Deuda x Int mensual .

=PAGO(($B$8/E9);$B$7*E9;-$B$6)
Valor a Pagar=
1 - ((1+ Int mensual)^-plazo)

credito $120,000 $2,792.19 $8,443.33

años 5
int % 14% manual form. Excel tiempo
cuota anual 14% $34,954.03 $34,954.03 1 anual 5
cuota semestral 7.000% $17,085.30 $17,085.30 2 semestral 10
cuota trimestral 3.500% $8,443.33 $8,443.33 4 trimestral 20
cuota mensual 1.167% $2,792.19 $2,792.19 12 mensual 60

credito $120,000 Perìodo

años 5 1
int % 14.00% 14.00% 2
cuota 1 $34,954.026 3
$34,954.026 4
5
6
7
8
9
10
11
12
13
14
15
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120
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165
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 $2,792.19
años
semestres
trimestres
meses

Saldo inicial Interés Pago anual Capital Saldo final

$120,000.00 $16,800.00 $34,954.03 $18,154.03 $101,845.97
$101,845.97 $14,258.44 $34,954.03 $20,695.59 $81,150.39
$81,150.39 $11,361.05 $34,954.03 $23,592.97 $57,557.41
$57,557.41 $8,058.04 $34,954.03 $26,895.99 $30,661.43
$30,661.43 $4,292.60 $34,954.03 $30,661.43 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.01
$0.01 $0.00 $0.00 $0.00 $0.01
$0.01 $0.00 $0.00 $0.00 $0.01
$0.01 $0.00 $0.00 $0.00 $0.01
$0.01 $0.00 $0.00 $0.00 $0.01
$0.01 $0.00 $0.00 $0.00 $0.01
$0.01 $0.00 $0.00 $0.00 $0.01
$0.01 $0.00 $0.00 $0.00 $0.01
$0.01 $0.00 $0.00 $0.00 $0.02
$0.02 $0.00 $0.00 $0.00 $0.02
$0.02 $0.00 $0.00 $0.00 $0.02
$0.02 $0.00 $0.00 $0.00 $0.02
$0.02 $0.00 $0.00 $0.00 $0.03
$0.03 $0.00 $0.00 $0.00 $0.03
$0.03 $0.00 $0.00 $0.00 $0.03
$0.03 $0.00 $0.00 $0.00 $0.04
$0.04 $0.01 $0.00 -$0.01 $0.04
$0.04 $0.01 $0.00 -$0.01 $0.05
$0.05 $0.01 $0.00 -$0.01 $0.06
$0.06 $0.01 $0.00 -$0.01 $0.06
$0.06 $0.01 $0.00 -$0.01 $0.07
$0.07 $0.01 $0.00 -$0.01 $0.08
$0.08 $0.01 $0.00 -$0.01 $0.10
$0.10 $0.01 $0.00 -$0.01 $0.11
$0.11 $0.02 $0.00 -$0.02 $0.13
$0.13 $0.02 $0.00 -$0.02 $0.14
$0.14 $0.02 $0.00 -$0.02 $0.16
 $0.16 $0.02 $0.00 -$0.02 $0.19
$0.19 $0.03 $0.00 -$0.03 $0.21
$0.21 $0.03 $0.00 -$0.03 $0.24
$0.24 $0.03 $0.00 -$0.03 $0.27
$0.27 $0.04 $0.00 -$0.04 $0.31
$0.31 $0.04 $0.00 -$0.04 $0.36
$0.36 $0.05 $0.00 -$0.05 $0.41
$0.41 $0.06 $0.00 -$0.06 $0.46
$0.46 $0.06 $0.00 -$0.06 $0.53
$0.53 $0.07 $0.00 -$0.07 $0.60
$0.60 $0.08 $0.00 -$0.08 $0.69
$0.69 $0.10 $0.00 -$0.10 $0.78
$0.78 $0.11 $0.00 -$0.11 $0.89
$0.89 $0.12 $0.00 -$0.12 $1.02
$1.02 $0.14 $34,954.03 $34,953.88 -$34,952.87
-$34,952.87 -$4,893.40 $0.00 $4,893.40 -$39,846.27
-$39,846.27 -$5,578.48 $0.00 $5,578.48 -$45,424.74
-$45,424.74 -$6,359.46 $0.00 $6,359.46 -$51,784.21
-$51,784.21 -$7,249.79 $0.00 $7,249.79 -$59,034.00
-$59,034.00 -$8,264.76 $0.00 $8,264.76 -$67,298.76
-$67,298.76 -$9,421.83 $0.00 $9,421.83 -$76,720.58
-$76,720.58 -$10,740.88 $0.00 $10,740.88 -$87,461.47
-$87,461.47 -$12,244.61 $0.00 $12,244.61 -$99,706.07
-$99,706.07 -$13,958.85 $0.00 $13,958.85 -$113,664.92
