I = Cx i x n
2.- MONTO
3.- CAPITAL
M
C = ---------------(1+nxi)
M = C ( 1+ n x i )
4.- DESCUENTOS
RACIONAL
D = C ni
BANCARIO
D = Mxnxd
VL = VN ( 1 - n x d )
1 + i/m
CUOTAS ANTICIPADAS
( h - 1 )/ 2
MTA = C h
1 + i/m
( h + 1 )/ 2
i =
2m I
B (n + 1) I ( n-1)
VP
M
----------(1+ i )n
= M (1+i)-n
VF = VP (1+ i) n
Cuando n =1
Cuando n =1
1/m
= m (1+i)
Donde:
i = tasa efectiva anual
j = tasa nominal anual
-1
VP
M
----------= M (1+j/m)-nxm
nxm
(1+ j/m )
VP = A x
Finanzas
1 (1 + i)-n
-------------i
i
---------------1 (1 + i ) -n
A = VP x
log ( i x VF + A) log A
= -------------------------------log ( 1 + i )
n =
VF = A x
(1 +i )n+1 - 1
------------------ - 1
i
VP = A x
1 - (1 + i) (n-1)
-------------------- + 1
i
A = VF
(1 + i )n+1 - 1
----------------- - 1
i
A = VP
VP = A x
1 (1+ i) -n
-----------------i
( 1 + i )-k
Finanzas
1 (1+i)-(n-1)
--------------------- + 1
i
A
VP = A + ------i
A
VP = W + ---------i
= ( 1 + i )p
= ( 1 + i )m/p - 1
A = W x
i
----------------( 1 + i )m/p -1
Finanzas
a) UTILIZANDO i
i
(1+ i)m*n -1
VF = W x ------------- x ---------------(1+i)m/p 1
i
VF = W x
VF =
(1 + i )p*n - 1
-------------------i
(1+ i )m*n - 1
-------------------i
a) UTILIZANDO i
i
VP = W x ------------(1+i)k 1
VP =
1 (1 + i)-m*n
x -----------------i
1 - (1 + i )-p*n
VP = W x ---------------i
1 - (1+ i )-m*n
-------------------( 1 + i )k - 1
k = m/p
W = VP x
(1 + i)k - 1
-----------------1 - (1 + i)-m*n
Finanzas
VF = W x
i
------------(1 + i)k - 1
(1 + i)m*n -1
------------------ x (1 + i)m/p
i
(1 + i )m*n - 1
VF = W x -------------------- x (1 + i)m/p
(1 + i )k - 1
En funcin de i
(1 + i) (pxn)+ 1 - 1
i
VF = W
-1
VP
VP
= VF ( 1 + i )-m*n
= W x
= W x
1 (1 + i ) m*n
----------------- x
i
i
----------( 1+ i)k -1
1 (1+ i ) m*n
------------------ x (1 + i)m/p
( 1+ i)k -1
a) En relacin a i :
VP
1 (1+ i)-(p*n-1)
= W x ---------------------- + 1
i
Finanzas
(1 + i)m/p
IV.- AMORTIZACIONES:
1.- SISTEMA FRANCES O PROGRESIVO
a) ANUALIDAD
i
R = VP x ---------------1 (1 + i ) -t
RC,K = R x
t-k+1
k = cuota periodo k
R c,k =
VP * i
-------------1
1 - 1+i
(1+ i )k-1
----------------(1 + i )t
R I,K = R x i
1 - ( 1 / 1+i )t-k+1
------------------------i
Finanzas
1
---- ------------------------------
R I,K = VP x i
------------------------------------------
1 - ( 1 / 1+i )
i
d) VALOR RESIDUAL
EN FUNCIN DE LA CUOTA PERIDICA
DRK =
1 - ( 1 / 1+i )t-k
----------------------------i
DRK =
1
VP x ------------------1 - ( 1 / 1+i )t
i
1 - ( 1 / 1+i )t-k
---------------------i
d) DEUDA EXTINGUIDA
EN FUNCION DE LA ANUALIDAD
DEk = R x
1
t
----------(1+i)
( 1 +i )k - 1
-------------------i
DEk = VP x
( 1 +i )k - 1
/ i
--------------------------------------( 1 +i )t - 1
/ i
Finanzas
V.- DEPRECIACIN
1.- LINEAL
VD - VR
CD = ----------------t
CD = cuota a depreciar
VD = valor a depreciar
VR = valor residual
VD - VR
CD = ---------------t
Finanzas