Beruflich Dokumente
Kultur Dokumente
Inters
Mensual %
Nominal ( %)
3
4
5
6
7
8
9
10
Inters efectivo =
Ie = ( 1+ i/n)n -1
PERIODOS ANUALES
Interes efectivo por
perodo %
Tasa Nominal %
Tasa Efectiva %
Mensual
12
6
Quincenal
24
8
Bimensual
6
4
Trimensual
4
6
Cuatrimestral Semestral
3
2
8
Anual
1
9
PRESTAMO=
Tasa Inters Efectiva Anual =
Tasa Inters Efectiva Trimestral=
Periodos Trimestrales=
Factor de Recuperacin Capital FRC =
Servicio deuda=
A)
TRIMEST
1
2
3
PRINCIPAL INICIO
4
5
6
7
8
9
10
11
12
TOTAL
B)
TRIMEST
1
2
3
4
5
6
7
8
9
10
11
12
TOTAL
PRINCIPAL INICIO
e deuda considerando
n el 8 periono no se cancela
odos que quedan
AMORTIZACION
INTERES
SERVICIO
DE DEUDA
AMORTIZACION
INTERES
SERVICIO
DE DEUDA
Ie = ( 1+ i/n)n -1
PRINCIPAL FINAL
PRINCIPAL FINAL
1.- Completar el cuadro con los datos que faltan deduciendolos de los valores con que se cuenta
pos simple suma o resta
2.-Calcule el flujo de caja economico y financiero
Considere el pago del prstamo como servicio de deuda del proyecto
3.- Considere la tasa de descuento econmica de 8% y una tasa de descuento financiera del 7%
4- Realice la evaluacin econmica considerando el VANE, TIRE, Perodo de recuperacin E
5.- Realice la evaluain financiera considerando el VANF, TIRF, Perodo de recuperacin F
6.- Interprete resultados
7.- De acuerdo a los resultados contestar Que decide realizar o no el
prstamo?
Variables
Tasa de descuento
econmico %
Tasa de descuento
financiero %
Inversin total
Prestamo
Interes bancario=
CONCEPTO / AOS
8.00
7.00
1,767,500.00
500,000.00
6%
AO 0
0.06
AO 01
I. INGRESOS
25,000.00
25,000.00
1.-Total Ingreso
Ventas
Valor residual
II. EGRESOS
Costo de Inversion
(Activo FijoTangible)
(Activo Fijo Intangible)
(Capital de Trabajo)
(Imprevistos 1%)
(Total de Inversin)
1,000,000.00
500,000.00
250,000.00
17,500.00
1,767,500.00
1,767,500.00
4,700.00
3,000.00
1,200.00
500.00
20,300.00
1,000.00
19,300.00
5,790.00
1,767,500.00
(Inversin)
Depreciacin
FCE
Prstamo
(Servicio de Deuda)
Escudo tributario
FCF
-1,767,500.00
500,000.00
Aportes de socio
Caja acumulada
1,000.00
14,510.00
-1,267,500.00
-118,698.20
9,150.00
-95,038.20
1,267,500.00
-1,267,500.00
-1,362,538.20
Nota : Considere un prestamo de S/.500,000 Nuevos Soles para ser devueltos en cinco aos con
inters de 6% anual
1)
Aos
PRINCIPAL INICIO
500,000.00
411,301.80
317,281.71
217,620.41
111,979.43
TOTAL
1
2
3
4
5
FRC=
i ( 1+i)n =
(1+i)n-1
AMORTIZACION
88,698.20
94,020.09
99,661.30
105,640.98
111,979.43
500,000.00
0.0802935347
0.3382255776
2)
AMORTIZACION
AOS
1
INTERES
88,698.20
30,000.00
94,020.09
99,661.30
105,640.98
111,979.43
2
3
4
5
24,678.11
19,036.90
13,057.22
6,718.77
3)
VAN 8%
TIR
B/C E
-1,705,754.51145861
-55%
VAN(ingresos)
VAN(egresos)
0
AO
INGRESOS E
EGRESOS ECONOMICOS
TASA DESCUENTO 8%
VANI(8%)=
VANE(8%)=
1,767,500.00
1
25,000.00
4,700.00
1,767,500.00
23,148.15
4351.8519
B/C E =
PERIODO DE RECUPERACION
0
INGRESOS
INVERSIN
SALDO POR RECUPERAR
1,767,500.00
4)
VAN 7%
TIR
B/C E
AO
INGRESOS financieros
total egresos financieros
