Grupo59 Trabajocolaborativounidad1y2

Matematica Financiera
Actividad 4 Trabajo Colaborativo u
Estudiantes:
Jose Elmer Giraldo Gutirr
Id. 9856874
Ronald Rincn Pirachicn
Id. 80793053
Mauricio Rojas Rodriguez
id. 11510879
Grupo: 102007_59
Tutor:
Andrs Felipe Alzate
UNIVERSIDAD NACIONAL ABIERTA Y A D

ESCUELA DE CIENCIAS ADMINISTRATIVA
ECONOMICAS Y DE NEGOCIO
Bogot, 24 de noviembre de
Matematica Financiera
4 Trabajo Colaborativo unidad 1 y 2
Estudiantes:
ose Elmer Giraldo Gutirrez
Id. 9856874
Ronald Rincn Pirachicn
Id. 80793053
Mauricio Rojas Rodriguez
id. 11510879
Grupo: 102007_59
Tutor:
Andrs Felipe Alzate
NACIONAL ABIERTA Y A DISTANCIA UNAD

IENCIAS ADMINISTRATIVAS, CONTABLES,
CONOMICAS Y DE NEGOCIOS
ot, 24 de noviembre de 2016
Botones para navegacin

Introduccin
Fija a Capital
Respuestas a
preguntas
Caso 1
Cuota fija
Caso 2
Conclusiones
Fija con
periodo de
gracia
Caso 3
Fija con
periodo
muerto
Caso 4
Referencias
bibliograficas
Introduccin
Este trabajo constituye el producto final de la

colaborativa para las unidades 1 y 2 del curso de
financiera; tiene como fin mostrar las variaciones
presentar los proyectos ante un cambio en las dec
montos a invertir, y las modificaciones que se pued
tanto en las ventas como en los costos. A contin
estudian cuatro casos, en los que se analiza la im
tienen los diferentes mtodos de amortizacin y la
tasas ofrecidas. A si mismo se hace la proyeccin
resultado con algunos indicadores esperados por
estos casos ya fueron realizados en la actividad ant
vez se mostrarn las variaciones que se presentan
indicaciones propuestas y su respectivo an
Introduccin
constituye el producto final de la actividad

a las unidades 1 y 2 del curso de Matematica
como fin mostrar las variaciones que pueden
ectos ante un cambio en las decisiones de los
y las modificaciones que se puedan presentar
ntas como en los costos. A continuacin, se
asos, en los que se analiza la implicacin que
tes mtodos de amortizacin y las diferentes
A si mismo se hace la proyeccin del estado
unos indicadores esperados por la compaa.
on realizados en la actividad anterior pero esta
s variaciones que se presentan con las nuevas
es propuestas y su respectivo anlisis.
Volver a portada
Cuenta 2015
Caso 1
FIJA A CAPITAL
Ingresos operacionales (Ventas)

Costo de ventas
Utilidad bruta
Gastos operacionales
Utilidad operacional
$8,775,000,000.00
$3,645,000,000.00
$3,712,500,000.00
$640,405,100.00
$3,072,094,900.00
Gastos financieros (Sumatoria de los

intereses del primer ao de cada tabla de
amortizacin)
$70,455,000.00
Utilidad antes de impuestos

Impuestos (34% sobre la utilidad antes de
impuestos)
Utilidad neta
$3,001,639,900.00
$1,020,557,566.00
$1,981,082,334.00
Rentabilidad Inversion/ utilidad
35.33%
Proye
Cuenta
Ventas anuales en unidades
Precio unitario
Costo Unitario
Costo Fijo
valor residual
Inversion
Tasa de descuento
2016
$1,173,000
$6,725
$2,467
$117,956,000
$7,950,000
$700,000,000
10%
Datos
Volumen de ventas en unidades
Precio Unitario
Costo Unitario
Costo fijo
Valor residual
Inversin
Tasa de descuento
Esperado
$1,173,000
$6,725
$7,888,425,000
$117,956,000
$7,950,000
$700,000,000
0.10
Rubros
Ingresos
Ventas
0
$
Valor residual
Egresos
700,000,000.00
Costo fijo
Costo variable
Inversin
700,000,000.00
-$
700,000,000.00
Flujo Neto
VAN
TIR
RB/C=
Indicadores de evaluacin
$
$
19,314,486,386.57
705%
28.59
Estado de
Cuenta
Costo de ventas
Utilidad bruta
amortizacin)
impuestos)
Utilidad neta
Cifra ao 2016
$7,888,425,000.00
$2,893,791,000.00
$4,994,634,000.00
$117,956,000.00
$4,876,678,000.00
$70,455,000.00
$4,806,223,000.00
$1,634,115,820.00
$3,172,107,180.00
Estado d
Cuenta
Costo de ventas
Utilidad bruta
Gastos financieros (Sumatoria de los interes
Impuestos (34% sobre la utilidad antes de i
Utilidad neta
Cifra ao 2016
$7,888,425,000.00
$2,893,791,000.00
$4,994,634,000.00
$117,956,000.00
$4,876,678,000.00
$71,881,358.75
$4,804,796,641.25
$1,633,630,858.03
$3,171,165,783.23
Estado de resu
Cuenta
Costo de ventas
Utilidad bruta
Utilidad neta
Cifra ao 2016
$7,888,425,000.00
$2,893,791,000.00
$4,994,634,000.00
$117,956,000.00
$4,876,678,000.00
$107,520,000.00
$4,769,158,000.00
$1,621,513,720.00
$3,147,644,280.00
Estado de resultado C
Cuenta
Costo de ventas
Utilidad bruta
Utilidad neta
Cifra ao 2016
$7,888,425,000.00
$2,893,791,000.00
$4,994,634,000.00
$117,956,000.00
$4,876,678,000.00
$103,767,676.68
$4,772,910,323.32
$1,622,789,509.93
$3,150,120,813.39
MONTO SOLICITADO
AMORTIZACION FIJA A CAPITAL
$700,000,000
AMORTIZACION PAGO CUOTA FIJA
$700,000,000
CUOTA FIJA CON PERIODO DE GRACIA
$700,000,000
CUOTA FIJA CON PERIODO MUERTO
$700,000,000
CUOTA FIJA
FIJA CON PERIO GRACIA
$8,775,000,000.00
$3,645,000,000.00
$3,712,500,000.00
$640,405,100.00
$3,072,094,900.00
$8,775,000,000.00
$3,645,000,000.00
$3,712,500,000.00
$640,405,100.00
$3,072,094,900.00
$71,881,358.75
$107,520,000.00
$3,000,213,541.25
$2,964,574,900.00
$1,020,072,604.03
$1,007,955,466.00
$1,980,140,937.23
$1,956,619,434.00
Proyecciones Esperadas
2017
$1,231,650
$6,860
$2,504
$123,853,800
2018
$1,354,815
$7,134
$2,567
$130,046,490
FLUJO DE FONDOS
2016
2017
7,888,425,000.00 $
8,448,503,175.00
7,888,425,000.00 $
8,448,503,175.00
3,011,747,000.00 $
3,207,911,558.25
$117,956,000
2,893,791,000.00 $
$123,853,800
3,084,057,758.25
4,876,678,000.00 $
5,240,591,616.75
Estado de resultado Fija a Capital

Cifra ao 2017
Cifra ao 2018
$8,448,503,175.00
$9,665,087,632.20
$3,084,057,758.25
$3,477,275,122.43
$5,364,445,416.75
$6,187,812,509.77
$123,853,800.00
$130,046,490.00
$5,240,591,616.75
$6,057,766,019.77
$42,735,000.00
$15,015,000.00
$5,197,856,616.75
$6,042,751,019.77
$1,767,271,249.70
$2,054,535,346.72
$3,430,585,367.06
$3,988,215,673.05
Estado de resultado Cuota fija