-$113,664.92 -$15,913.09 $0.00 $15,913.09 -$129,578.01
-$129,578.01 -$18,140.92 $0.00 $18,140.92 -$147,718.93
-$147,718.93 -$20,680.65 $0.00 $20,680.65 -$168,399.58
-$168,399.58 -$23,575.94 $0.00 $23,575.94 -$191,975.52
-$191,975.52 -$26,876.57 $0.00 $26,876.57 -$218,852.10
-$218,852.10 -$30,639.29 $0.00 $30,639.29 -$249,491.39
-$249,491.39 -$34,928.79 $0.00 $34,928.79 -$284,420.18
-$284,420.18 -$39,818.83 $0.00 $39,818.83 -$324,239.01
-$324,239.01 -$45,393.46 $0.00 $45,393.46 -$369,632.47
-$369,632.47 -$51,748.55 $0.00 $51,748.55 -$421,381.02
-$421,381.02 -$58,993.34 $0.00 $58,993.34 -$480,374.36
-$480,374.36 -$67,252.41 $0.00 $67,252.41 -$547,626.77
-$547,626.77 -$76,667.75 $0.00 $76,667.75 -$624,294.52
-$624,294.52 -$87,401.23 $0.00 $87,401.23 -$711,695.75
-$711,695.75 -$99,637.40 $0.00 $99,637.40 -$811,333.15
-$811,333.15 -$113,586.64 $0.00 $113,586.64 -$924,919.79
-$924,919.79 -$129,488.77 $0.00 $129,488.77 -$1,054,408.56
-$1,054,408.56 -$147,617.20 $0.00 $147,617.20 -$1,202,025.76
-$1,202,025.76 -$168,283.61 $0.00 $168,283.61 -$1,370,309.37
-$1,370,309.37 -$191,843.31 $0.00 $191,843.31 -$1,562,152.68
-$1,562,152.68 -$218,701.38 $0.00 $218,701.38 -$1,780,854.06
-$1,780,854.06 -$249,319.57 $0.00 $249,319.57 -$2,030,173.62
-$2,030,173.62 -$284,224.31 $0.00 $284,224.31 -$2,314,397.93
-$2,314,397.93 -$324,015.71 $0.00 $324,015.71 -$2,638,413.64
-$2,638,413.64 -$369,377.91 $0.00 $369,377.91 -$3,007,791.55
-$3,007,791.55 -$421,090.82 $0.00 $421,090.82 -$3,428,882.37
-$3,428,882.37 -$480,043.53 $0.00 $480,043.53 -$3,908,925.90
-$3,908,925.90 -$547,249.63 $0.00 $547,249.63 -$4,456,175.53
-$4,456,175.53 -$623,864.57 $0.00 $623,864.57 -$5,080,040.10
-$5,080,040.10 -$711,205.61 $0.00 $711,205.61 -$5,791,245.72
-$5,791,245.72 -$810,774.40 $0.00 $810,774.40 -$6,602,020.12
-$6,602,020.12 -$924,282.82 $0.00 $924,282.82 -$7,526,302.93
-$7,526,302.93 -$1,053,682.41 $0.00 $1,053,682.41 -$8,579,985.34
-$8,579,985.34 -$1,201,197.95 $0.00 $1,201,197.95 -$9,781,183.29
-$9,781,183.29 -$1,369,365.66 $0.00 $1,369,365.66 ###
### -$1,561,076.85 $0.00 $1,561,076.85 ###
### -$1,779,627.61 $0.00 $1,779,627.61 ###
### -$2,028,775.48 $0.00 $2,028,775.48 ###
### -$2,312,804.05 $0.00 $2,312,804.05 ###
### -$2,636,596.61 $0.00 $2,636,596.61 ###
### -$3,005,720.14 $0.00 $3,005,720.14 ###
### -$3,426,520.96 $0.00 $3,426,520.96 ###
### -$3,906,233.89 $0.00 $3,906,233.89 ###
### -$4,453,106.64 $0.00 $4,453,106.64 ###
### -$5,076,541.57 $0.00 $5,076,541.57 ###
### -$5,787,257.38 $0.00 $5,787,257.38 ###
### -$6,597,473.42 $0.00 $6,597,473.42 ###
### -$7,521,119.70 $0.00 $7,521,119.70 ###
### -$8,574,076.45 $0.00 $8,574,076.45 ###
### -$9,774,447.16 $0.00 $9,774,447.16 ###
### ### $0.00 ### ###
### ### $0.00 ### ###
 0 1 2
flujo de caja -1500 1219.58 1267.02
flujo de caja actualizado -1500 1133.54401 1094.560207

