Professional Documents
Culture Documents
Torres Mer
Oscar D. Vergara Or
orres Mercado
ergara Ortega
oyo Crdenas
nez Gonzales
cal Naranjo
grantes
constante a capital
Ejercicio: Una pequea empresa acuerda con el Banco Medelln
un prstamo por $100 millones para ser cancelado en 20 cuotas
trimestrales, con cuotas de amortizacin de capital iguales. El
banco aplica una tasa de inters del 20% N-t.
Periodos Pago mensual
0
0
1
10,000,000
2
9,750,000
3
9,500,000
4
9,250,000
5
9,000,000
6
8,750,000
7
8,500,000
8
8,250,000
9
8,000,000
10
7,750,000
11
7,500,000
12
7,250,000
13
7,000,000
14
6,750,000
15
6,500,000
16
6,250,000
17
6,000,000
18
5,750,000
19
5,500,000
20
5,250,000
Interes
0
5,000,000
4,750,000
4,500,000
4,250,000
4,000,000
3,750,000
3,500,000
3,250,000
3,000,000
2,750,000
2,500,000
2,250,000
2,000,000
1,750,000
1,500,000
1,250,000
1,000,000
750,000
500,000
250,000
Cuota capital
0
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
Saldo Capital
100,000,000
95,000,000
90,000,000
85,000,000
80,000,000
75,000,000
70,000,000
65,000,000
60,000,000
55,000,000
50,000,000
45,000,000
40,000,000
35,000,000
30,000,000
25,000,000
20,000,000
15,000,000
10,000,000
5,000,000
-
Datos
Valor del prestamo
Numero de pagos
Periodos
Tasa de interes (N-t)
Tasa de interes (E-t)
Cuota de capital (Vk)
100,000,000
20
Trimestrales
20%
0.05
5,000,000
Pago mensual
0
8,024,259
8,024,259
8,024,259
8,024,259
8,024,259
8,024,259
8,024,259
8,024,259
8,024,259
8,024,259
8,024,259
8,024,259
8,024,259
8,024,259
8,024,259
8,024,259
8,024,259
8,024,259
8,024,259
8,024,259
Interes
0
5,000,000
4,848,787
4,690,013
4,523,301
4,348,253
4,164,453
3,971,463
3,768,823
3,556,051
3,332,641
3,098,060
2,851,750
2,593,125
2,321,568
2,036,433
1,737,042
1,422,681
1,092,602
746,020
382,108
Cuota capital
0
3,024,259
3,175,472
3,334,245
3,500,957
3,676,005
3,859,806
4,052,796
4,255,436
4,468,208
4,691,618
4,926,199
5,172,509
5,431,134
5,702,691
5,987,825
6,287,217
6,601,578
6,931,656
7,278,239
7,642,151
Saldo Capital
100,000,000
96,975,741
93,800,270
90,466,024
86,965,067
83,289,062
79,429,256
75,376,460
71,121,024
66,652,817
61,961,199
57,035,000
51,862,491
46,431,357
40,728,666
34,740,841
28,453,624
21,852,047
14,920,390
7,642,151
0
Datos
Valor del prestamo
Numero de pagos
Periodos
Tasa de interes (N-t)
Tasa de interes (E-t)
Pago Mensual (An)
100,000,000
20
Trimestrales
20%
0.05
8,024,259
amortizacin se
inar la tasa de
l a partir de la tasa
mula:
r el valor de la
e la formula:
