'A' LENT Rs. 25,000 TO B ON 1st JANUARY 2007.THE AMOUNT IS REPAYABLE IN 5 HALF YEARLY INSTALLMENTS FROM 1st JANUARY 2008.
CALCULATE THE AVG DUE DATE & INTEREST @ 10% p.a.
PLEASE HELP.
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Replies (1)
Dear Aksh*t,
Following is the solution for your question:-
1st payment is made after 12 months from the date of loan.
2nd payment is made after 18 months from the date of loan
3rd payment is made after 24 months from the date of loan
4th payment is made after 30 months from the date of loan
5th payment is made after 36/120 months from the date of loan
Average Due Date = Date of Loan + Sum of months from 1st Jan, 09 to the date of each installment
Number of Installments
= 1st Jan 07 + 120 Months
5
= 1st Jan 07 + 24 Months
= 1st Jan 09
Interest = Rs. 25000 x 10/100 x 2 Years = Rs. 5000
Therefore, Average Due Date is 1st Jan 09 and Interest is Rs. 5000.
Regards,
Devendra K
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