1.

Hitung equal (installment) payment

R= Rp 28,954,844 Angsuran tetap per tahun 148Jt = R + R (PVIFA 12%,6)

2. Susun tabel amortisasi

Akhir tahun Angsuran tetap Pembayaran bunga Angsuran pokok Saldo Loan
0 Rp 28,954,844 Rp 28,954,844 Rp 119,045,156
1 Rp 28,954,844 Rp 14,285,419 Rp 14,669,425 Rp 104,375,731
2 Rp 28,954,844 Rp 12,525,088 Rp 16,429,756 Rp 87,945,974
3 Rp 28,954,844 Rp 10,553,517 Rp 18,401,327 Rp 69,544,647
4 Rp 28,954,844 Rp 8,345,358 Rp 20,609,486 Rp 48,935,161
5 Rp 28,954,844 Rp 5,872,219 Rp 23,082,625 Rp 25,852,536
6 Rp 28,954,844 Rp 3,102,304 Rp - Rp 25,852,536

3. Susun tabel PVCFout

(Pertimbangkan pengehematan pajak)
Akhir tahun Angsuran tetap Pembayaran bunga Depresiasi Penghematan pajakCfout (after tax)
0 Rp 28,954,844 Rp 28,954,844
1 Rp 28,954,844 Rp 14,285,419 29,600,000 Rp 17,554,167 11,400,677
2 Rp 28,954,844 Rp 12,525,088 47,360,000 Rp 23,954,035 Rp 5,000,809
3 Rp 28,954,844 Rp 10,553,517 28,416,000 Rp 15,587,807 Rp 13,367,037
4 Rp 28,954,844 Rp 8,345,358 17,049,600 Rp 10,157,983 Rp 18,796,861
5 Rp 28,954,844 Rp 5,872,219 17,049,600 Rp 9,168,728 Rp 19,786,116
6 Rp 28,954,844 Rp 3,102,304 8,524,800 Rp 4,650,842 Rp 24,304,002
7 -Rp 15,000,000 -Rp 6,000,000 -Rp 9,000,000
Jumlah PVCFout after tax
R + R (PVIFA 12%,6)

PVCFout (after tax) at (1 - 0,4)*12%

Rp 28,954,844
Rp 10,634,959
Rp 4,351,617
Rp 10,850,526
Rp 14,233,319
Rp 13,976,120
Rp 16,014,341
-Rp 5,531,960
Rp 93,483,768
Akhir tahun Pembayaran sewa Penghematan pajak Cfout (after tax)
0 27,500,000 27,500,000
1 27,500,000 11,000,000 16,500,000
2 27,500,000 11,000,000 16,500,000
3 27,500,000 11,000,000 16,500,000
4 27,500,000 11,000,000 16,500,000
5 27,500,000 11,000,000 16,500,000
6 27,500,000 11,000,000 16,500,000
7 11,000,000 - 11,000,000
Jumlah PVCFout after tax

Jumlah PVCFout after tax (Loan)= Rp93,483,768

Jumlah PVCFout after tax(Lease) = Rp98,903,370
Keputusan: Memilih Loan
PVCFout (after tax) at (1-0,4)12%
27,500,000
15,391,791
14,358,014
13,393,670
12,494,095
11,654,939
10,872,145
- 6,761,284
98,903,370
1. Hitung equal (installment) payment
R= Rp 55,289,639 Angsuran tetap per tahun

2. Susun tabel amortisasi

Akhir tahun Angsuran tetap Pembayaran bunga Angsuran pokok Saldo Loan
0 Rp 55,289,639 Rp 55,289,639 Rp 154,710,361
1 Rp 55,289,639 Rp 24,753,658 Rp 30,535,981 Rp 124,174,380
2 Rp 55,289,639 Rp 19,867,901 Rp 35,421,738 Rp 88,752,643
3 Rp 55,289,639 Rp 14,200,423 Rp 41,089,216 Rp 47,663,427
4 Rp 55,289,639 Rp 7,626,148 Rp 47,663,490 -Rp 64

3. Susun tabel PVCFout

(Pertimbangkan pengehematan pajak)
Akhir tahun Angsuran tetap Pembayaran bunga Depresiasi Penghematan pajak
0 Rp 55,289,639
1 Rp 55,289,639 Rp 24,753,658 69,993,000 Rp 37,898,663
2 Rp 55,289,639 Rp 19,867,901 93,345,000 Rp 45,285,160
3 Rp 55,289,639 Rp 14,200,423 31,101,000 Rp 18,120,569
4 Rp 55,289,639 Rp 7,626,148 15,561,000 Rp 9,274,859
5 -Rp 10,000,000 -Rp 4,000,000
148Jt = R + R (PVIFA 12%,6)

Cfout (after tax) PVCFout (after tax) at (1 - 0,4)*16%

Rp 55,289,639 Rp 55,289,639
17,390,976 15,867,678
Rp 10,004,478 8,328,626
Rp 37,169,070 28,232,545
Rp 46,014,779 31,890,045
-Rp 6,000,000 -Rp 3,794,010
Rp 135,814,522
Akhir Tahun Pembayaran sewa Penghematan pajak Cfout (after tax)
0 67,800,000 67,800,000
1 67,800,000 27,120,000 40,680,000
2 67,800,000 27,120,000 40,680,000
3 67,800,000 27,120,000 40,680,000
4 67,800,000 27,120,000 40,680,000
5 27,120,000 - 27,120,000
Jumlah PVCFout after tax

Jumlah PVCFout after tax (Loan)= Rp135,814,522

Jumlah PVCFout after tax(Lease) = Rp180,725,725
Keputusan: Memilih Loan
PVCFout (after tax) at (1-0,4)16%
67,800,000
37,116,788
33,865,683
30,899,346
28,192,834
- 17,148,926
180,725,725