Cifra ao 2017
Cifra ao 2017
$8,448,503,175.00
$9,665,087,632.20
$3,084,057,758.25
$3,477,275,122.43
$5,364,445,416.75
$6,187,812,509.77
$123,853,800.00
$130,046,490.00
$5,240,591,616.75
$6,057,766,019.77
$10,613,614.67
$0.00
$5,229,978,002.08
$6,057,766,019.77
$1,778,192,520.71
$2,059,640,446.72
$3,451,785,481.37
$3,998,125,573.05
Estado de resultado Con Periodo de Gracia
Cifra ao 2017
$8,448,503,175.00
$3,084,057,758.25
$5,364,445,416.75
$123,853,800.00
$5,240,591,616.75
$85,383,752.52
$5,155,207,864.23
$1,752,770,673.84
$3,402,437,190.39
Cifra ao 2017
$9,665,087,632.20
$3,477,275,122.43
$6,187,812,509.77
$130,046,490.00
$6,057,766,019.77
$32,068,364.40
$6,025,697,655.37
$2,048,737,202.83
$3,976,960,452.54
Estado de resultado Con Cuota Fija con Periodo Muerto

Cifra ao 2017
Cifra ao 2017
$8,448,503,175.00
$9,665,087,632.20
$3,084,057,758.25
$3,477,275,122.43
$5,364,445,416.75
$6,187,812,509.77
$123,853,800.00
$130,046,490.00
$5,240,591,616.75
$6,057,766,019.77
$18,067,063.74
$0.00
$5,222,524,553.01
$6,057,766,019.77
$1,775,658,348.02
$2,059,640,446.72
$3,446,866,204.98
$3,998,125,573.05
TABLA RESUMEN DE AMORTIZACIONES
TASA INTERES EFECTIVA
MENSUAL
PERIODO DE GRACIA
0.99%
NO APLICA
1.20%
NO APLICA
1.28%
12
1.30%
NO APLICA
FIJA CON PERIO MUERTO
Volver a
portada
$8,775,000,000.00
$3,645,000,000.00
$3,712,500,000.00
$640,405,100.00
$3,072,094,900.00
$103,767,676.68
$2,968,327,223.32
$1,009,231,255.93
$1,959,095,967.39
2019
$1,558,037
$7,562
$2,682
$136,548,815
2020
$1,838,484
$8,167
$2,816
$143,376,255
2018
2019
2020
9,665,087,632.20 $
11,781,741,823.65 $
7,896,375,000.00
9,665,087,632.20 $
11,781,741,823.65 $
15,014,651,780.06
7,950,000.00
3,607,321,612.43 $
4,315,364,192.88 $
5,320,928,509.03
$130,046,490
3,477,275,122.43 $
$136,548,815
4,178,815,378.38 $
$143,376,255
5,177,552,253.81
6,057,766,019.77 $
7,466,377,630.78 $
2,575,446,490.97
Cifra ao 2019
$11,781,741,823.65
$4,178,815,378.38
$7,602,926,445.28
$136,548,814.50
$7,466,377,630.78
Cifra ao 2020
$7,896,375,000.00
$5,177,552,253.81
$2,718,822,746.19
$143,376,255.23
$2,575,446,490.97
$0.00
$0.00
$7,466,377,630.78
$2,575,446,490.97
$2,538,568,394.46
$875,651,806.93
$4,927,809,236.31
$1,699,794,684.04
Cifra ao 2017
$11,781,741,823.65
$4,178,815,378.38
$7,602,926,445.28
$136,548,814.50
$7,466,377,630.78
$0.00
$7,466,377,630.78
$2,538,568,394.46
$4,927,809,236.31
Cifra ao 2017
$7,896,375,000.00
$5,177,552,253.81
$2,718,822,746.19
$143,376,255.23
$2,575,446,490.97
$0.00
$2,575,446,490.97
$875,651,806.93
$1,699,794,684.04
Cifra ao 2017
$11,781,741,823.65
$4,178,815,378.38
$7,602,926,445.28
$136,548,814.50
$7,466,377,630.78
$0.00
$7,466,377,630.78
$2,538,568,394.46
$4,927,809,236.31
Cifra ao 2017
$7,896,375,000.00
$5,177,552,253.81
$2,718,822,746.19
$143,376,255.23
$2,575,446,490.97
$0.00
$2,575,446,490.97
$875,651,806.93
$1,699,794,684.04
Cifra ao 2017
$11,781,741,823.65
$4,178,815,378.38
$7,602,926,445.28
$136,548,814.50
$7,466,377,630.78
$0.00
$7,466,377,630.78
$2,538,568,394.46
$4,927,809,236.31
Cifra ao 2017
$7,896,375,000.00
$5,177,552,253.81
$2,718,822,746.19
$143,376,255.23
$2,575,446,490.97
$0.00
$2,575,446,490.97
$875,651,806.93
$1,699,794,684.04

PERIODO MUERTO
TOTAL PERIODOS
CUOTA MENSUAL
NO APLICA
36
PRIMERA CUOTA DE
$22.606.666,6666667 LAS DEMAS
EN FORMA DESCENDENTE
NO APLICA
18
43,471,942.97
NO APLICA
36
18
Primeros 12 meses cuota de

768000- Restante de
$2.919.471,8461
68,486,228.37
INTERESES
TOTALES
$
INTERESES
PRIMER AO
IMPUESTOS
UTILIDAD
95,287,500.00 $
70,455,000.00
$1,634,115,820.00
$3,172,107,180.00
$1,633,630,858.03 $
71,881,358.75
$4,804,796,641.25
$3,171,165,783.23
$1,621,513,720.00 $
107,520,000.00
$1,621,513,720.00
$3,147,644,280.00
$1,622,789,509.93 $
103,767,676.68
$1,622,789,509.93
$3,150,120,813.39
Cuenta 2015
Caso 2
FIJA A CAPITAL

Costo de ventas
Utilidad bruta
$8,775,000,000.00
$3,645,000,000.00
$3,712,500,000.00
$640,405,100.00
$3,072,094,900.00

amortizacin)
$70,455,000.00

impuestos)
Utilidad neta
$3,001,639,900.00
$1,020,557,566.00
$1,981,082,334.00
Proye
Cuenta
Precio unitario
Costo Unitario
Costo Fijo
valor residual
Inversion
Tasa de descuento
2016
$1,173,000
$6,725
$2,467
$117,956,000
$7,950,000
$700,000,000
11.5%
Datos
Precio Unitario
Costo Unitario
Costo fijo
Valor residual
Inversin
Tasa de descuento
Esperado
$1,173,000
$6,725
$7,888,425,000
$117,956,000
$7,950,000
$700,000,000
0.115
Rubros
Ingresos
Ventas
Valor residual
0
$
Egresos
700,000,000.00
Costo fijo
Costo variable
Inversin
700,000,000.00
-$
700,000,000.00
Flujo Neto
VAN
TIR
RB/C=
$
$
17,548,922,001.37
700%
26.07
Estado de r
Cuenta
Costo de ventas
Utilidad bruta
amortizacin)
impuestos)
Utilidad neta
Cifra ao 2016
$7,888,425,000.00
$2,893,791,000.00
$4,994,634,000.00
$117,956,000.00
$4,876,678,000.00
$70,455,000.00
$4,806,223,000.00
$1,634,115,820.00
$3,172,107,180.00
Estado de
Cuenta
Costo de ventas
Utilidad bruta
amortizacin)
impuestos)
Utilidad neta
Cifra ao 2016
$7,888,425,000.00
$2,893,791,000.00
$4,994,634,000.00
$117,956,000.00
$4,876,678,000.00
$71,881,358.75
$4,804,796,641.25
$1,633,630,858.03
$3,171,165,783.23
Estado de resul
Cuenta
Costo de ventas
Utilidad bruta
amortizacin)
impuestos)
Utilidad neta
Cifra ao 2016
$7,888,425,000.00
$2,893,791,000.00
$4,994,634,000.00
$117,956,000.00
$4,876,678,000.00
$107,520,000.00
$4,769,158,000.00
$1,621,513,720.00
$3,147,644,280.00
Cuenta
Costo de ventas
Utilidad bruta
amortizacin)
impuestos)
Utilidad neta
Cifra ao 2016
$7,888,425,000.00
$2,893,791,000.00
$4,994,634,000.00
$117,956,000.00
$4,876,678,000.00
$103,767,676.68
$4,772,910,323.32
$1,622,789,509.93
$3,150,120,813.39
MONTO SOLICITADO
$700,000,000
$700,000,000
$700,000,000
$700,000,000
CUOTA FIJA
$8,775,000,000.00
$3,645,000,000.00
$3,712,500,000.00
$640,405,100.00
$3,072,094,900.00
$8,775,000,000.00
$3,645,000,000.00
$3,712,500,000.00
$640,405,100.00
$3,072,094,900.00
$71,881,358.75
$107,520,000.00
$3,000,213,541.25
$2,964,574,900.00
$1,020,072,604.03
$1,007,955,466.00
$1,980,140,937.23
$1,956,619,434.00
2017
$1,208,190
$6,792
$2,516
$125,033,360
2018
$1,268,600
$6,928
$2,579
$132,535,362
FLUJO DE FONDOS
2016
2017
7,888,425,000.00 $
8,206,328,527.50
7,888,425,000.00 $
8,206,328,527.50
3,011,747,000.00 $
3,165,250,184.60
$117,956,000
2,893,791,000.00 $
$125,033,360
3,040,216,824.60
4,876,678,000.00 $
5,041,078,342.90

