,054,910,780.28 $ 43,399,875.46 $ 26,598,857.16 $ 69,998,732.62 $ 1,028,311,923.12
$ 1,028,311,923.12 $ 42,305,577.15 $ 27,693,155.47 $ 69,998,732.62 $ 1,000,618,767.65
$ 1,000,618,767.65 $ 41,166,258.52 $ 28,832,474.09 $ 69,998,732.62 $ 971,786,293.55
$ 971,786,293.55 $ 39,980,067.42 $ 30,018,665.20 $ 69,998,732.62 $ 941,767,628.35
$ 941,767,628.35 $ 38,745,075.46 $ 31,253,657.16 $ 69,998,732.62 $ 910,513,971.19
$ 910,513,971.19 $ 37,459,274.94 $ 32,539,457.68 $ 69,998,732.62 $ 877,974,513.52
$ 877,974,513.52 $ 36,120,575.56 $ 33,878,157.06 $ 69,998,732.62 $ 844,096,356.45
$ 844,096,356.45 $ 34,726,801.01 $ 35,271,931.61 $ 69,998,732.62 $ 808,824,424.84
$ 808,824,424.84 $ 33,275,685.45 $ 36,723,047.16 $ 69,998,732.62 $ 772,101,377.68
$ 772,101,377.68 $ 31,764,869.85 $ 38,233,862.77 $ 69,998,732.62 $ 733,867,514.91
$ 733,867,514.91 $ 30,191,898.07 $ 39,806,834.55 $ 69,998,732.62 $ 694,060,680.36
$ 694,060,680.36 $ 28,554,212.98 $ 41,444,519.64 $ 69,998,732.62 $ 652,616,160.72
$ 652,616,160.72 $ 26,849,152.20 $ 43,149,580.42 $ 69,998,732.62 $ 609,466,580.30
$ 609,466,580.30 $ 25,073,943.86 $ 44,924,788.76 $ 69,998,732.62 $ 564,541,791.55
$ 564,541,791.55 $ 23,225,702.02 $ 46,773,030.59 $ 69,998,732.62 $ 517,768,760.96
$ 517,768,760.96 $ 21,301,422.04 $ 48,697,310.58 $ 69,998,732.62 $ 469,071,450.38
$ 469,071,450.38 $ 19,297,975.63 $ 50,700,756.99 $ 69,998,732.62 $ 418,370,693.39
$ 418,370,693.39 $ 17,212,105.83 $ 52,786,626.79 $ 69,998,732.62 $ 365,584,066.60
$ 365,584,066.60 $ 15,040,421.67 $ 54,958,310.95 $ 69,998,732.62 $ 310,625,755.65
$ 310,625,755.65 $ 12,779,392.69 $ 57,219,339.93 $ 69,998,732.62 $ 253,406,415.72
$ 253,406,415.72 $ 10,425,343.16 $ 59,573,389.46 $ 69,998,732.62 $ 193,833,026.26
$ 193,833,026.26 $ 7,974,446.14 $ 62,024,286.48 $ 69,998,732.62 $ 131,808,739.78
$ 131,808,739.78 $ 5,422,717.26 $ 64,576,015.36 $ 69,998,732.62 $ 67,232,724.42
$ 67,232,724.42 $ 2,766,008.20 $ 67,232,724.42 $ 69,998,732.62 $ 0.00

