With the help of EMI calculator, the answer is 1075 but if we go through PVIF formula then answer is 1095. Is this difference due to round off? I have taken full decimals.

USING EXCEL
One of the easiest ways of calculating the EMI is by using the Excel spreadsheet. In Excel, the function for calculating the EMI is PMT and not EMI. You need three variables. These are rate of interest (rate), number of periods (nper) and, lastly, the value of the loan or present value (pv).

The formula which you can use in excel is:

=PMT(rate,nper,pv).

Let us check the EMI of Suraj by using the above formula.

It must be noted that the rate used in the formula should be the monthly rate, that is, 12%/12=1% or 0.01.

The number of periods represents the number of EMIs.

=PMT(0.12/12, 4*12, 445,000)= 11,718

The result will come in negative or red, which indicates the cash outflow of the borrower.

Let's take another example. Suppose you are paying a quarterly instalment on a loan of Rs 10 lakh at 10% interest per annum for 20 years. In such a case, instead of 12, you should divide the rate by four and multiply the number of years by four. The equated quarterly instalment for the given figures will be =PMT(10%/4, 20*4, 10,00,000).

source: EMI Calculators

USING MATHEMATICAL FORMULA
Unfortunately, you cannot access the Excel spreadsheet everywhere. In such a case, you can use your mathematical mind or an electronic calculator to know how much the EMI comes to. The mathematical formula for calculating EMIs is:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments. When you use the above formula, you will get the same result that you will get in the Excel spreadsheet.

 you must follow below mentioned mathematical formula and it'll give you most appropriate results: 

[P x R x (1+R)^N]/[(1+R)^N-1],

where P stands for the loan amount or principal,

R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)],

and N is the number of monthly installments.   

As per figure mentioned by you  its solution on the basis of above mentioned formula is as mentioned below: 

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 

Monthly EMI will be 1014


 

The mathematical formula for calculating EMIs is:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, 
R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], 
and N is the number of monthly installments.

This is the only basic formula which works behind the EMI Calculator.

Hi, Great Article. I am prospective borrower and was wondering how to use an online EMI calculator.https://www.loankuber.com/content/emi-calculator/use-emi-calculator/

I'm using this calculator which really breaks down the EMI formula for me. It doesn't give me a summary of how much went towards the principal and how much towards interest. Does anybody know of one that does that?

Using <a target='_blank' rel='nofollow' href="https://cadivya.com/"  >car loan emi calculator online</a> you can calculate Emi quickly on the amount, interest rate & tenure. Calculate Car loan Emi online and apply for Loan