Hi Friends,
Here is the way you calculate your Equated Monthly Installments:
(P x r) (1 + r) n / (1 + r) n - 1
Being...
P = Principle Amount
r = Interest Rate
n = Number of Years of Loan
Example :-
P = $ 4000000
r = 15% (0.15)
n = 20 Years
= (4000000 x 0.15) (1+0.15) 20 / (1+0.15) 20- 1
= 600000 x 16.36 / 15.36
= 9816000 / 15.36
= $ 639062.5 p.a
Therefore Per month EMI would be = $ 639062.5 / 12 = $ 53255.208
Hope this would help you in understang the Concept before you go for a LOAN
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