Periodos
0
1
2
3
4
5
6
7
8
9
10
11
12
Pago mensual
Interes
0
6,484,719.51
6,484,719.51
6,484,719.51
6,484,719.51
6,484,719.51
36,484,719.51
6,484,719.51
6,484,719.51
6,484,719.51
6,484,719.51
6,484,719.51
6,484,719.51
Cuota capital
0
1,200,000
1,136,583
1,072,406
1,007,458
941,731
875,215
447,901
375,459
302,148
227,957
152,876
76,894
Saldo Capital
0 100,000,000
5,284,719.51
94,715,280
5,348,136.14
89,367,144
5,412,313.78
83,954,831
5,477,261.54
78,477,569
5,542,988.68
72,934,580
35,609,504.55
37,325,076
6,036,818.60
31,288,257
6,109,260.42
25,178,997
6,182,571.55
18,996,425
6,256,762.41
12,739,663
6,331,843.56
6,407,819
6,407,825.68
6
Datos
Valor del prestamo
Numero de pagos
Periodos
C. Extraordinaria: mes 6
Tasa de interes (E-m)
Pago Mensual (An)
ne:
Periodos
Pago mensual
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Interes
0
4,189,778.40
4,189,778.40
4,189,778.40
4,189,778.40
4,189,778.40
9,189,778.40
4,189,778.40
4,189,778.40
4,189,778.40
4,189,778.40
4,189,778.40
9,189,778.40
4,189,778.40
4,189,778.40
4,189,778.40
4,189,778.40
4,189,778.40
9,189,778.40
4,189,778.40
4,189,778.40
4,189,778.40
4,189,778.40
4,189,778.40
9,189,778.40
Cuota capital
0
1,500,000
1,459,653
1,418,701
1,377,135
1,334,946
1,292,123
1,173,658
1,128,417
1,082,496
1,035,887
988,578
940,560
816,822
766,228
714,875
662,751
609,846
556,147
426,642
370,195
312,901
254,748
195,723
135,812
Saldo Capital
0
100,000,000
2,689,778.40
97,310,222
2,730,125.08
94,580,097
2,771,076.95
91,809,020
2,812,643.11
88,996,376
2,854,832.75
86,141,544
###
78,243,888
3,016,120.07
75,227,768
3,061,361.87
72,166,407
3,107,282.30
69,059,124
3,153,891.54
65,905,233
3,201,199.91
62,704,033
###
54,454,815
3,372,956.18
51,081,859
3,423,550.52
47,658,308
3,474,903.78
44,183,404
3,527,027.33
40,656,377
3,579,932.74
37,076,444
###
28,442,813
3,763,136.21
24,679,676
3,819,583.25
20,860,093
3,876,877.00
16,983,216
3,935,030.16
13,048,186
3,994,055.61
9,054,130
###
164
Ejercicio: Una pequea empresa acuerda con el Banco Medelln un prstamo por $10
millones para ser cancelado en 24 cuotas mensuales iguales; y cuotas extraordinaria
cada seis meses por valor de $5000.000. El banco aplica una tasa de inters del 1,5
EM.
cuotas
Datos
Valor del prestamo
Numero de pagos
Periodos
C. Extraordinariacada 6meses
Tasa de interes (E-m)
Pago Mensual (An)
tas extras
100,000,000
24
Mensuales
5,000,000
1.50%
4,189,778.40
ctiva de
ara ello se
efectiva
eterminar
]
pone de
cuota
de
clculos.