Cifra ao 2017
Cifra ao 2017
$8,206,328,527.50
$8,788,977,852.95
$3,040,216,824.60
$3,272,033,357.48
$5,166,111,702.90
$5,516,944,495.48
$125,033,360.00
$132,535,361.60
$5,041,078,342.90
$5,384,409,133.88
$42,735,000.00
$15,015,000.00
$4,998,343,342.90
$5,369,394,133.88
$1,699,436,736.59
$1,825,594,005.52
$3,298,906,606.31
$3,543,800,128.36

Cifra ao 2017
Cifra ao 2017
$8,206,328,527.50
$8,788,977,852.95
$3,040,216,824.60
$3,272,033,357.48
$5,166,111,702.90
$5,516,944,495.48
$125,033,360.00
$132,535,361.60
$5,041,078,342.90
$5,384,409,133.88
$10,613,614.67
$0.00
$5,030,464,728.23
$5,384,409,133.88
$1,710,358,007.60
$1,830,699,105.52
$3,320,106,720.63
$3,553,710,028.36

Cifra ao 2017
Cifra ao 2017
$8,206,328,527.50
$8,788,977,852.95
$3,040,216,824.60
$3,272,033,357.48
$5,166,111,702.90
$5,516,944,495.48
$125,033,360.00
$132,535,361.60
$5,041,078,342.90
$5,384,409,133.88
$85,383,752.52
$32,068,364.40
$4,955,694,590.38
$5,352,340,769.47
$1,684,936,160.73
$1,819,795,861.62
$3,270,758,429.65
$3,532,544,907.85

Cifra ao 2017
Cifra ao 2017
$8,206,328,527.50
$8,788,977,852.95
$3,040,216,824.60
$3,272,033,357.48
$5,166,111,702.90
$5,516,944,495.48
$125,033,360.00
$132,535,361.60
$5,041,078,342.90
$5,384,409,133.88
$18,067,063.74
$0.00
$5,023,011,279.16
$5,384,409,133.88
$1,707,823,834.91
$1,830,699,105.52
$3,315,187,444.24
$3,553,710,028.36

MENSUAL
PERIODO DE GRACIA
0.99%
NO APLICA
1.20%
NO APLICA
1.28%
12
1.30%
NO APLICA

Volver a portada
$8,775,000,000.00
$3,645,000,000.00
$3,712,500,000.00
$640,405,100.00
$3,072,094,900.00
$103,767,676.68
$2,968,327,223.32
$1,009,231,255.93
$1,959,095,967.39
2019
$1,357,401
$7,101
$2,657
$140,487,483
2020
$1,479,568
$7,314
$2,763
$148,916,732
2018
2019
2020
8,788,977,852.95 $
9,639,311,460.23 $
7,896,375,000.00
8,788,977,852.95 $
9,639,311,460.23 $
$
10,822,054,976.40
7,950,000.00
3,404,568,719.08 $
3,746,595,446.57 $
4,236,800,719.46
$132,535,362
3,272,033,357.48 $
$140,487,483
3,606,107,963.27 $
$148,916,732
4,087,883,987.17
5,384,409,133.88 $
5,892,716,013.66 $
3,659,574,280.54
Cifra ao 2017
$9,639,311,460.23
$3,606,107,963.27
$6,033,203,496.95
$140,487,483.30
$5,892,716,013.66
Cifra ao 2017
$7,896,375,000.00
$4,087,883,987.17
$3,808,491,012.83
$148,916,732.29
$3,659,574,280.54
$0.00
$0.00
$5,892,716,013.66
$3,659,574,280.54
$2,003,523,444.64
$1,244,255,255.38
$3,889,192,569.01
$2,415,319,025.16
Cifra ao 2017
$9,639,311,460.23
$3,606,107,963.27
$6,033,203,496.95
$140,487,483.30
$5,892,716,013.66
Cifra ao 2017
$7,896,375,000.00
$4,087,883,987.17
$3,808,491,012.83
$148,916,732.29
$3,659,574,280.54
$0.00
$0.00
$5,892,716,013.66
$3,659,574,280.54
$2,003,523,444.64
$1,244,255,255.38
$3,889,192,569.01
$2,415,319,025.16
Cifra ao 2017
$9,639,311,460.23
$3,606,107,963.27
$6,033,203,496.95
$140,487,483.30
$5,892,716,013.66
Cifra ao 2017
$7,896,375,000.00
$4,087,883,987.17
$3,808,491,012.83
$148,916,732.29
$3,659,574,280.54
$0.00
$0.00
$5,892,716,013.66
$3,659,574,280.54
$2,003,523,444.64
$1,244,255,255.38
$3,889,192,569.01
$2,415,319,025.16
Cifra ao 2017
$9,639,311,460.23
$3,606,107,963.27
$6,033,203,496.95
$140,487,483.30
$5,892,716,013.66
Cifra ao 2017
$7,896,375,000.00
$4,087,883,987.17
$3,808,491,012.83
$148,916,732.29
$3,659,574,280.54
$0.00
$0.00
$5,892,716,013.66
$3,659,574,280.54
$2,003,523,444.64
$1,244,255,255.38
$3,889,192,569.01
$2,415,319,025.16

PERIODO MUERTO
TOTAL PERIODOS
CUOTA MENSUAL
NO APLICA
36
PRIMERA CUOTA DE
$22.606.666,6666667 LAS DEMAS
NO APLICA
18
43,471,942.97
NO APLICA
36

768000- Restante de
$2.919.471,8461
18
68,486,228.37
INTERESES
TOTALES
$
INTERESES
PRIMER AO
IMPUESTOS
UTILIDAD
95,287,500.00 $
70,455,000.00
$1,634,115,820.00
$3,172,107,180.00
$1,633,630,858.03 $
71,881,358.75
$4,804,796,641.25
$3,171,165,783.23
$1,621,513,720.00 $
107,520,000.00
$1,621,513,720.00
$3,147,644,280.00
$1,622,789,509.93 $
103,767,676.68
$1,622,789,509.93
$3,150,120,813.39
Cuenta 2015
Caso 3
FIJA A CAPITAL

Costo de ventas
Utilidad bruta
$8,775,000,000.00
$3,645,000,000.00
$3,712,500,000.00
$640,405,100.00
$3,072,094,900.00

