How to calculate EMI? Here is the Formula

The formula for EMI Calculation is -

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

P = Principal loan amount

N = Loan tenure in months

R = Monthly interest rate

The rate of interest (R) on your loan is calculated per month.

[parthmudgal]

Sir this is simple interest based right? can you tell me the difference like such, I take a loan of 10L repayable in 10 years at an interest of 8 percent pa. Now what's the difference between the interest amounts if taken both in SI, AND CI. I understand that CI is better when investing, but what about loan repayment through EMI? The principal would keep reducing every month. So would the interest amount. So why is there a difference between the total amount paid back to the bank?

[afridiaf]

Aap ne " to the power of" skip Kiya

[himanshuverma]

Delete kr do is video ko koi kam nhi h iska #no value

[VijayPratap-kw]

Bhai esse hamne normally kyu nhi kiya jese 10 lakh kaa loan tha 11 percent pe 15 saal ke liye phel simple interest ka formula lagake interest nikaal lete jo ki 16, 50, 000 aara phir esme 10 lakh add karte total aa jaata itne dene h phir 180 se divide karte toh per month nikal jaata??lekin bhai esse toh 14, 722 rs aata..