The formula for calculation of EMI given the loan , term and interest rate is :

EMI =(P*r) (1+r)*/ (1+r))^n - 1

P = principle (amount of loan )

r= rate of interest per installment period , if r = 12 % per anum then r= 0.01,

n= no of installments

Find the EMI for a housing loan of Rs. 10,00,000/- at an interest rate of 10.50 % per annum repayable in 15 years

here convert value r and n such that

r= 10.50 % = 0.00875

n= 15 * 12 = 180 (convert in months )

put all the values in formula and calculate answer.

generally this type of question not ask in exam due to its long calculation so remind formula for future use

EMI =(P*r) (1+r)*/ (1+r))^n - 1

P = principle (amount of loan )

r= rate of interest per installment period , if r = 12 % per anum then r= 0.01,

n= no of installments

Find the EMI for a housing loan of Rs. 10,00,000/- at an interest rate of 10.50 % per annum repayable in 15 years

here convert value r and n such that

r= 10.50 % = 0.00875

n= 15 * 12 = 180 (convert in months )

put all the values in formula and calculate answer.

generally this type of question not ask in exam due to its long calculation so remind formula for future use