EMI Calculation
This query is : Resolved
15 April 2011
Sir please give me a formula of EMI Caculation with interest
15 April 2011
Rs.100000 Loan 15% interest 20 months period.EMI is (100000*115%)/20 = 5750
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15 April 2011
sir, when i calculate with loan calculator there is some difference in ur calculation
15 April 2011
http://www.deal4loans.com/Contents_Calculators.php
Please see above link.
Please see above link.
15 April 2011
Thanks sir but we r not calculate with calculator, i want a formula to calculate with calculator or excel formula
15 April 2011
This is the formula to calculate:
E = P×r×(1 + r)n/((1 + r)n - 1)
E is EMI
where P is Principal Loan Amount
r is rate of interest calculated in monthly basis it should be = Rate of Annual interest/12/100
if its 10% annual ,then its 10/12/100=0.00833
n is tenure in number of months
Eg: For 100000 at 10% annual interest for a period of 12 months
it comes to 100000*0.00833*(1 + 0.00833)12/((1 + 0.00833)12 - 1) = 8792
E = P×r×(1 + r)n/((1 + r)n - 1)
E is EMI
where P is Principal Loan Amount
r is rate of interest calculated in monthly basis it should be = Rate of Annual interest/12/100
if its 10% annual ,then its 10/12/100=0.00833
n is tenure in number of months
Eg: For 100000 at 10% annual interest for a period of 12 months
it comes to 100000*0.00833*(1 + 0.00833)12/((1 + 0.00833)12 - 1) = 8792
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