amortizacin)
$70,455,000.00

impuestos)
Utilidad neta
$3,001,639,900.00
$1,020,557,566.00
$1,981,082,334.00
Proye
Cuenta
Precio unitario
Costo Unitario
Costo Fijo
valor residual
Inversion
Tasa de descuento
2016
$1,173,000
$6,725
$2,467
$117,956,000
$7,950,000
$200,000,000
12.0%
Datos
Precio Unitario
Costo Unitario
Costo fijo
Valor residual
Inversin
Tasa de descuento
Esperado
$1,173,000
$6,725
$7,888,425,000
$117,956,000
$7,950,000
$700,000,000
0.120
Rubros
Ingresos
Ventas
Valor residual
0
$
Egresos
700,000,000.00
Costo fijo
Costo variable
Inversin
700,000,000.00
Flujo Neto
-$
700,000,000.00
VAN
TIR
RB/C=
$
$
17,243,783,409.98
689%
25.63
Estado de
Cuenta
Costo de ventas
Utilidad bruta
amortizacin)
impuestos)
Utilidad neta
Cifra ao 2016
$7,888,425,000.00
$2,893,791,000.00
$4,994,634,000.00
$117,956,000.00
$4,876,678,000.00
$70,455,000.00
$4,806,223,000.00
$1,634,115,820.00
$3,172,107,180.00
Estado d
Cuenta
Costo de ventas
Utilidad bruta
amortizacin)
impuestos)
Utilidad neta
Cifra ao 2016
$7,888,425,000.00
$2,893,791,000.00
$4,994,634,000.00
$117,956,000.00
$4,876,678,000.00
$71,881,358.75
$4,804,796,641.25
$1,633,630,858.03
$3,171,165,783.23
Estado de resu
Cuenta
Costo de ventas
Utilidad bruta
amortizacin)
impuestos)
Utilidad neta
Cifra ao 2016
$7,888,425,000.00
$2,893,791,000.00
$4,994,634,000.00
$117,956,000.00
$4,876,678,000.00
$107,520,000.00
$4,769,158,000.00
$1,621,513,720.00
$3,147,644,280.00
Cuenta
Costo de ventas
Utilidad bruta
amortizacin)
impuestos)
Utilidad neta
Cifra ao 2016
$7,888,425,000.00
$2,893,791,000.00
$4,994,634,000.00
$117,956,000.00
$4,876,678,000.00
$103,767,676.68
$4,772,910,323.32
$1,622,789,509.93
$3,150,120,813.39
MONTO SOLICITADO
$700,000,000
$700,000,000
$700,000,000
$700,000,000
CUOTA FIJA
$8,775,000,000.00
$3,645,000,000.00
$3,712,500,000.00
$640,405,100.00
$3,072,094,900.00
$8,775,000,000.00
$3,645,000,000.00
$3,712,500,000.00
$640,405,100.00
$3,072,094,900.00
$71,881,358.75
$107,520,000.00
$3,000,213,541.25
$2,964,574,900.00
$1,020,072,604.03
$1,007,955,466.00
$1,980,140,937.23
$1,956,619,434.00
2017
$1,219,920
$6,994
$2,566
$126,212,920
2018
$1,305,314
$7,344
$2,707
$135,047,824
$200,000,000
$250,000,000
FLUJO DE FONDOS
$100,000,000
$200,000,000
2016
2017
7,888,425,000.00 $
8,532,120,480.00
7,888,425,000.00 $
8,532,120,480.00
$3,111,747,000
$3,456,137,266
$117,956,000
2,893,791,000.00 $
$100,000,000
$126,212,920
3,129,924,345.60
$200,000,000
4,776,678,000.00 $
5,075,983,214.40

Cifra ao 2017
Cifra ao 2017
$8,532,120,480.00
$9,585,837,359.28
$3,129,924,345.60
$3,533,215,097.53
$5,402,196,134.40
$6,052,622,261.75
$126,212,920.00
$135,047,824.40
$5,275,983,214.40
$5,917,574,437.35
$42,735,000.00
$15,015,000.00
$5,233,248,214.40
$5,902,559,437.35
$1,779,304,392.90
$2,006,870,208.70
$3,453,943,821.50
$3,895,689,228.65

Cifra ao 2017
Cifra ao 2017
$8,532,120,480.00
$9,585,837,359.28
$3,129,924,345.60
$3,533,215,097.53
$5,402,196,134.40
$6,052,622,261.75
$126,212,920.00
$135,047,824.40
$5,275,983,214.40
$5,917,574,437.35
$10,613,614.67
$0.00
$5,265,369,599.73
$5,917,574,437.35
$1,790,225,663.91
$2,011,975,308.70
$3,475,143,935.82
$3,905,599,128.65

Cifra ao 2017
Cifra ao 2017
$8,532,120,480.00
$9,585,837,359.28
$3,129,924,345.60
$3,533,215,097.53
$5,402,196,134.40
$6,052,622,261.75
$126,212,920.00
$135,047,824.40
$5,275,983,214.40
$5,917,574,437.35
$85,383,752.52
$32,068,364.40
$5,190,599,461.88
$5,885,506,072.95
$1,764,803,817.04
$2,001,072,064.80
$3,425,795,644.84
$3,884,434,008.14

Cifra ao 2017
Cifra ao 2017
$8,532,120,480.00
$9,585,837,359.28
$3,129,924,345.60
$3,533,215,097.53
$5,402,196,134.40
$6,052,622,261.75
$126,212,920.00
$135,047,824.40
$5,275,983,214.40
$5,917,574,437.35
$18,067,063.74
$0.00
$5,257,916,150.66
$5,917,574,437.35
$1,787,691,491.22
$2,011,975,308.70
$3,470,224,659.43
$3,905,599,128.65

MENSUAL
PERIODO DE GRACIA
0.99%
NO APLICA
1.20%
NO APLICA
1.28%
12
1.30%
NO APLICA
Volver a
portada
$8,775,000,000.00
$3,645,000,000.00
$3,712,500,000.00
$640,405,100.00
$3,072,094,900.00
$103,767,676.68
$2,968,327,223.32
$1,009,231,255.93
$1,959,095,967.39
2019
$1,409,740
$7,784
$2,869
$144,501,172
2020
$1,550,714
$8,329
$3,070
$154,616,254
$280,000,000
$400,000,000
$250,000,000
$280,000,000
2018
$400,000,000
2019
2020
9,585,837,359.28 $
10,973,866,608.90 $
7,896,375,000.00
9,585,837,359.28 $
10,973,866,608.90 $
$
12,916,240,998.68
7,950,000.00
$3,918,262,922
$4,469,325,816
$5,315,374,860
$135,047,824
3,533,215,097.53 $
$250,000,000
$144,501,172
4,044,824,643.65 $
$280,000,000
$154,616,254
4,760,758,605.58
$400,000,000
5,667,574,437.35 $
6,504,540,793.14 $
2,581,000,140.26
Cifra ao 2017
$10,973,866,608.90
$4,044,824,643.65
$6,929,041,965.25
$144,501,172.11
$6,784,540,793.14
Cifra ao 2017
$7,896,375,000.00
$4,760,758,605.58
$3,135,616,394.42
$154,616,254.16
$2,981,000,140.26
$0.00
$0.00
$6,784,540,793.14
$2,981,000,140.26
$2,306,743,869.67
$1,013,540,047.69
$4,477,796,923.47
$1,967,460,092.57
Cifra ao 2017
$10,973,866,608.90
$4,044,824,643.65
$6,929,041,965.25
$144,501,172.11
$6,784,540,793.14
Cifra ao 2017
$7,896,375,000.00
$4,760,758,605.58
$3,135,616,394.42
$154,616,254.16
$2,981,000,140.26
$0.00
$0.00
$6,784,540,793.14
$2,981,000,140.26
$2,306,743,869.67
$1,013,540,047.69
$4,477,796,923.47
$1,967,460,092.57
Cifra ao 2017
$10,973,866,608.90
$4,044,824,643.65
$6,929,041,965.25
$144,501,172.11
$6,784,540,793.14
Cifra ao 2017
$7,896,375,000.00
$4,760,758,605.58
$3,135,616,394.42
$154,616,254.16
$2,981,000,140.26
$0.00
$0.00
$6,784,540,793.14
$2,981,000,140.26
$2,306,743,869.67
$1,013,540,047.69
$4,477,796,923.47
$1,967,460,092.57
Cifra ao 2017
$10,973,866,608.90
$4,044,824,643.65
$6,929,041,965.25
$144,501,172.11
$6,784,540,793.14
Cifra ao 2017
$7,896,375,000.00
$4,760,758,605.58
$3,135,616,394.42
$154,616,254.16
$2,981,000,140.26
$0.00
$0.00
$6,784,540,793.14
$2,981,000,140.26
$2,306,743,869.67
$1,013,540,047.69
$4,477,796,923.47
$1,967,460,092.57

PERIODO MUERTO
TOTAL PERIODOS
CUOTA MENSUAL
NO APLICA
36
PRIMERA CUOTA DE
$22.606.666,6666667 LAS DEMAS
NO APLICA
18
43,471,942.97
NO APLICA
36
18

