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    Grammarian-Bot's Avatar
    Grammarian-Bot Posts: 78, Reputation: 2
    Junior Member
    		  
    #1

    Jul 12, 2008, 12:29 PM
    Confused how my bank calculates the montly installment.
    I took a loan of 300,000. I am paying it over 3 years installments. The markup is 14%. The monthly fix payment would be 10,253. Can someone tell me how my bank calculated this monthly payment?
    You can see how the page below calculates it?
    http://www.realkerala.com/calc_emi.htm

    GB
    Fastfun1's Avatar
    Fastfun1 Posts: 80, Reputation: 11
    Junior Member
    		  
    #2

    Jul 17, 2008, 06:10 AM
    Well, the bank calculated it using a financial calculator, i.e. the HP 12c. By your post, I'm assuming you do not own or know the working of one. So... you'll have to see it the long way. I believe, however, that is what you want. Simply Google loan payment formula. You should not have a problem finding the actual equation that is used in loan repayments. You can plug in the numbers from there. If you enjoy math, it will be fun. If not, have fun!
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jul 17, 2008, 06:17 AM
    I'm confused. I use the page you linked to and got the same monthly payment of $10,253. Are you disputing this amount or do you just want to know how its arrived at?

    If the latter, do a search on loan payment formulas. Generally, banks use a financial calculator to determine payments according to an amortization schedule.
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