| Discount rate | (1+r)^-n | 0.7513148009016 | (1+0.10)^-3 | ||||
| Annuity rate | 1-(Discount Rate)/r | 2.4868519909842 | 1-(0.7513148009016)/0.10 | ||||
| EMI | {P [r / (1- (1+r)^(-n)]} | 0.402114804 | 0.10/1-(0.7513148009016) | ||||
| P=Loan | 10,000 | ||||||
| Years= n | 3 | ||||||
| r=interest rate | 0.10 | ||||||
| Annual payment | $4,021 | ||||||
| Monthly payment (EMI) | $4,021 | 10000*(0.402114804) | |||||
| Balance | Interest | Payment | Closing | ||||
| 10,000 | 1000 | 4021 | 5,979 | ||||
| 5,979 | 598 | 4021 | 1,958 | ||||
| 1,958 | 196 | 4021 | 0 | ||||
| Modified EMI formula | |||||||
| Modified r= | r/12 | 0.008333333 | 0.10/12 | ||||
| Discount rate | (1+r/12)^-n | 0.741739703 | (1+(0.10/12))^-36 | ||||
| EMI | {P [(r/12) / (1- (1+(r/12))^(-n)]} | 0.032267187 | 0.008333333/(1-0.741739703) | ||||
| Monthly payment | $323 | 10000*0.032267187 | |||||
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EMI & Annuity calculation
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