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    shruthi6059's Avatar
    shruthi6059 Posts: 1, Reputation: 1
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    #1

    Jul 27, 2015, 01:39 AM
    What is the formula to calculate EMI on loan amount?
    What is the formula to calculate EMI on loan amount?
    ebaines's Avatar
    ebaines Posts: 12,129, Reputation: 1307
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    Jul 27, 2015, 08:12 AM
    The formula for Equated Monthly Installment (EMI) is:



    where 'P' is the prinicpal amount borrowed, 'n' is the number of payment periods, and 'r' is the interest rate per time period expressed as a decimal. For example to caculate the monthly payment amount for a 30-year fixed mortgage at 4%, n = 30 x 12 = 360 months and r=0.04/12 = 0.00333.

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