Capital

Tasa
Plazo
Plazo

500,000,000
0.70% mensual
5 aos
60 Meses

VF

759,868,143

8.40% NA/MV
8.73% EA

Capital
Tasa
Plazo
Plazo
CUOTA MENSUAL

500,000,000
0.90% mensual
20 aos
240 Meses
5,093,060

Valor Apto
Capital

1,350,000,000
500,000,000

Tasa
Plazo
Periodo gracia
Periodo gracia
Cuota
Cuota anticipada

Monto A Financiar

1.18% mensual
20 aos
5 aos
60 meses
23,068,343
22,799,311

VF DEL CREDITO DESPUES DEL PERIODO DE GRACIA

$1,718,301,740.77 VP PARA CALCULAR LAS CUOTAS A PAGAR

850,000,000

15.12% EA
15
180
Periodo (Meses)
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
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63

64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100

101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137

138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174

175
176
177
178
179
180

240

Saldo Inicial

Cuota
$1,718,301,740.77
1,715,509,358.41
$1,712,684,025.94
$1,709,825,354.55
$1,706,932,950.84
$1,704,006,416.76
$1,701,045,349.58
$1,698,049,341.81
$1,695,017,981.14
$1,691,950,850.42
$1,688,847,527.56
$1,685,707,585.49
$1,682,530,592.10
$1,679,316,110.19
$1,676,063,697.39
$1,672,772,906.12
$1,669,443,283.52
$1,666,074,371.37
$1,662,665,706.05
$1,659,216,818.48
$1,655,727,234.04
$1,652,196,472.51
$1,648,624,047.99
$1,645,009,468.86
$1,641,352,237.69
$1,637,651,851.20

23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343

Interes
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

20,275,960.54
20,243,010.43
20,209,671.51
20,175,939.18
20,141,808.82
20,107,275.72
20,072,335.13
20,036,982.23
20,001,212.18
19,965,020.03
19,928,400.83
19,891,349.51
19,853,860.99
19,815,930.10
19,777,551.63
19,738,720.29
19,699,430.75
19,659,677.58
19,619,455.33
19,578,758.46
19,537,581.36
19,495,918.38
19,453,763.77
19,411,111.73
19,367,956.40
19,324,291.84

Amortizacin
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

2,792,382.36
2,825,332.47
2,858,671.39
2,892,403.71
2,926,534.08
2,961,067.18
2,996,007.77
3,031,360.66
3,067,130.72
3,103,322.86
3,139,942.07
3,176,993.39
3,214,481.91
3,252,412.80
3,290,791.27
3,329,622.61
3,368,912.15
3,408,665.32
3,448,887.57
3,489,584.44
3,530,761.54
3,572,424.52
3,614,579.13
3,657,231.16
3,700,386.49
3,744,051.05

Saldo Final
$1,718,301,740.77
$
1,715,509,358.41
$
1,712,684,025.94
$
1,709,825,354.55
$
1,706,932,950.84
$
1,704,006,416.76
$
1,701,045,349.58
$
1,698,049,341.81
$
1,695,017,981.14
$
1,691,950,850.42
$
1,688,847,527.56
$
1,685,707,585.49
$
1,682,530,592.10
$
1,679,316,110.19
$
1,676,063,697.39
$
1,672,772,906.12
$
1,669,443,283.52
$
1,666,074,371.37
$
1,662,665,706.05
$
1,659,216,818.48
$
1,655,727,234.04
$
1,652,196,472.51
$
1,648,624,047.99
$
1,645,009,468.86
$
1,641,352,237.69
$
1,637,651,851.20
$
1,633,907,800.15

$1,633,907,800.15
$1,630,119,569.29
$1,626,286,637.31
$1,622,408,476.73
$1,618,484,553.86
$1,614,514,328.70
$1,610,497,254.88
$1,606,432,779.59
$1,602,320,343.49
$1,598,159,380.65
$1,593,949,318.44
$1,589,689,577.50
$1,585,379,571.62
$1,581,018,707.67
$1,576,606,385.52
$1,572,141,997.97
$1,567,624,930.65
$1,563,054,561.93
$1,558,430,262.87
$1,553,751,397.07
$1,549,017,320.66
$1,544,227,382.15
$1,539,380,922.36
$1,534,477,274.35
$1,529,515,763.29
$1,524,495,706.39
$1,519,416,412.83
$1,514,277,183.61
$1,509,077,311.48
$1,503,816,080.85
$1,498,492,767.71
$1,493,106,639.47
$1,487,656,954.92
$1,482,142,964.09
$1,476,563,908.17
$1,470,919,019.39
$1,465,207,520.92

23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

19,280,112.04
19,235,410.92
19,190,182.32
19,144,420.03
19,098,117.74
19,051,269.08
19,003,867.61
18,955,906.80
18,907,380.05
18,858,280.69
18,808,601.96
18,758,337.01
18,707,478.95
18,656,020.75
18,603,955.35
18,551,275.58
18,497,974.18
18,444,043.83
18,389,477.10
18,334,266.49
18,278,404.38
18,221,883.11
18,164,694.88
18,106,831.84
18,048,286.01
17,989,049.34
17,929,113.67
17,868,470.77
17,807,112.28
17,745,029.75
17,682,214.66
17,618,658.35
17,554,352.07
17,489,286.98
17,423,454.12
17,356,844.43
17,289,448.75

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

3,788,230.86
3,832,931.98
3,878,160.58
3,923,922.87
3,970,225.16
4,017,073.82
4,064,475.29
4,112,436.10
4,160,962.84
4,210,062.21
4,259,740.94
4,310,005.88
4,360,863.95
4,412,322.15
4,464,387.55
4,517,067.32
4,570,368.72
4,624,299.07
4,678,865.80
4,734,076.41
4,789,938.51
4,846,459.79
4,903,648.01
4,961,511.06
5,020,056.89
5,079,293.56
5,139,229.23
5,199,872.13
5,261,230.62
5,323,313.14
5,386,128.24
5,449,684.55
5,513,990.83
5,579,055.92
5,644,888.78
5,711,498.47
5,778,894.15

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,630,119,569.29
1,626,286,637.31
1,622,408,476.73
1,618,484,553.86
1,614,514,328.70
1,610,497,254.88
1,606,432,779.59
1,602,320,343.49
1,598,159,380.65
1,593,949,318.44
1,589,689,577.50
1,585,379,571.62
1,581,018,707.67
1,576,606,385.52
1,572,141,997.97
1,567,624,930.65
1,563,054,561.93
1,558,430,262.87
1,553,751,397.07
1,549,017,320.66
1,544,227,382.15
1,539,380,922.36
1,534,477,274.35
1,529,515,763.29
1,524,495,706.39
1,519,416,412.83
1,514,277,183.61
1,509,077,311.48
1,503,816,080.85
1,498,492,767.71
1,493,106,639.47
1,487,656,954.92
1,482,142,964.09
1,476,563,908.17
1,470,919,019.39
1,465,207,520.92
1,459,428,626.77

$1,459,428,626.77
$1,453,581,541.67
$1,447,665,460.96
$1,441,679,570.50
$1,435,623,046.54
$1,429,495,055.59
$1,423,294,754.35
$1,417,021,289.55
$1,410,673,797.87
$1,404,251,405.79
$1,397,753,229.48
$1,391,178,374.69
$1,384,525,936.62
$1,377,794,999.77
$1,370,984,637.87
$1,364,093,913.70
$1,357,121,878.98
$1,350,067,574.26
$1,342,930,028.74
$1,335,708,260.18
$1,328,401,274.75
$1,321,008,066.90
$1,313,527,619.19
$1,305,958,902.20
$1,298,300,874.35
$1,290,552,481.77
$1,282,712,658.15
$1,274,780,324.62
$1,266,754,389.55
$1,258,633,748.45
$1,250,417,283.79
$1,242,103,864.84
$1,233,692,347.55
$1,225,181,574.35
$1,216,570,374.03
$1,207,857,561.55
$1,199,041,937.88

