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how to derive emi formula. Where i interest rate per installment payment period n number of Installments P principal amount of the loan. EMI P R12 1R12N 1R12N-1 where P Principal loan amount.
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InstallmentAmount P i 1 in 1 in 1. This formula does my job but I actually want to understand the formula in detail that how it derived. Now based on the available information calculate.
EMI is the equated monthly installment P is the principal or the amount that is borrowed as a loan R is the rate of interest that is levied on the loan amount the interest rate should be a monthly rate.
P-E-PR P-EPR PR1-E Second month n2. Now based on the available information calculate. P-E-PR P-EPR PR1-E Second month n2. P is the principal amount that you want to take as loan.