768000- Restante de
$2.919.471,8461
68,486,228.37
INTERESES
TOTALES
INTERESES
PRIMER AO
IMPUESTOS
UTILIDAD
95,287,500.00 $ 70,455,000.00
$1,634,115,820.00
$3,172,107,180.00
$1,633,630,858.03 $ 71,881,358.75
$4,804,796,641.25
$3,171,165,783.23
$1,621,513,720.00 $107,520,000.00
$1,621,513,720.00
$3,147,644,280.00
$1,622,789,509.93 $103,767,676.68
$1,622,789,509.93
$3,150,120,813.39
Cuenta 2015
Caso 4
FIJA A CAPITAL

Costo de ventas
Utilidad bruta
$6,750,000,000.00
$3,037,500,000.00
$3,712,500,000.00
$556,874,000.00
$3,155,626,000.00

amortizacin)
$70,455,000.00

impuestos)
Utilidad neta
$3,085,171,000.00
$1,048,958,140.00
$2,036,212,860.00
Proye
Cuenta
Precio unitario
Costo Unitario
Costo Fijo
valor residual
Inversion
Tasa de descuento
2016
$1,173,000
$6,725
$2,467
$117,956,000
$7,950,000
$100,000,000
13.0%
Datos
Precio Unitario
Costo Unitario
Costo fijo
Valor residual
Inversin
Tasa de descuento
Esperado
$1,173,000
$6,725
$7,888,425,000
$117,956,000
$7,950,000
$700,000,000
0.130
Rubros
Ingresos
Ventas
Valor residual
0
$
Egresos
700,000,000.00
Costo fijo
Costo variable
Inversin
700,000,000.00
Flujo Neto
-$
700,000,000.00
VAN
TIR
RB/C=
$
$
16,832,581,504.37
684%
25.05
Estado de
Cuenta
Costo de ventas
Utilidad bruta
amortizacin)
Cifra ao 2016
$7,888,425,000.00
$2,893,791,000.00
$4,994,634,000.00
$117,956,000.00
$4,876,678,000.00
$70,455,000.00

impuestos)
Utilidad neta
$4,806,223,000.00
Cuenta
Costo de ventas
Utilidad bruta
Cifra ao 2016
$7,888,425,000.00
$2,893,791,000.00
$4,994,634,000.00
$117,956,000.00
$4,876,678,000.00
$1,634,115,820.00
$3,172,107,180.00
Estado d

amortizacin)
impuestos)
Utilidad neta
$71,881,358.75
$4,804,796,641.25
$1,633,630,858.03
$3,171,165,783.23
Estado de resu
Cuenta
Costo de ventas
Utilidad bruta
amortizacin)
impuestos)
Utilidad neta
Cifra ao 2016
$7,888,425,000.00
$2,893,791,000.00
$4,994,634,000.00
$117,956,000.00
$4,876,678,000.00
$107,520,000.00
$4,769,158,000.00
$1,621,513,720.00
$3,147,644,280.00
Cuenta
Costo de ventas
Utilidad bruta
amortizacin)
impuestos)
Utilidad neta
Cifra ao 2016
$7,888,425,000.00
$2,893,791,000.00
$4,994,634,000.00
$117,956,000.00
$4,876,678,000.00
$103,767,676.68
$4,772,910,323.32
$1,622,789,509.93
$3,150,120,813.39
MONTO SOLICITADO
$700,000,000
$700,000,000
$700,000,000
$700,000,000
CUOTA FIJA
$6,750,000,000.00
$3,037,500,000.00
$3,712,500,000.00
$556,874,000.00
$3,155,626,000.00
$6,750,000,000.00
$3,037,500,000.00
$3,712,500,000.00
$556,874,000.00
$3,155,626,000.00
$71,881,358.75
$107,520,000.00
$3,083,744,641.25
$3,048,106,000.00
$1,048,473,178.03
$1,036,356,040.00
$2,035,271,463.23
$2,011,749,960.00
2017
$1,255,110
$6,994
$2,615
$127,392,480
2018
$1,355,519
$7,484
$2,824
$137,583,878
$150,000,000
$270,000,000
FLUJO DE FONDOS
$150,000,000
$270,000,000
2016
2017
7,888,425,000.00 $
8,778,239,340.00
7,888,425,000.00 $
8,778,239,340.00
$3,161,747,000
$3,679,530,232
$
$
$117,956,000
2,893,791,000.00 $
150,000,000.00 $
$127,392,480
3,282,137,752.20
270,000,000.00
4,726,678,000.00 $
5,098,709,107.80

Cifra ao 2017
Cifra ao 2017
$8,778,239,340.00
$10,144,133,381.30
$3,282,137,752.20
$3,828,285,474.17
$5,496,101,587.80
$6,315,847,907.14
$127,392,480.00
$137,583,878.40
$5,368,709,107.80
$6,178,264,028.74
$42,735,000.00
$15,015,000.00
$5,325,974,107.80
$6,163,249,028.74
$1,810,831,196.65
$2,095,504,669.77
$3,515,142,911.15
$4,067,744,358.97

Cifra ao 2017
Cifra ao 2017
$8,778,239,340.00
$10,144,133,381.30
$3,282,137,752.20
$3,828,285,474.17
$5,496,101,587.80
$6,315,847,907.14
$127,392,480.00
$137,583,878.40
$5,368,709,107.80
$6,178,264,028.74
$10,613,614.67
$0.00
$5,358,095,493.13
$6,178,264,028.74
$1,821,752,467.66
$2,100,609,769.77
$3,536,343,025.46
$4,077,654,258.97

Cifra ao 2017
Cifra ao 2017
$8,778,239,340.00
$10,144,133,381.30
$3,282,137,752.20
$3,828,285,474.17
$5,496,101,587.80
$6,315,847,907.14
$127,392,480.00
$137,583,878.40
$5,368,709,107.80
$6,178,264,028.74
$85,383,752.52
$32,068,364.40
$5,283,325,355.28
$6,146,195,664.33
$1,796,330,620.79
$2,089,706,525.87
$3,486,994,734.48
$4,056,489,138.46

Cifra ao 2017
Cifra ao 2017
$8,778,239,340.00
$10,144,133,381.30
$3,282,137,752.20
$3,828,285,474.17
$5,496,101,587.80
$6,315,847,907.14
$127,392,480.00
$137,583,878.40
$5,368,709,107.80
$6,178,264,028.74
$18,067,063.74
$0.00
$5,350,642,044.06
$6,178,264,028.74
$1,819,218,294.98
$2,100,609,769.77
$3,531,423,749.08
$4,077,654,258.97

MENSUAL
PERIODO DE GRACIA
0.99%
NO APLICA
1.20%
NO APLICA
1.28%
12
1.30%
NO APLICA
Volver a
portada
$6,750,000,000.00
$3,037,500,000.00
$3,712,500,000.00
$556,874,000.00
$3,155,626,000.00
$103,767,676.68
$3,051,858,323.32
$1,037,631,829.93
$2,014,226,493.39
2019
$1,477,515
$8,082
$3,078
$148,590,589
2020
$1,640,042
$8,810
$3,386
$160,477,836
$180,000,000
$300,000,000
$180,000,000
$300,000,000
450,000,000
2018
$450,000,000
2019
2020
10,144,133,381.30 $
11,941,673,816.47 $
7,896,375,000.00
10,144,133,381.30 $
11,941,673,816.47 $
$
14,448,231,150.55
7,950,000.00
$4,145,869,353
$4,996,976,561
$6,164,057,107
$
$
$137,583,878
3,828,285,474.17 $
180,000,000.00 $
$148,590,589
4,548,385,971.86 $
300,000,000.00 $
$160,477,836
5,553,579,271.64
450,000,000.00
5,998,264,028.74 $
6,944,697,255.94 $
1,732,317,892.60
Cifra ao 2017
$11,941,673,816.47
$4,548,385,971.86
$7,393,287,844.61
$148,590,588.67
$7,244,697,255.94
Cifra ao 2017
$7,896,375,000.00
$5,553,579,271.64
$2,342,795,728.36
$160,477,835.77
$2,182,317,892.60
$0.00
$0.00
$7,244,697,255.94
$2,182,317,892.60
$2,463,197,067.02
$741,988,083.48
$4,781,500,188.92
$1,440,329,809.11
Cifra ao 2017
$11,941,673,816.47
$4,548,385,971.86
$7,393,287,844.61
$148,590,588.67
$7,244,697,255.94
Cifra ao 2017
$7,896,375,000.00
$5,553,579,271.64
$2,342,795,728.36
$160,477,835.77
$2,182,317,892.60
$0.00
$0.00
$7,244,697,255.94
$2,182,317,892.60
$2,463,197,067.02
$741,988,083.48
$4,781,500,188.92
$1,440,329,809.11
Cifra ao 2017
$11,941,673,816.47
$4,548,385,971.86
$7,393,287,844.61
$148,590,588.67
$7,244,697,255.94
Cifra ao 2017
$7,896,375,000.00
$5,553,579,271.64
$2,342,795,728.36
$160,477,835.77
$2,182,317,892.60
$0.00
$0.00
$7,244,697,255.94
$2,182,317,892.60
$2,463,197,067.02
$741,988,083.48
$4,781,500,188.92
$1,440,329,809.11
Cifra ao 2017
$11,941,673,816.47
$4,548,385,971.86
$7,393,287,844.61
$148,590,588.67
$7,244,697,255.94
Cifra ao 2017
$7,896,375,000.00
$5,553,579,271.64
$2,342,795,728.36
$160,477,835.77
$2,182,317,892.60
$0.00
$0.00
$7,244,697,255.94
$2,182,317,892.60
$2,463,197,067.02
$741,988,083.48
$4,781,500,188.92
$1,440,329,809.11