23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

17,221,257.80
17,152,262.19
17,082,452.44
17,011,818.93
16,940,351.95
16,868,041.66
16,794,878.10
16,720,851.22
16,645,950.81
16,570,166.59
16,493,488.11
16,415,904.82
16,337,406.05
16,257,981.00
16,177,618.73
16,096,308.18
16,014,038.17
15,930,797.38
15,846,574.34
15,761,357.47
15,675,135.04
15,587,895.19
15,499,625.91
15,410,315.05
15,319,950.32
15,228,519.28
15,136,009.37
15,042,407.83
14,947,701.80
14,851,878.23
14,754,923.95
14,656,825.61
14,557,569.70
14,457,142.58
14,355,530.41
14,252,719.23
14,148,694.87

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

5,847,085.10
5,916,080.71
5,985,890.46
6,056,523.97
6,127,990.95
6,200,301.24
6,273,464.80
6,347,491.68
6,422,392.08
6,498,176.31
6,574,854.79
6,652,438.08
6,730,936.85
6,810,361.90
6,890,724.17
6,972,034.72
7,054,304.73
7,137,545.52
7,221,768.56
7,306,985.43
7,393,207.86
7,480,447.71
7,568,716.99
7,658,027.85
7,748,392.58
7,839,823.61
7,932,333.53
8,025,935.07
8,120,641.10
8,216,464.67
8,313,418.95
8,411,517.29
8,510,773.20
8,611,200.32
8,712,812.48
8,815,623.67
8,919,648.03

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,453,581,541.67
1,447,665,460.96
1,441,679,570.50
1,435,623,046.54
1,429,495,055.59
1,423,294,754.35
1,417,021,289.55
1,410,673,797.87
1,404,251,405.79
1,397,753,229.48
1,391,178,374.69
1,384,525,936.62
1,377,794,999.77
1,370,984,637.87
1,364,093,913.70
1,357,121,878.98
1,350,067,574.26
1,342,930,028.74
1,335,708,260.18
1,328,401,274.75
1,321,008,066.90
1,313,527,619.19
1,305,958,902.20
1,298,300,874.35
1,290,552,481.77
1,282,712,658.15
1,274,780,324.62
1,266,754,389.55
1,258,633,748.45
1,250,417,283.79
1,242,103,864.84
1,233,692,347.55
1,225,181,574.35
1,216,570,374.03
1,207,857,561.55
1,199,041,937.88
1,190,122,289.85

$1,190,122,289.85
$1,181,097,389.97
$1,171,965,996.27
$1,162,726,852.13
$1,153,378,686.09
$1,143,920,211.69
$1,134,350,127.29
$1,124,667,115.89
$1,114,869,844.96
$1,104,956,966.24
$1,094,927,115.54
$1,084,778,912.61
$1,074,510,960.88
$1,064,121,847.32
$1,053,610,142.22
$1,042,974,399.00
$1,032,213,154.01
$1,021,324,926.33
$1,010,308,217.56
$999,161,511.63
$987,883,274.57
$976,471,954.32
$964,925,980.48
$953,243,764.15
$941,423,697.67
$929,464,154.41
$917,363,488.53
$905,120,034.80
$892,732,108.31
$880,198,004.29
$867,515,997.85
$854,684,343.72
$841,701,276.08
$828,565,008.24
$815,273,732.44
$801,825,619.59
$788,218,819.00

23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

14,043,443.02
13,936,949.20
13,829,198.76
13,720,176.86
13,609,868.50
13,498,258.50
13,385,331.50
13,271,071.97
13,155,464.17
13,038,492.20
12,920,139.96
12,800,391.17
12,679,229.34
12,556,637.80
12,432,599.68
12,307,097.91
12,180,115.22
12,051,634.13
11,921,636.97
11,790,105.84
11,657,022.64
11,522,369.06
11,386,126.57
11,248,276.42
11,108,799.63
10,967,677.02
10,824,889.16
10,680,416.41
10,534,238.88
10,386,336.45
10,236,688.77
10,085,275.26
9,932,075.06
9,777,067.10
9,620,230.04
9,461,542.31
9,300,982.06

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

9,024,899.88
9,131,393.70
9,239,144.14
9,348,166.04
9,458,474.40
9,570,084.40
9,683,011.40
9,797,270.93
9,912,878.73
10,029,850.70
10,148,202.93
10,267,951.73
10,389,113.56
10,511,705.10
10,635,743.22
10,761,244.99
10,888,227.68
11,016,708.77
11,146,705.93
11,278,237.06
11,411,320.26
11,545,973.84
11,682,216.33
11,820,066.48
11,959,543.26
12,100,665.88
12,243,453.73
12,387,926.49
12,534,104.02
12,682,006.45
12,831,654.12
12,983,067.64
13,136,267.84
13,291,275.80
13,448,112.85
13,606,800.59
13,767,360.83

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,181,097,389.97
1,171,965,996.27
1,162,726,852.13
1,153,378,686.09
1,143,920,211.69
1,134,350,127.29
1,124,667,115.89
1,114,869,844.96
1,104,956,966.24
1,094,927,115.54
1,084,778,912.61
1,074,510,960.88
1,064,121,847.32
1,053,610,142.22
1,042,974,399.00
1,032,213,154.01
1,021,324,926.33
1,010,308,217.56
999,161,511.63
987,883,274.57
976,471,954.32
964,925,980.48
953,243,764.15
941,423,697.67
929,464,154.41
917,363,488.53
905,120,034.80
892,732,108.31
880,198,004.29
867,515,997.85
854,684,343.72
841,701,276.08
828,565,008.24
815,273,732.44
801,825,619.59
788,218,819.00
774,451,458.17

$774,451,458.17
$760,521,642.48
$746,427,454.96
$732,166,956.03
$717,738,183.21
$703,139,150.88
$688,367,849.96
$673,422,247.69
$658,300,287.32
$642,999,887.81
$627,518,943.59
$611,855,324.23
$596,006,874.16
$579,971,412.37
$563,746,732.14
$547,330,600.68
$530,720,758.88
$513,914,920.93
$496,910,774.10
$479,705,978.34
$462,298,165.99
$444,684,941.45
$426,863,880.86
$408,832,531.76
$390,588,412.73
$372,129,013.11
$353,451,792.56
$334,554,180.82
$315,433,577.25
$296,087,350.57
$276,512,838.41
$256,707,347.00
$236,668,150.80
$216,392,492.08
$195,877,580.59
$175,120,593.15
$154,118,673.25

23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

9,138,527.21
8,974,155.38
8,807,843.97
8,639,570.08
8,469,310.56
8,297,041.98
8,122,740.63
7,946,382.52
7,767,943.39
7,587,398.68
7,404,723.53
7,219,892.83
7,032,881.12
6,843,662.67
6,652,211.44
6,458,501.09
6,262,504.95
6,064,196.07
5,863,547.13
5,660,530.54
5,455,118.36
5,247,282.31
5,036,993.79
4,824,223.87
4,608,943.27
4,391,122.35
4,170,731.15
3,947,739.33
3,722,116.21
3,493,830.74
3,262,851.49
3,029,146.69
2,792,684.18
2,553,431.41
2,311,355.45
2,066,423.00
1,818,600.34

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

13,929,815.69
14,094,187.52
14,260,498.93
14,428,772.82
14,599,032.34
14,771,300.92
14,945,602.27
15,121,960.37
15,300,399.51
15,480,944.22
15,663,619.36
15,848,450.07
16,035,461.78
16,224,680.23
16,416,131.46
16,609,841.81
16,805,837.94
17,004,146.83
17,204,795.76
17,407,812.35
17,613,224.54
17,821,060.59
18,031,349.10
18,244,119.02
18,459,399.63
18,677,220.54
18,897,611.75
19,120,603.56
19,346,226.69
19,574,512.16
19,805,491.40
20,039,196.20
20,275,658.72
20,514,911.49
20,756,987.45
21,001,919.90
21,249,742.55

