Step 1 calculate the interest period 1 (assuming that is the month of Jan, which has 31 days).Interest paid per period = principal remaining x interest rate x number of days per year. The number of days in one year.
Step 1 calculate interest period 1 (assuming a Jan, which has 31 day).Interest paid on installment = principal balance x interest rate X number of days in the period.The number of days in the 1 years.