how to calculate intrest

Originally posted by : lexbery
	how to calculate interst on loan on the given example example...1 17/1/11  deposited 2,00,000/- 13+28+31 = 82 days !! 82/365*12/100*200000= 5391.78 25/1/11 deposited 1,00,000/- 24/3/11 deposited 3,00,000/-  at the end of 31/3/11,if interest is charged @ 12% example..2 17/1/11  deposited 2,00,000/- 25/1/11 deposited 1,00,000/- 24/2/11 deposited 3,00,000/- 21/3/11 returned 1,50,000/-  at the end of 31/3/11,if interest is charged @ 12% please reply urgently as i have to file tds return for the 4th quater

use this formula to get 

no of days remaiing in year/365 * 12/100*amount deposited = interest accured. 

thanks for the reply...but i need 1 more clarification...

since intrest is calculated every month,taking example 2 into consideration...

25/1/11 deposited 1,00,000/-   no of days is 6

24/2/11 deposited 3,00,000/-  no of days is 4

21/3/11 returned 1,50,000/-   at the end of 31/3/11,

how  will intrest will b calculated for the month ending march since 2,50,000/- is still due to be returned, and what will be the no of days for the remaing amount.

for month ending .................the calculation will be 

 1 x amount x no of remaining days in month/ 30 ( 1 is the product of 12% divided by 12 months)

ignore the irregular number of days in month and average count is 30 for this purpose. 

for yearly calculation the total remaining number of days / 365

alternate , calculate the whole interest and deduct the interest on paid out amount 1.5 Lacs * 10/365*12/100 = 493.15 ( interest amount of 1.5 lacs for 10 days)