## EMI Solution

STEP 0: Pre-Calculation Summary
Formula Used
EMI = Loan Amount*Interest Rate*((1+Interest Rate)^Compounding Periods/((1+Interest Rate)^Compounding Periods-1))
EMI = Loan Amt*R%*((1+R%)^n/((1+R%)^n-1))
This formula uses 4 Variables
Variables Used
EMI - Equated monthly installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.
Loan Amount - The loan Amount is the original principal on a new loan or principal remaining on an existing loan.
Interest Rate - Interest Rate is the amount charged, expressed as a percentage of the principal, by a lender to a borrower for the use of assets.
Compounding Periods - Compounding Periods is the number of times compounding will occur during a period.
STEP 1: Convert Input(s) to Base Unit
Loan Amount: 1000 --> No Conversion Required
Interest Rate: 6 --> No Conversion Required
Compounding Periods: 10 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
EMI = Loan Amt*R%*((1+R%)^n/((1+R%)^n-1)) --> 1000*6*((1+6)^10/((1+6)^10-1))
Evaluating ... ...
EMI = 6000.0000212408
STEP 3: Convert Result to Output's Unit
6000.0000212408 --> No Conversion Required
6000.0000212408 <-- EMI
(Calculation completed in 00.000 seconds)
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## Credits

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Bhilai Institute of Technology (BIT), Raipur
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## EMI Formula

EMI = Loan Amount*Interest Rate*((1+Interest Rate)^Compounding Periods/((1+Interest Rate)^Compounding Periods-1))
EMI = Loan Amt*R%*((1+R%)^n/((1+R%)^n-1))

## What is EMI?

EMI or equated monthly instalment, as the name suggests, is one part of the equally divided monthly outgoes to clear off an outstanding loan within a stipulated time frame. The EMI of a loan depends on three factors: 1. Loan amount – This stands for the total amount that has been borrowed the individual. 2. Interest rate – This stands for the rate at which the interest is charged on the amount borrowed. 3. Tenure of loan – This stands for the agreed loan repayment time-frame between the borrower and the lender.

## How to Calculate EMI?

EMI calculator uses EMI = 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 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 (R%) & 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)).

### FAQ

What is EMI?
EMI (Equated monthly installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month and is represented as EMI = Loan Amt*R%*((1+R%)^n/((1+R%)^n-1)) or EMI = Loan Amount*Interest Rate*((1+Interest Rate)^Compounding Periods/((1+Interest Rate)^Compounding Periods-1)). The loan Amount is the original principal on a new loan or principal remaining on an existing loan, Interest Rate is the amount charged, expressed as a percentage of the principal, by a lender to a borrower for the use of assets & Compounding Periods is the number of times compounding will occur during a period.
How to calculate EMI?
EMI (Equated monthly installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month is calculated using EMI = Loan Amount*Interest Rate*((1+Interest Rate)^Compounding Periods/((1+Interest Rate)^Compounding Periods-1)). To calculate EMI, you need Loan Amount (Loan Amt), Interest Rate (R%) & Compounding Periods (n). With our tool, you need to enter the respective value for Loan Amount, Interest Rate & Compounding Periods and hit the calculate button. You can also select the units (if any) for Input(s) and the Output as well.
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