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
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