Emi on rs. 47,000 loan @ 8.99%
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 March 2013
I took a vehicle loan. Rs. 47000 @ 8.99% for 1 yr.
THe loan provider is chrging 4269 as EMI & Total Int payout as 4228/-
but any loan EMI calcultor i try it shows 4110 as EMI & total int 2220/-
THe loan provider is chrging 4269 as EMI & Total Int payout as 4228/-
but any loan EMI calcultor i try it shows 4110 as EMI & total int 2220/-
15 March 2013
Ask your loan provider for the variation in interest.
He has done the following calculation -
Interest = 47,000*8.99% = 4225.3 (@8.995%, it is 4228)
Total of Principal and Interest = 51,225
MOnthly Instalment = 51,225/12= 4268.75.
The rate of interest charged by your lender is approximately 16.2% and not 8.99%
He has done the following calculation -
Interest = 47,000*8.99% = 4225.3 (@8.995%, it is 4228)
Total of Principal and Interest = 51,225
MOnthly Instalment = 51,225/12= 4268.75.
The rate of interest charged by your lender is approximately 16.2% and not 8.99%
17 July 2013
Yes I agree with the expert
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