Informaes Gerais:

1) As Clulas com as fontes em verde so clulas de entrada de dados. As clulas com fontes em
preto so resultados ou frmulas e no devem ser alteradas.

2. O Modelo deve ser entendido com um referencial. So sugestes. Observe as frmulas

utilizadas, para servir de base para outras modelagens.

3) Procurou-se automatizar o mximo a planilha, independentemente do enunciado do estudo de

caso restringir as possibilidades, permitindo, dessa forma, simulaes futuras.

4) Observe os comentrios inclusos na planilha.

 Planilha Auxiliar Para clculo do financiamento Prprio - Sistema Price

Ms 1 2 3 4 5 6
No Ato 2,375 2,375 2,375
H financiar 7,125 7,125 7,125
Valor Futuro do Financiamento 8,438 8,355 8,272

Taxa mensal 1% 0 Sld. Ant. Amort. Juros Parcela

V alor Total a financiar 33,255 1 33,255 543 333 876
Parcelas 48 2 32,712 549 327 876
Valor da Parcela 876 3 32,163 554 322 876
4 31,609 560 316 876
Venda dos Recebveis 5 31,049 565 310 876
Taxa anual efetiva da venda dos receb. 15.00% 6 30,484 571 305 876
Taxa mensal efetiva da venda dos receb. 1.17% 7 29,913 577 299 876
8 29,336 582 293 876
Valor Recebido pela venda dos receb. 32,013 9 28,754 588 288 876
10 28,166 594 282 876
11 27,572 600 276 876
12 26,972 606 270 876
13 26,366 612 264 876
14 25,754 618 258 876
15 25,136 624 251 876
16 24,511 631 245 876
17 23,881 637 239 876
18 23,244 643 232 876
19 22,600 650 226 876
20 21,951 656 220 876
21 21,294 663 213 876
22 20,632 669 206 876
23 19,962 676 200 876
24 19,286 683 193 876
25 18,603 690 186 876
26 17,914 697 179 876
27 17,217 704 172 876
28 16,514 711 165 876
29 15,803 718 158 876
30 15,085 725 151 876
31 14,360 732 144 876
32 13,628 739 136 876
33 12,889 747 129 876
34 12,142 754 121 876
35 11,388 762 114 876
36 10,626 769 106 876
37 9,856 777 99 876
38 9,079 785 91 876
39 8,294 793 83 876
40 7,501 801 75 876
41 6,701 809 67 876
42 5,892 817 59 876
43 5,075 825 51 876
44 4,250 833 43 876
45 3,417 842 34 876
46 2,575 850 26 876
47 1,726 858 17 876
48 867 867 9 876
e

7 8 9 10 11 12 13 14 15 16
2,375
7,125
8,190

Sld. Final
32,712
32,163
31,609
31,049
30,484
29,913
29,336
28,754
28,166
27,572
26,972
26,366
25,754
25,136
24,511
23,881
23,244
22,600
21,951
21,294
20,632
19,962
19,286
18,603
17,914
17,217
16,514
15,803
15,085
14,360
13,628
12,889
12,142
11,388
10,626
9,856
9,079
8,294
7,501
6,701
5,892
5,075
4,250
3,417
2,575
1,726
867
0
17 18 19 20 21
1. Dados

Volume de Vendas 38,000

Condies de Venda
No ato 25%
Financiamento 75%
VOS (IVV) 25%
nicio das Vendas 4
Despesas de Comercializao 5%

Propraganda Promoo e Mkt. 5%

Data de Pagamento 4

Terreno
Preo 3,200
Data Pagamento 1

Oramento Base 24,000

Projeto e Planejamento 6%
Parcelas 2
Incio 2
1 Patamar
Participao 20%
Prazo 4
Incio 8
2 Patamar
Participao 30%
Prazo 5
Incio 12
3 Patamar
Participao 50%
Prazo 5
Incio 17

Trmino das obras 21

2. Fluxo de Caixa
Descriminao Meses => 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
Encaixe 0 0 0 2,375 2,375 2,375 2,375 0 0 0 0 0 0 0 0 0 0 0 0 0 0 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
No ato 9,500 2,375 2,375 2,375 2,375
Parcelas de Financiamento 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876
Desencaixe 3,200 720 720 2,375 475 475 475 1,200 1,200 1,200 1,200 1,440 1,440 1,440 1,440 1,440 2,400 2,400 2,400 2,400 2,400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Terreno 3,200
Projeto e Planejamento 1,440 720 720
Produo 1 patamar 4,800 1,200 1,200 1,200 1,200
Produo 2 patamar 7,200 1,440 1,440 1,440 1,440 1,440
Produo 3 patamar 12,000 2,400 2,400 2,400 2,400 2,400
Propaganda, Prom. e Mkt. 1,900
Despesas de Comercializao 475 475 475 475

