Interest calculation

Total Installment Value = 10,00,000 

Upfront amount = 1,20,000

So, Total interest charged for 17 weeks comes to 1,20,000

and the Interest rate comes to 13.5325%.

File attached for your reference.

Sir why have calculated interest for 14 days, 21 days, 28 days.... and so on.

FOR EXAMPLE -

WEEK 2 interest should be calculated only for 7 days on 880000. WEEK 1 should not be included in week 2 calculations i.e 1X7 and not 2X7. 

Please explain.

regards

karamvir ahuja ( karamvir.ahuja @ yahoo.in )