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How to calculate emi plz help


rohit chadha (accountant)     08 November 2013

rohit chadha
accountant 
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HOW TO CALCULATE LOAN EMI WITH INTERST

PRINCIPAL 100000/-

RATE 10%

DURATION 15 YEARS

KINDLY SOLVE WITH EASY DETAIL

Sandeep Garg (Consolidation and IndAS Application)     08 November 2013

Sandeep Garg
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For the given parameters EMI for 15 years would be Rs. 1074.61

Same can be calculated by using PPMT and IPMT formula in excel

Thanks

avater

CA Suraj Lakhotia (IndigoLearn)     08 November 2013

CA Suraj Lakhotia
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you can also use www.emicalculator.net

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rohit chadha (accountant)     08 November 2013

rohit chadha
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but sir , let me know how solve this ?

Sandeep Garg (Consolidation and IndAS Application)     08 November 2013

Sandeep Garg
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EMI calculator attached for your reference.


Attached File : 385087 1247543 emi calculator.xls downloaded: 716 times
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rohit chadha (accountant)     08 November 2013

rohit chadha
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thanx sir but i want to solve this practicaly

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rohit chadha (accountant)     08 November 2013

rohit chadha
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without any formula in excel or without any software

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Krishna Teja (Chartered Accountant)     08 November 2013

Krishna Teja
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EMI= Principal / Present value annuity Factor (r,n)

 

so here EMI=100000 / PVAF(10%,15y)=100000/7.6061=Rs 13,147

 

So emi is Rs 13147

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Siddhartha (Student Audit Assistant)     08 November 2013

Siddhartha
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Originally posted by : krishna teja

EMI= Principal / Present value annuity Factor (r,n)

 

so here EMI=100000 / PVAF(10%,15y)=100000/7.6061=Rs 13,147

 

So emi is Rs 13147

The amount calculated above is called Equated Annual Installment (EAI) not Equated monthly Installment (EMI)

 

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Deepak Gupta (CA Student)     08 November 2013

Deepak Gupta
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CALCULATING EQUATED MONTHLY INSTALLMENT (EMI)
.
In house finance, equated monthly installment (EMI) refers to the monthly payment towards interest and principal made by a borrower to a lender. EMI is calulated using a formula that considers loan amount, interest rate, and loan period as variables.
.
The formula for calculating EMI:
EMI = (L × I) × [(1 + I)^N  ÷ {(1 + I)^N } -1]
.
Where
L = loan amount
l = interest rate per annum divided by 12
^ = to the power of
N = loan period in months
.
Assuming a loan of Rs. 1 lakh at 9 % per annum, repayable in 15 years, the EMI calculation using the formula will be:
EMI = (1,00,000 × 0.0075) × [(1 + 0.0075) 180  ÷ {(1+0.0075) 180} - 1]
        = 750 × [3.838 ÷ 2.838]
        = 750 × 1.35236
        = 1,014

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