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

760,521,642.48
746,427,454.96
732,166,956.03
717,738,183.21
703,139,150.88
688,367,849.96
673,422,247.69
658,300,287.32
642,999,887.81
627,518,943.59
611,855,324.23
596,006,874.16
579,971,412.37
563,746,732.14
547,330,600.68
530,720,758.88
513,914,920.93
496,910,774.10
479,705,978.34
462,298,165.99
444,684,941.45
426,863,880.86
408,832,531.76
390,588,412.73
372,129,013.11
353,451,792.56
334,554,180.82
315,433,577.25
296,087,350.57
276,512,838.41
256,707,347.00
236,668,150.80
216,392,492.08
195,877,580.59
175,120,593.15
154,118,673.25
132,868,930.69

$132,868,930.69
$111,368,441.18
$89,614,245.89
$67,603,351.09
$45,332,727.74
$22,799,311.03

23,068,343
23,068,343
23,068,343
23,068,343
23,068,343
23,068,343

$
$
$
$
$
$

1,567,853.38
1,314,147.61
1,057,448.10
797,719.54
534,926.19
269,031.87

$
$
$
$
$
$

21,500,489.52 $
21,754,195.29 $
22,010,894.80 $
22,270,623.35 $
22,533,416.71 $
22,799,311.03 -$

111,368,441.18
89,614,245.89
67,603,351.09
45,332,727.74
22,799,311.03
0.00

Periodo (Meses)

Saldo Inicial
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

$1,695,502,429.74
1,692,710,047.38
$1,689,884,714.91
$1,687,026,043.52
$1,684,133,639.81
$1,681,207,105.73
$1,678,246,038.55
$1,675,250,030.78
$1,672,218,670.11
$1,669,151,539.39
$1,666,048,216.53
$1,662,908,274.46
$1,659,731,281.07
$1,656,516,799.16
$1,653,264,386.36
$1,649,973,595.10
$1,646,643,972.49
$1,643,275,060.34
$1,639,866,395.02
$1,636,417,507.46
$1,632,927,923.02
$1,629,397,161.48
$1,625,824,736.96
$1,622,210,157.83
$1,618,552,926.66
$1,614,852,540.17

Cuota

Interes
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

20,006,928.67
19,973,978.56
19,940,639.64
19,906,907.31
19,872,776.95
19,838,243.85
19,803,303.25
19,767,950.36
19,732,180.31
19,695,988.16
19,659,368.96
19,622,317.64
19,584,829.12
19,546,898.23
19,508,519.76
19,469,688.42
19,430,398.88
19,390,645.71
19,350,423.46
19,309,726.59
19,268,549.49
19,226,886.51
19,184,731.90
19,142,079.86
19,098,924.53
19,055,259.97

27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63

$1,611,108,489.12
$1,607,320,258.26
$1,603,487,326.28
$1,599,609,165.71
$1,595,685,242.83
$1,591,715,017.67
$1,587,697,943.85
$1,583,633,468.56
$1,579,521,032.46
$1,575,360,069.62
$1,571,150,007.41
$1,566,890,266.48
$1,562,580,260.59
$1,558,219,396.64
$1,553,807,074.49
$1,549,342,686.94
$1,544,825,619.62
$1,540,255,250.91
$1,535,630,951.84
$1,530,952,086.05
$1,526,218,009.63
$1,521,428,071.12
$1,516,581,611.33
$1,511,677,963.32
$1,506,716,452.26
$1,501,696,395.37
$1,496,617,101.81
$1,491,477,872.58
$1,486,278,000.45
$1,481,016,769.83
$1,475,693,456.68
$1,470,307,328.44
$1,464,857,643.89
$1,459,343,653.06
$1,453,764,597.14
$1,448,119,708.36
$1,442,408,209.89

22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

19,011,080.17
18,966,379.05
18,921,150.45
18,875,388.16
18,829,085.87
18,782,237.21
18,734,835.74
18,686,874.93
18,638,348.18
18,589,248.82
18,539,570.09
18,489,305.14
18,438,447.07
18,386,988.88
18,334,923.48
18,282,243.71
18,228,942.31
18,175,011.96
18,120,445.23
18,065,234.62
18,009,372.51
17,952,851.24
17,895,663.01
17,837,799.97
17,779,254.14
17,720,017.47
17,660,081.80
17,599,438.90
17,538,080.41
17,475,997.88
17,413,182.79
17,349,626.48
17,285,320.20
17,220,255.11
17,154,422.25
17,087,812.56
17,020,416.88

64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100

$1,436,629,315.74
$1,430,782,230.64
$1,424,866,149.94
$1,418,880,259.48
$1,412,823,735.51
$1,406,695,744.56
$1,400,495,443.32
$1,394,221,978.53
$1,387,874,486.85
$1,381,452,094.76
$1,374,953,918.45
$1,368,379,063.66
$1,361,726,625.59
$1,354,995,688.74
$1,348,185,326.84
$1,341,294,602.67
$1,334,322,567.96
$1,327,268,263.23
$1,320,130,717.71
$1,312,908,949.15
$1,305,601,963.72
$1,298,208,755.87
$1,290,728,308.16
$1,283,159,591.17
$1,275,501,563.32
$1,267,753,170.74
$1,259,913,347.13
$1,251,981,013.59
$1,243,955,078.53
$1,235,834,437.43
$1,227,617,972.76
$1,219,304,553.81
$1,210,893,036.52
$1,202,382,263.32
$1,193,771,063.00
$1,185,058,250.52
$1,176,242,626.85

22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

16,952,225.93
16,883,230.32
16,813,420.57
16,742,787.06
16,671,320.08
16,599,009.79
16,525,846.23
16,451,819.35
16,376,918.94
16,301,134.72
16,224,456.24
16,146,872.95
16,068,374.18
15,988,949.13
15,908,586.86
15,827,276.31
15,745,006.30
15,661,765.51
15,577,542.47
15,492,325.60
15,406,103.17
15,318,863.32
15,230,594.04
15,141,283.18
15,050,918.45
14,959,487.41
14,866,977.50
14,773,375.96
14,678,669.93
14,582,846.36
14,485,892.08
14,387,793.73
14,288,537.83
14,188,110.71
14,086,498.54
13,983,687.36
13,879,663.00

101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137

$1,167,322,978.82
$1,158,298,078.94
$1,149,166,685.25
$1,139,927,541.10
$1,130,579,375.06
$1,121,120,900.66
$1,111,550,816.26
$1,101,867,804.87
$1,092,070,533.94
$1,082,157,655.21
$1,072,127,804.51
$1,061,979,601.58
$1,051,711,649.85
$1,041,322,536.29
$1,030,810,831.19
$1,020,175,087.97
$1,009,413,842.98
$998,525,615.30
$987,508,906.54
$976,362,200.61
$965,083,963.55
$953,672,643.29
$942,126,669.45
$930,444,453.12
$918,624,386.64
$906,664,843.38
$894,564,177.50
$882,320,723.77
$869,932,797.28
$857,398,693.26
$844,716,686.82
$831,885,032.70
$818,901,965.05
$805,765,697.21
$792,474,421.41
$779,026,308.56
$765,419,507.97

22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

13,774,411.15
13,667,917.33
13,560,166.89
13,451,144.99
13,340,836.63
13,229,226.63
13,116,299.63
13,002,040.10
12,886,432.30
12,769,460.33
12,651,108.09
12,531,359.30
12,410,197.47
12,287,605.93
12,163,567.81
12,038,066.04
11,911,083.35
11,782,602.26
11,652,605.10
11,521,073.97
11,387,990.77
11,253,337.19
11,117,094.70
10,979,244.55
10,839,767.76
10,698,645.15
10,555,857.29
10,411,384.54
10,265,207.01
10,117,304.58
9,967,656.90
9,816,243.39
9,663,043.19
9,508,035.23
9,351,198.17
9,192,510.44
9,031,950.19

