Question

Prince took a loan of Rs. 500000 from banks @ 12% interest p.a. repayable after 15 years. Compute interest payable at the end of 

(a) First year 

(b) Second year 

(c) Fifth year and the last year.

Answer 1

procedure: 

Step 1 – Open a new blank worksheet in LibreOffice Calc 

Step 2 – Enter the given details in respective cells

Step 3 – Enter the given formula in respective cells. 

B8 = CUMIPMT(B3/12, B2*12, B4, B5, B6, B7) 

C8 = CUMIPMT(C3/12, C2*12, C4, C5, C6, C7)

D8 = CUMIPMT(D3/12, D2*12, D4, D5, D6, D7) 

E8 = CUMIPMT(E3/12, E2*12, E4, E5, E6, E7)

Output:

Year	Interest
First year	59316.92
Second year	57707.11
Fifth year	51545.84
Last year	4470.16