The EMI reducing-balance method is calculated using the formula shown below in which P is the principal amount borrowed I is the annual interest rate r is the periodic monthly interest rate n. AF 1 105-4 005 355. The Installment Loan Calculator will let you test out different loan amounts loan durations and interest rates to see what your monthly payments will be and how much interest you will pay over the course of the loan.
N number of monthly installments.
P is the principal amount borrowed A is the periodic amortization payment r is the annual interest rate divided by 100 annual interest rate also divided by 12 in case of monthly installments and n is the total number of payments for a 30-year loan with monthly payments n 30 12 360. Save the workbook file with an appropriate and descriptive name. And now to calculate interest paid we will put value in interest formula. If you are currently receiving installment payments and want to choose a different amount use this calculator to estimate how many payments you will receive and how long they will last.