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what is the formula of emi?
HI..
This is the formula to caluculate:E = P×r×(1 + r)n/((1 + r)n - 1)E is EMIwhere P is Priniple Loan Amountr is rate of interest calualted in monthly basis it should be = Rate of Annual interest/12/100if its 10% annual ,then its 10/12/100=0.00833n is tenture in number of monthsEg: For 100000 at 10% annual interest for a period of 12 monthsit comes to 100000*0.00833*(1 + 0.00833)12/((1 + 0.00833)12 - 1) = 8792
HOPE THIS HELPS.. :D
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