PERIODO MUERTO
TOTAL PERIODOS
CUOTA MENSUAL
NO APLICA
36
PRIMERA CUOTA DE
$22.606.666,6666667 LAS DEMAS
NO APLICA
18
43,471,942.97
NO APLICA
36
18

768000- Restante de
$2.919.471,8461
68,486,228.37
INTERESES
TOTALES
INTERESES
PRIMER AO
IMPUESTOS
UTILIDAD
95,287,500.00 $ 70,455,000.00
$1,634,115,820.00
$3,172,107,180.00
$1,633,630,858.03 $ 71,881,358.75
$4,804,796,641.25
$3,171,165,783.23
$1,621,513,720.00 $107,520,000.00
$1,621,513,720.00
$3,147,644,280.00
$1,622,789,509.93 $103,767,676.68
$1,622,789,509.93
$3,150,120,813.39
Tabla de amortizacin fija a capita

CAPITAL
TASA MENSUAL
PERIODOS
PERIODO
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
SALDO INICIAL
700,000,000.00
680,555,555.56
661,111,111.11
641,666,666.67
622,222,222.22
602,777,777.78
583,333,333.33
563,888,888.89
544,444,444.44
525,000,000.00
505,555,555.56
486,111,111.11
466,666,666.67
447,222,222.22
427,777,777.78
408,333,333.33
388,888,888.89
369,444,444.44
350,000,000.00
330,555,555.56
311,111,111.11
291,666,666.67
272,222,222.22
252,777,777.78
233,333,333.33
213,888,888.89
194,444,444.44
175,000,000.00
155,555,555.56
136,111,111.11
116,666,666.67
97,222,222.22
77,777,777.78
58,333,333.33
38,888,888.89
19,444,444.44
CUOTA
26,374,444.44
26,181,944.44
25,989,444.44
25,796,944.44
25,604,444.44
25,411,944.44
25,219,444.44
25,026,944.44
24,834,444.44
24,641,944.44
24,449,444.44
24,256,944.44
24,064,444.44
23,871,944.44
23,679,444.44
23,486,944.44
23,294,444.44
23,101,944.44
22,909,444.44
22,716,944.44
22,524,444.44
22,331,944.44
22,139,444.44
21,946,944.44
21,754,444.44
21,561,944.44
21,369,444.44
21,176,944.44
20,984,444.44
20,791,944.44
20,599,444.44
20,406,944.44
20,214,444.44
20,021,944.44
19,829,444.44
19,636,944.44
700,000,000.00
0.99%
36
INTERESES
6,930,000.00
6,737,500.00
6,545,000.00
6,352,500.00
6,160,000.00
5,967,500.00
5,775,000.00
5,582,500.00
5,390,000.00
5,197,500.00
5,005,000.00
4,812,500.00
4,620,000.00
4,427,500.00
4,235,000.00
4,042,500.00
3,850,000.00
3,657,500.00
3,465,000.00
3,272,500.00
3,080,000.00
2,887,500.00
2,695,000.00
2,502,500.00
2,310,000.00
2,117,500.00
1,925,000.00
1,732,500.00
1,540,000.00
1,347,500.00
1,155,000.00
962,500.00
770,000.00
577,500.00
385,000.00
192,500.00
ao 1
SUMATORIA INTERESES
PRIMER AO
70,455,000.00
SUMATORIA INTERESES
TOTALES
95,287,500.00
rtizacin fija a capital
AMORTIZACIN
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
19,444,444.44
SALDO FINAL
680,555,555.56
661,111,111.11
641,666,666.67
622,222,222.22
602,777,777.78
583,333,333.33
563,888,888.89
544,444,444.44
525,000,000.00
505,555,555.56
486,111,111.11
466,666,666.67
447,222,222.22
427,777,777.78
408,333,333.33
388,888,888.89
369,444,444.44
350,000,000.00
330,555,555.56
311,111,111.11
291,666,666.67
272,222,222.22
252,777,777.78
233,333,333.33
213,888,888.89
194,444,444.44
175,000,000.00
155,555,555.56
136,111,111.11
116,666,666.67
97,222,222.22
77,777,777.78
58,333,333.33
38,888,888.89
19,444,444.44
0.00
CUOTA DECRECIENTE
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
192,500.00
ao 2
42,735,000.00
ao 3
15,015,000.00
Volver a portada
TABLA DE AMORTIZACIN PAGO A CUOTA FIJA

CAPITAL
TASA PERIODICA MENSUAL
PERIODOS
PAGO
PERIODO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
SALDO INICIAL
700,000,000.00
664,928,057.03
629,435,250.75
593,516,530.79
557,166,786.19
520,380,844.66
483,153,471.83
445,479,370.52
407,353,180.00
368,769,475.19
329,722,765.92
290,207,496.15
250,218,043.13
209,748,716.68
168,793,758.32
127,347,340.45
85,403,565.56
42,956,465.38
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
CUOTA
$43,471,942.97
43,471,942.97
43,471,942.97
43,471,942.97
43,471,942.97
43,471,942.97
43,471,942.97
43,471,942.97
43,471,942.97
43,471,942.97
43,471,942.97
43,471,942.97
43,471,942.97
43,471,942.97
43,471,942.97
43,471,942.97
43,471,942.97
43,471,942.97
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
700,000,000.00
1.20%
18
INTERESES
8,400,000.00
7,979,136.68
7,553,223.01
7,122,198.37
6,686,001.43
6,244,570.14
5,797,841.66
5,345,752.45
4,888,238.16
4,425,233.70
3,956,673.19
3,482,489.95
3,002,616.52
2,516,984.60
2,025,525.10
1,528,168.09
1,024,842.79
515,477.58
ao 1
SUMATORIA INTERESES
PRIMER AO
71,881,358.75
SUMATORIA INTERESES
TOTALES
82,494,973.42
GO A CUOTA FIJA
Volver a portada
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
AMORTIZACIN
35,071,942.97
35,492,806.28
35,918,719.96
36,349,744.60
36,785,941.53
37,227,372.83
37,674,101.31
38,126,190.52
38,583,704.81
39,046,709.27
39,515,269.78
39,989,453.01
40,469,326.45
40,954,958.37
41,446,417.87
41,943,774.88
42,447,100.18
42,956,465.38
ao 2
$
10,613,614.67
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
-$
SALDO FINAL
664,928,057.03
629,435,250.75
593,516,530.79
557,166,786.19
520,380,844.66
483,153,471.83
445,479,370.52
407,353,180.00
368,769,475.19
329,722,765.92
290,207,496.15
250,218,043.13
209,748,716.68
168,793,758.32
127,347,340.45
85,403,565.56
42,956,465.38
0.00
Tabla de amortizacin pago a cuota a cuota fija con periodo de gracia

