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FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS I 1.1 . Calculations of interest on deposits in a bank : Banks allow interest at a fixed rate . Mr. S Roy borrows ` 20,000 at 4% compound interest and agrees to pay both the.
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A Comprehensive and Authentic Text Book on “Business Mathematics & Statistics” for undergraduate and postgraduate courses in Commerce and Management.
BURTON S. KALISKI . Mathematical techniques are used to solve specific types of business . This chapter discusses simple interest and bank accounts.
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Business mathematics are mathematics used by commercial enterprises to record and manage business operations. Commercial organizations use mathematics in accounting, inventory management, marketing, sales forecasting, and financial analysis.
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From Business Mathematics
EMI is calculated on the outstanding loan balance. At the start, outstanding principal is high, so interest is high.
Every EMI repays some principal, reducing outstanding balance. Therefore interest (rate × balance) decreases over time and principal component increases.
A = 15,000, R = 10%, T = 2.
A = P(1.10)^2 = 1.21P So P = 15,000/1.21 ≈ 12,396.69.
Principal ≈ ₹12,397.
EMI (Equated Monthly Instalment) is a fixed monthly payment to repay a loan. Each EMI contains:
In the beginning, outstanding principal is high, so interest is high and principal repaid is low. As principal reduces, interest decreases and principal component increases. This process is called amortization.
Example (illustrative): Loan balance ₹1,00,000, monthly rate 1%, EMI ₹4,500. Interest for month 1 = 1% of 1,00,000 = ₹1,000 Principal repaid = 4,500 − 1,000 = ₹3,500 New balance = 1,00,000 − 3,500 = ₹96,500 Next month interest is 1% of 96,500 = ₹965 (lower).
Hence, EMI stays constant but its components change over time.