How to calculate insurance emi

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Suren Pareek (Querist)
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09 February 2014 Dear sir/Madam, what is the method to calculate Emi of a bike if we paid 10000 as down payment, interest rate will be 14% for 36 tenure/months.......

Nikhil Kaushik

Nikhil Kaushik (Expert)
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09 February 2014 is this insurance emi or loan emi..atleast get the question correct!! it is further incomplete..where is the balance amount??

With regards to the formula:

This is the formula to caluculate:

E = P×r×(1 + r)n/((1 + r)n - 1)

E is EMI

where P is Priniple Loan Amount

r is rate of interest calualted in monthly basis it should be = Rate of Annual interest/12/100

if its 10% annual ,then its 10/12/100=0.00833

n is tenture in number of months

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