Sr. No. Due Date Principle Profit Charges EMI 1 27/07/2013 252.00 57.00 0 309.00 2 27/08/2013 251.00 58.00 0 309.00 3 27/09/2013 253.00 56.00 0 309.00 4 27/10/2013 256.00 53.00 0 309.00 5 27/11/2013 256.00 53.00 0 309.00 6 27/12/2013 259.00 50.00 0 309.00 7 27/01/2014 259.00 50.00 0 309.00 8 27/02/2014 260.00 49.00 0 309.00 9 27/03/2014 266.00 43.00 0 309.00 10 27/04/2014 263.00 46.00 0 309.00 11 27/05/2014 266.00 43.00 0 309.00 12 27/06/2014 266.00 43.00 0 309.00 13 27/07/2014 269.00 40.00 0 309.00 14 27/08/2014 270.00 39.00 0 309.00 15 27/09/2014 271.00 38.00 0 309.00 16 27/10/2014 274.00 35.00 0 309.00 17 27/11/2014 275.00 34.00 0 309.00 18 27/12/2014 277.00 32.00 0 309.00 19 27/01/2015 278.00 31.00 0 309.00 20 27/02/2015 279.00 30.00 0 309.00 21 27/03/2015 284.00 25.00 0 309.00 22 27/04/2015 283.00 26.00 0 309.00 23 27/05/2015 285.00 24.00 0 309.00 24 27/06/2015 286.00 23.00 0 309.00 25 27/07/2015 289.00 20.00 0 309.00 26 27/08/2015 290.00 19.00 0 309.00 27 27/09/2015 291.00 18.00 0 309.00 28 27/10/2015 294.00 15.00 0 309.00 29 27/11/2015 295.00 14.00 0 309.00 30 27/12/2015 297.00 12.00 0 309.00 31 27/01/2016 298.00 11.00 0 309.00 32 27/02/2016 300.00 9.00 0 309.00 33 27/03/2016 302.00 7.00 0 309.00 34 27/04/2016 304.00 5.00 0 309.00 35 27/05/2016 306.00 3.00 0 309.00 36 27/06/2016 296.00 3.00 0 299.00 Total 10,000 1,114 0 11,114i everybody , i am a banker , and i need help on the this please check the attached image. how they calculate the principle and profit columns , what’s thier formula. the finance amount is 10k , for 3 years. the effective rate is 7% note, it’s an islamic bank.
This is just an ordinary annuity payable monthly for 3 years. If I assume 7% compounded monthly, I get a monthly payment of 308.77. Someone here is trying to round the intermediate numbers, which is probably what is causing all the confusion.
You can probably very easily correct the problem by taking the calcs to a couple of decimal places. The BAII Plus even has an AMORT worksheet to help you verify what the principal/interest split should be.