EMI - (Equated
Monthly Installment):
The Amount payable to the bank until the loan amount is fully paid off. It includes interest and part of principle amount. Even your monthly EMI payment never change the proportion of the principle and Interest will change with each payment.
The Amount payable to the bank until the loan amount is fully paid off. It includes interest and part of principle amount. Even your monthly EMI payment never change the proportion of the principle and Interest will change with each payment.
In Below excel sheet change values in B1:B3 and get EMI and other details based on it.
Above EMI calculator is Based on PMT function. it calculates the payment for a loan based on constant payments and a constant interest rate.
Syntax:
=PMT(rate, nper, pv, [fv], [type])
- Rate: Interest rate for the loan.
- Nper: Number of months of payments.
- Pv: Loan Amount/ Principle value.
- Fv: Optional. The future value, or a cash balance you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0 (zero), that is, the future value of a loan is 0.
- Type: Optional. The number 0 (zero)(at the end or the period) or 1(at the beginning of the period) and indicates when payments are due.
To download calculator click on excel file symbol as mentioned below.
Please use comment section to provide your feedback or to
ask questions.
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