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    Scooter Advance::-Interest Calculation As Follows (IBB Method)

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    api-19729864
    An individual received a scooter advance of Rs. 30,000 at 8% interest to be repaid over 60 monthly installments of Rs. 500 each. The table shows the monthly repayments over 5 years where the balance amount is reduced each month. The total interest paid on the loan was Rs. 5,900.

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    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd

    Scooter Advance::-Interest Calculation As Follows (IBB Method)

    Uploaded by

    api-19729864
    2K views3 pages
    An individual received a scooter advance of Rs. 30,000 at 8% interest to be repaid over 60 monthly installments of Rs. 500 each. The table shows the monthly repayments over 5 years where the balance amount is reduced each month. The total interest paid on the loan was Rs. 5,900.

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    Scooter Advance

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    An individual received a scooter advance of Rs. 30,000 at 8% interest to be repaid over 60 monthly installments of Rs. 500 each. The table shows the monthly repayments over 5 years where the balance amount is reduced each month. The total interest paid on the loan was Rs. 5,900.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    2K views3 pages

    Scooter Advance::-Interest Calculation As Follows (IBB Method)

    Uploaded by

    api-19729864
    An individual received a scooter advance of Rs. 30,000 at 8% interest to be repaid over 60 monthly installments of Rs. 500 each. The table shows the monthly repayments over 5 years where the balance amount is reduced each month. The total interest paid on the loan was Rs. 5,900.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 3

    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 Recived 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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