FORMULA TO CALCULATE EMI FOR BANK LOANS
EMI= (L x I) x (1+I) ^N
———————
[(1+I) ^N]-1
Where L=loan amount
I= Interest rate per annum divided by 12
^= to the power of
N= loan period in months
Posts tagged ‘EMI formula’
Articles by Mento Associates, Advocates & Legal Consultants – Bangalore
Posts tagged ‘EMI formula’
EMI= (L x I) x (1+I) ^N
———————
[(1+I) ^N]-1
Where L=loan amount
I= Interest rate per annum divided by 12
^= to the power of
N= loan period in months