Periodos
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Pago mensual
Interes
0
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
Cuota capital
0
2,800,000
2,701,031
2,600,676
2,498,916
2,395,731
2,291,102
2,185,008
2,077,429
1,968,343
1,857,731
1,745,569
1,631,838
1,516,514
1,399,576
1,281,001
1,160,765
1,038,847
915,221
789,865
662,753
533,863
403,167
270,642
136,262
0
7,069,243.68
7,168,213.09
7,268,568.07
7,370,328.03
7,473,512.62
7,578,141.80
7,684,235.78
7,791,815.08
7,900,900.49
8,011,513.10
8,123,674.28
8,237,405.72
8,352,729.40
8,469,667.62
8,588,242.96
8,708,478.36
8,830,397.06
8,954,022.62
9,079,378.94
9,206,490.24
9,335,381.11
9,466,076.44
9,598,601.51
9,732,981.93
Cuando se realiza un pago extra de 40000.000 en el mes 10, el saldo de capital es:
10
49,869,243.68
1,857,731
48,011,513.10
Pago mensual
Interes
Cuota capital
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
0
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
49,869,243.68
6,703,069.67
6,703,069.67
6,703,069.67
6,703,069.67
6,703,069.67
6,703,069.67
6,703,069.67
6,703,069.67
6,703,069.67
6,703,069.67
6,703,069.67
6,703,069.67
6,703,069.67
6,703,069.67
0
2,800,000.00
2,701,030.59
2,600,675.61
2,498,915.65
2,395,731.06
2,291,101.88
2,185,007.90
2,077,428.60
1,968,343.19
###
1,185,569.40
1,108,324.39
1,029,997.96
950,574.95
870,040.03
788,377.61
705,571.92
621,606.96
536,466.48
450,134.03
362,592.93
273,826.26
183,816.85
92,547.31
0
7,069,243.68
7,168,213.09
7,268,568.07
7,370,328.03
7,473,512.62
7,578,141.80
7,684,235.78
7,791,815.08
7,900,900.49
48,011,513.10
5,517,500.27
5,594,745.28
5,673,071.71
5,752,494.72
5,833,029.64
5,914,692.06
5,997,497.75
6,081,462.71
6,166,603.19
6,252,935.64
6,340,476.74
6,429,243.41
6,519,252.82
6,610,522.36
Datos
Valor del prestamo
Numero de pagos
Periodos
C. E. No acordada mes 10
Tasa de interes (E-m)
Pago Mensual (An)
= - [ / (1 (1 + ) ^(-) ]
= 200.000.000 [ 0.014 / (1 (
me para 14
Saldo Capital
200,000,000
192,930,756
185,762,543
178,493,975
171,123,647
163,650,135
156,071,993
148,387,757
140,595,942
132,695,041
84,683,528
79,166,028
73,571,283
67,898,211
62,145,716
56,312,687
50,397,995
44,400,497
38,319,034
32,152,431
25,899,495
19,559,019
13,129,775
6,610,522
0
200,000,000
24
Mensuales
40,000,000
1.40%
9,869,243.68
(1 + ) ^(-) ]
cuerda con el Banco Medelln un prstamo por $200 millones para ser
iguales; si al momento de realizar el pago 10 se efecta un abono no pactado
tabla de amortizacin re liquidando la cuota. El banco aplica una tasa de
^(-14) ]
^(-14) ]
Periodos
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Pago mensual
Interes
0
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
0
2,800,000
2,701,031
2,600,676
2,498,916
2,395,731
2,291,102
2,185,008
2,077,429
1,968,343
1,857,731
1,745,569
1,631,838
1,516,514
1,399,576
1,281,001
1,160,765
1,038,847
915,221
789,865
662,753
533,863
403,167
270,642
136,262
Cuando se realiza un pago extra de 40000.000 en el mes 10, el saldo de capital es:
10
49,869,244
1,857,730.58
Con este saldo de capital, se recalcula la cuota uniforme para el numero periodos, utilizand
= logA - log(A-i*Vp) / log (1+i)
= log9.869.243,68 - log(9.869.243,68-0,014* 84.683.528) / log (1+0,014)
Con este saldo de capital, se recalcula la cuota uniforme para el numero periodos, utilizand
= logA - log(A-i*Vp) / log (1+i)