EGRESOS economicos
-1,666,119.34027551
Err:523
VAN(ingresos)
VAN(egresos)
0
500,000.00
1,767,500.00
1,767,500.00
1
25,000.00
114,748.20
4,700.00
110,048.20
FC neto
TASA DESCUENTO 7%
VANI(7%) ingresos=
VANE(7%)egresos=
500,000.00
1,767,500.00
23,364.49
107241.3086
B/C E =
5)
PERIODO DE RECUPERACION
0
INGRESOS
INVERSIN
SALDO POR RECUPERAR
1,767,500.00
Cuadro de resultados
VAN
FCE
FCF
TIR
o de recuperacin E
de recuperacin F
0.004867551
AO 02
I. INGRESOS
25,000.00
25,000.00
II. EGRESOS
AO 03
25,000.00
25,000.00
AO 04
25,000.00
25,000.00
AO 05
33,000.00
25,000.00
8,000.00
4,700.00
3,000.00
1,200.00
500.00
20,300.00
1,000.00
4,700.00
3,000.00
1,200.00
500.00
20,300.00
1,000.00
4,700.00
3,000.00
1,200.00
500.00
20,300.00
1,000.00
4,700.00
3,000.00
1,200.00
500.00
28,300.00
1,000.00
19,300.00
19,300.00
19,300.00
27,300.00
5,790.00
5,790.00
5,790.00
8,190.00
1,000.00
14,510.00
1,000.00
14,510.00
1,000.00
14,510.00
1,000.00
20,110.00
-118,698.20
7,553.43
-96,634.77
-118,698.20
5,861.07
-98,327.13
-1,459,172.97
-1,557,500.10
-118,698.20
4,067.17
-100,121.03
-1,657,621.13
INTERES
30,000.00
24,678.11
19,036.90
13,057.22
6,718.77
93,491.00
Interes=
FRC=
PORTES
SERVICIO DE
DEUDA
118,698.20
118,698.20
118,698.20
118,698.20
118,698.20
593,491.00
PRINCIPAL
FINAL
411,301.80
317,281.71
217,620.41
111,979.43
0.00
6%
0.2373964004
-0.3
ESCUDO TRIBUTARIO
FLUJO NETO
500
-9150
110,048.20
-118,698.20
2,165.63
-96,422.57
-1,754,043.70
500
500
500
500
105,262.42
1,786,265.74
-7553.4323961193
-5861.0707360058
-4067.1673762854
-2165.6298149818
111,644.77
113,337.13
115,131.03
117,032.57
0.06
2
25,000.00
4,700.00
3
25,000.00
4,700.00
4
25,000.00
4,700.00
5
33,000.00
4,700.00
21,433.47
4029.4925
19,845.81
3731.0115
18,375.75
3454.6403
22,459.25
3198.7410
1
14,510.00
2
14,510.00
3
14,510.00
4
14,510.00
1,752,990.00
1,738,480.00
1,723,970.00
1,709,460.00
4
###
119,831.03
4,700.00
5
33,000.00
121,732.57
4,700.00
0.06
608,208.83
2,250,926.95
2
25,000.00
116,344.77
4,700.00
0.27
3
25,000.00
118,037.13
4,700.00
111,644.77
113,337.13
115,131.03
117,032.57
21,835.97
101620.0260
20,407.45
96353.4582
19,072.38
91418.5212
23,528.54
86793.6403
1
-95,038.20
2
-96,634.77
3
-98,327.13
4
-100,121.03
1,862,538.20
1,959,172.97
2,057,500.10
2,157,621.13
0.27
P.R
TOTAL
105,262.42
1,786,265.74
5
20,110.00
1,689,350.00
TOTAL
608,208.83
2250926.9543
5
-96,422.57
2,254,043.70
1.- Completar el cuadro con los datos que faltan deduciendolos de los valores con que se cuenta
pos simple suma o resta
2.-Calcule el flujo de caja economico y financiero
Considere el pago del prstamo como servicio de deuda del proyecto
3.- Considere la tasa de descuento econmica de 8% y una tasa de descuento financiera del 7%
4- Realice la evaluacin econmica considerando el VANE, TIRE, Perodo de recuperacin E
5.- Realice la evaluain financiera considerando el VANF, TIRF, Perodo de recuperacin F
6.- Interprete resultados
7.- De acuerdo a los resultados contestar Que decide realizar o no el
prstamo?