Tabla D

VP $ 1,550,000,000.00
I 4.114% Trimestral
SALDO INI INTERESES capital cuota SALDO FIN
$ 1,550,000,000.00
$ 1,550,000,000.00 $ 63,768,242.98 $ 77,500,000.00 $ 141,268,242.98 $ 1,472,500,000.00
$ 1,472,500,000.00 $ 60,579,830.84 $ 77,500,000.00 $ 138,079,830.84 $ 1,395,000,000.00
$ 1,395,000,000.00 $ 57,391,418.69 $ 77,500,000.00 $ 134,891,418.69 $ 1,317,500,000.00
$ 1,317,500,000.00 $ 54,203,006.54 $ 77,500,000.00 $ 131,703,006.54 $ 1,240,000,000.00
$ 1,240,000,000.00 $ 51,014,594.39 $ 77,500,000.00 $ 128,514,594.39 $ 1,162,500,000.00
$ 1,162,500,000.00 $ 47,826,182.24 $ 77,500,000.00 $ 125,326,182.24 $ 1,085,000,000.00
$ 1,085,000,000.00 $ 44,637,770.09 $ 77,500,000.00 $ 122,137,770.09 $ 1,007,500,000.00
$ 1,007,500,000.00 $ 41,449,357.94 $ 77,500,000.00 $ 118,949,357.94 $ 930,000,000.00
$ 930,000,000.00 $ 38,260,945.79 $ 77,500,000.00 $ 115,760,945.79 $ 852,500,000.00
$ 852,500,000.00 $ 35,072,533.64 $ 77,500,000.00 $ 112,572,533.64 $ 775,000,000.00
$ 775,000,000.00 $ 31,884,121.49 $ 77,500,000.00 $ 109,384,121.49 $ 697,500,000.00
$ 697,500,000.00 $ 28,695,709.34 $ 77,500,000.00 $ 106,195,709.34 $ 620,000,000.00
$ 620,000,000.00 $ 25,507,297.19 $ 77,500,000.00 $ 103,007,297.19 $ 542,500,000.00
$ 542,500,000.00 $ 22,318,885.04 $ 77,500,000.00 $ 99,818,885.04 $ 465,000,000.00
$ 465,000,000.00 $ 19,130,472.90 $ 77,500,000.00 $ 96,630,472.90 $ 387,500,000.00
$ 387,500,000.00 $ 15,942,060.75 $ 77,500,000.00 $ 93,442,060.75 $ 310,000,000.00
$ 310,000,000.00 $ 12,753,648.60 $ 77,500,000.00 $ 90,253,648.60 $ 232,500,000.00
$ 232,500,000.00 $ 9,565,236.45 $ 77,500,000.00 $ 87,065,236.45 $ 155,000,000.00
$ 155,000,000.00 $ 6,376,824.30 $ 77,500,000.00 $ 83,876,824.30 $ 77,500,000.00
$ 77,500,000.00 $ 3,188,412.15 $ 77,500,000.00 $ 80,688,412.15 $ -

Tabla E

VP $ 1,550,000,000.00
I 4.114% Trimestral
SALDO INI INTERESES capital cuota SALDO FIN
$ 1,550,000,000.00
$ 1,550,000,000.00 $ 63,768,242.98 $ 1,613,768,242.98
$ 1,613,768,242.98 $ 66,391,719.64 $ 1,680,159,962.62
$ 1,680,159,962.62 $ 69,123,128.23 $ 1,749,283,090.85
$ 1,749,283,090.85 $ 71,966,909.15 $ 1,821,250,000.00
$ 1,821,250,000.00 $ 74,927,685.51 $ 113,828,125.00 $ 188,755,810.51 $ 1,707,421,875.00
$ 1,707,421,875.00 $ 70,244,705.16 $ 113,828,125.00 $ 184,072,830.16 $ 1,593,593,750.00
$ 1,593,593,750.00 $ 65,561,724.82 $ 113,828,125.00 $ 179,389,849.82 $ 1,479,765,625.00
$ 1,479,765,625.00 $ 60,878,744.47 $ 113,828,125.00 $ 174,706,869.47 $ 1,365,937,500.00
$ 1,365,937,500.00 $ 56,195,764.13 $ 113,828,125.00 $ 170,023,889.13 $ 1,252,109,375.00
$ 1,252,109,375.00 $ 51,512,783.79 $ 113,828,125.00 $ 165,340,908.79 $ 1,138,281,250.00
$ 1,138,281,250.00 $ 46,829,803.44 $ 113,828,125.00 $ 160,657,928.44 $ 1,024,453,125.00
$ 1,024,453,125.00 $ 42,146,823.10 $ 113,828,125.00 $ 155,974,948.10 $ 910,625,000.00
$ 910,625,000.00 $ 37,463,842.75 $ 113,828,125.00 $ 151,291,967.75 $ 796,796,875.00
$ 796,796,875.00 $ 32,780,862.41 $ 113,828,125.00 $ 146,608,987.41 $ 682,968,750.00
$ 682,968,750.00 $ 28,097,882.07 $ 113,828,125.00 $ 141,926,007.07 $ 569,140,625.00
$ 569,140,625.00 $ 23,414,901.72 $ 113,828,125.00 $ 137,243,026.72 $ 455,312,500.00
$ 455,312,500.00 $ 18,731,921.38 $ 113,828,125.00 $ 132,560,046.38 $ 341,484,375.00
$ 341,484,375.00 $ 14,048,941.03 $ 113,828,125.00 $ 127,877,066.03 $ 227,656,250.00
$ 227,656,250.00 $ 9,365,960.69 $ 113,828,125.00 $ 123,194,085.69 $ 113,828,125.00
$ 113,828,125.00 $ 4,682,980.34 $ 113,828,125.00 $ 118,511,105.34 $ -
$ 69,998,732.62
$ 68,356,475.25
$ 68,356,475.25
 0 1 2 3 4
FCN del proyecto -$ 1,800,000.00 $ 254,000.00 $ 681,000.00 $ 752,000.00 $ 908,000.00

