TEA

1
2
3
4
5
6
7
8

TEA
TEA
TEM
TEM
TEB
TEA
TEA
TASA

24% TEM

24%
26.80%
3.35%
1.85%
5.40%
12.50%
52.50%
15.25%

TEM
TED
TEA
TEQ
TET
TES
TED 26 DIAS
TASA DE 27 DIAS A TEA

9 EFECTUE LA CONVERSIONES CORRESPONDIENTES

10 27.50% TEA A TED
11
3.35% TEM A TEA
12 11.25% TES A TEM
13
1.85% TEM A TED
14
5.80% TEC A TEA
15
2.87% TEB A TEM
16 45.60% TEA ATASA DE 34 DIAS

1.78

1.81
0.07
48.50
0.92 0.9208 1.850
8.21
6.07
3.09
564

2.01177635
48.50
0.186627088
0.061121861
18.4287112
0.015721163
0.422024145

Suponga que desea invertir cierto capital durante un ao y le ofrecen las siguientes alternativas, todas con el mismo nivel
OPCION
Rentabilidad
A
28%
anual
28%
B
1.15%
TEQ
31.6
C
13.80%
TES
29.5
D
7.45%
TEC
24.1
E
6.75%
A+B39:E44
29.9

TEA 24% A
TEA 20% A

TES
TET
TEM

CONVERTIR 6.2542 A
ANOS
MESES
DIAS
TEM 3.91% A

0.11355287
0.05525015
0.01530947

100
100
100

11.36
5.53
1.53

6.2542
3.05
2
TEA

s, todas con el mismo nivel de riesgo. Cul sera su opcion?

0.58448502

100.00 58.4485021

CASO

1
1
500

0
-1,000

2
400

3
300

4
100

kd
14%

VAN
S/. -0.00

0
-1000

1
500

2
400

3
300

4
100

Kd
10%

0
FLUJO DE CAJA
-1000
FLUJO NETO ACUMULADO
-1000

1
500
-500

2
400
-100

3
300
200

4
100
300

1
100
-500

2
300
-600

3
400
-200

4
600
400

PROYECTOS MUTUAMENTE EXCLUYENTES

FLUJO DE EFECTIVO
PROYECTO
0
1
K
-100
200
L
-10000
15000

VA(10%)
182
13,636

IR(%)
1.82
1.36

VAN(10%)
82
3,636

PROYECTO
L-K

VA(10%)
13,454

IR(%)

VAN(10%)

CASO

PROYECTO
A

0
-4000

CASO

FLUJO DE EFECTIVO

PROYECTO

PROYECTO

0
FLUJO DE CAJA
-1000
FLUJO NETO ACUMULADO
-1000

0
-9900

1
14800

METODO DE CADENA DE REMPLAZO

LOS FLUJOS NETOS DE CAJA AL 14% SON :
AO
MAQUINA
0
-45000
1
20,000
2
20,000
3
20,000
-45,000
4
20,000
5
20,000
6
20,000
VAN

-45000
20,000
20,000
-25,000
20,000
20,000
20,000

S/. 2,399.63

CASO INFLACION
I=
FNC1
FNC2
K
0

CASO MANEL A

8,000
5000
7,000
10%
20%

VAN=

-8,000

5,000

7,000

TIR
14%

VAN

TIRM
12%

PARA

CASO MANESA
INFORMACION DEL RDKG
LA UTILIZACION STARA JA

INVERSION UNUCIAL
que flujos de caja incrementales se van a producir durante la vida del proyecto
Para cada ao se calculara desde el 1 ao hasta ao 5
0
DETERMINACION DE LOS FNC
INGRESOS
85000
COSTOS
29750
DEPRECIACION
10400
UAT
IMPUESTOS 30%
10,755
UDT
25,095
DEPRECIACION
19,400
FLUJO DE NETO DE CAJA
44,495

CALCULANDO VAN
FC
FNC
FNC
TASA DE DCTO
TR
AOS
FLUJO DE CAJA
-151,000
FLUJO DE CAJA ACUMULADO
-151,000
VAN
TIR
PAY BACK
B/C
TIRM

40,036
21,00%
4,274
1.83
18

FLUJOS NETOS DE CAJA

INVERSION
151,000
INGRESOS
COSTOS
DEPRECIACION
UAT
IMPUESTOS
-30%
UDT
DEPRECIACION
FNC
FNO
FNC

TIR

1
44,495
-106,505

PAYBACK

2
44,495
-62,010

85,000
29750
19,400

B/C

3
44,495
-17,515

-151
44,495
98495
12.00%
14.00%
4
44,495
26,980

5
98,495
125,475

85,000
29750
19,400

85,000
29750
19,400

85,000
29750
19,400

85,000
29750
19,400

caso1
Monto
TES
Plazo
Capital
Caso2
Monto
TES
Plazo
VF
Conversion a TEM
VF

S/. 699,534.79
4.30%
10m14d
314 dias
S/. 650,000.00 Funcion "VA"

