Dear Member ,
I have problem on Interest rate calculation in below case ! please suggest me with suitable solution.
Problem: Mr. A ask me to give a loan of Rs. 10000. I agree to give him loan on following term,
Initially i give Rs.8500 after deducting Rs. 1500. and the repayment terms are Mr. A give Rs 100 per day for upto 100 day, i.e total Rs 10000.
what is the effective rate of interest annually?
Dear Harsh,
Approximate 121%.
| Days | Principle | Interest | Payment | Balance |
| 0 | 8,500.00 | - | - | 8,500.00 |
| 1 | 8,500.00 | 28.18 | 100.00 | 8,428.18 |
| 2 | 8,428.18 | 27.94 | 100.00 | 8,356.12 |
| 3 | 8,356.12 | 27.70 | 100.00 | 8,283.82 |
| 4 | 8,283.82 | 27.46 | 100.00 | 8,211.28 |
| 5 | 8,211.28 | 27.22 | 100.00 | 8,138.50 |
| 6 | 8,138.50 | 26.98 | 100.00 | 8,065.48 |
| 7 | 8,065.48 | 26.74 | 100.00 | 7,992.22 |
| 8 | 7,992.22 | 26.49 | 100.00 | 7,918.71 |
| 9 | 7,918.71 | 26.25 | 100.00 | 7,844.96 |
| 10 | 7,844.96 | 26.01 | 100.00 | 7,770.97 |
| 11 | 7,770.97 | 25.76 | 100.00 | 7,696.73 |
| 12 | 7,696.73 | 25.52 | 100.00 | 7,622.25 |
| 13 | 7,622.25 | 25.27 | 100.00 | 7,547.52 |
| 14 | 7,547.52 | 25.02 | 100.00 | 7,472.54 |
| 15 | 7,472.54 | 24.77 | 100.00 | 7,397.31 |
| 16 | 7,397.31 | 24.52 | 100.00 | 7,321.83 |
| 17 | 7,321.83 | 24.27 | 100.00 | 7,246.10 |
| 18 | 7,246.10 | 24.02 | 100.00 | 7,170.12 |
| 19 | 7,170.12 | 23.77 | 100.00 | 7,093.89 |
| 20 | 7,093.89 | 23.52 | 100.00 | 7,017.41 |
| 21 | 7,017.41 | 23.26 | 100.00 | 6,940.67 |
| 22 | 6,940.67 | 23.01 | 100.00 | 6,863.68 |
| 23 | 6,863.68 | 22.75 | 100.00 | 6,786.44 |
| 24 | 6,786.44 | 22.50 | 100.00 | 6,708.93 |
| 25 | 6,708.93 | 22.24 | 100.00 | 6,631.17 |
| 26 | 6,631.17 | 21.98 | 100.00 | 6,553.16 |
| 27 | 6,553.16 | 21.72 | 100.00 | 6,474.88 |
| 28 | 6,474.88 | 21.46 | 100.00 | 6,396.35 |
| 29 | 6,396.35 | 21.20 | 100.00 | 6,317.55 |
| 30 | 6,317.55 | 20.94 | 100.00 | 6,238.49 |
| 31 | 6,238.49 | 20.68 | 100.00 | 6,159.17 |
| 32 | 6,159.17 | 20.42 | 100.00 | 6,079.59 |
| 33 | 6,079.59 | 20.15 | 100.00 | 5,999.75 |
| 34 | 5,999.75 | 19.89 | 100.00 | 5,919.64 |
| 35 | 5,919.64 | 19.62 | 100.00 | 5,839.26 |
| 36 | 5,839.26 | 19.36 | 100.00 | 5,758.62 |
| 37 | 5,758.62 | 19.09 | 100.00 | 5,677.71 |
| 38 | 5,677.71 | 18.82 | 100.00 | 5,596.53 |
| 39 | 5,596.53 | 18.55 | 100.00 | 5,515.08 |
| 40 | 5,515.08 | 18.28 | 100.00 | 5,433.37 |
| 41 | 5,433.37 | 18.01 | 100.00 | 5,351.38 |
| 42 | 5,351.38 | 17.74 | 100.00 | 5,269.12 |
| 43 | 5,269.12 | 17.47 | 100.00 | 5,186.59 |
| 44 | 5,186.59 | 17.19 | 100.00 | 5,103.78 |
