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Matemticas Financieras 2
Amortizacin
Juan Francisco Aldave Rivas
juan.aldavervs@uanl.edu.mx
Evaluacin
80% exmenes parc.
10% tareas
10% asistencia
Trabajo final opcional
(pto extra)
Ex. Ordinario 80%
Ex. Extraordinario 100%
Tasas de Inters
i
d
1 i 1
e 1
m
n
( m)
d
i
1 d
1
v
1 i
(n)
1 d
i
1 i
1
1 v
1 i 1 i 1 i
Anualidades
Anualidad Vencida
Anualidad Adelantada
v(1 v n ) (1 v n )
an v
v
i
j 1
n
(1 i) n 1
sn
i
n-1
(1 v n ) (1 v n ) (1 v n )
n v
i
1 v
d
j 0
1 i
n 1
(1 i) n 1
sn
d
Tema 1. Amortizacin
El trmino amortizacin se deriva del
latn Ad Mortem para referirse al
proceso gradual de pagar una deuda
(llevar a su fin).
Amortizar es la accin de reducir el
capital de una deuda mediante un
proceso gradual, por lo que involucra en
el proceso el clculo y pago de intereses.
Una regla fundamental que se debe
considerar al calcular los intereses de una
amortizacin es que el inters debe
calcularse siempre sobre el saldo insoluto
del periodo inmediato anterior.
Hay situaciones en que esto no se
respeta, por lo que debe tenerse cuidado
de adquirir deuda que sea justa.
Simbologa
La simbologa que usaremos ser la
siguiente:
Ejercicio
Mtodo prospectivo
Se amortiza un prstamo pagando 2000
los primeros 10 pagos y 1000 los
siguientes 10 pagos cada seis meses. La
tasa contratada es 10%.
Encontrar B5
Prospectivo
B5 1k (a15 a5 )
L 1k (a20 a10 )
Retrospectivo
B5 L(1 i )5 2k ( s5 )
Amortizacin
Generalmente
se
acostumbra
estructurar
un
proceso
de
amortizacin mediante una tabla. Esta
tabla, llamada Tabla de Amortizacin,
ofrece al deudor un detalle
pormenorizado de la composicin de
sus pagos, as como de la fecha en
que cada uno se debe efectuar.
El siguiente es el esquema general,
mediante frmulas, en que se basa la
construccin de una tabla de
amortizacin.
Tabla de Amortizacin
Periodo Pago
0
Interes
Principal
Saldo
an
ia n 1 v n
vn
ia n 1 1 v n 1
v n 1
an v n an 1
an 1 v n 1 an 2
ia n t 1 1 v n t 1
v n t 1
an t 1 v n t 1 an t
n -1
n
1
1
ia 2 1 v 2
ia1 1 v
v2
v
a2 v 2 a1
a1 v 0
Total
n an n
an
Amortizacin
L = 250,000
Tasa = 12.5%
Plazo= 20 aos
Amortizacin
Una vez que nos hemos familiarizado con el
clculo de los distintos elementos
involucrados en la amortizacin de una
deuda, analicemos de forma estructurada
las diferentes opciones que tenemos para
determinar un proceso de amortizacin:
Tipos de amortizacion :
-n pagos iguales (level payment)
-n pagos iguales y uno desigual
-pagos iguales de capital (installment loan)
-amortizacion canadiense (conversion
periods)
-fondo de amortizacion (sinking funds)
-cuotas incrementadas y decreciente (k)
-cuotas extraordinarias
-capitalizacion de intereses y am. Negativa
Amortizacin Ejercicio 1
Level Payment
Consider a loan for 30,000 with level
payments to be made at the end of each year
for 5 years at an annual rate of 8%.
Find:
a) The annual payment
b) The principal paid at t=1
c) The interest paid at t=2
L=30,000
i=8%
a) PMT= ?
b) Pt ?
c) It ?
a)
L PMT * a5 i
1 v5
30,000 PMT *
i
1
1
(1.08)5
30,000 PMT
0.08
30,000 PMT * 3.9927
PMT
30,000
7,513.6936
3.9927
Amortizacin Ejercicio 1
Level Payment
Consider a loan for 30,000 with level
payments to be made at the end of each year
for 5 years at an annual rate of 8%.
