How to calculate the interest amount for Scooter Advance with an example

Scooter Advance:-

Interest Calculation as follows… (IBB Method)

Amount of advance received: Rs.30000

No. of Installments & Amount: Rs.500 x 60 Months

Rate of Interest : 8%

No.	Months	Received Amount	Repaid Amount	Balance Amount
1	January-06	30000	500	29500
2	February-06		500	29000
3	March-06		500	28500
4	April-06		500	28000
5	May-06		500	27500
6	June-06		500	27000
7	July-06		500	26500
8	August-06		500	26000
9	September-06		500	25500
10	October-06		500	25000
11	November-06		500	24500
12	December-06		500	24000
13	January-07		500	23500
14	February-07		500	23000
15	March-07		500	22500
16	April-07		500	22000
17	May-07		500	21500
18	June-07		500	21000
19	July-07		500	20500
20	August-07		500	20000
21	September-07		500	19500
22	October-07		500	19000
23	November-07		500	18500
24	December-07		500	18000
25	January-08		500	17500
26	February-08		500	17000
27	March-08		500	16500
28	April-08		500	16000
29	May-08		500	15500
30	June-08		500	15000
31	July-08		500	14500
32	August-08		500	14000
33	September-08		500	13500
34	October-08		500	13000
35	November-08		500	12500
36	December-08		500	12000
37	January-09		500	11500
38	February-09		500	11000
39	March-09		500	10500
40	April-09		500	10000
41	May-09		500	9500
42	June-09		500	9000
43	July-09		500	8500
44	August-09		500	8000
45	September-09		500	7500
46	October-09		500	7000
47	November-09		500	6500
48	December-09		500	6000
49	January-10		500	5500
50	February-10		500	5000
51	March-10		500	4500
52	April-10		500	4000
53	May-10		500	3500
54	June-10		500	3000
55	July-10		500	2500
56	August-10		500	2000
57	September-10		500	1500
58	October-10		500	1000
59	November-10		500	500
60	December-10		500	0
			30000	885000

                         

                              885000 x 8 x 1

   Interest   =        ----------------

                                  100 x 12

                      =         Rs.5900