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# Emi using excel

What function does one use to calculate emi on excel

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The function in Excel for calculating EMI is not EMI but PMT. It requires minimum three arguments. They are 1. Rate of interest (Rate), 2. Number of periods (Nper) and 3. Value of loan or present value (Pv) in that order, that is, PMT (Rate, Nper, Pv) If you want to find EMI for 1 lakh at 10% annual interest for 10 years you enter the following in one of the cells: = pmt(10%/12, 10*12, 100000)

Borrowed from http://www.hindu.com/pp/2004/02/28/stories/2004022800160500.htm

Posted on Nov 09, 2007

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## Related Questions:

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Every borrower can calculate your loan EMI with three methods -
1. Formula Based:you can calculate your loan EMI with the help of given formula-

E = P x r x (1+r)n / ((1+r)n - 1)
where,
E = Each month payable EMI
P = Principal loan amount
r = Rate of interest
n = Duration of the loan

2. Excel Based:
You can also calculate your loan EMI with the help of excel sheet. But before calculating loan EMI, you need to set the above formula in excel sheet.

3.Online EMI calculator:
You can calculate your loan EMI with the help of online business loan EMI calculator . EMI calculators can calculate your loan EMI very easily without any cost.

Feb 21, 2018 | The Computers & Internet

### How can I calculate the EMI of a home loan of 90 lacs?

Banks and Non-Banking Financial Companies use the following formula to calculate EMI of a home loan. This is the formula for calculating compound interest. Applying the same formula for a home loan of Rs 90Lakhs, we get,

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,
P= Amount borrowed- Here, it will be 90 lakhs
R= Rate of interest per month
N= Number of months in the home loan tenure

Going by the current lending rates followed by the financial institutions, we will consider R to be 9% per annum (to be converted to % per month) and for the loan tenure, we will take 20 years/240 months.

Substituting all values in the above formula, the home loan EMI comes out to be Rs 80,975 per month.

You can easily calculate the EMI for your home loan for any bank or NBFC using a free online Home Loan EMI calculator. You can also find this handy tool on the online portals of most banks and NBFCs. All you have to do is feed in the values in the respective fields and receive the answers.

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### What is the simple way to calculate EMI for personal loan

If you are searching a simple way to calculating personal loan EMI then I would like to suggest use online tool for calculating EMI.

Every lender provides the facility of personal loan EMI calculator. Here, you just need to put the inputs in the given form and the EMI amount will be calculated instantly without any hassle.

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To know more about the CONCATENATE/ ampersand function, you can refer to the following webpages:
http://office.microsoft.com/en-in/excel-help/concatenate-function-HP010342288.aspx

(Important: Below mentioned link is of a third-party website. We recommend you to update your security software thoroughly before clicking on the link.)
http://excelsemipro.com/2010/08/concatenate-function-or-ampersand-operator-in-excel/

(Important: Below mentioned link applies to Excel 2007. Still, you can refer it to understand more about ampersand function.)
http://office.microsoft.com/en-in/excel-help/combine-the-contents-of-multiple-cells-HA010248390.aspx?CTT=1

GuruAid.com

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For example, the formula =SQRT(10*SUM(A1:A3)) would take the square root of ten times the sum of cells A1 through A3. When functions are nested, it is important that the number of left parentheses match the number of right parentheses.

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