How to Calculate Loan EMI using Mobile Phone in Hindi | By Ishan
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An equated monthly installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.
How EMI is calculated?: The mathematical formula for calculating EMIs is: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly installments.
What is the EMI for home loan?: EMI is the abbreviation for Equated Monthly Installment. Home Loan EMI is the monthly repayment that borrower should make to repay the home loan as per amortisation schedule.
How do you calculate the interest on a loan?: Divide your interest rate by the number of payments you'll make in the year (interest rates are expressed annually). So, for example, if you're making monthly payments, divide by 12. 2. Multiply it by the balance of your loan, which for the first payment, will be your whole principal amount.
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How to Calculate Loan EMI using Mobile Phone in Hindi | By Ishan | |
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| How-to & Style | Upload TimePublished on 9 Apr 2018 |
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