How to Calculate EMI?
EMI calculator uses equated_monthly_installment = Loan Amount*Interest Rate*((1+Interest Rate)^Compounding Periods/((1+Interest Rate)^Compounding Periods-1)) to calculate the EMI, EMI (Equated monthly installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMI and is denoted by EMI symbol.
How to calculate EMI using this online calculator? To use this online calculator for EMI, enter Loan Amount (Loan Amt), Interest Rate (i) and Compounding Periods (n) and hit the calculate button. Here is how the EMI calculation can be explained with given input values -> 6000 = 1000*6*((1+6)^10/((1+6)^10-1)).