Tasa de descuento TIO 15.00%

1 2 3 4
$ 220,869.57 $ 514,933.84 $ 494,452.21 $ 519,151.95

[1-4] $ 1,749,407.56 $ 50,592.44

0.10 4,1 AÑOS

VPI valor presente de ingresos VPI $ 2,275,420.54

VPE valor presente de Egresos VPE $ 1,800,000.00
VPN Valor presente neto VPN $ 475,421 > El P ES FACTIBLE DESDE EL PUNT
VPN=VPI-VPE

TIR > TIO El P ES FACTIBLE DESDE EL PUNTO DE VISTA FINANCIERO

VNA $ 2,275,420.54
VPN $ 475,420.54
TIR 23.72%
RBC=VPI/VPE
RBC = 1.26
 5
$ 1,058,000.00
FCN del proyecto

5 Tasa de descuento
$ 526,012.99

VPI valor presente de ingresos

PARA RECUPERAR EL TOTAL DE LA INVERSION VPE valor presente de Egresos
VPN Valor presente neto

EL

ES FACTIBLE DESDE EL PUNTO DE VISTA FINANCIERO

VISTA FINANCIERO
 0 1 2 3 4 5
-$ 1,800,000.00 $ 254,000.00 $ 681,000.00 $ 752,000.00 $ 908,000.00 $ 1,058,000.00

TIO 23.72% EN ESTE CASO SE ACEPTA LA INVERSION POR QUE ESTA GARANTOZADP LO

$ 205,307.78 $ 444,928.79 $ 397,130.22 $ 387,590.08 $ 365,043.12

alor presente de ingresos VPI $ 1,800,000.00

alor presente de Egresos VPE $ 1,800,000.00
Valor presente neto VPN $ - > El P NO ES FACTIBLE DESDE EL PUNTO DE VISTA FINANCIERO

23.72% ES LA TASA INTERNA DE RETORNO TIR

ESTA GARANTOZADP LO QUE QUIERES OBTENER4

TO DE VISTA FINANCIERO
 Retorno o Beneficio Retornos esperados de inversión

Se propone una inversión la cual tendrá 5 tiempos de retorno diferentes de la siguiente manera:

0 1 2 3 4 5
-$ 1,800,000.00 $ 254,000.00 $ 681,000.00 $ 752,000.00 $ 908,000.00 $ 1,058,000.00

Tasa de descuento o tasa de interés

de oportunidad: 15.00% TIO

Inversión inicial
(Se presenta negativo ya que es el primer Flujo y
como se ve en la grafica esta hacia abajo)

Inversión

lo primero que se evaluará es el VALOR PRESENTE NETO: es el criterio que plantea tomar el valor presente de los ingresos y se le resta el valor presente de los egresos (VPI - VPE) valor expresado en pesos

los ingresos son todos los dineros que entran en la inversión, en el caso de la grafica todas las flechas que van hacia arriba

VPI $ 2,275,420.54 De lo anterior cual podemos inferir que al tener un valor positivo, ingresos son mayores
VPN = $ 475,420.54
VPE $ 1,800,000.00 que los egresos

los egresos son todas las salidas de dinero que se presentan, o vistas en la grafica son todas las flechas que se dirigen hacia abajo

Para poder realizar los cálculos debemos traer los valores a valor presente el cual se realiza con la siguiente formula: Valor presente= valor de retorno
dado que se debe aplicar el valor final del periodo (1+tasa de descuento)^periodo

