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Tiya

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calculation for bank interest chargeable

Hi to all
Required calculation for bank interest chargeable on working capital loan
based on outstanding on daily basis.
For example:
Day 1.Deposits 10,000:withdrawls 15000 ;closing balance -5000.
Day 2.Deposits 35000:Withdrawls 20000 :closing balance 10000
Day 3.Deposits 11000:withdrawls 55000 :closing balance -34000

Assuming sancioned loan is 100000,Rate of interest is 12% per annum.Interest
is payable on amount in debit.

Thnak you

Regards

tiya

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