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....
Blue skies & good health to all...
Ashirwad Joshi
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....
Blue skies & good health to all...
Ashirwad Joshi
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