Find:
a) The annual payment
b) The principal paid at t=1
c) The interest paid at t=2
L=30,000
i=8%
a) PMT= ?
b) P1 ?
c) I2 ?
b)
B1 PMT * a4 i
1 v4
B1 7,513.6936 *
0.08
B1 7,513.6936 * 3.3121
B1 24,886.3062
Amortizacin Ejercicio 1
Level Payment
c)
Consider a loan for 30,000 with level
payments to be made at the end of each year
for 5 years at an annual rate of 8%.
Find:
a) The annual payment
b) The principal paid at t=1
c) The interest paid at t=2
L=30,000
i=8%
a) PMT= ?
b) P1 ?
c) I2 ?
B2 PMT * a3 i
B2
B2
1 v3
7,513.6936 *
0.08
7,513.6936 * 2.5771
B2 19,363.5172
B1 24,886.3062
B1 B2 5,522.7891
I 2 PMT ( B1 B2 )
I 2 7,513.6936 (5,522.7891)
I 2 1,990.9046
Amortizacin Ejercicio 2
Level Payment
L PMT * a10 6%
1 v10
L 1,000 *
0.06
L 1,000 * 7.3601
L=?
i=6%
PMT= 1,000
P6 ?
I6 ?
L 7,360.0871
B5 B6 P6
P6 PMT * v106 1
Amortizacin Ejercicio 2
Level Payment
An annual loan for 10 years has interest rate
6% and level payment 1,000.
Find the amount of principal and interest in
the 6th payment.
B5 B6 P6
B6 PMT * a4 6%
B6
B6
1 v4
1,000 *
0.06
1,000 * 3.4651
B6 3,465.1056
L=7,360.0871
i=6%
PMT= 1,000
P6 ?
I6 ?
B5 PMT * a5 6%
B5
B5
1 v5
1,000 *
0.06
1,000 * 4.2124
B5 4,212.3638
Amortizacin Ejercicio 2
Level Payment
An annual loan for 10 years has interest rate
6% and level payment 1,000.
Find the amount of principal and interest in
the 6th payment.
L=7,360.0871
i=6%
PMT= 1,000
P6 ?
I6 ?
B5 B6 P6
B6 3,465.1056
B5 4,212.3638
P6 4,212.3638 3,465.1056
P6 747.2582
Amortizacin Ejercicio 2
Level Payment
An annual loan for 10 years has interest rate
6% and level payment 1,000.
Find the amount of principal and interest in
the 6th payment.
P6 PMT * v10 6 1
P6 1,000 * v10 6 1
P6 1,000 * v 5
P6 1,000 * 0.7473
P6 747.2582
L=7,360.0871
i=6%
PMT= 1,000
P6 ?
I6 ?
Amortizacin Ejercicio 2
Level Payment
An annual loan for 10 years has interest rate
6% and level payment 1,000.
Find the amount of principal and interest in
the 6th payment.
I 6 PMT P6
I 6 B5 * i
I 6 PMT P6
I 6 1,000 747.2582
I 6 252.7418
L=7,360.0871
i=6%
PMT= 1,000
P6 =747.2582
I6 ?
I 6 B5 * i
I 6 4,212.3638 * 0.06
I 6 252.7418
Amortizacin Ejercicio 3
Level Payment
For an 8% level payment loan, the amount of
principal in the second payment is 5,522.79.
Find the amount of principal in the 4th
payment.
Pt PMT * v n t 1
P2 PMT * v n 2 1
P2 5,522.79
L=?
i=8%
PMT= ?
P2 =5,522.79
P4 =?
P4 PMT * v n 4 1
P4 PMT * v n 2 1 * (1 i ) 2
P4 P2 * (1.08) 2
P4 5,522.79 *1.1664
P4 6,441.7823
Amortizacin Ejercicio 4
B PMT * a7 6.5%
B 950 * 5.4845
B 5,210.2938
Amortizacin Ejercicio 5
A borrows 10k from B and agrees to repay it with equal quarterly installments of principal and
interest at 8% convertible quarterly over 6 years.