138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174

$751,652,147.14
$737,722,331.45
$723,628,143.93
$709,367,645.00
$694,938,872.19
$680,339,839.85
$665,568,538.93
$650,622,936.67
$635,500,976.29
$620,200,576.79
$604,719,632.56
$589,056,013.20
$573,207,563.13
$557,172,101.35
$540,947,421.12
$524,531,289.66
$507,921,447.85
$491,115,609.91
$474,111,463.08
$456,906,667.31
$439,498,854.96
$421,885,630.42
$404,064,569.83
$386,033,220.73
$367,789,101.71
$349,329,702.08
$330,652,481.54
$311,754,869.79
$292,634,266.23
$273,288,039.54
$253,713,527.38
$233,908,035.98
$213,868,839.77
$193,593,181.06
$173,078,269.57
$152,321,282.12
$131,319,362.22

22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311
22,799,311

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

8,869,495.34
8,705,123.51
8,538,812.10
8,370,538.21
8,200,278.69
8,028,010.11
7,853,708.76
7,677,350.65
7,498,911.52
7,318,366.81
7,135,691.66
6,950,860.96
6,763,849.24
6,574,630.80
6,383,179.57
6,189,469.22
5,993,473.08
5,795,164.20
5,594,515.26
5,391,498.67
5,186,086.49
4,978,250.44
4,767,961.92
4,555,192.00
4,339,911.40
4,122,090.48
3,901,699.28
3,678,707.46
3,453,084.34
3,224,798.87
2,993,819.62
2,760,114.82
2,523,652.31
2,284,399.54
2,042,323.58
1,797,391.13
1,549,568.47

175
176
177
178
179
180

$110,069,619.67
$88,569,130.15
$66,814,934.86
$44,804,040.06
$22,533,416.71

22,799,311
22,799,311
22,799,311
22,799,311
22,799,311

$
$
$
$
$

1,298,821.51
1,045,115.74
788,416.23
528,687.67
265,894.32

Amortizacin
Saldo Final
22,799,311
$1,695,502,429.74
$
2,792,382.36 $
1,692,710,047.38
$
2,825,332.47 $
1,689,884,714.91
$
2,858,671.39 $
1,687,026,043.52
$
2,892,403.71 $
1,684,133,639.81
$
2,926,534.08 $
1,681,207,105.73
$
2,961,067.18 $
1,678,246,038.55
$
2,996,007.77 $
1,675,250,030.78
$
3,031,360.66 $
1,672,218,670.11
$
3,067,130.72 $
1,669,151,539.39
$
3,103,322.86 $
1,666,048,216.53
$
3,139,942.07 $
1,662,908,274.46
$
3,176,993.39 $
1,659,731,281.07
$
3,214,481.91 $
1,656,516,799.16
$
3,252,412.80 $
1,653,264,386.36
$
3,290,791.27 $
1,649,973,595.10
$
3,329,622.61 $
1,646,643,972.49
$
3,368,912.15 $
1,643,275,060.34
$
3,408,665.32 $
1,639,866,395.02
$
3,448,887.57 $
1,636,417,507.46
$
3,489,584.44 $
1,632,927,923.02
$
3,530,761.54 $
1,629,397,161.48
$
3,572,424.52 $
1,625,824,736.96
$
3,614,579.13 $
1,622,210,157.83
$
3,657,231.16 $
1,618,552,926.66
$
3,700,386.49 $
1,614,852,540.17
$
3,744,051.05 $
1,611,108,489.12

Periodo (Meses)
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

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

3,788,230.86
3,832,931.98
3,878,160.58
3,923,922.87
3,970,225.16
4,017,073.82
4,064,475.29
4,112,436.10
4,160,962.84
4,210,062.21
4,259,740.94
4,310,005.88
4,360,863.95
4,412,322.15
4,464,387.55
4,517,067.32
4,570,368.72
4,624,299.07
4,678,865.80
4,734,076.41
4,789,938.51
4,846,459.79
4,903,648.01
4,961,511.06
5,020,056.89
5,079,293.56
5,139,229.23
5,199,872.13
5,261,230.62
5,323,313.14
5,386,128.24
5,449,684.55
5,513,990.83
5,579,055.92
5,644,888.78
5,711,498.47
5,778,894.15

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,607,320,258.26
1,603,487,326.28
1,599,609,165.71
1,595,685,242.83
1,591,715,017.67
1,587,697,943.85
1,583,633,468.56
1,579,521,032.46
1,575,360,069.62
1,571,150,007.41
1,566,890,266.48
1,562,580,260.59
1,558,219,396.64
1,553,807,074.49
1,549,342,686.94
1,544,825,619.62
1,540,255,250.91
1,535,630,951.84
1,530,952,086.05
1,526,218,009.63
1,521,428,071.12
1,516,581,611.33
1,511,677,963.32
1,506,716,452.26
1,501,696,395.37
1,496,617,101.81
1,491,477,872.58
1,486,278,000.45
1,481,016,769.83
1,475,693,456.68
1,470,307,328.44
1,464,857,643.89
1,459,343,653.06
1,453,764,597.14
1,448,119,708.36
1,442,408,209.89
1,436,629,315.74

27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

5,847,085.10
5,916,080.71
5,985,890.46
6,056,523.97
6,127,990.95
6,200,301.24
6,273,464.80
6,347,491.68
6,422,392.08
6,498,176.31
6,574,854.79
6,652,438.08
6,730,936.85
6,810,361.90
6,890,724.17
6,972,034.72
7,054,304.73
7,137,545.52
7,221,768.56
7,306,985.43
7,393,207.86
7,480,447.71
7,568,716.99
7,658,027.85
7,748,392.58
7,839,823.61
7,932,333.53
8,025,935.07
8,120,641.10
8,216,464.67
8,313,418.95
8,411,517.29
8,510,773.20
8,611,200.32
8,712,812.48
8,815,623.67
8,919,648.03

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,430,782,230.64
1,424,866,149.94
1,418,880,259.48
1,412,823,735.51
1,406,695,744.56
1,400,495,443.32
1,394,221,978.53
1,387,874,486.85
1,381,452,094.76
1,374,953,918.45
1,368,379,063.66
1,361,726,625.59
1,354,995,688.74
1,348,185,326.84
1,341,294,602.67
1,334,322,567.96
1,327,268,263.23
1,320,130,717.71
1,312,908,949.15
1,305,601,963.72
1,298,208,755.87
1,290,728,308.16
1,283,159,591.17
1,275,501,563.32
1,267,753,170.74
1,259,913,347.13
1,251,981,013.59
1,243,955,078.53
1,235,834,437.43
1,227,617,972.76
1,219,304,553.81
1,210,893,036.52
1,202,382,263.32
1,193,771,063.00
1,185,058,250.52
1,176,242,626.85
1,167,322,978.82

64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

9,024,899.88
9,131,393.70
9,239,144.14
9,348,166.04
9,458,474.40
9,570,084.40
9,683,011.40
9,797,270.93
9,912,878.73
10,029,850.70
10,148,202.93
10,267,951.73
10,389,113.56
10,511,705.10
10,635,743.22
10,761,244.99
10,888,227.68
11,016,708.77
11,146,705.93
11,278,237.06
11,411,320.26
11,545,973.84
11,682,216.33
11,820,066.48
11,959,543.26
12,100,665.88
12,243,453.73
12,387,926.49
12,534,104.02
12,682,006.45
12,831,654.12
12,983,067.64
13,136,267.84
13,291,275.80
13,448,112.85
13,606,800.59
13,767,360.83

