For a car with value of $10,000 with
11% of base premium
17% of commission rate
10% of tax
It would be easy to calculate the one-time Policy amount. But When the Policy amount is to be paid in installment of 6 months, I'm finding it quite difficult to implement.
I tried with following formula in PHP
$princ =21500; //principal amount
$term = 9; //months
$intr =13/ 1200; //get percentage
$EMI= ceil($princ * $intr / (1 - (pow(1/(1 + $intr), $term)))); # This for total EMI
$TOT_INTEREST= ceil(($princ * $intr / (1 - (pow(1/(1 + $intr), $term))))*$term) - $princ; # This is for Total interest
But I don't get it right.
How shall I calculate the Policy installments for each month so that,
- Installment sums must match total policy sum - pay attention to cases where sum does not divide equally
- Separate commission amount and tax amount for each installment
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