= log9.869.243,68 - log(9.869.243,68-0,014* 84.683.528) / log (1+0,014)
= 9,20 - 9 periodos y una fragccion de 0,20
Periodos
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Pago mensual
0
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
49,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
9,869,243.68
1,973,848.74
Interes
0
2,800,000.00
2,701,030.59
2,600,675.61
2,498,915.65
2,395,731.06
2,291,101.88
2,185,007.90
2,077,428.60
1,968,343.19
1,857,730.58
1,185,569.40
1,063,997.96
940,724.52
815,725.25
688,975.99
560,452.24
430,129.16
297,981.56
163,983.89
28,110.25
Datos
Valor del prestamo
Numero de pagos
Periodos
C. E. No acordada mes 10
Tasa de interes (E-m)
Pago Mensual (An)
200,000,000
24
Mensuales
40,000,000
1.40%
9,869,243.68
Cuota capital
0
7,069,243.68
7,168,213.09
7,268,568.07
7,370,328.03
7,473,512.62
7,578,141.80
7,684,235.78
7,791,815.08
7,900,900.49
8,011,513.10
8,123,674.28
8,237,405.72
8,352,729.40
8,469,667.62
8,588,242.96
8,708,478.36
8,830,397.06
8,954,022.62
9,079,378.94
9,206,490.24
9,335,381.11
9,466,076.44
9,598,601.51
9,732,981.93
Saldo Capital
200,000,000
192,930,756
185,762,543
178,493,975
171,123,647
163,650,135
156,071,993
148,387,757
140,595,942
132,695,041
124,683,528
116,559,854
108,322,448
99,969,719
91,500,051
82,911,808
74,203,330
65,372,933
56,418,910
47,339,531
38,133,041
28,797,660
19,331,583
9,732,982
0
A = 9.869.243,68
84,683,528
Cuota capital
0
7,069,243.68
7,168,213.09
7,268,568.07
7,370,328.03
7,473,512.62
7,578,141.80
7,684,235.78
7,791,815.08
7,900,900.49
48,011,513.10
8,683,674.28
8,805,245.72
8,928,519.16
9,053,518.43
9,180,267.69
9,308,791.44
9,439,114.52
9,571,262.12
9,705,259.79
1,945,738.48
Saldo Capital
200,000,000
192,930,756
185,762,543
178,493,975
171,123,647
163,650,135
156,071,993
148,387,757
140,595,942
132,695,041
84,683,528
75,999,854
67,194,608
58,266,089
49,212,571
40,032,303
30,723,512
21,284,397
11,713,135
2,007,875
62,137
1 + 0,014) ^(-24) ]
Considerando que durante el periodo de gracia no se realizan pagos, los intereses causado
cada periodo se deben sumar al capital, para a partir del mes 7 iniciar con los pagos para a
el crdito. La deuda acumulada en el periodo 6 se calcula con la formula:
Vf = Vp (1+i) ^n
Vf = 400.000.000 (1+0,012)^6 = 429.677.949
La situacin de la capitalizacin de intereses se muestra en la tabla de amortizacin siguiente:
Periodos
0
1
2
3
4
5
6
Pago mensual
0
0
0
0
0
0
0
Interes
0
4,800,000
4,857,600
4,915,891
4,974,882
5,034,580
5,094,995
Cuota capital
0
0
0
0
0
0
0
Saldo Capital
400,000,000
404,800,000
409,657,600
414,573,491
419,548,373
424,582,954
429,677,949
Considerando que a partir del mes 7 se inician los pagos y que estos son uniformes se
puede calcular la cuota, utilizando la formula mostrada a continuacin, considerando
como valor inicial el saldo de capital acumulado, la tasa de inters y el nmero de
cuotas
= - [ / 1 (1 + ) ^(-) ]
= 429.677.949[ 0,012 / 1 (1 + 0,012) ^(-36) ]
= 14.768.988
Considerando la tasa de inters mensual y la cuota uniforme se elabora la
tabla de amortizacin, como sigue:
Pago mensual
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
Interes
Cuota capital
0
0
0 4,800,000
0 4,857,600
0 4,915,891
0 4,974,882
0 5,034,580
0 5,094,995
14,768,988 5,156,135
9,612,852.61
14,768,988 5,040,781
9,728,206.84
14,768,988 4,924,043
9,844,945.33