CAPITAL
TASA MENSUAL
PERIODOS
PERIODO
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
SALDO INICIAL
$
700,000,000.00
$
700,000,000.00
$
700,000,000.00
$
700,000,000.00
$
700,000,000.00
$
700,000,000.00
$
700,000,000.00
$
700,000,000.00
$
700,000,000.00
$
700,000,000.00
$
700,000,000.00
$
700,000,000.00
$
700,000,000.00
$
674,899,495.13
$
649,477,703.79
$
623,730,513.53
$
597,653,759.23
$
571,243,222.48
$
544,494,630.85
$
517,403,657.26
$
489,965,919.20
$
462,176,978.09
$
434,032,338.54
$
405,527,447.60
$
376,657,694.06
$
347,418,407.67
$
317,804,858.42
$
287,812,255.73
$
257,435,747.73
$
226,670,420.43
$
195,511,296.94
$
163,953,336.67
$
131,991,434.51
$
99,620,420.00
$
66,835,056.50
$
33,630,040.36
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
CUOTA
8,960,000.00
8,960,000.00
8,960,000.00
8,960,000.00
8,960,000.00
8,960,000.00
8,960,000.00
8,960,000.00
8,960,000.00
8,960,000.00
8,960,000.00
8,960,000.00
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
34,060,504.87
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
700,000,000.00
1.28%
24
INTERESES
8,960,000.00
8,960,000.00
8,960,000.00
8,960,000.00
8,960,000.00
8,960,000.00
8,960,000.00
8,960,000.00
8,960,000.00
8,960,000.00
8,960,000.00
8,960,000.00
8,960,000.00
8,638,713.54
8,313,314.61
7,983,750.57
7,649,968.12
7,311,913.25
6,969,531.27
6,622,766.81
6,271,563.77
5,915,865.32
5,555,613.93
5,190,751.33
4,821,218.48
4,446,955.62
4,067,902.19
3,683,996.87
3,295,177.57
2,901,381.38
2,502,544.60
2,098,602.71
1,689,490.36
1,275,141.38
855,488.72
430,464.52
ao 1
SUMATORIA INTERESES
$
PRIMER AO
107,520,000.00
SUMATORIA INTERESES
$
TOTALES
224,972,116.92
ota fija con periodo de gracia

PERIODO DE GRACIA
PERIODOS TOTALES
AMORTIZACIN
$
$
$
$
$
$
$
$
$
$
$
$
$
25,100,504.87
$
25,421,791.33
$
25,747,190.26
$
26,076,754.30
$
26,410,536.75
$
26,748,591.62
$
27,090,973.60
$
27,437,738.06
$
27,788,941.11
$
28,144,639.55
$
28,504,890.94
$
28,869,753.54
$
29,239,286.39
$
29,613,549.25
$
29,992,602.68
$
30,376,508.00
$
30,765,327.30
$
31,159,123.49
$
31,557,960.27
$
31,961,902.16
$
32,371,014.51
$
32,785,363.50
$
33,205,016.15
$
33,630,040.36
12
36
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
SALDO FINAL
700,000,000.00
700,000,000.00
700,000,000.00
700,000,000.00
700,000,000.00
700,000,000.00
700,000,000.00
700,000,000.00
700,000,000.00
700,000,000.00
700,000,000.00
700,000,000.00
674,899,495.13
649,477,703.79
623,730,513.53
597,653,759.23
571,243,222.48
544,494,630.85
517,403,657.26
489,965,919.20
462,176,978.09
434,032,338.54
405,527,447.60
376,657,694.06
347,418,407.67
317,804,858.42
287,812,255.73
257,435,747.73
226,670,420.43
195,511,296.94
163,953,336.67
131,991,434.51
99,620,420.00
66,835,056.50
33,630,040.36
0.00
Volver a portada
ao 2
$
85,383,752.52 $
ao 3
32,068,364.40
Tabla de amortizacin pago a cuota fija con periodo mu

CAPITAL
TASA MENSUAL
PERIODOS AMORTIZACION
PERIODO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
SALDO INICIAL
$
700,000,000.00
$
709,100,000.00
$
718,318,300.00
$
727,656,437.90
$
737,115,971.59
$
746,698,479.22
$
756,405,559.45
$
697,752,603.36
$
638,337,158.83
$
578,149,313.53
$
517,179,026.24
$
455,416,125.21
$
392,850,306.47
$
329,471,132.08
$
265,268,028.43
$
200,230,284.43
$
134,347,049.76
$
67,607,333.04
700,000,000.00
1.30%
12
CUOTA
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
68,486,228.37
68,486,228.37
68,486,228.37
68,486,228.37
68,486,228.37
68,486,228.37
68,486,228.37
68,486,228.37
68,486,228.37
68,486,228.37
68,486,228.37
68,486,228.37
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
INTERESES
9,100,000.00
9,218,300.00
9,338,137.90
9,459,533.69
9,582,507.63
9,707,080.23
9,833,272.27
9,070,783.84
8,298,383.06
7,515,941.08
6,723,327.34
5,920,409.63
5,107,053.98
4,283,124.72
3,448,484.37
2,602,993.70
1,746,511.65
878,895.33
AO 1
SUMATORIA INTERESES
$
PRIMER AO
103,767,676.68
SUMATORIA INTERESES
$
TOTALES
121,834,740.42
uota fija con periodo muerto

PERIODO MUERTO
PERIODOS TOTALES
CAPITAL AMORTIZAR
AMORTIZACIN
-$
9,100,000.00
-$
9,218,300.00
-$
9,338,137.90
-$
9,459,533.69
-$
9,582,507.63
-$
9,707,080.23
$
58,652,956.10
$
59,415,444.53
$
60,187,845.30
$
60,970,287.29
$
61,762,901.03
$
62,565,818.74
$
63,379,174.38
$
64,203,103.65
$
65,037,744.00
$
65,883,234.67
$
66,739,716.72
$
67,607,333.04
AO 2
$
18,067,063.74
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
6
18
$756,405,559.45
SALDO FINAL
709,100,000.00
718,318,300.00
727,656,437.90
737,115,971.59
746,698,479.22
756,405,559.45
697,752,603.36
638,337,158.83
578,149,313.53
517,179,026.24
455,416,125.21
392,850,306.47
329,471,132.08
265,268,028.43
200,230,284.43
134,347,049.76
67,607,333.04
-
Volver a portada
A. Qu pasara con la rentabilidad del proyecto a partir de la modificaci

forma inicial? Argumente la respuesta y porque
RTA: Partiendo del clculo de la rentabilidad es Inversin sobre la utilidad, esta aume
de incrementar la inversin pero con el aumento de las ventas, los costos y gastos, p
de 35,33% en contraste con el caso original que arroja una rentabi
B. Cul sera la mejor opcin de financiamiento para la compaa, para des

ampliacin, teniendo en cuenta las modificaciones realizadas al planteamien
respuesta y porque
RTA: La mejor opcin de financiacin la amortizacin pago
1,20% EM, dado que es por este mtodo que el propietario de la empresa pagara me
permite pagar cuotas fijas en menos cantidad de tiempo a comparacin de los otros m
tiempo y con ms intereses por el prstamo que se requiere.
C. A partir del clculo del VAN para los diferentes casos, Cul cree es la si
compaa, que le permita obtener la mayor rentabilidad para su proyecto
respuesta y porque. RTA: El Caso 1 es el que mayo VNA tiene lo que indica qu
$19.314.486.386 a una tasa de descuento del 10%. mejor a la de los casos 2, 3 y 4 y
entiende que es un proyecto VIABLE, adems que los resultados que s
D. A partir del clculo de la TIR para los diferentes casos, determine cul es
que es posible endeudarse la compaa para financiar su proyecto de amplia
perdidas. Argumente la respuesta y porque.
RTA: la TIR determina cul e
que el VAN de un proyecto sea igual a cero para el caso 1 que es la que mayor TIR pre
los otros casos, esto indica que el resultado que arroja el caso 1 es la tasa de inters
endeudarse para financiar el proyecto, sin que genere prdidas teniendo en cuenta la
a partir de la modificacin realizada a la planteada de

nte la respuesta y porque.
sobre la utilidad, esta aumenta con la modificacin realizada
entas, los costos y gastos, pues la rentabilidad para el 2015 es
ginal que arroja una rentabilidad de 29,37%.
ra la compaa, para desarrollar su proyecto de

realizadas al planteamiento inicial? Argumente la
ciacin la amortizacin pago a cuota fija con un inters del
o de la empresa pagara menos intereses totales. Adems,
a comparacin de los otros mtodos que se necesita de ms
ere.
casos, Cul cree es la situacin ms favorable para la