At the end of two years B sells the right to receive future payments to C at a price which
produces a yield rate of 10% convertible quarterly.
Find the total amount of interest received (1) by C and (2) by B
L=10,000
i(4)=8%
n=(6)(4)=24
PMT =?
Interest received by C=?
Interest received by B=?
i (4)=8%
L = 10,000
23
24
PMT
PMT
PMT
PMT
PMT
PMT
PMT
Amortizacin Ejercicio 5
A borrows 10k from B and agrees to repay it with equal quarterly installments of principal and interest at 8% convertible
quarterly over 6 years. At the end of two years B sells the right to receive future payments to C at a price which produces a yield
rate of 10% convertible quarterly.
Find the total amount of interest received (1) by C and (2) by B
L=10,000
i(4)=8%
n=(6)(4)=24
PMT =?
Interest received by C=?
Interest received by B=?
i (4)=8%
L = 10,000
23
24
PMT
PMT
PMT
PMT
PMT
PMT
PMT
i (4) 8%
i
2%
4
4
1
1
(1.02) 24
Amortizacin Ejercicio #
Variable Payment Loan
A borrower would like to borrow 30,000 at
8% for 5 years, but would like to pay only
5,000 for the first two years and then catch
up with a higher payment for the final three
years. What is the payment for the final
three years?
Find:
a) The annual payment for the last 3 years
L=30,000
i=8%
a) PMT= ?
B2 PMT * a3 8%
PMT
B2
a3 8%
24,592
2.5771
PMT 9,542.4338
Amortizacin Ejercicio #
Installment Loan
a)
B10 L PMT *10
b)
PMT11 I11 P11
PMT11 1,600 1,000
PMT11 2,600
fondo de amortizacin
El mtodo del fondo de amortizacin se
basa en que durante la vida de la deuda,
el deudor solamente paga los intereses
generados a la tasa pactada (i), y en
adicin se realizan pagos nivelados a una
cuenta llamada fondo de amortizacin
que gana inters a una tasa (j).
Amortizacin Ejercicio #
L=100,000
i=10%
a) SFD
b) BSF3 y BSF4
a)
B10
S10 8%
100,000
14.4866
SFD 6,902.9489
b)
B3 SFD * S3 8%
B3 6,902.9489(3.2464)
B3 22,409.7332
B4 SFD * S 4 8%
B4 6,902.9489(4.5061)
B4 31,105.4608
Progresin Aritmtica
La Progresin Aritmtica es una sucesin
donde cada trmino difiere del anterior
en una cantidad fija d.
1
a
n-1
a+(n-2)d
n
a+(n-1)d
iA P Q(v v 2 v 3 v n 1 ) Pv n (n 1)Qvn
iA P(1 v n ) Q(v v 2 v 3 v n 1 v n ) Qnvn
Lo que podemos simplificar para obtener:
an nv n
1 vn
A P
Q
i
i
an nv n
A Pa n Q
i
Progresin Geomtrica
La Progresin Geomtrica es una sucesin
donde la razn entre un trmino y el
anterior es constante, denominada r.
ar
ar2
ar3
ar4
ar5
cuando r 1
a (r n 1)
Sn
r 1
cuando r 1
n-1
ar(n-2)
ar(n-1)
VPA
a
a
a
a
a
2
3
n 1
(
1
g
)
(
1
g
)
(
1
g
)
(
1
g
)
(1 i) (1 i) 2
(1 i) 3
(1 i) 4
(1 i) n
a 1 g (1 g ) 2
(1 g ) n 1
VPA
(1 i ) 1 i (1 i ) 2
(1 i ) n 1
1 g (1 g ) 2
(1 g ) n 1 1 i
1
1 i (1 i ) 2
(1 i ) n 1 i g
n
a 1 g
VPA
1
i g 1 i
si i g
a 1 g
VPA
g i 1 i
si g i
1 g n
1
1