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EMI Formula

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Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Check FAQs

EMI = LA \cdot R \cdot (\frac{{(1 + R)}^{CP}}{{(1 + R)}^{CP} - 1})

EMI - Equated Monthly Installment?LA - Loan Amount?R - Interest Rate?CP - Compounding Periods?

EMI Example

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Here is how the EMI equation looks like with Values.

Here is how the EMI equation looks like with Units.

Here is how the EMI equation looks like.

4770.4551 = 20000 \cdot 0.2 \cdot (\frac{{(1 + 0.2)}^{10}}{{(1 + 0.2)}^{10} - 1})

4770.4551 = 20000 \cdot 0.2 \cdot (\frac{{(1 + 0.2)}^{10}}{{(1 + 0.2)}^{10} - 1})

4770.4551 = 20000 \cdot 0.2 \cdot (\frac{{(1 + 0.2)}^{10}}{{(1 + 0.2)}^{10} - 1})

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EMI Solution

Follow our step by step solution on how to calculate EMI?

FIRST Step Consider the formula

EMI = LA \cdot R \cdot (\frac{{(1 + R)}^{CP}}{{(1 + R)}^{CP} - 1})

Next Step Substitute values of Variables

∴

EMI = 20000 \cdot 0.2 \cdot (\frac{{(1 + 0.2)}^{10}}{{(1 + 0.2)}^{10} - 1})

Next Step Prepare to Evaluate

∴

EMI = 20000 \cdot 0.2 \cdot (\frac{{(1 + 0.2)}^{10}}{{(1 + 0.2)}^{10} - 1})

Next Step Evaluate

∴

EMI = 4770.45513765718

LAST Step Rounding Answer

∴

EMI = 4770.4551

EMI Formula Elements

Variables

Equated Monthly Installment

Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.

Symbol: EMI

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Equated Monthly Installment

Loan Amount

The Loan Amount is the original principal on a new loan or principal remaining on an existing loan.

Symbol: LA

Measurement: NAUnit: Unitless

Note: Value can be positive or negative.

Formulas to find Loan Amount

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.

Symbol: R

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Interest Rate

Compounding Periods

Compounding Periods is the number of times compounding will occur during a period.

Symbol: CP

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Compounding Periods

Other formulas in Loan category

Go Loan Amount

LA = (\frac{PMT}{R}) \cdot (1 - (\frac{1}{{(1 + R)}^{CP}}))

Go EMI of Car Loan

MP loan = P CL \cdot (\frac{R}{12 \cdot 100}) \cdot \frac{{(1 + (\frac{R}{12 \cdot 100}))}^{n m}}{{(1 + (\frac{R}{12 \cdot 100}))}^{n m} - 1}

Go Remaining Loan Balance

FV L = PV L \cdot {(1 + r p)}^{n PYr} - TP \cdot (\frac{{(1 + r p)}^{n PYr} - 1}{r p})

How to Evaluate EMI?

EMI evaluator uses Equated Monthly Installment = Loan Amount*Interest Rate*((1+Interest Rate)^Compounding Periods/((1+Interest Rate)^Compounding Periods-1)) to evaluate the Equated Monthly Installment, EMI (Equated monthly installment) is a fixed amount of money that a borrower needs to pay to the lender at a specified date each month as part of repayment of a loan. Equated Monthly Installment is denoted by EMI symbol.

How to evaluate EMI using this online evaluator? To use this online evaluator for EMI, enter Loan Amount (LA), Interest Rate (R) & Compounding Periods (CP) and hit the calculate button.

FAQs on EMI

What is the formula to find EMI?

The formula of EMI is expressed as Equated Monthly Installment = Loan Amount*Interest Rate*((1+Interest Rate)^Compounding Periods/((1+Interest Rate)^Compounding Periods-1)). Here is an example- 4770.455 = 20000*0.2*((1+0.2)^10/((1+0.2)^10-1)).

How to calculate EMI?

With Loan Amount (LA), Interest Rate (R) & Compounding Periods (CP) we can find EMI using the formula - Equated Monthly Installment = Loan Amount*Interest Rate*((1+Interest Rate)^Compounding Periods/((1+Interest Rate)^Compounding Periods-1)).

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EMI Formula

EMI Example

EMI Solution

EMI Formula Elements

Other formulas in Loan category

How to Evaluate EMI?

FAQs on EMI

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