Hi all Please read the following and solve my query
Amount financed =rs 3040000
Rate of interest = 14.29%
Total monthly installments = 23
What is the interest amount and each installment amount
According to my computation the amount of interest is Rs 832630 and amount o installment is Rs 168375. but the given answer does not tally
If your answers differ please explain ..
| Month | Principle | Interest | Installement |
| 1 | 3,040,000.00 | 36,201.33 | 151,880.00 |
| 2 | 2,924,321.33 | 34,823.79 | 151,880.00 |
| 3 | 2,807,265.13 | 33,429.85 | 151,880.00 |
| 4 | 2,688,814.98 | 32,019.30 | 151,880.00 |
| 5 | 2,568,954.28 | 30,591.96 | 151,880.00 |
| 6 | 2,447,666.24 | 29,147.63 | 151,880.00 |
| 7 | 2,324,933.87 | 27,686.09 | 151,880.00 |
| 8 | 2,200,739.96 | 26,207.14 | 151,880.00 |
| 9 | 2,075,067.10 | 24,710.59 | 151,880.00 |
| 10 | 1,947,897.69 | 23,196.22 | 151,880.00 |
| 11 | 1,819,213.91 | 21,663.81 | 151,880.00 |
| 12 | 1,688,997.71 | 20,113.15 | 151,880.00 |
| 13 | 1,557,230.86 | 18,544.02 | 151,880.00 |
| 14 | 1,423,894.89 | 16,956.21 | 151,880.00 |
| 15 | 1,288,971.10 | 15,349.50 | 151,880.00 |
| 16 | 1,152,440.60 | 13,723.65 | 151,880.00 |
| 17 | 1,014,284.24 | 12,078.43 | 151,880.00 |
| 18 | 874,482.68 | 10,413.63 | 151,880.00 |
| 19 | 733,016.31 | 8,729.00 | 151,880.00 |
| 20 | 589,865.31 | 7,024.31 | 151,880.00 |
| 21 | 445,009.63 | 5,299.32 | 151,880.00 |
| 22 | 298,428.95 | 3,553.79 | 151,880.00 |
| 23 | 150,102.74 | 1,787.47 | 151,890.21 |
| TOTAL | 453,250.21 | 3,493,250.21 | |
Total Interest: Rs. 453,250.21
Installment: Rs. 151,880.00
CAclubindia