tmar 7.59%
inflacion 1.50%
prem riego 6%
 3 4 5
1308.95 4809.46 9963.37 $12,279.50 van
1051.011178 3589.291141 6911.092743 $12,279.50
 TMAR 5.93%
Inflación del sector 0.41%
.+ Premio al riesgo 5.50%

TMAR=(%RP*(%PR+%INFL+%PRX%INF))+(%CRES*%INT)
TMAR GLOBAL (con financiamiento)
FINANCIADO POR INVERSIÓN APORTACIÓN %PR
CAPITAL PROPIO $60,000.00 33.33% 5.50%
CRÉDITO BANCARIO $120,000.00 66.67% 14.00%
$180,000.00 100.00%

INVERSIONISTA A INVERSIONISTA B INVERSIONISTA C

TMAR 5.93% 7.19% 6.43%
Inflación del sector 0.41% 0.41% 0.41%
.+ Premio al riesgo 5.50% 6.75% 6.00%

FINANCIADO POR INVERSIÓN APORTACIÓN %PR

INVERSIONISTA A $15,000.00 8% 5.50%
INVERSIONISTA B $12,500.00 7% 6.75%
INVERSIONISTA C $13,000.00 7% 6.00%
INVERSIONISTA D $14,000.00 7% 5.00%
INVERSIONISTA E $16,000.00 8% 7.00%
PRESTAMO BANCO $120,000.00 63% 14.00%
$190,500.00 100%
 PONDERACIÓN
1.98%
9.33%
11.31%

INVERSIONISTA D INVERSIONISTA E
5.43% 7.44%
0.41% 0.41%
5.00% 7.00%

PONDERACIÓN
0.467%
0.472% INVERSIONISTA A; $15,000.00; 8%
0.439%
INVERSIONISTA B; $12,500.00; 7%
0.399%
0.498%
8.819% INVERSIONISTA C; $13,000.00

11.094%

INVERSIONISTA D; $1

PRESTAMO BANCO; $120,000.00; 63%

INVERSIONISTA E; $16,00
INVERSIONISTA A INVERSIONISTA B INVERSIONISTA C INVERSIONISTA D INVERSIONISTA E PREST
A B; $12,500.00; 7%

INVERSIONISTA C; $13,000.00; 7%

INVERSIONISTA D; $14,000.00; 7%

INVERSIONISTA E; $16,000.00; 8%
D INVERSIONISTA E PRESTAMO BANCO