MOTOR CYCLE ADVANCE INTEREST

CALCULATION OF INTEREST ON MOTOR CYCLE ADVANCE

Amount of advance: Rs. 35000-

Date of drawal of Advance: 20 th February, 2008
Date of Retiement: 30.06.2011
No. of Month Amount Balance at the end of the
Instt. Recovered month
- Feb-08 0 35000
1 Mar-08 780 34220
2 Apr-08 580 33640
3 May-08 580 33060
4 Jun-08 580 32480
5 Jul-08 580 31900
6 Aug-08 580 31320
7 Sep-08 580 30740
8 Oct-08 580 30160
9 Nov-08 580 29580
10 Dec-08 580 29000
11 Jan-09 580 28420
12 Feb-09 580 27840
13 Mar-09 580 27260
14 Apr-09 580 26680
15 May-09 580 26100
16 Jun-09 580 25520
17 Jul-09 580 24940
18 Aug-09 580 24360
19 Sep-09 580 23780
20 Oct-09 580 23200

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 MOTOR CYCLE ADVANCE INTEREST

No. of Month Amount Balance at the end of the

Instt. Recovered month
21 Nov-09 580 22620
22 Dec-09 580 22040
23 Jan-10 580 21460
24 Feb-10 580 20880
25 Mar-10 580 20300
26 Apr-10 580 19720
27 May-10 580 19140
28 Jun-10 580 18560
29 Jul-10 580 17980
30 Aug-10 580 17400
31 Sep-10 580 16820
32 Oct-10 580 16240
33 Nov-10 580 15660
34 Dec-10 580 15080
35 Jan-11 580 14500
36 Feb-11 580 13920
37 Mar-11 580 13340
38 Apr-11 580 12760
39 May-11 580 12180
40 Jun-11 580 11600

TOTAL : 23400 951400

Interest Total of the amount pending

on MCA
x recovery from the
= beginning to the last month of
recovery (salary payment)

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 MOTOR CYCLE ADVANCE INTEREST

No. of Month Amount Balance at the end of the

Instt. Recovered month

= 951400 x 1/12 x 8 /100

= 6342.667
= 6343-

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 Page 4 of 12

CALCULATION OF INTEREST ON MOTOR CYCLE ADVANCE

Amount of advance: Rs. 35000-

Date of drawal of Advance: February, 2007
Date of Retiement: 30.11.2013

Amount Balance at the end of

No. of Instt. Month Recovered the month
Feb-07 0 35000
1 Mar-07 780 34220
2 Apr-07 580 33640
3 May-07 580 33060
4 Jun-07 580 32480
5 Jul-07 580 31900
6 Aug-07 580 31320
7 Sep-07 580 30740
8 Oct-07 580 30160
9 Nov-07 580 29580
10 Dec-07 580 29000
11 Jan-08 580 28420
12 Feb-08 580 27840
13 Mar-08 580 27260
14 Apr-08 580 26680
15 May-08 580 26100
16 Jun-08 580 25520
17 Jul-08 580 24940
18 Aug-08 580 24360
19 Sep-08 580 23780
20 Oct-08 580 23200
21 Nov-08 580 22620
22 Dec-08 580 22040
23 Jan-09 580 21460
24 Feb-09 580 20880
25 Mar-09 580 20300
26 Apr-09 580 19720
27 May-09 580 19140
28 Jun-09 580 18560
29 Jul-09 580 17980
30 Aug-09 580 17400
31 Sep-09 580 16820
32 Oct-09 580 16240
33 Nov-09 580 15660
34 Dec-09 580 15080

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 Page 5 of 12

Amount Balance at the end of

No. of Instt. Month Recovered the month
35 Jan-10 580 14500
36 Feb-10 580 13920
37 Mar-10 580 13340
38 Apr-10 580 12760
39 May-10 580 12180
40 Jun-10 580 11600
41 Jul-10 580 11020
42 Aug-10 580 10440
43 Sep-10 580 9860
44 Oct-10 580 9280
45 Nov-10 580 8700
46 Dec-10 580 8120
47 Jan-11 580 7540
48 Feb-11 580 6960
49 Mar-11 580 6380
50 Apr-11 580 5800
51 May-11 580 5220
52 Jun-11 580 4640
53 Jul-11 580 4060
54 Aug-11 580 3480
55 Sep-11 580 2900
56 Oct-11 580 2320
57 Nov-11 580 1740
58 Dec-11 580 1160
59 Jan-12 580 580
60 Feb-12 580 0

TOTAL : 35000 1061600

Interest on
MCA = Total of the amount X
pending recovery from
the beginning to the last
month of recovery (salary
payment)

= 1061600 x 1/12 x 8 /100

= 7077.3333

= 7077-

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CALCULATION OF INTEREST ON MOTOR CYCLE ADVANCE
Amount of advance: Rs. 35000-
Date of drawal of Advance: 20 th February, 2008
Date of lump sum remittance : 15.06.2011
Date of Retiement: 30.11.2012
No. of Amount Balance at the end of the
Month
Instt. Recovered month

