I am creating a bank loan repayment system, which needs to calculate interest. How can it calculate floating interest rate on a loan account and also flat interest rate on a loan account?
The flat interest rate is 10.25% Interest. Here is a table of floating interest rates:
01/04/2016 - 30/04/2016: 10.25% Interest
01/05/2016 - 31/05/2016: 10.00% Interest
01/06/2016 - 30/06/2016: 09.50% Interest
01/07/2016 - 31/08/2016: 09.60% Interest
The loan amount is 196685.2
The loan take date is 02/04/2016
The loan repayment date is the 10th of every month (recurring for 20 months).
Give me a formula for how to calculate the interest amount and the principal amount.
Interest added from :
02/04/2016 to 10/04/2016,
10/04/2016 to 09/05/2016,
EMI No:. | Payment Date | Beginning Balance | Principal | Interest | Ending Balance
1 | 10/05/2016 | 196685.2 | | |
2 | 10/06/2016 | | | |
3 | 10/07/2016 | | | |
4 | 10/08/2016 | | | |
I need a formula for the interest, principal and EMI calculation using ASP.NET with C# as the programming language.