borrowed a loan of 1,00,000 for a period of 5 years to be repaid in equated quarterly installment at an interest rate of 15% per annum. You are required to prepare a loan repayment schedule"
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Answer:
All calculations are based on EMI in Arrears(i.e. Rear Ended EMI's).
EMI Number
EMI Amount
Interest Amount
Principal Reduction
Balance Due
1.
Rs.2224
Rs.1000
Rs.1224
Rs.98776
2.
Rs.2224
Rs.988
Rs.1237
Rs.97539
3.
Rs.2224
Rs.975
Rs.1249
Rs.96290
4.
Rs.2224
Rs.963
Rs.1262
Rs.95028
5.
Rs.2224
Rs.950
Rs.1274
Explanation:
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