- Feb-08 0 35000
1 Mar-08 780 34220
2 Apr-08 580 33640
3 May-08 580 33060
4 Jun-08 580 32480
5 Jul-08 580 31900
6 Aug-08 580 31320
7 Sep-08 580 30740
8 Oct-08 580 30160
9 Nov-08 580 29580
10 Dec-08 580 29000
11 Jan-09 580 28420
12 Feb-09 580 27840
13 Mar-09 580 27260
14 Apr-09 580 26680
15 May-09 580 26100
16 Jun-09 580 25520
17 Jul-09 580 24940
18 Aug-09 580 24360
19 Sep-09 580 23780
20 Oct-09 580 23200
21 Nov-09 580 22620
22 Dec-09 580 22040
23 Jan-10 580 21460
24 Feb-10 580 20880
25 Mar-10 580 20300
26 Apr-10 580 19720
27 May-10 580 19140
28 Jun-10 580 18560
29 Jul-10 580 17980
30 Aug-10 580 17400
31 Sep-10 580 16820
32 Oct-10 580 16240
33 Nov-10 580 15660
34 Dec-10 580 15080
35 Jan-11 580 14500
36 Feb-11 580 13920
 37 Mar-11 580 13340
38 Apr-11 580 12760
39 May-11 580 12180
40 Jun-11 12180 0
TOTAL : 35000 939800
Partly paid in equal instalments and the balance in
lump sum:

Interest on Motor
cycle advance =
A = Principal
L = Lump sum remittance
n = Instalment including lump sum remittance
r = Rate of Interest
A =35000-
L = 12180
n = 39+1 =40
r =8
Interest on MCA = 40(35000 +12180) x 8
2 x12 x 100

= 40 x 47180 x 8
2 x12 x100

= 6290.66666666667

Interest on MCA = 6291-

 4. motor car advance interest

CALCULATION OF INTEREST ON MOTOR CAR ADVANCE

Amount of advance: Rs. 200000-
Date of drawal of Advance: May,2004
Date of Retiement: 30.06.2013
Amount Balance at the end of the
No. of Instt. Month Recovered month
May-04 0 200000
1 Jun-04 2000 198000
2 Jul-04 2000 196000
3 Aug-04 2000 194000
4 Sep-04 2000 192000
5 Oct-04 2000 190000
6 Nov-04 2000 188000
7 Dec-04 2000 186000
8 Jan-05 2000 184000
9 Feb-05 2000 182000
10 Mar-05 2000 180000
11 Apr-05 2000 178000
12 May-05 2000 176000
13 Jun-05 2000 174000
14 Jul-05 2000 172000
15 Aug-05 2000 170000
16 Sep-05 2000 168000
17 Oct-05 2000 166000
18 Nov-05 2000 164000
19 Dec-05 2000 162000
20 Jan-06 2000 160000
21 Feb-06 2000 158000
22 Mar-06 2000 156000
23 Apr-06 2000 154000
24 May-06 2000 152000
25 Jun-06 2000 150000
26 Jul-06 2000 148000

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 4. motor car advance interest

Amount Balance at the end of the

No. of Instt. Month Recovered month
27 Aug-06 2000 146000
28 Sep-06 2000 144000
29 Oct-06 2000 142000
30 Nov-06 2000 140000
31 Dec-06 2000 138000
32 Jan-07 2000 136000
33 Feb-07 2000 134000
34 Mar-07 2000 132000
35 Apr-07 2000 130000
36 May-07 2000 128000
37 Jun-07 2000 126000
38 Jul-07 2000 124000
39 Aug-07 2000 122000
40 Sep-07 2000 120000
41 Oct-07 2000 118000
42 Nov-07 2000 116000
43 Dec-07 2000 114000
44 Jan-08 2000 112000
45 Feb-08 2000 110000
46 Mar-08 2000 108000
47 Apr-08 2000 106000
48 May-08 2000 104000
49 Jun-08 2000 102000
50 Jul-08 2000 100000
51 Aug-08 2000 98000
52 Sep-08 2000 96000
53 Oct-08 2000 94000
54 Nov-08 2000 92000
55 Dec-08 2000 90000
56 Jan-09 2000 88000
57 Feb-09 2000 86000

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 4. motor car advance interest

Amount Balance at the end of the

No. of Instt. Month Recovered month
58 Mar-09 2000 84000
59 Apr-09 2000 82000
60 May-09 2000 80000
61 Jun-09 2000 78000
62 Jul-09 2000 76000
63 Aug-09 2000 74000
64 Sep-09 2000 72000
65 Oct-09 2000 70000
66 Nov-09 2000 68000
67 Dec-09 2000 66000
68 Jan-10 2000 64000
69 Feb-10 2000 62000
70 Mar-10 2000 60000
71 Apr-10 2000 58000
72 May-10 2000 56000
73 Jun-10 2000 54000
74 Jul-10 2000 52000
75 Aug-10 2000 50000
76 Sep-10 2000 48000
77 Oct-10 2000 46000
78 Nov-10 2000 44000
79 Dec-10 2000 42000
80 Jan-11 2000 40000
81 Feb-11 2000 38000
82 Mar-11 2000 36000
83 Apr-11 2000 34000
84 May-11 2000 32000
85 Jun-11 2000 30000
86 Jul-11 2000 28000
87 Aug-11 2000 26000
88 Sep-11 2000 24000

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 4. motor car advance interest

Amount Balance at the end of the

No. of Instt. Month Recovered month
89 Oct-11 2000 22000
90 Nov-11 2000 20000
91 Dec-11 2000 18000
92 Jan-12 2000 16000
93 Feb-12 2000 14000
94 Mar-12 2000 12000
95 Apr-12 2000 10000
96 May-12 2000 8000
97 Jun-12 2000 6000
98 Jul-12 2000 4000
99 Aug-12 2000 2000
100 Sep-12 2000 0
TOTAL : 200000 10100000

Interest on
MCA = Total of the amount pending x
recovery from the beginning to the
last month of recovery (salary
payment)

= 10100000 x 1/12 x 11.50 /100

= 96791.6667

= 96792-

METHOD II

Interest =

= 100 X 101 x 2000 x 11.50

2 12 100

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 4. motor car advance interest

Amount Balance at the end of the

No. of Instt. Month Recovered month
= 96791.6667
= 96792-

n = number of instalments
r = rate of interest

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