Consumer Arithmetic >> Interest

Find emi from rate and period - Interest - Consumer Arithmetic problem solver

Margaret borrowed a house loan from a financial institution at the rate of 9 % for a period of 10 years terms. If the loan amount (principal) is Rs. 80000. Find the emi to be paid by her.


rate = 9
terms = 10
principal = 80000
SI =  ( P * n * r ) / 100
simple interest = ( 80000 * 10 * 9 ) / 100
simple interest = 72000
simple interest = 72000
simple interest = 72000
tc =  P + SI
total cost = 80000 + 72000
total cost = 152000
So the total cost is 152000
total cost = 152000
emi =  tc / ( n * 12 )
emi = 152000 / ( 10 * 12 )
emi = 1266.6667
So the emi is 1266.6667

Interest Formulas :

CI =  pow( P * ( 1 + ( r / 100 ) ), n ) - P

SI =  ( P * n * r ) / 100

d =  CI - SI

P =  P - m

tc =  P + SI

m =  tc - P

mp =  ( m * 100 ) / tc

emi =  tc / ( n * 12 )


where,

CI = compound interest
P = principal
r = rate
n = terms
SI = simple interest
d = difference
tc = total cost
m = margin
mp = margin percentage
emi = emi

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