Variables
Tasa de descuento
econmico %
Tasa de descuento
financiero %
Inversin total
Prestamo
Interes bancario=
CONCEPTO / AOS
8.00
0.08
7.00
1,000,000.00
1,000,000.00
6
AO 0
0.07
0.06
AO 01
I. INGRESOS
810,000.00
810,000.00
1.-Total Ingreso
Ventas
Valor residual
II. EGRESOS
Costo de Inversion
(Activo FijoTangible)
(Activo Fijo Intangible)
(Capital de Trabajo)
(Imprevistos 1%)
(Total de Inversin)
1,000,000.00
500,000.00
250,000.00
17,500.00
1,767,500.00
1,000,000.00
4,700.00
3,000.00
1,200.00
500.00
805,300.00
1,000.00
804,300.00
241,290.00
1,000,000.00
(Inversin)
Depreciacin
FCE
Prstamo
(Servicio de Deuda)
Escudo tributario
FCF
-1,000,000.00
500,000.00
Aportes de socio
Caja acumulada
1,000.00
564,010.00
-500,000.00
-237,396.40
9,150.00
335,763.60
500,000.00
-500,000.00
-164,236.40
Nota : Considere un prestamo de S/.500,000 Nuevos Soles para ser devueltos en cinco aos con
inters de 6% anual
1)
Aos
PRINCIPAL INICIO
1,000,000.00
822,603.60
634,563.42
435,240.82
223,958.87
TOTAL
1
2
3
4
5
FRC=
i ( 1+i)n =
(1+i)n-1
AMORTIZACION
177,396.40
188,040.18
199,322.60
211,281.95
223,958.87
1,000,000.00
0.0802935347
0.3382255776
2)
AMORTIZACION
AOS
1
INTERES
88,698.20
30,000.00
94,020.09
99,661.30
105,640.98
111,979.43
2
3
4
5
24,678.11
19,036.90
13,057.22
6,718.77
3)
VAN 8%
TIR
B/C E
-1,705,754.51145861
-55%
VAN(ingresos)
VAN(egresos)
0
AO
INGRESOS E
EGRESOS ECONOMICOS
TASA DESCUENTO 8%
VANI(8%)=
VANE(8%)=
1,000,000.00
1
810,000.00
4,700.00
1,767,500.00
23,148.15
4351.8519
B/C E =
PERIODO DE RECUPERACION
0
INGRESOS
INVERSIN
SALDO POR RECUPERAR
1,000,000.00
4)
VAN 7%
TIR
B/C E
AO
INGRESOS financieros
total egresos financieros
EGRESOS economicos
863,760.37199701
61%
VAN(ingresos)
VAN(egresos)
0
500,000.00
1,767,500.00
1,767,500.00
1
25,000.00
114,748.20
4,700.00
110,048.20
FC neto
TASA DESCUENTO 7%
VANI(7%) ingresos=
VANE(7%)egresos=
500,000.00
1,767,500.00
23,364.49
107241.3086
B/C E =
5)
PERIODO DE RECUPERACION
0
INGRESOS
INVERSIN
SALDO POR RECUPERAR
1,767,500.00
Cuadro de resultados
VAN
FCE
FCF
TIR
o de recuperacin E
de recuperacin F
0.004867551
AO 02
I. INGRESOS
810,000.00
810,000.00
II. EGRESOS
AO 03
810,000.00
810,000.00
AO 04
810,000.00
810,000.00
AO 05
810,000.00
810,000.00
-
4,700.00
3,000.00
1,200.00
500.00
805,300.00
1,000.00
4,700.00
3,000.00
1,200.00
500.00
805,300.00
1,000.00
4,700.00
3,000.00
1,200.00
500.00
805,300.00
1,000.00
4,700.00
3,000.00
1,200.00
500.00
805,300.00
1,000.00
804,300.00
804,300.00
804,300.00
804,300.00
241,290.00
241,290.00
241,290.00
241,290.00
1,000.00
564,010.00
1,000.00
564,010.00
1,000.00
564,010.00
1,000.00
564,010.00
-237,396.40
7,553.43
334,167.03
-237,396.40
5,861.07
332,474.67
-237,396.40
4,067.17
330,680.77
-237,396.40
2,165.63
328,779.23
169,930.63
502,405.30
833,086.07
INTERES
60,000.00
49,356.22
38,073.80
26,114.45
13,437.53
186,982.00
Interes=
FRC=
PORTES
SERVICIO DE
DEUDA
237,396.40
237,396.40
237,396.40
237,396.40
237,396.40
1,186,982.00
PRINCIPAL
FINAL
822,603.60
634,563.42
435,240.82
223,958.87
0.00
6%
0.2373964004
-0.3
ESCUDO TRIBUTARIO
FLUJO NETO
500
-9150
110,048.20
1,161,865.30
500
500
500
500
105,262.42
1,786,265.74
-7553.4323961193
-5861.0707360058
-4067.1673762854
-2165.6298149818
111,644.77
113,337.13
115,131.03
117,032.57
0.06
2
810,000.00
4,700.00
3
810,000.00
4,700.00
4
810,000.00
4,700.00
5
810,000.00
4,700.00
21,433.47
4029.4925
19,845.81
3731.0115
18,375.75
3454.6403
22,459.25
3198.7410
1
564,010.00
2
564,010.00
3
564,010.00
4
564,010.00
435,990.00
-128,020.00
-692,030.00
-1,256,040.00
4
###
119,831.03
4,700.00
5
33,000.00
121,732.57
4,700.00
0.06
608,208.83
2,250,926.95
2
25,000.00
116,344.77
4,700.00
0.27
3
25,000.00
118,037.13
4,700.00
111,644.77
113,337.13
115,131.03
117,032.57
21,835.97
101620.0260
20,407.45
96353.4582
19,072.38
91418.5212
23,528.54
86793.6403
1
-95,038.20
2
-96,634.77
3
-98,327.13
4
-100,121.03
1,862,538.20
1,959,172.97
2,057,500.10
2,157,621.13
0.27
P.R
TOTAL
105,262.42
1,786,265.74
5
564,010.00
-1,820,050.00
TOTAL
608,208.83
2250926.9543
5
-96,422.57
2,254,043.70