14,768,988 4,805,903
9,963,084.67
14,768,988 4,686,346
10,082,641.69
14,768,988 4,565,355
10,203,633.39
14,768,988 4,442,911
10,326,076.99
14,768,988 4,318,998
10,449,989.91
14,768,988 4,193,598
10,575,389.79
14,768,988 4,066,694
10,702,294.47
14,768,988 3,938,266
10,830,722.00
14,768,988 3,808,297
10,960,690.66
14,768,988 3,676,769
11,092,218.95
14,768,988 3,543,662
11,225,325.58
14,768,988 3,408,959
11,360,029.49
14,768,988 3,272,638
11,496,349.84
14,768,988 3,134,682
11,634,306.04
14,768,988 2,995,070
11,773,917.71
14,768,988 2,853,783
11,915,204.72
14,768,988 2,710,801
12,058,187.18
14,768,988 2,566,103
12,202,885.43
14,768,988 2,419,668
12,349,320.05
14,768,988 2,271,476
12,497,511.89
14,768,988 2,121,506
12,647,482.03
14,768,988 1,969,736
12,799,251.82
14,768,988 1,816,145
12,952,842.84
14,768,988 1,660,711
13,108,276.95
14,768,988 1,503,412
13,265,576.28
14,768,988 1,344,225
13,424,763.19
14,768,988 1,183,128
13,585,860.35
14,768,988 1,020,097
13,748,890.68
14,768,988
855,111
13,913,877.36
14,768,988
688,144
14,080,843.89
14,768,988
519,174
14,249,814.02
14,768,988
348,176
14,420,811.79
14,768,988
175,126
14,593,861.53
0
0
0
0
0
0
0
Saldo Capital
400,000,000
404,800,000
409,657,600
414,573,491
419,548,373
424,582,954
429,677,949
###
410,336,890
400,491,944
390,528,860
380,446,218
370,242,584
359,916,508
349,466,518
338,891,128
328,188,833
317,358,111
306,397,421
295,305,202
284,079,876
272,719,847
261,223,497
249,589,191
237,815,273
225,900,068
213,841,881
201,638,996
189,289,676
176,792,164
164,144,682
151,345,430
138,392,587
125,284,310
112,018,734
98,593,971
85,008,110
71,259,220
57,345,342
43,264,498
29,014,684
14,593,873
11
400,000,000
36
6
Mensualmente
1.20%
14,768,988
amortizacin siguiente:
abora la
abora la
Periodos
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Pago mensual
0
750,000
750,000
750,000
750,000
750,000
750,000
4,583,999.65
4,583,999.65
4,583,999.65
4,583,999.65
4,583,999.65
4,583,999.65
4,583,999.65
4,583,999.65
4,583,999.65
4,583,999.65
4,583,999.65
4,583,999.65
Interes
0
750,000
750,000
750,000
750,000
750,000
750,000
750,000
692,490
634,117
574,869
514,732
453,693
391,739
328,855
265,027
200,243
134,487
67,744
Cuota capital
0
0
0
0
0
0
0
3,833,999.65
3,891,509.64
3,949,882.29
4,009,130.52
4,069,267.48
4,130,306.49
4,192,261.09
4,255,145.01
4,318,972.18
4,383,756.77
4,449,513.12
4,516,255.81
Saldo Capital
50,000,000
50,000,000
50,000,000
50,000,000
50,000,000
50,000,000
50,000,000
46,166,000
42,274,491
38,324,608
34,315,478
30,246,210
26,115,904
21,923,643
17,668,498
13,349,526
8,965,769
4,516,256
0
Datos
Valor del prestamo
Numero de pagos
Periodos de gracia con cuotas reducidas
Periodos
Tasa de interes (E-m)
Pago mensual despues del mes 6
50,000,000
12
6
Mensualmente
1.50%
4,583,999.65
eros meses,
el mes 6 va
es 7 se
la cuota,
omo valor
as
Pago mensual
0
2,888,671
3,466,405
4,159,686
4,991,624
5,989,948
7,187,938
8,625,526
10,350,631
12,420,757
14,904,908
Interes
0
1,600,000
1,579,381
1,549,189
1,507,421
1,451,674
1,379,061
1,286,119
1,168,689
1,021,778
839,394
Cuota capital
0
1,288,671
1,887,024
2,610,497
3,484,203
4,538,275
5,808,877
7,339,406
9,181,942
11,398,979
14,065,514
Saldo Capital
100,000,000
98,711,329
96,824,305
94,213,807
90,729,605
86,191,330
80,382,453
73,043,047
63,861,105
52,462,125
38,396,611
11
12
17,885,890
