EMI stands for Equated Monthly Instalment, the amount or debt you need to pay to repay the loan you had taken previously.
The formula to calculate it is
P x R x (1+R)^N / [(1+R)^N-1]
where
P = Principal amount of the loan
R = Rate of interest
N = Number of monthly instalments
Suppose you took a loan of Rs 12 lakh and 10 lakh is yet to be paid at an interest rate of 12%
So the EMI will be as follows. Here
P = Rs
10,00,000
R = 12/100/12 ( convert the year into months)
N = 2 years or 24 months
EMI= (1000000*12/100/12 * (1+12/100/12)^24)/ [(1+12/100/12)^24-1] EMI = Rs 47,073.
I hope you have understood now how to calculate the remaining EMI of your car.
Want to calculate the EMI for your house loan? Get it done through EMI Calculator
Get easily approved Home Loan availed with a minimum interest rate from NoBroker
Read More:How much CIBIL score required for car loan?
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How to calculate the remaining EMI of my car loan?
Prasanta Kumar Gogoi
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1
2 Year
2022-12-12T10:48:56+00:00 2022-12-20T10:51:57+00:00Comment
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