S/. 30,000.00
20%
7 meses
S/. 33,679.94
1.714285714

CASO3
Capital
Monto
TEA
Plazo

S/. 20,000.00
S/. 24,000.00
18%
1.10 Anos
1.22 meses
7 dias

Funcion "NPER"
1A1m7d

caso4
Capital
Monto
TEA
Plazo

S/. 45,000.00
S/. 49,064.54
7.2%
15

CASO5
Banco del Norte
Deposito
TEM
PLAZO
Monto Acum

S/. 3,000.00
4%
8 meses
S/. 4,105.71 FUNCION VF

Banco del Norte

Deposito
TNA,Capt.Trime
Conversion
PLAZO
Monto Acum

S/. 5,000.00
48%
12% TNT
8 meses
S/. 6,764.23 FUNCION VF

VA=Depositos
VF= Monto acum
Ganancia
Rend.Promedio

S/. 8,000.00
S/. 10,869.93
S/. 2,869.93
3.91% TEM
58.38 TEA

FUNCION"TASA"

Caso6
capital
Opcion A
Plazo
TEA
VF

Opcion B
Capital
Plazo
TEA
VF

$30,000.00

180 dias
4.25%
30,644.28

S/. 80,400.00
82500
180 dias
7.50%
S/. 83,471.92 30353.42493
S/. 3,071.92

Caso7
Fernando
VA
VF
PLAZO
Ganacia
TEA
TED

S/. 76,543.00
S/. 80,234.00
40 dias
S/. 3,691.00
53%
4.82

David
VA
VF
PLAZO
Ganancia
TEA
TED

S/. 3,691.00
S/. 54,321.00
S/. 56,789.00
35 dias
S/. 2,468.00
58%
4.54

Caso8
Monto
TEA
TEM
Plazo
Valor cuota

S/. 8,000.00
23.80%
0.02
18 meses
S/. 524.05

S/. 2,100.00

CASO1
Linea de credito
Capital(principal)
TEA
TEQ
C.manten.

S/. 100,000.00
S/. 48,500.00 15-Apr
55%
15 dias
0.0184
49

Liquidar al
Capital
Compensatorio
C.mantenim
ITF

Caso2
Linea de credito
Capital(principal)
Exceso
Monto Utilizado
C.manten

Capital(principal)
Exceso
Dias
Dias Moratorio

S/. 200,000.00
S/. 200,000.00 TEA
S/. 25,000.00 TEA
S/. 225,000.00 liq.
S/.
49.00

S/. 200,000.00 TEA

S/. 25,000.00 TEA
18 TEA
10

30-Apr
S/. 48,500.00
893.78
49
S/. 49,442.78
S/. 2.47
S/. 49,445.25 TCEA

0.005%
Liquidacion

Factor
55%
0.009786577
85%
0.013764665
22-Jun
8 dias

55%
85%
15.25%

Liquidacion al
Capital
Compensatorio
Exceso
Exceso de Linea
C.manten.

ITF

0.005%
Liquidacion
Liquidacion
Capital
Compensatorio
Exceso
Exceso de Linea
I.Moratorio
C.manten.

ITF

0.005%
Liquidacion

0.022154594
0.031237237
0.0040

30-Jun
S/. 200,000.00
S/. 1,957.32
S/. 25,000.00
344.12
S/.
49.00
S/. 227,350.43
S/. 11.37
S/. 227,361.80
10-Jun
S/. 200,000.00
S/. 4,430.92
S/. 25,000.00
780.93
898.12
S/.
49.00
S/. 231,158.97
S/. 11.56
S/. 231,170.53

58.73%

TCEA

59.62%

TCEA

71.62%

Caso 5
Prestamo
TEA
TEM
Portes + Seguros
NCuotas
Valor Cuota

S/. 50,000.00
23.64%
0.0178
12.5
18 Cuotas Fijas Mensuales
S/. 3,272.13 igua puede hallarse con FRC

Mes

Interes
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

Caso6
Prestamo
Fecha desem.
TEA
N Cuotas

0
S/. 892.05
S/. 849.58
S/. 806.36
S/. 762.37
S/. 717.60
S/. 672.02
S/. 625.63
S/. 578.42
S/. 530.36
S/. 481.44
S/. 431.65
S/. 380.98
S/. 329.40
S/. 276.89
S/. 223.46
S/. 169.07
S/. 113.70
S/. 57.35
S/. 8,898.33

