The formula to calculate EMI (estimated monthly installment) is
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EMI = P x R x (1 + R) N / (1 + R) N - 1)
Here, P is Principal loan amount, R is monthly rate of interest, and N is Number of monthly installments.
Let us understand how to calculate EMI using simple calculator with an example:
Shridhar borrowed a sum of Rs. 3 Lakhs at an interest rate of 15% for a tenure of 5 years.
The percent per annum would be 15/12 = 1.250%
Hence the calculation will be as follows:
EMI = 300000 x 1.250 x (1 + 1.250) 60 / (1 + 1.250 ) 60 - 1)
= 7137
Therefore, EMI will be Rs. 7137
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How to calculate EMI using simple calculator?
Tanvi
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4 Year
2021-03-30T13:54:29+00:00 2021-03-31T13:38:00+00:00Comment
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