Fluxo de Caixa Operacional -3,200 -720 -720 0 1,900 1,900 1,900 -1,200 -1,200 -1,200 -1,200 -1,440 -1,440 -1,440 -1,440 -1,440 -2,400 -2,400 -2,400 -2,400 -2,400 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 876 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

3. Anlise do Empreendimento

Custo de Oportunidade 11% a.a. 0.87% a.m.

Taxa Mnima de Atratividade 20% a.a. 1.53% a.m.
VPLTAT 3,221
TIR Err:523 PBS PBD FC FC da
TRR (a.m.) 5.38% auxiliar TRR
0 0 -9,146
1 -3,200 -3,200 -3,152 -3,152 -2,883 0
2 -720 -3,920 -698 -3,850 -584 0
3 -720 -4,640 -688 -4,538 -526 0
4 0 -4,640 0 -4,538 0
5 1,900 -2,740 1,761 -2,777 1,900
6 1,900 -840 1,734 -1,043 1,900
7 1,900 1,060 1,708 666 1,900
8 -1,200 -140 -1,063 -397 -521 0
9 -1,200 -1,340 -1,047 -1,444 -469 0
10 -1,200 -2,540 -1,031 -2,475 -423 0
11 -1,200 -3,740 -1,015 -3,490 -381 0
12 -1,440 -5,180 -1,200 -4,690 -412 0
13 -1,440 -6,620 -1,182 -5,872 -371 0
14 -1,440 -8,060 -1,164 -7,036 -334 0
15 -1,440 -9,500 -1,147 -8,182 -301 0
16 -1,440 -10,940 -1,129 -9,312 -271 0
17 -2,400 -13,340 -1,854 -11,165 -407 0
18 -2,400 -15,740 -1,826 -12,991 -367 0
19 -2,400 -18,140 -1,798 -14,789 -330 0
20 -2,400 -20,540 -1,771 -16,560 -298 0
21 -2,400 -22,940 -1,744 -18,305 -268 0
22 876 -22,064 627 -17,678 876
23 876 -21,189 617 -17,060 876
24 876 -20,313 608 -16,452 876
25 876 -19,437 599 -15,853 876
26 876 -18,561 590 -15,263 876
27 876 -17,686 581 -14,682 876
28 876 -16,810 572 -14,110 876
29 876 -15,934 564 -13,546 876
30 876 -15,058 555 -12,991 876
31 876 -14,183 547 -12,444 876
32 876 -13,307 539 -11,906 876
33 876 -12,431 530 -11,375 876
34 876 -11,556 522 -10,853 876
35 876 -10,680 515 -10,338 876
36 876 -9,804 507 -9,832 876
37 876 -8,928 499 -9,333 876
38 876 -8,053 492 -8,841 876
39 876 -7,177 484 -8,357 876
40 876 -6,301 477 -7,880 876
41 876 -5,426 470 -7,410 876
42 876 -4,550 463 -6,947 876
43 876 -3,674 456 -6,492 876
44 876 -2,798 449 -6,043 876
45 876 -1,923 442 -5,601 876
46 876 -1,047 435 -5,166 876
47 876 -171 429 -4,737 876
48 876 705 422 -4,315 876
49 876 1,580 416 -3,899 876
50 876 2,456 410 -3,489 876
51 876 3,332 404 -3,085 876
52 876 4,207 397 -2,688 876
53 876 5,083 391 -2,297 876
54 876 5,959 386 -1,911 876
55 876 6,835 380 -1,531 876
56 876 7,710 374 -1,157 876
57 876 8,586 368 -789 876
58 876 9,462 363 -426 876
59 876 10,338 357 -69 876
60 876 11,213 352 283 876
61 876 12,089 347 630 876
62 876 12,965 341 971 876
63 876 13,840 336 1,307 876
64 876 14,716 331 1,638 876
65 876 15,592 326 1,965 876
66 876 16,468 321 2,286 876
67 876 17,343 316 2,602 876
68 876 18,219 312 2,914 876
69 876 19,095 307 3,221 876
70 0 19,095 0 3,221 0
71 0 19,095 0 3,221 0
72 0 19,095 0 3,221 0
73 0 19,095 0 3,221 0
74 0 19,095 0 3,221 0
75 0 19,095 0 3,221 0
76 0 19,095 0 3,221 0
77 0 19,095 0 3,221 0
78 0 19,095 0 3,221 0
79 0 19,095 0 3,221 0
80 0 19,095 0 3,221 0
81 0 19,095 0 3,221 0
82 0
83 0
84 0
85 0
86 0
87 0
88 0
89 0
90 0
91 0
92 0
93 0
94 0
95 0
96 0
97 0
98 0
99 0
100 0
1. Dados

