I have taken a loan with below details:
Loan Start Date: 6th July 2012
EMI Date: 5th Day of Every Month (Initially 21000 and later 22000 per month)
Tenure: 20 Years (This decreases based on the extra amount I pay over and above the EMI)
Interest Charged Date: Last Calendar Day of Every Month
The amount of Interest Charged every month goes up or down based on:
a) Change in Rate of Interest and
b) Remaining Principal Amount
Sometimes I also pay some extra amount over and above the monthly EMI.
The excel sheet below contains all the data I have from my bank statement.
I want to calculate the rate of interest for every month based on which the Interest for that month was calculated. The bank does not maintain this information in the statement.
Could someone please help me with this. Getting the monthly ROI will help me in deriving how much should I pay over and above the monthly EMI to pay off my loan as soon as possible.
Thanks for reading!