Posted On
11/28/2022
3:59:25 PM
by
Yo Yo
Gulf bank is offering a loan amount of 10,000KD for 36 months with a monthly pay of 304KD and says 6% interest. How are they calculating does anybody know, please guide me.
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Posted On
11/28/2022
4:25:53 PM
by
Calculus
Loan Amount : 10,000 Interest : 952 Total Amount : 10,952 Monthly Payment : 304 for 36 months For 10,000 = 10,000 x 6% = 50 , then Divide by 12 ( Months ) , Interest will be 50 = 10,050 - 254 = 9746 like this , it will follow upto 36 months. Principal, Interest, Payments Balance 254, 50, 304 , 9746
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Posted On
11/29/2022
5:54:55 AM
by
Anbazhagan Bavanandam
Calculate the interest for 3 months and add the interest to the principal amount until it reaches 23 months. Means for 700 days = 23 months, so 7 x 3 months + 2 months.
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Posted On
11/29/2022
8:20:44 AM
by
Interesting man
Use power function in Excel =power(interest,times power) Your principle amount multiplied by the result of power function will give you the result In India generally for FDS interest is compounded quarterly (every 4 months) Interest is in this format: (1+r/100) In this example, interest is (1+7.25/4*100) i.e. (1+7.25/400), since it is compounded quarterly Times power is the number of times the compounding happens. In this example it is 700*4/365 or 7.671 times (365 days in a year) =power(1+7.25/400,7.671) Maturity amount= 100000*power(1+7.25/400,7.671) = Rs. 1,147,73.6
Ask me if things are not clear.
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Posted On
11/29/2022
8:30:48 AM
by
Yo Yo
Thank you Calculus for providing detailed calculations on my query. Only have one doubt in the calculation as am stuck with 254.
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Posted On
11/29/2022
8:40:06 AM
by
John
monthly payment is KWD. 304. interest is KWD. 50. Thus the return on principal amount is KWD. 254.
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Posted On
11/29/2022
8:42:15 AM
by
Yo Yo
Much appreciated John. Thank you so much.
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Posted On
11/29/2022
10:13:53 AM
by
Noob
Calculus, Nice explanation. But how did you arrive at the interest figure KD 952?
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Posted On
11/29/2022
10:23:45 AM
by
a
thanks a lot "Interesting man"
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Posted On
11/29/2022
10:39:16 AM
by
Calculus
@Noob Sl.No. Loan . Principal . Interest . Payments . Loan Balance. 1. 10,000 . 254 . 50 . 304 . 9,746 2. 9,746 . 255 . 49 . 304 . 9,491 3. 9,491 . 257 . 47 . 304 . 9,234 4. 9,234 . 258 . 46 . 304 . 8,976 5. 8,976 . 259 . 44 . 304 . 8,717
Like this it will repeat upto 36 months and total interest will be approx. KD.952/-
Try in MS Excel it will very Easy.
Principal = Your Instalment – Interest = 304 – 50 = 254 Interest = Loan Amount x 6% Divided by 12 = SUM(10000*6%)/12 = 50 KD Your Loan Amount = 10,000 – 254 (Principal ) = 9,746/- Next Installment = SUM(9746*6%)/12= 48.73 KD Repeat the Process upto 36 Months.
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Posted On
11/29/2022
11:31:38 AM
by
Student
@ a Maturity Amount = approx. Rs. 1,14,860/- 1.Your Deposit = 1,00,000 Monthly Interest = 1,00,000*7.25%/12 = 604 Your Deposit Amount + Interest = 1,00,000 + 604 = 1,00,604 2.Your Deposit = 1,00,604 Monthly Interest = 1,00,604*7.25%/12 = 607 Your Deposit Amount + Interest = 1,00,604 + 607 = 1,01,211 Repeat process upto 23 Months @700 Days
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Posted On
12/4/2022
2:48:44 PM
by
interest free man
Indian banks pay you 7.25% a year, at the same time, Indian rupee has sunk 11% in one year... according to Nimmy Mami (Mrs. Nirmala Sitaraman), KWD surged 11% in one year... more fall is expected in coming days. I recommend you keep your money as saving in Kuwait. it will give you better return than Indian bank interests.
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Posted On
4/22/2023
10:56:54 AM
by
Kuwait banks interest.
When Kuwait bank say 6% or ehat ever interest is it annually or for the whole amount?
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