Formula: EMI Calculations

Submitted by Priyank on Wed, 04/11/2009 - 13:29
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How do you calculate your monthly EMI for loans? Well, here is the simple formula for EMI Calculations:
 
L Loan amount
N Number of months, of loan tenure. (15 years is equal to 180 months, N = 180)
I Interest rate, per installment period. (9% p.a. means I = 9/(12*100) = 0.0075)

So, for a loan amount of 1,00,000 Rs for 15 years at the interest rate of 9% p.a. the EMI will be: 1,014 Rs.

The same can be done using Microsoft Excel, by using the PMT function:

= PMT(9%/12, 15*12,100000)

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EMI Calculation

Submitted by prasanna on Fri, 02/04/2010 - 20:38.
Using the above formula I am getting wrong answer for my C# application. double rate = Convert.ToDouble(myRate) / Convert.ToDouble(100); double P = myLoanAmount; double I = Convert.ToDouble( myRate) / Convert.ToDouble(1200); double M = tenure; double myAnswer = ((double)(P * (I / (1 - Math.Pow((1 + I), -M))))); loan amount is 2000000 interest is 15% and months = 18. Can you please sugeset proper way to solve this. Thanks