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,158,298,078.94
1,149,166,685.25
1,139,927,541.10
1,130,579,375.06
1,121,120,900.66
1,111,550,816.26
1,101,867,804.87
1,092,070,533.94
1,082,157,655.21
1,072,127,804.51
1,061,979,601.58
1,051,711,649.85
1,041,322,536.29
1,030,810,831.19
1,020,175,087.97
1,009,413,842.98
998,525,615.30
987,508,906.54
976,362,200.61
965,083,963.55
953,672,643.29
942,126,669.45
930,444,453.12
918,624,386.64
906,664,843.38
894,564,177.50
882,320,723.77
869,932,797.28
857,398,693.26
844,716,686.82
831,885,032.70
818,901,965.05
805,765,697.21
792,474,421.41
779,026,308.56
765,419,507.97
751,652,147.14

101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

13,929,815.69
14,094,187.52
14,260,498.93
14,428,772.82
14,599,032.34
14,771,300.92
14,945,602.27
15,121,960.37
15,300,399.51
15,480,944.22
15,663,619.36
15,848,450.07
16,035,461.78
16,224,680.23
16,416,131.46
16,609,841.81
16,805,837.94
17,004,146.83
17,204,795.76
17,407,812.35
17,613,224.54
17,821,060.59
18,031,349.10
18,244,119.02
18,459,399.63
18,677,220.54
18,897,611.75
19,120,603.56
19,346,226.69
19,574,512.16
19,805,491.40
20,039,196.20
20,275,658.72
20,514,911.49
20,756,987.45
21,001,919.90
21,249,742.55

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

737,722,331.45
723,628,143.93
709,367,645.00
694,938,872.19
680,339,839.85
665,568,538.93
650,622,936.67
635,500,976.29
620,200,576.79
604,719,632.56
589,056,013.20
573,207,563.13
557,172,101.35
540,947,421.12
524,531,289.66
507,921,447.85
491,115,609.91
474,111,463.08
456,906,667.31
439,498,854.96
421,885,630.42
404,064,569.83
386,033,220.73
367,789,101.71
349,329,702.08
330,652,481.54
311,754,869.79
292,634,266.23
273,288,039.54
253,713,527.38
233,908,035.98
213,868,839.77
193,593,181.06
173,078,269.57
152,321,282.12
131,319,362.22
110,069,619.67

138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174

$
$
$
$
$

21,500,489.52 $
21,754,195.29 $
22,010,894.80 $
22,270,623.35 $
22,533,416.71 -$

88,569,130.15
66,814,934.86
44,804,040.06
22,533,416.71
0.00

175
176
177
178
179
180

Saldo Inicial

$1,718,301,740.77
1,721,955,352.98
$1,725,568,966.07
$1,729,141,692.50
$1,732,672,632.16
$1,736,160,872.25
$1,739,605,487.09
$1,743,005,537.97
$1,746,360,072.97
$1,749,668,126.84
$1,752,928,720.77
$1,756,140,862.26
$1,759,303,544.93
$1,762,415,748.36
$1,765,476,437.89
$1,768,484,564.48
$1,771,439,064.49
$1,774,338,859.51
$1,777,182,856.18
$1,779,969,946.00
$1,782,699,005.15
$1,785,368,894.26
$1,787,978,458.26
$1,790,526,526.18
$1,793,011,910.90
$1,795,433,409.03

Cuota
16,622,348
16,705,460
16,788,987
16,872,932
16,957,297
17,042,083
17,127,294
17,212,930
17,298,995
17,385,490
17,472,417
17,559,780
17,647,578
17,735,816
17,824,495
17,913,618
18,003,186
18,093,202
18,183,668
18,274,586
18,365,959
18,457,789
18,550,078
18,642,828
18,736,042
18,829,723

Interes
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

20,275,960.54
20,319,073.17
20,361,713.80
20,403,871.97
20,445,537.06
20,486,698.29
20,527,344.75
20,567,465.35
20,607,048.86
20,646,083.90
20,684,558.91
20,722,462.17
20,759,781.83
20,796,505.83
20,832,621.97
20,868,117.86
20,902,980.96
20,937,198.54
20,970,757.70
21,003,645.36
21,035,848.26
21,067,352.95
21,098,145.81
21,128,213.01
21,157,540.55
21,186,114.23

Amortizacin
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$

3,653,612.21
3,613,613.09
3,572,726.43
3,530,939.66
3,488,240.09
3,444,614.84
3,400,050.88
3,354,535.01
3,308,053.87
3,260,593.93
3,212,141.49
3,162,682.67
3,112,203.43
3,060,689.54
3,008,126.59
2,954,500.01
2,899,795.02
2,843,996.67
2,787,089.82
2,729,059.14
2,669,889.11
2,609,564.01
2,548,067.92
2,485,384.73
2,421,498.13
2,356,391.59

Saldo Final
$1,718,301,740.77
$
1,721,955,352.98
$
1,725,568,966.07
$
1,729,141,692.50
$
1,732,672,632.16
$
1,736,160,872.25
$
1,739,605,487.09
$
1,743,005,537.97
$
1,746,360,072.97
$
1,749,668,126.84
$
1,752,928,720.77
$
1,756,140,862.26
$
1,759,303,544.93
$
1,762,415,748.36
$
1,765,476,437.89
$
1,768,484,564.48
$
1,771,439,064.49
$
1,774,338,859.51
$
1,777,182,856.18
$
1,779,969,946.00
$
1,782,699,005.15
$
1,785,368,894.26
$
1,787,978,458.26
$
1,790,526,526.18
$
1,793,011,910.90
$
1,795,433,409.03
$
1,797,789,800.62

$1,797,789,800.62
$1,800,079,849.02
$1,802,302,300.63
$1,804,455,884.73
$1,806,539,313.19
$1,808,551,280.36
$1,810,490,462.76
$1,812,355,518.89
$1,814,145,089.03
$1,815,857,794.98
$1,817,492,239.82
$1,819,047,007.73
$1,820,520,663.70
$1,821,911,753.31
$1,823,218,802.51
$1,824,440,317.34
$1,825,574,783.71
$1,826,620,667.14
$1,827,576,412.50
$1,828,440,443.76
$1,829,211,163.74
$1,829,886,953.83
$1,830,466,173.73
$1,830,947,161.19
$1,831,328,231.74
$1,831,607,678.40
$1,831,783,771.39
$1,831,854,757.89
$1,831,818,861.72
$1,831,674,283.07
$1,831,419,198.18
$1,831,051,759.08
$1,830,570,093.27
$1,829,972,303.43
$1,829,256,467.07
$1,828,420,636.31
$1,827,462,837.45

18,923,871
19,018,491
19,113,583
19,209,151
19,305,197
19,401,723
19,498,731
19,596,225
19,694,206
19,792,677
19,891,641
19,991,099
20,091,054
20,191,509
20,292,467
20,393,929
20,495,899
20,598,379
20,701,370
20,804,877
20,908,902
21,013,446
21,118,513
21,224,106
21,330,226
21,436,878
21,544,062
21,651,782
21,760,041
21,868,841
21,978,186
22,088,077
22,198,517
22,309,510
22,421,057
22,533,162
22,645,828

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

21,213,919.65
21,240,942.22
21,267,167.15
21,292,579.44
21,317,163.90
21,340,905.11
21,363,787.46
21,385,795.12
21,406,912.05
21,427,121.98
21,446,408.43
21,464,754.69
21,482,143.83
21,498,558.69
21,513,981.87
21,528,395.74
21,541,782.45
21,554,123.87
21,565,401.67
21,575,597.24
21,584,691.73
21,592,666.06
21,599,500.85
21,605,176.50
21,609,673.13
21,612,970.61
21,615,048.50
21,615,886.14
21,615,462.57
21,613,756.54
21,610,746.54
21,606,410.76
21,600,727.10
21,593,673.18
21,585,226.31
21,575,363.51
21,564,061.48

