How to calculate insurance emi
This query is : Resolved
Suren Pareek
(Querist)
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
(Expert)
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
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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