Is there any formula for calculating the same.If yes then kindly let me know about it.
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Is there any formula for calculating the same.If yes then kindly let me know about it.
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Hi Manjari,
The formula for calculating EMI is
EMI = (principal x period interest) ((1 + period interest) ^n) /(m x ((1 + period interest)^n – 1))
Where n is number of period.
To understand the formula better you will have to read http://blog.moneyraam.com/2008/04/loan-emis-and-interest-calculations.html
Regards,
Ripul
Follow any of the following links: –
http://www.deal4loans.com/Contents_Calculators.php
http://www.propmart.com/tools/emicalc.asp
http://www.infibeam.com/finance/LoanCalculator_input.action
There are many such links.