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From ChevelureWiki
EMI is commonly used for mortgage expenses.
Trouble: Moderately Uncomplicated
Instructions
things you'll need:
1 Multiply the quantity borrowed by way of the periodic curiosity rate. With example, if you borrowed $305,000 and the monthly interest rate equals 0.0065 (or 7.8 percent each year), you would multiply $305,000 by 0.0065 to purchase $1,982.50.
2 Multiply the number about years inside the phrase of the loan by 12 to calculate the amount of monthly expenses you will generate on the loan and call the result P. To example, if you took out a 25-year loan, you would multiply 25 from 12 to get 300 monthly payments.
3 Plug in P, the number about monthly payments over the life about the loan, and R, the periodic attention rate, into the subsequent expression: 1 - (1+R)^-P. In this example, you would plug in 0.0065 for R and 300 with P then your expression would be 1 - (1 + 0.0065) ^ -300, or 0.85682532.
4 Divide the outcome from step 1 in the outcome away from action 3 to calculate your equated monthly expense. Finishing this example, you would divide $1,982.50 by way of 0.85682532 to find your EMI would be $2,313.77.
References
Investopedia: Equated Monthly Installment - EMI Bankrate: Loan Calculator Oak Road Systems: Loan or Investment Formulas
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