Wednesday, April 17, 2024
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EMI and EMI Calculator

What is EMI?

Full form of EMI is Equated Monthly Installment, It is a fixed amount paid monthly by debtors to creditors for paying a loan, involving both component together principal and interest components.

The EMI contains two components: Principal amount and the interest amount, EMI depends upon the interest rate (%) and tenure (in months) of loan repayments.

Calculate your EMI here:

EMI Calculator

EMI Calculator

What is principal amount?

The principal amount is the amount which is borrowed or invested. It is the original sum of money on which interest is calculated, and it helps to calculate EMI amount.

Calculation involves for EMI calculation.

EMI = P × r × (1 + r)n/((1 + r)n – 1)

Where,

P= Loan amount, r= interest rate, n=tenure in nos. of months.

For more information and calculator please visit: First Friend Solution

You can also check link for latest interest rate or please visit bank sites of individual bank.

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With more than 05 years of experience on the web, IT field she will be able to help you learn everything about day today life on First Friend Solution.
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