Question

Ramesh borrows Rs.50000 from the back at 12% annual interest for a period of 6months. Find EMI of Ramesh borrowed from bank

Answer 1

As the formula of EMI is :-
$e \: = \: p \times r \times \frac{ {(1 + r)}^{n} }{( {(1 + r)}^{n} - 1) } \\ e \: = \: 50000 \times \frac{ \frac{12}{12} }{100} \times \frac{ {(1 + \frac{ \frac{12}{12} }{100}) }^{6} }{( {(1 + \frac{ \frac{12}{12} }{100}) }^{6} - 1) } \\ e \: = \: 8627.418 \\ e \: = \: 8627 \: (aprx.)$
Where,
e is EMI

P is Principal Loan Amount

r is rate of interest calculated on monthly basis. (i.e., r = Rate of Annual interest/12/100. If rate of interest is 10.5% per annum, then r = 10.5/12/100=0.00875)

n is loan term / tenure / duration in number of months

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