bilidad para su proyecto de ampliacin? Argumente la
o VNA tiene lo que indica que maximizara la inversin en
r a la de los casos 2, 3 y 4 y analizando los criterios del VPN se
ms que los resultados que se obtienen son altos
casos, determine cul es la tasa de inters mxima a la

iar su proyecto de ampliacin, sin que se generen
RTA: la TIR determina cul es la tasa de descuento que hace

que es la que mayor TIR presenta de 705% en contraste con
caso 1 es la tasa de inters mxima a la que es posible
rdidas teniendo en cuenta la tasa de descuento.
Volver a portada
a portada
Las decisiones de inversin son claramente importantes para poder obtener bueno
resultados en la ejecucin del proyecto. El cambio de decisiones es una situacin ries
que bien puede afectar la rentabilidad del proyecto o por el contrario beneficiarla, en
caso se debe estar seguro de lo que se decide en base a estudios y procedimientos b
elaborados
mportantes para poder obtener buenos

o de decisiones es una situacin riesgosa
o o por el contrario beneficiarla, en todo
base a estudios y procedimientos bien
s
Volver a portada
Referencias Bibliograficas
Alba, D (2014). Compilacin Conceptos Fundamen

Financiera, Recuperado de
http://datateca.unad.edu.co/contenidos/102007/CONC
DE_MATEMATICA_FINANCIERA1.p
Serrano, J (2011). Matemticas financieras y evaluaci

ed.). Resumen indicadores. Mxico: Alfaomega Grup
ebrary, Recuperado de
http://datateca.unad.edu.co/contenidos/102
2/Matem_ticas_financieras_indicadores
Cabeza, L & Castrilln, J (2013). Matemticas financie

simple. Colombia: Universidad del Norte, Rec
http://datateca.unad.edu.co/contenidos/102007/2015-2

Compuesto. Colombia: Universidad del Norte, Pr
Recuperado de http://datateca.unad.edu.co/conteni
2/Interes_compuesto.pdf
Cabeza, L & Castrilln, J (2013). Matemticas fina

Anualidades. Colombia: Universidad del Norte, P
Recuperado de http://datateca.unad.edu.co/conteni
2/Anualidades.pdf

de inters. Colombia: Universidad del Norte, ProQues
de http://datateca.unad.edu.co/contenidos/10
2/Clases_de_interes.pdf

ed.). Equivalencia de tasas. Mxico: Alfaomega Grup
2/Equivalencia_de_tasas.pdf
Superintendencia Financiera de Colombia, Simulado

Recuperado de
http://datateca.unad.edu.co/contenidos/102007/SIMUL
ON_TASAS.pdf

ed.). Indicadores para medir la bondad econmica de
Alfaomega Grupo Editor, Recuperado
2/Indicadores_para_medir_la_bondad_econ
Alba, D (2014). Tips para la construccin de flujo d

Edicin, Recuperado de
2/TIPS_CONSTRUCCION_FLUJO_DE_FON
Alfaomega Grupo Editor, Recuperado

2/Indicadores_para_medir_la_bondad_econ
Alba, D (2014). Tips para la construccin de flujo d

2/TIPS_CONSTRUCCION_FLUJO_DE_FON
Referencias Bibliograficas
mpilacin Conceptos Fundamentales Matemtica

Financiera, Recuperado de
du.co/contenidos/102007/CONCEPTOS_BASICOS_
MATEMATICA_FINANCIERA1.pdf
temticas financieras y evaluacin de proyectos (2a.

adores. Mxico: Alfaomega Grupo Editor, ProQuest
eca.unad.edu.co/contenidos/102007/2015m_ticas_financieras_indicadores.pdf
n, J (2013). Matemticas financieras (5a. ed.).Inters

mbia: Universidad del Norte, Recuperado de
du.co/contenidos/102007/2015-2/Interes_simple.pdf
n, J (2013). Matemticas financieras (5a. ed.).Inters

ombia: Universidad del Norte, ProQuest ebrary,
p://datateca.unad.edu.co/contenidos/102007/20152/Interes_compuesto.pdf
rilln, J (2013). Matemticas financieras (5a. ed.).

lombia: Universidad del Norte, ProQuest ebrary,
p://datateca.unad.edu.co/contenidos/102007/20152/Anualidades.pdf
n, J (2013). Matemticas financieras (5a. ed.). Clases

Universidad del Norte, ProQuest ebrary, Recuperado
ateca.unad.edu.co/contenidos/102007/20152/Clases_de_interes.pdf

e tasas. Mxico: Alfaomega Grupo Editor, ProQuest
eca.unad.edu.co/contenidos/102007/20152/Equivalencia_de_tasas.pdf
nanciera de Colombia, Simulador conversin tasas,

Recuperado de
edu.co/contenidos/102007/SIMULADOR_CONVERSI
ON_TASAS.pdf

medir la bondad econmica de un proyecto. Mxico:
omega Grupo Editor, Recuperado de
eca.unad.edu.co/contenidos/102007/2015es_para_medir_la_bondad_economica.pdf
s para la construccin de flujo de fondos. Primera

eca.unad.edu.co/contenidos/102007/2015NSTRUCCION_FLUJO_DE_FONDOS.pdf
Volver a
portada
omega Grupo Editor, Recuperado de

eca.unad.edu.co/contenidos/102007/2015es_para_medir_la_bondad_economica.pdf
s para la construccin de flujo de fondos. Primera

eca.unad.edu.co/contenidos/102007/2015NSTRUCCION_FLUJO_DE_FONDOS.pdf
Volver a
portada

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NACIONAL ABIERTA Y A DISTANCIA UNAD

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Este trabajo constituye el producto final de la

constituye el producto final de la actividad

Ingresos operacionales (Ventas)

Gastos financieros (Sumatoria de los

Utilidad antes de impuestos

Rentabilidad Inversion/ utilidad

AMORTIZACION FIJA A CAPITAL

AMORTIZACION PAGO CUOTA FIJA

CUOTA FIJA CON PERIODO DE GRACIA

CUOTA FIJA CON PERIODO MUERTO

FIJA CON PERIO GRACIA

Estado de resultado Fija a Capital

Estado de resultado Cuota fija

Estado de resultado Con Cuota Fija con Periodo Muerto

FIJA CON PERIO MUERTO

TABLA RESUMEN DE AMORTIZACIONES

Primeros 12 meses cuota de

Ingresos operacionales (Ventas)

Gastos financieros (Sumatoria de los

Utilidad antes de impuestos

AMORTIZACION FIJA A CAPITAL

AMORTIZACION PAGO CUOTA FIJA

CUOTA FIJA CON PERIODO DE GRACIA

CUOTA FIJA CON PERIODO MUERTO

FIJA CON PERIO GRACIA

Estado de resultado Fija a Capital

Estado de resultado Cuota fija

Estado de resultado Con Periodo de Gracia

Estado de resultado Con Cuota Fija con Periodo Muerto

TABLA RESUMEN DE AMORTIZACIONES

FIJA CON PERIO MUERTO

TABLA RESUMEN DE AMORTIZACIONES

Primeros 12 meses cuota de

Ingresos operacionales (Ventas)

Gastos financieros (Sumatoria de los

Utilidad antes de impuestos

AMORTIZACION FIJA A CAPITAL

AMORTIZACION PAGO CUOTA FIJA

CUOTA FIJA CON PERIODO DE GRACIA

CUOTA FIJA CON PERIODO MUERTO

FIJA CON PERIO GRACIA

Estado de resultado Fija a Capital

Estado de resultado Cuota fija

Estado de resultado Con Periodo de Gracia

Estado de resultado Con Cuota Fija con Periodo Muerto

TABLA RESUMEN DE AMORTIZACIONES

FIJA CON PERIO MUERTO

TABLA RESUMEN DE AMORTIZACIONES

Primeros 12 meses cuota de

Ingresos operacionales (Ventas)

Gastos financieros (Sumatoria de los

Utilidad antes de impuestos

Utilidad antes de impuestos

Gastos financieros (Sumatoria de los

AMORTIZACION FIJA A CAPITAL

AMORTIZACION PAGO CUOTA FIJA

CUOTA FIJA CON PERIODO DE GRACIA