Rate of auto loan interest

Nitesh Chordia (Business) (231 Points)

19 December 2013

loan amount 2700000 equi monthly instalment 90530 duration 35 monyhs.. can any1 calculate rate of interest and please kindly tell the formula.

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4 Replies

Rajesh (student) (193 Points)
Replied 20 December 2013

Dear Nitesh,

Please Note, 90530 * 35 Months = Rs.31,68,550/-.

Histroical Cost of Vehicle is Rs. =Rs.27,00,000/-.

Less: ( Rs.31,68,550 - Rs.27,00,000 = Rs.4,68,550/-.

Find the ROI = 468550/270000*100= 17.35 PA (Rate of Interest is 17.35 P.A)

Nitesh Chordia (Business) (231 Points)
Replied 21 December 2013

wrong hai dear... i asked about equi monthly instalments and not equi annual instalments

Rajesh (student) (193 Points)
Replied 26 December 2013

Hai,

Divide the whole interest amount of Rs.468550 / 35 months = Rs.13,387/-. This your Interest Per month.

NOUFAL (ACCOUNTANT) (762 Points)
Replied 27 December 2013

Principle amount = 27,00,000/-

Period = 3 year (35 month)

Formula is = Principle amount * Interest * Number of Year = 468550

so, 27,00,000*X/100*3 = 468550

X = 468550*100/2700,000*3 = 5.78%

SO, INTEREST IS = 5.78%

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