Volume de Vendas 38,000

Condies de Venda
No ato 25%
Financiamento 75%
VOS (IVV) 25%
nicio das Vendas 4
Despesas de Comercializao 5%

Propraganda Promoo e Mkt. 5%

Data de Pagamento 4

Terreno
Preo 3,200
Data Pagamento 1

Oramento Base 24,000

Projeto e Planejamento 6%
Parcelas 2
Incio 2
1 Patamar
Participao 20%
Prazo 4
Incio 8
2 Patamar
Participao 30%
Prazo 5
Incio 12
3 Patamar
Participao 50%
Prazo 5
Incio 17

Trmino das obras 21

2. Fluxo de Caixa
Descriminao Meses => 1 2 3 4 5 6 7 8
Encaixe 0 0 0 2,375 2,375 2,375 2,375 0
No ato 9,500 2,375 2,375 2,375 2,375
Venda dos Recebveis
Desencaixe 3,200 720 720 2,375 475 475 475 1,200
Terreno 3,200
Projeto e Planejamento 1,440 720 720
Produo 1 patamar 4,800 1,200
Produo 2 patamar 7,200
Produo 3 patamar 12,000
Propaganda, Prom. e Mkt. 1,900
Despesas de Comercializao 475 475 475 475
Fluxo de Caixa Operacional -3,200 -720 -720 0 1,900 1,900 1,900 -1,200

3. Anlise do Empreendimento

Custo de Oportunidade 11% a.a. 0.87% a.m.

Taxa Mnima de Atratividade 20% a.a. 1.53% a.m.
VPLTAT 4,612
TIR 4.42% PBS PBD FC FC da
TRR (a.m.) 8.25% auxiliar TRR
0 0 -9,146
1 -3,200 -3,200 -3,152 -3,152 -2,883 0
2 -720 -3,920 -698 -3,850 -584 0
3 -720 -4,640 -688 -4,538 -526 0
4 0 -4,640 0 -4,538 0
5 1,900 -2,740 1,761 -2,777 1,900
6 1,900 -840 1,734 -1,043 1,900
7 1,900 1,060 1,708 666 1,900
8 -1,200 -140 -1,063 -397 -521 0
9 -1,200 -1,340 -1,047 -1,444 -469 0
10 -1,200 -2,540 -1,031 -2,475 -423 0
11 -1,200 -3,740 -1,015 -3,490 -381 0
12 -1,440 -5,180 -1,200 -4,690 -412 0
13 -1,440 -6,620 -1,182 -5,872 -371 0
14 -1,440 -8,060 -1,164 -7,036 -334 0
15 -1,440 -9,500 -1,147 -8,182 -301 0
16 -1,440 -10,940 -1,129 -9,312 -271 0
17 -2,400 -13,340 -1,854 -11,165 -407 0
18 -2,400 -15,740 -1,826 -12,991 -367 0
19 -2,400 -18,140 -1,798 -14,789 -330 0
20 -2,400 -20,540 -1,771 -16,560 -298 0
21 -2,400 -22,940 -1,744 -18,305 -268 0
22 32,013 9,073 22,917 4,612 32,013
 Comparao entre as duas hipteses atravs dos indicadores calculados

Hiptese A Hiptese B
Payback Simples 48 ms 22 ms
Payback Descontado 60 ms 22 ms
TIR a.m. Err:523 4.42%
TIR a.a. --- 67.95%
TRR a.m. 5.38% 8.25%
TRR a.a. 87.52% 158.91%
VPL1 3,221 4,612

Calculado TAT mensal de:

1
1.53% 1.53%
Equivalente anual da TAT 20.00% 20.00%