How many of you have planned to take a new home? or you have just taken a new one ??
I am quite sure all people of this category know the world EMI very well.Well I am going to
help you calculate your EMI using Microsoft’s Windows Excel . very easy & useful isn’t it ??
so lets see how you can..
To calculate EMI we have an inbuilt function in Excel called “PMT”
STEPS:
STEP 1:
1. In any empty cell in excel, write =pmt. As soon as you do this the formulae for the PMT
function will be displayed as follows..
=pmt(rate, nper, pv, [fv], [type])
All the components necessary to calculate EMI are displayed in the formula.There description
is as follows:
1. Rate: this is the rate of interest per month
2. Nper : no of periods(total tenure of Loan. In our case it is the no of months)
3. Pv : Total Loan Amount(principle value)
4. [fv] & [type] this payment is not
so now enter all the values in the PMT function & hit enter & you will get the monthly EMI
in that Cell.
LETS SEE AN EXAMPLE ..
=pmt(12% 12, 10*12, 200000)
=PMT (Rate, nper, [fv], [type]) This is an example showing how to put values to calculate EMI.
NOTE:
I don’t think a person have a computer with hm/her & every time, so what I would suggest
is to save the formula given below in a mobile note so that you can use it any time , anywhere!
the Formula is : EMI=[(p*r)(1+r)^n]/[(1+r)^n-1]
where p= principal (amount of loan)
r=Rate of interest per month(annual rate/12)
n=no of installments in the tenure.
hope this will prove useful to all who read….
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Some people see things that are and ask, Why? Some people dream of things that never were and ask, Why not? Some people have to go to work and don’t have time for all that..
Sent from my Android phoneSome people see things that are and ask, Why? Some people dream of things that never were and ask, Why not? Some people have to go to work and don’t have time for all that..
Sent from my Android phone