106-Detailed EMI Statement maker

Purpose/Objectives

The purpose of this tool is to help users to verify their EMI account statement with the bank’s EMI account statement. This tool can help users to prevent bank fraudulence if any. Features like the variable rate of interest, part payment made, and skip of any EMI allow the users to analyze their loan easily.

Overview

For any loan taken, we must repay it with equated monthly installments called EMI. This tool requires limited information like the opening balance of a loan, rate of interest, EMI amount, part payment amounts if any and the details of EMI skipped if any as input. Based on the information this tool will give the entire EMI account statement like the Opening balance of a loan, its interest, the principal amount reduced due to EMI, part payment made, and the closing balance for that respective month.

An educational loan of amount 3394016 is taken at an interest of 13 % pa with an EMI of 55747. EMI started in Oct-2016. Part-payment of 125000 is made in Oct-2016. Then the splitting of EMI 55747 on a loan amount 3394016 at the rate of interest of 13 % per annum for Oct-2016 is 36769 (interest) and 18978 (principal amount). Here the principal amount is reduced by 143978 (125000+18978), so the new closing balance for Oct-2016 is 3250038. See the following diagram.

In Dec-2016 and Feb-2017, these two EMIs were not paid, so they are reflected in the statement. EMI of Dec-2016 was paid in May 2017 and is reflected in the month of May 2017. So, the total EMI for the month of May 2017 (55747) and EMI of Dec 2016 (55747) 111494 is reflected in the month of May 2017. An interest in 55747 for 5 months (Dec-16 to May 2017) at 18% interest in EMI skipped with a penalty for 427 is also reflected on this sheet for all such charges for this year.

This tool takes care of all the criteria such as:

1)      Change in EMI.

2)      Change in rate of interest.

3)      Part payment of a loan.

4)      If any EMI is skipped.

5)      The charges and interest for skipped EMI.

This interactive tool for calculating the entire EMI account statement will help all of us to verify it with the loan provider company.

ANIL SATPUTE

105-GRE Math-8-Important Key points and formulas

Click here for the previous basics.

In continuation of part - 7, we will see all the important formulas and useful statements which are to be used in the Math test GRE.

Factorization (Continued):

b) Factorization of Polynomial (Continued):

3) Synthetic Division: 

Example 2: Divide 4x⁶-20x⁵+7x²-46x+55 by (x-5) using the synthetic division method.

Solution:
1) Write all the terms in descending order:
     4x⁶-20x⁵+0x⁴+0x³+7x²-46x+55
2) Write this polynomial in the coefficient form:
     [4, -20, 0, 0, 7, -46, 55]
3) Now we will see the division using the synthetic division method.
     a) Here the divisor is (x-5) so we have x-5=0, x=5.

   b) Here the quotient is 4x⁶-20x⁵+0x⁴+0x³+7x²-46x+55 which can also be written as 4x⁶-20⁵+7x²-46x+55. Here the remainder is 0.
    c) So we have 4x⁶-20⁵+7x²-46x+55 = (x-5) (4x⁵+7x-11)+0.

Example 3: Divide 5x⁵+20x⁴-2x³-8x²+3x+15 by (x+4) using the synthetic division method.

Solution:
1) Write all the terms in descending order:
     5x⁵+20x⁴-2x³-8x²+3x+15
2) Write this polynomial in the coefficient form:
     [5, 20, -2, -8, 3, 15]
3) Now we will see the division using the synthetic division method.
     a) Here the divisor is (x+4) so we have x+4=0, x=-4.

   b) Here the quotient is 5x⁵+20x⁴-2x³-8x²+3x+15. Here the remainder is 3.
   c) So we have 5x⁵+20x⁴-2x³-8x²+3x+15 = (x+4) (5x⁴-2x²+3)+3.

In the next part, we will see a few examples and some essential formulae.

Click here for the next basics.

ANIL SATPUTE