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Loan amount and you will mortgage period, a couple of components needed to calculate the fresh new EMI try under your control; we

Loan amount and you will mortgage period, a couple of components needed to calculate the fresh new EMI try under your control; we

Eg, for people who obtain RS. ten,00,000 from the financial at 10.5% annual attract for a period of 10 years (i.age., 120 months), upcoming EMI = RS. 10,00,000 * 0.00875 * (step 1 + 0.00875) 120 / ((1 + 0.00875) 120 1) = RS. 13,493. we.e., you are going to need to spend RS. thirteen,493 for 120 weeks to settle the complete amount borrowed. The total amount payable will be RS. 13,493 * 120 = RS. 16,19,220 complete with RS. six,19,220 due to the fact appeal towards the mortgage.

Computing EMI for different combos away from dominant loan amount, interest levels and you may mortgage identity making use of the significantly more than EMI formula by hand try time-consuming, cutting-edge and you will error-prone.

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