Aplicando la formula obtenemos:

1 2 3 4 5
$ 220,869.57 $ 514,933.84 $ 494,452.21 $ 519,151.95 $ 526,012.99

en el caso de que la tasa de interés de oportunidad variara por ejemplo: TIO: 20% Al ser una tasa de exigencia

VPI $ 1,982,840.79
VPN = $ 182,840.79 Al aumentar el TIO al ser una tasa de exigencia el VPN tiende a disminuir, en este caso se
VPE $ 1,800,000.00
siguen obteniendo que los ingresos son mayores que los egresos, pero si este aumenta
mas se puede presentar que los egresos sean mayores que los ingresos.

1 2 3 4 5
$ 211,666.67 $ 472,916.67 $ 435,185.19 $ 437,885.80 $ 425,186.47

en el caso de que la tasa de interés de oportunidad variara por ejemplo: TIO: 25% Al ser una tasa de exigencia

VPI $ 1,742,666.24
VPN = -$ 57,333.76 En este ejemplo se demuestra lo que se mensionaba en el punto anterior, El Tio al ser
VPE $ 1,800,000.00
Del 25% ya muestra un VPN negativo lo que indica que los ingresos no cubren el valor de
los egresos

1 2 3 4 5
$ 203,200.00 $ 435,840.00 $ 385,024.00 $ 371,916.80 $ 346,685.44

De todo lo anterior podemos decir que el VPN nos indica que tan bueno puede ser la inversion realizada con un valor en pesos pero calculada bajo una tasa de interes de referencia, por otra parte
podemos decir que si el VPN es mayor que Cero (0) el proyecto es factible desde lo financiero, si es negativo no es factible desde el punto financiero

en el caso de que la tasa de interés de oportunidad variara por ejemplo: TIO: 23.72% Al ser una tasa de exigencia

VPI $ 1,800,000.00
VPN = $ 0.00 Al obtener el VPN igualado a cero, lleva a una decision indiferente según los libros de
VPE $ 1,800,000.00
finanzas, en el caso del proyecto esta garantizando que vas a obtener las ganacias
esperadas.

1 2 3 4 5
$ 205,307.78 $ 444,928.79 $ 397,130.22 $ 387,590.08 $ 365,043.12

Si el VPN = 0 el TIO obtenido se conoce como Tasa Interna de Retorno (TIR), el TIR se puede catalogar como la rentabilidad del dinero que permanece invertido en el proyecto

TIR = 23.72%
25% TIO > 23.72% TIR
NO ES UNA BUENA INVERSION La se puede decir que si la TIR > TIO es una buena inversion, y de la misma manera
20% TIO < 23.72% TIR podemos decir que si la TIR < TIO es una inversion que no generará ganancias.
ES UNA BUENA INVERSION

Las funciones en excel que calculan los terminos anteriores son:

VPI= VNA(tasa;valor 1;valor 2,..)
VPI= $ 2,275,420.54
VNA= VNA(tasa;valor 1;valor 2,..) + Inversion (negativo) Se debe tener en cuenta que no se debe tomar el valor de la inversion solo los valores de retornos
VNA= $ 475,420.54
TIR= TIR(VALORES) En este caso si se incluye el valor de la inversion (negativo)
TIR= 23.72%
RBC= VPI/VPE Relacion benieficio costo, es un indice que permite establecer otra comparacion entre ingresos y egresos, si el RBC>1 lo ingresos seran
RBC= 1.26 mayores que los egresos y demanera contraria si RBC<1 los egresos son mayores que los ingresos

¿En cuanto tiempo se retorna la inversion?

1 2 3 4 5
$ 220,869.57 $ 514,933.84 $ 494,452.21 $ 519,151.95 $ 526,012.99

sumando del [1-4] $ 1,749,407.56 Falta una pequeña fraccion para llegar al $ 1'800,000 de la inversion inicial
$ 50,592.44 Fraccion que falta por recuperar
0.10 En tiempo se puede decir que falta un 0,10 de un año, de lo anterior podemos inferir
que la inversion se recuperaria en 4,1 años

El tiempo de retorno de la inversion se vuelve uno de los indicadores mas importantes dado que este indica cuando se obtendra el dinero de regreso y asi poder seguir generando mas inversiones