21,463,068
614,346
338,001
17,271,544
21,125,067
21,125,067
0
nar las
ntes se
Datos
Valor del prestamo
Numero de pagos
Cuotas crecientes
Tasa de interes (E-m)
Periodos
Pago mensual a1
100,000,000
12
20%
1.60%
Mensuales
2,888,671.09
Pago mensual
0
2,837,327
2,837,327
2,837,327
2,837,327
2,837,327
2,837,327
2,837,327
2,837,327
2,837,327
2,837,327
2,837,327
2,837,327
3,064,313
3,064,313
3,064,313
3,064,313
3,064,313
3,064,313
3,064,313
3,064,313
3,064,313
3,064,313
3,064,313
3,064,313
3,309,458
3,309,458
3,309,458
3,309,458
3,309,458
3,309,458
3,309,458
3,309,458
3,309,458
3,309,458
Interes
1,200,000
1,183,627
1,167,090
1,150,387
1,133,518
1,116,480
1,099,271
1,081,891
1,064,336
1,046,607
1,028,699
1,010,613
992,346
971,626
950,699
929,563
908,216
886,655
864,878
842,884
820,670
798,233
775,572
752,685
729,569
703,770
677,713
651,395
624,815
597,968
570,853
543,467
515,807
487,871
Cuota capital
0
0
1,637,327
1,653,700
1,670,237
1,686,940
1,703,809
1,720,847
1,738,056
1,755,436
1,772,991
1,790,721
1,808,628
1,826,714
2,071,967
2,092,687
2,113,614
2,134,750
2,156,098
2,177,659
2,199,435
2,221,430
2,243,644
2,266,080
2,288,741
2,311,628
2,579,890
2,605,689
2,631,746
2,658,063
2,684,644
2,711,490
2,738,605
2,765,991
2,793,651
2,821,587
Saldo Capital
120,000,000
118,362,673
116,708,972
115,038,735
113,351,795
111,647,986
109,927,139
108,189,083
106,433,646
104,660,656
102,869,935
101,061,307
99,234,593
97,162,626
95,069,939
92,956,325
90,821,575
88,665,477
86,487,819
84,288,383
82,066,954
79,823,310
77,557,230
75,268,489
72,956,860
70,376,970
67,771,282
65,139,536
62,481,473
59,796,829
57,085,339
54,346,734
51,580,743
48,787,092
45,965,505
35
36
37
38
39
40
41
42
43
44
45
46
47
48
3,309,458
3,309,458
3,574,215
3,574,215
3,574,215
3,574,215
3,574,215
3,574,215
3,574,215
3,574,215
3,574,215
3,574,215
3,574,215
3,574,215
459,655
431,157
402,374
370,656
338,620
306,264
273,585
240,578
207,242
173,572
139,566
105,219
70,529
35,492
2,849,803
2,878,301
3,171,841
3,203,559
3,235,595
3,267,951
3,300,631
3,333,637
3,366,973
3,400,643
3,434,649
3,468,996
3,503,686
3,538,723
43,115,701
40,237,400
37,065,559
33,861,999
30,626,404
27,358,453
24,057,823
20,724,186
17,357,213
13,956,570
10,521,920
7,052,924
3,549,239
10,516
diente
edelln un
mensuales,
e se estima en
a deuda,
1% EM; y el
Datos
Valor del prestamo
Numero de pagos
Cuotas crecientes (anual)
Tasa de interes (E-m)
Periodos
Pago mensual a1
120,000,000
48
8%
1.00%
Mensuales
2,837,327.17
(Teniendo en cuenta que se trata de una anualidad se puede determinar la cuota constante
formula :
=^/
[ 1 (1 + ) ^/]
600 000 000 = [ 1 (1 + 0,08)^4/ 0,08 ]
= 181.152.482,70
Si se considera que la correccin monetaria es igual a cero, es decir los valores permanece
entonces la tabla de amortizacin quedara como se muestra a continuacin:
Consideremos Este valor corresponde a valores de hoy por tratarse de valores constantes;
cuota se debe corregir con la correccin monetaria; as como se muestra a continuacin:
Periodos
0
1
2
3
4
Pago mensual
0
181,152,483
181,152,483
181,152,483
181,152,483
Interes
0
48,000,000
37,347,801
25,843,427
13,418,702
Cuota capital
0
133,152,483
143,804,681
155,309,056
167,733,780
No obstante, como la correccin monetaria no es igual a cero; es necesario ajustar los pag
mostrar el efecto inflacionario en la operacin financiera.
