EMI Calculator
What is EMI?
It is Equated Monthly Income which is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full. With most common types of loans—such as real estate mortgages, auto loans, and stude loans—the borrower makes fixed periodic payments to the lender over the course of several years with the goal of retiring the loan.
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How to calculate it?
Formula to calculate EMI is simple, 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.
So you can calculate these by entering loan amount,% of interest and time period (yrs) and calculate EMI to be given with how much extra interest have to give ,in below.
Applicatons
What can be the application of such online loan calculator? Since many mathematical student/expert,employee who works in bak usualy calculates EMI in calculator by applying the formula.But why to waste time if we have such kind of calculators.It can be used to calculate any kind of loan such as car,home etc.By just enering few credentials.