Calculate EMI - equated monthly installment
| Loan tenure | Years: 1 Months: 0 |
| Rate | 5% per annum |
| EMI | 8,560.75 |
| Principal | 100,000.00 |
| Interest | 2,728.98 |
| Amount | 102,728.98 |
| Month | EMI Payment | Paid | Balance |
| 1 | 8,560.75 | 8,560.75 | 94,168.23 |
| 2 | 8,560.75 | 17,121.50 | 85,607.48 |
| 3 | 8,560.75 | 25,682.24 | 77,046.73 |
| 4 | 8,560.75 | 34,242.99 | 68,485.99 |
| 5 | 8,560.75 | 42,803.74 | 59,925.24 |
| 6 | 8,560.75 | 51,364.49 | 51,364.49 |
| 7 | 8,560.75 | 59,925.24 | 42,803.74 |
| 8 | 8,560.75 | 68,485.99 | 34,242.99 |
| 9 | 8,560.75 | 77,046.73 | 25,682.24 |
| 10 | 8,560.75 | 85,607.48 | 17,121.50 |
| 11 | 8,560.75 | 94,168.23 | 8,560.75 |
| 12 | 8,560.75 | 102,728.98 | 0.00 |
It is a fixed amount paid by the borrower to the lender on a fixed date every month.
Formula
EMI = P x R x (1+R)N / [(1+R)N-1]
Where,
EMI = Equated Monthly Installment
P = Principal
N = Tenure of loan in months
R = Rate of interest