Saldo
Insoluto/Deudor Amortiz.Acumulado
Amortizacion
Cuota
0
0
S/. 50,000.00
0
S/. 2,380.08 S/. 3,272.13
S/. 47,619.92
S/. 2,380.08
S/. 2,422.55 S/. 3,272.13
S/. 45,197.37
S/. 4,802.63
S/. 2,465.77 S/. 3,272.13
S/. 42,731.61
S/. 7,268.39
S/. 2,509.76 S/. 3,272.13
S/. 40,221.85
S/. 9,778.15
S/. 2,554.53 S/. 3,272.13
S/. 37,667.32
S/. 12,332.68
S/. 2,600.11 S/. 3,272.13
S/. 35,067.21
S/. 14,932.79
S/. 2,646.50 S/. 3,272.13
S/. 32,420.71
S/. 17,579.29
S/. 2,693.71 S/. 3,272.13
S/. 29,727.00
S/. 20,273.00
S/. 2,741.77 S/. 3,272.13
S/. 26,985.22
S/. 23,014.78
S/. 2,790.69 S/. 3,272.13
S/. 24,194.54
S/. 25,805.46
S/. 2,840.48 S/. 3,272.13
S/. 21,354.06
S/. 28,645.94
S/. 2,891.15 S/. 3,272.13
S/. 18,462.91
S/. 31,537.09
S/. 2,942.73 S/. 3,272.13
S/. 15,520.17
S/. 34,479.83
S/. 2,995.24 S/. 3,272.13
S/. 12,524.94
S/. 37,475.06
S/. 3,048.67 S/. 3,272.13
S/. 9,476.26
S/. 40,523.74
S/. 3,103.06 S/. 3,272.13
S/. 6,373.20
S/. 43,626.80
S/. 3,158.43 S/. 3,272.13
S/. 3,214.77
S/. 46,785.23
S/. 3,214.77 S/. 3,272.13
S/. 0.00
S/. 50,000.00
S/. 50,000.00 S/. 58,898.33

13-Jun
23.64%
100
0.002364
18 Cuotas fijas con Vcto dia 30 de cada mes

Cuotas
0
1
2
3
4

Fecha
6/13/2011
7/30/2011
8/30/2011
9/30/2011
10/30/2011

N dias
0.00
47.00
31.00
31.00
30.00

Intereses
S/. 140.46
S/. 88.68
S/. 84.21
S/. 77.06
S/. 74.96

Amortizacion
S/. 190.93
S/. 242.71
S/. 247.18
S/. 254.34

Cuota
0
S/. 331.39
S/. 331.39
S/. 331.39
S/. 331.39

5
6
7
8
9
10
11
12
13
14
15
16
17
18

11/30/2011
12/30/2011
1/30/2012
2/29/2012
3/30/2012
4/30/2012
5/30/2012
6/30/2012
7/30/2012
8/30/2012
9/30/2012
10/30/2012
11/30/2012
12/30/2012

31.00
30.00
31.00
30.00
30.00
31.00
30.00
31.00
30.00
31.00
31.00
30.00
31.00
30.00

S/. 67.95
S/. 65.37
S/. 58.50
S/. 53.63
S/. 50.31
S/. 43.66
S/. 39.82
S/. 33.32
S/. 28.95
S/. 23.37
S/. 17.12
S/. 11.90
S/. 5.81
S/. 0.00

S/. 256.43
S/. 263.45
S/. 266.02
S/. 272.89
S/. 277.76
S/. 281.08
S/. 287.73
S/. 291.57
S/. 298.07
S/. 302.44
S/. 308.02
S/. 314.28
S/. 319.50
S/. 325.58

S/. 331.39
S/. 331.39
S/. 331.39
S/. 331.39
S/. 331.39
S/. 331.39
S/. 331.39
S/. 331.39
S/. 331.39
S/. 331.39
S/. 331.39
S/. 331.39
S/. 331.39
S/. 331.39

Portes+Seg
0
12.5
12.5
12.5
12.5
12.5
12.5
12.5
12.5
12.5
12.5
12.5
12.5
12.5
12.5
12.5
12.5
12.5
12.5
TCEM
TCEA

Pago mes
0
S/. 3,284.63
S/. 3,284.63
S/. 3,284.63
S/. 3,284.63
S/. 3,284.63
S/. 3,284.63
S/. 3,284.63
S/. 3,284.63
S/. 3,284.63
S/. 3,284.63
S/. 3,284.63
S/. 3,284.63
S/. 3,284.63
S/. 3,284.63
S/. 3,284.63
S/. 3,284.63
S/. 3,284.63
S/. 3,284.63
1.83% TIR
24%

0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

S/. 50,000.00
S/. -3,284.63
S/. -3,284.63
S/. -3,284.63
S/. -3,284.63
S/. -3,284.63
S/. -3,284.63
S/. -3,284.63
S/. -3,284.63
S/. -3,284.63
S/. -3,284.63
S/. -3,284.63
S/. -3,284.63
S/. -3,284.63
S/. -3,284.63
S/. -3,284.63
S/. -3,284.63
S/. -3,284.63
S/. -3,284.63
1.83%

