Late Installment Interest Calculation

[RoGo]

I=PRT/100

RATE=14@ PER ANNUM

FOR P= 1 RS

INTEREST= RS 0.14  FOR 365 DAYS

FOR 1 DAY INTEREST = 0.14/365  = 0.00038356164

HENCE  FOR 21-07-14 INSTALLMENT AMOUNT 92361.25 

NUMBER OF DAYS FROM 21-01-2015 = 168 DAYS

INTEREST AMOUNT = 168 *  9236125  = RS 5951.61

Please confirm that the above calculation is in line with YEA

regards

Rohit

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Ideas are nobody's property, they belong to those who expresses them best.

[Safal Suri (gmail.com)]

 

Dear Rohit,

 

This is too complicated. There is a simple formula: [(Installment x 14%) / 365 ] x Number of days delayed.

 

Example: If the installment is Rs. 1,00,000 and delay in depositing installment is 183 days, then:

 

[(Installment x 14%) / 365 ] x Number of days delayed

[(Rs. 1,00,000 x 14%) / 365 ] x 183 days

[Rs. 14,000 / 365 ] x 183 days

Rs. 38.356 x 183 days

Interest = Rs. 7,019.148

 

Total Amount = Rs. 1,00,000 + Rs. 7,019.148 = Rs. 1,07,019.148

 

Regards,

 

Safal Suri

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[Sanjeev Aggarwal]

The calculation is slightly more involved since the interest is compounded half yearly.

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