| 45 | 5,103.78 | 16.92 | 100.00 | 5,020.70 |
| 46 | 5,020.70 | 16.64 | 100.00 | 4,937.34 |
| 47 | 4,937.34 | 16.37 | 100.00 | 4,853.71 |
| 48 | 4,853.71 | 16.09 | 100.00 | 4,769.80 |
| 49 | 4,769.80 | 15.81 | 100.00 | 4,685.61 |
| 50 | 4,685.61 | 15.53 | 100.00 | 4,601.15 |
| 51 | 4,601.15 | 15.25 | 100.00 | 4,516.40 |
| 52 | 4,516.40 | 14.97 | 100.00 | 4,431.37 |
| 53 | 4,431.37 | 14.69 | 100.00 | 4,346.06 |
| 54 | 4,346.06 | 14.41 | 100.00 | 4,260.47 |
| 55 | 4,260.47 | 14.12 | 100.00 | 4,174.59 |
| 56 | 4,174.59 | 13.84 | 100.00 | 4,088.43 |
| 57 | 4,088.43 | 13.55 | 100.00 | 4,001.99 |
| 58 | 4,001.99 | 13.27 | 100.00 | 3,915.25 |
| 59 | 3,915.25 | 12.98 | 100.00 | 3,828.23 |
| 60 | 3,828.23 | 12.69 | 100.00 | 3,740.92 |
| 61 | 3,740.92 | 12.40 | 100.00 | 3,653.32 |
| 62 | 3,653.32 | 12.11 | 100.00 | 3,565.44 |
| 63 | 3,565.44 | 11.82 | 100.00 | 3,477.25 |
| 64 | 3,477.25 | 11.53 | 100.00 | 3,388.78 |
| 65 | 3,388.78 | 11.23 | 100.00 | 3,300.02 |
| 66 | 3,300.02 | 10.94 | 100.00 | 3,210.96 |
| 67 | 3,210.96 | 10.64 | 100.00 | 3,121.60 |
| 68 | 3,121.60 | 10.35 | 100.00 | 3,031.95 |
| 69 | 3,031.95 | 10.05 | 100.00 | 2,942.00 |
| 70 | 2,942.00 | 9.75 | 100.00 | 2,851.75 |
| 71 | 2,851.75 | 9.45 | 100.00 | 2,761.21 |
| 72 | 2,761.21 | 9.15 | 100.00 | 2,670.36 |
| 73 | 2,670.36 | 8.85 | 100.00 | 2,579.21 |
| 74 | 2,579.21 | 8.55 | 100.00 | 2,487.76 |
| 75 | 2,487.76 | 8.25 | 100.00 | 2,396.01 |
| 76 | 2,396.01 | 7.94 | 100.00 | 2,303.95 |
| 77 | 2,303.95 | 7.64 | 100.00 | 2,211.59 |
| 78 | 2,211.59 | 7.33 | 100.00 | 2,118.92 |
| 79 | 2,118.92 | 7.02 | 100.00 | 2,025.95 |
| 80 | 2,025.95 | 6.72 | 100.00 | 1,932.66 |
| 81 | 1,932.66 | 6.41 | 100.00 | 1,839.07 |
| 82 | 1,839.07 | 6.10 | 100.00 | 1,745.17 |
| 83 | 1,745.17 | 5.79 | 100.00 | 1,650.95 |
| 84 | 1,650.95 | 5.47 | 100.00 | 1,556.42 |
| 85 | 1,556.42 | 5.16 | 100.00 | 1,461.58 |
| 86 | 1,461.58 | 4.85 | 100.00 | 1,366.43 |
| 87 | 1,366.43 | 4.53 | 100.00 | 1,270.96 |
| 88 | 1,270.96 | 4.21 | 100.00 | 1,175.17 |
| 89 | 1,175.17 | 3.90 | 100.00 | 1,079.07 |
| 90 | 1,079.07 | 3.58 | 100.00 | 982.65 |
| 91 | 982.65 | 3.26 | 100.00 | 885.90 |
| 92 | 885.90 | 2.94 | 100.00 | 788.84 |
| 93 | 788.84 | 2.62 | 100.00 | 691.46 |
| 94 | 691.46 | 2.29 | 100.00 | 593.75 |
| 95 | 593.75 | 1.97 | 100.00 | 495.72 |
| 96 | 495.72 | 1.64 | 100.00 | 397.36 |
| 97 | 397.36 | 1.32 | 100.00 | 298.68 |
| 98 | 298.68 | 0.99 | 100.00 | 199.67 |
| 99 | 199.67 | 0.66 | 100.00 | 100.33 |
| 100 | 100.33 | 0.33 | 100.00 | 0.66 |
| 1,500.66 | 10,000.00 |
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