Question

what is the formula to find loan amount​

Answer 1

Answer:

The formula which you can use in excel is:

=PMT(rate,nper,pv).

Let us check the EMI of Suraj by using the above formula.

It must be noted that the rate used in the formula should be the monthly rate, that is, 12%/12=1% or 0.01.

The number of periods represents the number of EMIs.

=PMT(0.12/12, 4*12, 445,000)= 11,718

The result will come in negative or red, which indicates the cash outflow of the borrower.

Answer 2

Answer:

EMI=(PxRx(1+R] ^N] /[(1+R)^N-1]......