What is actually EMI?

EMI represents Equated Monthly Installment and you may signifies the quantity payable per month with the lender otherwise one lender until the financing are fully paid back. It certainly is computed by the addition of the primary count (Amount borrowed borrowed) and appeal part and you may separating by borrowing from the bank tenure we.age. number of weeks.

Brand new structure regarding a keen EMI changes from month to month. As Prominent installment component of the fresh EMI increases, the interest part decreases toward vintage of mortgage.

The new formula to estimate EMI: Age = P x roentgen x ( step 1 + r ) letter / ( ( step one + r ) n — 1 ) where Age is actually EMI, P try Dominant Amount borrowed, roentgen are monthly rate of interest (Having like. Читать далее →