Correccin de los pagos:
cuota 1 1 = 181 152 482,70
cuota 2 2 = 181 152 482,70
cuota 3 3 = 181 152 482,70
cuota 4 4 = 181 152 482,70
(1
(1
(1
(1
+
+
+
+
0,22) = 221
0,22) 2 = 269
0,22) 3 = 328
0,22) 4 = 401
006
627
945
313
028,90
355,30
373,40
355,60
De la misma manera en que se ajustan las cuotas es necesario ajustar los saldos de capita
Correccin de los saldos:
El saldo ajustado del periodo inicial se obtiene, ajustando el valor del prstamo con la corr
Saldo del periodo 0 = 600 000 000(1 + 0,22) = 732 000 000,00
De la misma manera en que se ajustan las cuotas es necesario ajustar los saldos de capita
Correccin de los saldos:
El saldo ajustado del periodo inicial se obtiene, ajustando el valor del prstamo con la corr
Saldo del periodo 0 = 600 000 000(1 + 0,22) = 732 000 000,00
Sobre este saldo se calculan los intereses, as:
Intereses del periodo 1 = 732 000 000(0,08) = 58 560 000,00
La amortizacin de capital, por su parte ser igual a la cuota pagada menos los intereses:
Amortizacion de capital del periodo 1 = 221 006 028,90 58 560 000,00
Amortizacion de capital del periodo 1 = 162 446 028,90
De esta manera, el nuevo saldo de capital ser igual al saldo anterior, menos la amortizac
Saldo de capital del periodo 1 = 732 000 000,00 162 446 028,90
Saldo de capital del periodo 1 = 569 553 971,10
Este saldo se deber ajustar para determinar el valor que tendr la deuda al final del perio
Saldo del periodo 1= 569 553 971,10(1 + 0,22) = 694 855 844,70
Sobre este saldo se calcula el inters:
Interes del periodo 2= 694 855 844,70(0,08) = 55 588 467,58
La amortizacin de capital, por su parte ser igual a la cuota pagada menos los intereses:
Amortizacion de capital 2 = 269 627 355,30 55 588 467,58
Amortizacion de capital 2 = 214 038 887,70
De esta manera, el nuevo saldo de capital ser igual al saldo anterior, menos la amortizacin de c
Saldo del periodo 2 = 694 855 844,70 214 038 887,7
Amortizacion de capital 2 = 480 816 957,0
Este saldo se deber ajustar para determinar el valor que tendr la deuda al final del periodo:
Saldo del periodo 2 = 480 816 957,0(1 + 0,22) = 586 596 687,5
Periodos
0
1
2
3
4
Pago mensual
Interes
Cuota capital
0
0
0
221,006,029
58,560,000
162,446,029
269,627,355
55,588,468
214,038,888
328,945,373
46,927,735
282,017,638
401,313,356
29,726,915
371,586,440
Datos:
nte
o de una
4 pagos
e inters
edio del
Saldo Capital
600,000,000
466,847,517
323,042,836
167,733,780
0
ero; es necesario ajustar los pagos y los saldos de capital, con el fin de
28,90
55,30
73,40
55,60
el valor del prstamo con la correccin monetaria del primer ao, as:
000,00
600,000,000
4
8.00%
Anuales
181,152,482.70
73,40
55,60
el valor del prstamo con la correccin monetaria del primer ao, as:
000,00
60 000,00
46 028,90
5 844,70
7,58
7,58
e
lculos.
Saldo Capital
600,000,000
569,553,971
480,816,957
304,579,049
0