-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
$
$
$
$
$
$
$
$
$
$

2,290,048.40
2,222,451.61
2,153,584.09
2,083,428.47
2,011,967.17
1,939,182.40
1,865,056.14
1,789,570.14
1,712,705.94
1,634,444.84
1,554,767.91
1,473,655.97
1,391,089.61
1,307,049.20
1,221,514.83
1,134,466.37
1,045,883.43
955,745.36
864,031.26
770,719.98
675,790.09
579,219.90
480,987.47
381,070.55
279,446.65
176,092.99
70,986.50
35,896.17
144,578.65
255,084.89
367,439.10
481,665.81
597,789.85
715,836.35
835,830.77
957,798.86
1,081,766.69

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,800,079,849.02
1,802,302,300.63
1,804,455,884.73
1,806,539,313.19
1,808,551,280.36
1,810,490,462.76
1,812,355,518.89
1,814,145,089.03
1,815,857,794.98
1,817,492,239.82
1,819,047,007.73
1,820,520,663.70
1,821,911,753.31
1,823,218,802.51
1,824,440,317.34
1,825,574,783.71
1,826,620,667.14
1,827,576,412.50
1,828,440,443.76
1,829,211,163.74
1,829,886,953.83
1,830,466,173.73
1,830,947,161.19
1,831,328,231.74
1,831,607,678.40
1,831,783,771.39
1,831,854,757.89
1,831,818,861.72
1,831,674,283.07
1,831,419,198.18
1,831,051,759.08
1,830,570,093.27
1,829,972,303.43
1,829,256,467.07
1,828,420,636.31
1,827,462,837.45
1,826,381,070.75

$1,826,381,070.75
$1,825,173,310.07
$1,823,837,502.53
$1,822,371,568.19
$1,820,773,399.74
$1,819,040,862.14
$1,817,171,792.28
$1,815,163,998.63
$1,813,015,260.92
$1,810,723,329.73
$1,808,285,926.21
$1,805,700,741.62
$1,802,965,437.06
$1,800,077,643.05
$1,797,034,959.13
$1,793,834,953.55
$1,790,475,162.80
$1,786,953,091.31
$1,783,266,210.99
$1,779,411,960.84
$1,775,387,746.58
$1,771,190,940.22
$1,766,818,879.64
$1,762,268,868.17
$1,757,538,174.19
$1,752,624,030.69
$1,747,523,634.83
$1,742,234,147.50
$1,736,752,692.89
$1,731,076,358.03
$1,725,202,192.34
$1,719,127,207.15
$1,712,848,375.28
$1,706,362,630.54
$1,699,666,867.22
$1,692,757,939.69
$1,685,632,661.83

22,759,057
22,872,853
22,987,217
23,102,153
23,217,664
23,333,752
23,450,421
23,567,673
23,685,511
23,803,939
23,922,959
24,042,573
24,162,786
24,283,600
24,405,018
24,527,043
24,649,678
24,772,927
24,896,791
25,021,275
25,146,382
25,272,114
25,398,474
25,525,467
25,653,094
25,781,359
25,910,266
26,039,818
26,170,017
26,300,867
26,432,371
26,564,533
26,697,356
26,830,842
26,964,997
27,099,822
27,235,321

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

21,551,296.63
21,537,045.06
21,521,282.53
21,503,984.50
21,485,126.12
21,464,682.17
21,442,627.15
21,418,935.18
21,393,580.08
21,366,535.29
21,337,773.93
21,307,268.75
21,274,992.16
21,240,916.19
21,205,012.52
21,167,252.45
21,127,606.92
21,086,046.48
21,042,541.29
20,997,061.14
20,949,575.41
20,900,053.09
20,848,462.78
20,794,772.64
20,738,950.46
20,680,963.56
20,620,778.89
20,558,362.94
20,493,681.78
20,426,701.02
20,357,385.87
20,285,701.04
20,211,610.83
20,135,079.04
20,056,069.03
19,974,543.69
19,890,465.41

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,207,760.68
1,335,807.55
1,465,934.34
1,598,168.45
1,732,537.60
1,869,069.86
2,007,793.65
2,148,737.72
2,291,931.18
2,437,403.53
2,585,184.58
2,735,304.56
2,887,794.02
3,042,683.92
3,200,005.59
3,359,790.74
3,522,071.49
3,686,880.33
3,854,250.15
4,024,214.26
4,196,806.36
4,372,060.59
4,550,011.47
4,730,693.98
4,914,143.50
5,100,395.86
5,289,487.33
5,481,454.61
5,676,334.86
5,874,165.70
6,074,985.19
6,278,831.87
6,485,744.75
6,695,763.31
6,908,927.53
7,125,277.86
7,344,855.25

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,825,173,310.07
1,823,837,502.53
1,822,371,568.19
1,820,773,399.74
1,819,040,862.14
1,817,171,792.28
1,815,163,998.63
1,813,015,260.92
1,810,723,329.73
1,808,285,926.21
1,805,700,741.62
1,802,965,437.06
1,800,077,643.05
1,797,034,959.13
1,793,834,953.55
1,790,475,162.80
1,786,953,091.31
1,783,266,210.99
1,779,411,960.84
1,775,387,746.58
1,771,190,940.22
1,766,818,879.64
1,762,268,868.17
1,757,538,174.19
1,752,624,030.69
1,747,523,634.83
1,742,234,147.50
1,736,752,692.89
1,731,076,358.03
1,725,202,192.34
1,719,127,207.15
1,712,848,375.28
1,706,362,630.54
1,699,666,867.22
1,692,757,939.69
1,685,632,661.83
1,678,287,806.59

$1,678,287,806.59
$1,670,720,105.45
$1,662,926,247.94
$1,654,902,881.15
$1,646,646,609.15
$1,638,153,992.50
$1,629,421,547.75
$1,620,445,746.84
$1,611,223,016.60
$1,601,749,738.20
$1,592,022,246.56
$1,582,036,829.83
$1,571,789,728.78
$1,561,277,136.26
$1,550,495,196.60
$1,539,440,004.99
$1,528,107,606.95
$1,516,493,997.67
$1,504,595,121.40
$1,492,406,870.86
$1,479,925,086.60
$1,467,145,556.36
$1,454,064,014.43
$1,440,676,141.01
$1,426,977,561.54
$1,412,963,846.04
$1,398,630,508.45
$1,383,973,005.91
$1,368,986,738.14
$1,353,667,046.66
$1,338,009,214.14
$1,322,008,463.68
$1,305,659,958.07
$1,288,958,799.07
$1,271,900,026.65
$1,254,478,618.30
$1,236,689,488.18

27,371,497
27,508,355
27,645,897
27,784,126
27,923,047
28,062,662
28,202,975
28,343,990
28,485,710
28,628,139
28,771,279
28,915,136
29,059,711
29,205,010
29,351,035
29,497,790
29,645,279
29,793,505
29,942,473
30,092,185
30,242,646
30,393,859
30,545,829
30,698,558
30,852,051
31,006,311
31,161,343
31,317,149
31,473,735
31,631,104
31,789,259
31,948,205
32,107,947
32,268,486
32,429,829
32,591,978
32,754,938

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

19,803,796.12
19,714,497.24
19,622,529.73
19,527,854.00
19,430,429.99
19,330,217.11
19,227,174.26
19,121,259.81
19,012,431.60
18,900,646.91
18,785,862.51
18,668,034.59
18,547,118.80
18,423,070.21
18,295,843.32
18,165,392.06
18,031,669.76
17,894,629.17
17,754,222.43
17,610,401.08
17,463,116.02
17,312,317.57
17,157,955.37
16,999,978.46
16,838,335.23
16,672,973.38
16,503,840.00
16,330,881.47
16,154,043.51
15,973,271.15
15,788,508.73
15,599,699.87
15,406,787.51
15,209,713.83
15,008,420.31
14,802,847.70
14,592,935.96