Saldo
Portes+seguros Pago Mens
S/. 5,000.00
0
0
S/. 4,809.07
S/. 12.50
S/. 343.89
S/. 4,566.36
S/. 12.50
S/. 343.89
S/. 4,319.17
S/. 12.50
S/. 343.89
S/. 4,064.84
S/. 12.50
S/. 343.89

Fecha vcto
6/13/2011
7/30/2011
8/30/2011
9/30/2011
10/30/2011

S/. 3,808.40
S/. 3,544.96
S/. 3,278.93
S/. 3,006.04
S/. 2,728.28
S/. 2,447.20
S/. 2,159.46
S/. 1,867.89
S/. 1,569.82
S/. 1,267.38
S/. 959.36
S/. 645.08
S/. 325.58
S/. 0.00

S/. 12.50
S/. 12.50
S/. 12.50
S/. 12.50
S/. 12.50
S/. 12.50
S/. 12.50
S/. 12.50
S/. 12.50
S/. 12.50
S/. 12.50
S/. 12.50
S/. 12.50
S/. 12.50

S/. 343.89
S/. 343.89
S/. 343.89
S/. 343.89
S/. 343.89
S/. 343.89
S/. 343.89
S/. 343.89
S/. 343.89
S/. 343.89
S/. 343.89
S/. 343.89
S/. 343.89
S/. 343.89

11/30/2011
12/30/2011
1/30/2012
2/29/2012
3/30/2012
4/30/2012
5/30/2012
6/30/2012
7/30/2012
8/30/2012
9/30/2012
10/30/2012
11/30/2012
12/30/2012

CASO 1 Descuento de Letras

L/C N
1352
1358
1365
1374
1387

Importe (S/.)
S/. 14,555.00
S/. 6,945.00
S/. 10,390.00
S/. 6,658.00
S/. 8,705.00

Fecha de descuento
TEA
Portes
G.desembolso
ITF

Fecha
emision
1/15/2011
1/28/2011
2/3/2011
2/11/2011
2/24/2011

Plazo
105 dias
90 dias
90 dias
75 dias
60 dias

3/22/2011
24.15%
25
25 5 Letras X S/5.00
0.005%

L/C N
1352
1358
1365
1374
1387

Importe (S/.)
S/. 14,555.00
S/. 6,945.00
S/. 10,390.00
S/. 6,658.00
S/. 8,705.00

Fecha
emision
Plazo (dias) Feha de Vcto N~de dias
1/15/2011
105
4/30/2011
39
1/28/2011
90
4/28/2011
37
2/3/2011
90
5/4/2011
43
2/11/2011
75
4/27/2011
36
2/24/2011
60
4/25/2011
34
VALOR TOTAL

Liquidacion
TOTAL L/C
Dscto total
Portes

ITF
Liquidacion

S/. 47,253.00
S/. -1,073.37
-25
-25
S/. 46,129.63
2.36
S/. 46,127.27

Valor Liquido Descuento

S/. 14,217.87
S/. 337.13
S/. 6,792.30
S/. 152.70
S/. 10,124.98
S/. 265.02
S/. 6,515.52
S/. 142.48
S/. 8,528.96
S/. 176.04
S/. 46,179.63 S/. 1,073.37
S/. 47,253.00

Caso Factoring
TEA
Portes
ITF

FACT N~

23.50%
S/. 11.00
0.005%

Importe
Fecha de emision Plazo
1 S/. 25,400.00
26-Feb
90
2 S/. 17,600.00
3-Mar 120
Resultado

Caso 4 - Renovacion de pagare

Pagare
plazo
TEA
Portes

ITF

ITF

S/. 10,000.00
90 dias
19%
S/. 12.00

Liquidacion a los 90 dias

Pagare
S/. 10,000.00
Intereses
S/. 425.56 Adelantado
Portes
12
S/. 9,562.44
0.005%
S/. 0.48
S/. 9,561.96
cuanto me costo TCEA
Tasa total
Renovacion del pagare pr 60 dias:
30% Amortizacion
S/. 3,000.00 Nuevo Pagare
V.liquido
I Adelantado
Com.Renov =
2.50% Com.Renov
Liquidacion
Amortizacion
S/. 3,000.00
I adelantado
S/. 489.41
Com.Renov =
S/. 175.00
Portes
12
Total
S/. 3,676.41
0.01%
S/. 0.18
S/. 3,676.60
TCEA=
27.62%
Nuevo Pagare
Dia 90
S/. 6,323.59
dia 150 (90+60)
S/. 7,000.00

VA =
S/. 9,574.44
Valor Actual del pagare

TEM

4.44

20%

S/. 7,000.00
S/. 6,510.59
S/. 489.41
S/. 175.00

150 dias

S/. 400.03