Did you know calculating EMI can be so easy What is an EMI means a certain amount to be paid by the borrower to the lender for the predetermined period on a monthly basis ID: 1017749
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1. An Interactive Adaptive e-Learning Enterprise
2. “Did you know calculating EMI can be so easy!”
3. What is anEMI means a certain amount to be paid by the borrower to the lender for the predetermined period on a monthly basis. EMI stands for equated monthly instalment.Equated means same in valueMonthly means every monthInstalment means the amount due.
4. Example Mr. X wants to purchase a mobile phone online worth Rs. 15000.00 wherein the EMI mentioned is Rs. 1400 per month. In case Mr. X purchases it on EMI, then he will be required to pay Rs. 1400 per month for approximately 11 months (Rs. 15000/ 1400 = 10.71 approx ~ 11 months). Available at – Rs. 15000.00EMI starting at Rs 1400.00
5. Components of EMILoan AmountTenure of loanRate of Interest
6. EMI = ( P * r * (1+r) n [(1+r) n - 1] P = Principal amount; r = rate of interest, n = TenureFORMULA
7. Calculation of amortization schedule EMI? – Excel sheetOpen your excel sheetEnter pmt function – this will give you the instalment amountPlace the loan amount, tenure and interest ratesCalculate the amortisation scheduleFor complete details with example, refer our blog http://www.elearnmarkets.com/blog/calculating-emi-can-be-so-easy/
8. Calculation of amortization schedule EMI? – Online calculatorExample – Suppose you take a loan from HDFC bank and wants to know the EMI amount Go to the site : https://www.hdfc.com/emi-calculatoPlace the loan amount, tenure and interest ratesEMI payable will appear once all details entered above:
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