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

7,567,701.14
7,793,857.50
8,023,366.79
8,256,272.00
8,492,616.64
8,732,444.75
8,975,800.91
9,222,730.24
9,473,278.40
9,727,491.64
9,985,416.73
10,247,101.05
10,512,592.52
10,781,939.67
11,055,191.60
11,332,398.04
11,613,609.29
11,898,876.27
12,188,250.54
12,481,784.26
12,779,530.24
13,081,541.93
13,387,873.42
13,698,579.47
14,013,715.50
14,333,337.59
14,657,502.53
14,986,267.78
15,319,691.48
15,657,832.52
16,000,750.46
16,348,505.61
16,701,159.00
17,058,772.41
17,421,408.36
17,789,130.12
18,162,001.74

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,670,720,105.45
1,662,926,247.94
1,654,902,881.15
1,646,646,609.15
1,638,153,992.50
1,629,421,547.75
1,620,445,746.84
1,611,223,016.60
1,601,749,738.20
1,592,022,246.56
1,582,036,829.83
1,571,789,728.78
1,561,277,136.26
1,550,495,196.60
1,539,440,004.99
1,528,107,606.95
1,516,493,997.67
1,504,595,121.40
1,492,406,870.86
1,479,925,086.60
1,467,145,556.36
1,454,064,014.43
1,440,676,141.01
1,426,977,561.54
1,412,963,846.04
1,398,630,508.45
1,383,973,005.91
1,368,986,738.14
1,353,667,046.66
1,338,009,214.14
1,322,008,463.68
1,305,659,958.07
1,288,958,799.07
1,271,900,026.65
1,254,478,618.30
1,236,689,488.18
1,218,527,486.43

$1,218,527,486.43
$1,199,987,398.38
$1,181,063,943.72
$1,161,751,775.78
$1,142,045,480.63
$1,121,939,576.38
$1,101,428,512.24
$1,080,506,667.80
$1,059,168,352.09
$1,037,407,802.78
$1,015,219,185.31
$992,596,592.00
$969,534,041.20
$946,025,476.34
$922,064,765.08
$897,645,698.38
$872,761,989.53
$847,407,273.27
$821,575,104.83
$795,258,958.93
$768,452,228.84
$741,148,225.41
$713,340,176.04
$685,021,223.70
$656,184,425.89
$626,822,753.62
$596,929,090.37
$566,496,231.04
$535,516,880.86
$503,983,654.32
$471,889,074.07
$439,225,569.85
$405,985,477.29
$372,161,036.87
$337,744,392.71
$302,727,591.43
$267,102,580.96

32,918,712
33,083,306
33,248,722
33,414,966
33,582,041
33,749,951
33,918,701
34,088,294
34,258,736
34,430,030
34,602,180
34,775,191
34,949,067
35,123,812
35,299,431
35,475,928
35,653,308
35,831,574
36,010,732
36,190,786
36,371,740
36,553,598
36,736,366
36,920,048
37,104,648
37,290,172
37,476,623
37,664,006
37,852,326
38,041,587
38,231,795
38,422,954
38,615,069
38,808,144
39,002,185
39,197,196
39,393,182

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

14,378,624.34
14,159,851.30
13,936,554.54
13,708,670.95
13,476,136.67
13,238,887.00
12,996,856.44
12,749,978.68
12,498,186.55
12,241,412.07
11,979,586.39
11,712,639.79
11,440,501.69
11,163,100.62
10,880,364.23
10,592,219.24
10,298,591.48
9,999,405.82
9,694,586.24
9,384,055.72
9,067,736.30
8,745,549.06
8,417,414.08
8,083,250.44
7,742,976.23
7,396,508.49
7,043,763.27
6,684,655.53
6,319,099.19
5,947,007.12
5,568,291.07
5,182,861.72
4,790,628.63
4,391,500.24
3,985,383.83
3,572,185.58
3,151,810.46

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

18,540,088.05
18,923,454.65
19,312,167.95
19,706,295.14
20,105,904.26
20,511,064.13
20,921,844.44
21,338,315.71
21,760,549.31
22,188,617.47
22,622,593.31
23,062,550.80
23,508,564.86
23,960,711.26
24,419,066.71
24,883,708.85
25,354,716.25
25,832,168.44
26,316,145.90
26,806,730.09
27,304,003.43
27,808,049.37
28,318,952.34
28,836,797.81
29,361,672.27
29,893,663.24
30,432,859.33
30,979,350.18
31,533,226.54
32,094,580.24
32,663,504.23
33,240,092.55
33,824,440.42
34,416,644.16
35,016,801.28
35,625,010.46
36,241,371.57

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,199,987,398.38
1,181,063,943.72
1,161,751,775.78
1,142,045,480.63
1,121,939,576.38
1,101,428,512.24
1,080,506,667.80
1,059,168,352.09
1,037,407,802.78
1,015,219,185.31
992,596,592.00
969,534,041.20
946,025,476.34
922,064,765.08
897,645,698.38
872,761,989.53
847,407,273.27
821,575,104.83
795,258,958.93
768,452,228.84
741,148,225.41
713,340,176.04
685,021,223.70
656,184,425.89
626,822,753.62
596,929,090.37
566,496,231.04
535,516,880.86
503,983,654.32
471,889,074.07
439,225,569.85
405,985,477.29
372,161,036.87
337,744,392.71
302,727,591.43
267,102,580.96
230,861,209.40

$230,861,209.40
$193,995,223.73
$156,496,268.70
$118,355,885.51
$79,565,510.59
$40,116,474.38

39,590,148
39,788,099
39,987,039
40,186,974
40,387,909
40,589,849

$
$
$
$
$
$

2,724,162.27
2,289,143.64
1,846,655.97
1,396,599.45
938,873.02
473,374.40

$
$
$
$
$
$

36,865,985.66 $
37,498,955.03 $
38,140,383.20 $
38,790,374.91 $
39,449,036.21 $
40,116,474.38 -$

193,995,223.73
156,496,268.70
118,355,885.51
79,565,510.59
40,116,474.38
0.00

Gradiente
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
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0.50%
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0.50%
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0.50%
0.50%

0.50%
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0.50%
0.50%
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0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
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0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%

0.50%
0.50%
0.50%
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0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%

0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%

0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%

0.50%
0.50%
0.50%
0.50%
0.50%
0.50%

Dividendo HOY
g
Tasa descuento/oportunidad
Precio accin Pfizer Inc. (PFE)

$ 5.65 DIV1
4.0% Anual
20% Anual
36.73

$5.88

Inflacin 2014
Devaluacin 2014

3.7%
8.3%

Banco JKL:

3.70% NA/MA en pesos

0.308% MA
0.309% MV
3.78% EA

Superfinancia S.A:

3.70% anual semestre anticipado en dlares (USD)

1.85% SA
1.88% SV
3.81% EA
12.42%

Invertcticas:

0.08% mensual anticipada en UVR

0.08% MV UVR
0.97% EA UVR
4.66% EA

TIO

10%

Periodo
(ao)

Proyecto A
0
1
2
3
4
5

VPN
TIR
TVR
CAE
RBC

($ 120)
$ 30
$ 40
$ 50
$ 60
$ 70
$ 62.342
26%
20%
$ 16.446
1.52

Proyecto B
($ 90)
$ 20
$ 30
$ 40
$ 50
$ 60
$ 54.434
28%
21%
$ 14.359
1.60

Diferencia
($ 30)

$48.32

Proyecto B
($ 120)
$ 20
$ 30
$ 40
$ 50
$ 108
$ 54
22%
19%
$14.36
$ 0.41

Anlisis INC
A-B
($ 30)
$ 10
$ 10
$ 10
$ 10
$ 10
$ 7.91
20%

Opcin 1: ...por EBITDA

= Utilida operativa = EBIT = UAII
+ Depreciaciones, amortizaciones, provisiones
= EBITDA
- Impuestos operacionales
= FC Bruto o FC Operativo
- Inversiones en Activos Fijos = Capex
- Inversiones en Capital de Trabajo (KTNO)
- Inversiones en gastos preoperativos
+ Recuperaciones Activos Fijos
+ Recuperaciones KTNO
= FC Libre

Opcin 2: por UODI

= Utilida operativa = EBIT = UAII
- Impuestos operacionales
= UODI = NOPAT
+ Depreciaciones, amortizaciones, provisiones
= FC Bruto o FC Operativo
- Inversiones en Activos Fijos = Capex
- Inversiones en Capital de Trabajo (KTNO)
- Inversiones en gastos preoperativos
+ Recuperaciones Activos Fijos
+ Recuperaciones KTNO
= FC Libre

Evaluacin de proyectos
1. Operacin:
Inv Activos Fijos
% a depreciar
Vida til
Depreciacin anual
Gastos Preoperativos
Amortizacin Anual
Inv KTNO
Inflacin
Tx
TIO
Ao
0
1
2
3
4
5
6
7

Ao 0
100,000
85%
7
12,143

Venta A. Fijos
Venta KTNO

14,700
70%

Vlr. Venta o rec.

