EMI :
0 INR
Total Interest Payable :
0 INR
Total of Payments (Principal + Interest) :
0 INR
Formula:
The formula for calculating EMI is
[P x R x (1+R)^N]/[(1+R)^N-1]- Here P is the loan amount or Principal
- R is the rate of interest per month. [if the rate of interest per annum is 11%, the per month rate would be 11/(12 x 100)]
- N is the number of installments.
Example:
Let the loan amount be Rs. 5,00,000, rate of interest be 10%, and tenure duration be 10 years (120 months).
P= 5,00,000, R= 10/(12X100)= 0.0083, and N= 120
So, EMI = [5,00,000 X 0.0083 X(1+0.0083)120]/[(1+0.0083)120-1]
EMI= [5,00,000 X 0.0083 X 2.696] / [2.674]
EMI= Rs. 4184.14