Use this calculator to reverse calculate interest rate if you know the Equated Monthly Instalment EMI of your loan. According to this formula the amount of interest is given by. The simple interest formula calculator which is utilised to compute the overall gains accumulated via this investment SI P X RX T100 In it the variables represent.
The simple interest formula allows us to calculate I which is the interest earned or charged on a loan.
If you wish to retain no of EMIs to 84 reduce EMI amount. What Ive answered was based on SIMPLE INTERESTs concept only. On the other hand if the reducing balance interest rate method is used to calculate personal loan EMI interest is calculated on the principal outstanding for each successive month instead of the entire amount borrowed. How do I calculate home loan for 30 lakh with simple interest rate as a Bank of India employee clerk.