Vlr. en libros
Utilid. o prdida
Imp o E. Fiscal
Ingreso Neto

15,000
2,143
27,000
4%
35%
24%
Utilidad OP =
EBIT = UAII
$ 38,714
$ 46,714
$ 52,714
$ 62,714
$ 80,714
$ 107,714
$ 118,714

(+) Dep,
amort
$
$
$
$
$
$
$

14,286
14,286
14,286
14,286
14,286
14,286
14,286

EBITDA

$ 53,000
$ 61,000
$ 67,000
$ 77,000
$ 95,000
$ 122,000
$ 133,000

(-) Imp.
operativos
$
$
$
$
$
$
$

FC Bruto /
Operativo

13,550
16,350
18,450
21,950
28,250
37,700
41,550

$
$
$
$
$
$
$

- Inversiones
A. Fijos

- Inversiones
KTNO

$ 100,000

$ 27,000
$ 1,080
$ 1,123
$ 1,168
$ 1,215
$ 1,263
$ 1,314
$ 1,367

39,450
44,650
48,550
55,050
66,750
84,300
91,450

- Inversiones
Preoperativos

+ Recup.
Act. Fijos

+ Rec. KTNO

$ 15,000

$ 14,805

$ 28,602

TIR
VPN (TIO)
VPN (WACC)

$ 35,530

2. Financiacin
Financiacin
Deuda
Deuda
Tasa
Tasa
Plazo
Costos sol. y aprob.
Semestres
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14

45% de la inversin inicial en A. Fijos y KTNO

$ 57,150
$
57,727
15.0% NA/SV
7.50% SV
7 Aos, con amortizacin en un solo pago al final del crdito
1.0%
(+) Desembolso

(-) Amort.

(-) Intereses

$ 57,727

$ 57,727

$
$
$
$
$
$
$
$
$
$
$
$
$
$

(-) Costos
adicionales
$ 577.3

(+) Escudo
Fiscal

4,330
4,330
4,330
4,330
4,330
4,330
4,330
4,330
4,330
4,330
4,330
4,330
4,330
4,330

$ 3,233
$ 3,031
$ 3,031
$ 3,031
$ 3,031
$ 3,031
$ 3,031

TIR
TIR
Semestres
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14

TIR
TIR

FC Libre

Flujo Caja
Deuda

Flujo Caja
Accionista

($ 142,000)
$0
$ 38,370
$0
$ 43,527
$0
$ 47,382
$0
$ 53,835
$0
$ 65,487
$0
$ 82,986
$0
$ 133,490

$ 57,150
($ 4,330)
($ 1,097)
($ 4,330)
($ 1,299)
($ 4,330)
($ 1,299)
($ 4,330)
($ 1,299)
($ 4,330)
($ 1,299)
($ 4,330)
($ 1,299)
($ 4,330)
($ 59,026)

($ 84,850)
($ 4,330)
$ 37,273
($ 4,330)
$ 42,228
($ 4,330)
$ 46,083
($ 4,330)
$ 52,536
($ 4,330)
$ 64,188
($ 4,330)
$ 81,687
($ 4,330)
$ 74,464

15.06%
32.39%

5.01%
10.27%

20.76% Semestral
45.82% Anual

Flujo Caja
Deuda
$ 57,150
($ 4,330)
($ 1,097)
($ 4,330)
($ 1,299)
($ 4,330)
($ 1,299)
($ 4,330)
($ 1,299)
($ 4,330)
($ 1,299)
($ 4,330)
($ 1,299)
($ 4,330)
($ 59,026)

$
$
$
$
$
$
$
$
$
$
$
$
$
$

57,727
57,727
57,727
57,727
57,727
57,727
57,727
57,727
57,727
57,727
57,727
57,727
57,727
57,727
$0

5.01%
10.27%

Vp (-)
VF (+)
-$84,850.00
-$3,888.05
$135,496.03
-$3,135.52
$123,796.48
-$2,528.65
$108,950.08
-$2,039.23
$100,166.94
-$1,644.54
$98,694.99
-$1,326.24
$101,292.07
-$1,069.55
$74,464.10
-$100,481.78

Saldo Deuda

$742,860.68

tasa
24% anual
11%

-$100,481.780
0
0
0
0
0
0
0
0
0
0
0
0
0
$742,860.685

FC Libre
($ 142,000)
$ 38,370
$ 43,527
$ 47,382
$ 53,835
$ 65,487
$ 82,986
$ 133,490

32.390% anual
$ 39,654
$ 65,642

Crec Ingresos
operacionales

Act. Fijos
$ 14,700
$ 15,000
($ 300)
($ 105)
$ 14,805

KTNO
$ 24,871
$ 35,530
($ 10,659)
($ 3,731)
$ 28,602

VPN

$ 53,570

tir

15.4%

WACC
Capital requerido
Inv A Fijos y KTNO
Tx
Inflacin
Crdito bancario
Capital socios
Acciones
Utilidades retenidas

Crdito bancario
Capital socios
Acciones
Utilidades retenidas

$ 142,000
$ 127,000
35%
4%
45% de la inversin en activos fijos y KTNO
70% del valor no financiado por medio de bancos.
10% del valor no financiado por medio de bancos.
El valor restante.
Monto S
57,150
59,395
8,485
18,390
143,420

Monto R
56,579
59,395
7,637
18,390
142,001

Peso o participacin
40%
41%
6%
13%

WACC
20.3%

1,420

Dividendo ao 1
Valor nominal accin
Valor mercado accin
Emisin
g
COSTO

$ 850
$ 5,900
$ 5,305
10.0%
7.0% en reales
11%
29.1%

Costo
10.27% Tir DEUDA
26.50% CAPM
29.08% GORDON
27.30% GORDON

COSTO
27%

Valor nominal
Tasa Cupn
Tasa Mercado
Tasa Mercado
Trimestres
0
1
2
3
4
5
6
7
8

$ 1,000
4.50% trimestral
12% anual
2.87% trimestral
Flujo
$ 45
$ 45
$ 45
$ 45
$ 45
$ 45
$ 45
$ 1,045
Precio Bono

Vp
43.74
42.52
41.33
40.18
39.06
37.97
36.90
833.07
1,115

-1200
45
45
45
45
45
45
45
1045
1115
1.79%

VP flujo duration Duration

0.0%
3.9% 0.039239457
3.8% 0.076286639
3.7% 0.111233406
3.6% 0.144168197
3.5% 0.175176149
3.4% 0.204339212
3.3% 0.231736263
74.7% 5.978403409
6.960582733 trimestres

TIO

25%

Inversin

(45,000)
(45,000) 65%
(45,000)
(45,000)
(45,000) 35%
(45,000)

F1
35,000
35,000
35,000
20,000
20,000
20,000

P
75%
15%
10%
10%
25%
65%

F2
60,000
40,000
20,000
50,000
30,000
10,000

Prob
individual

6775000%

VPN
individual