What is the total interest that Lachlan pays. The equation to find the monthly payment for an installment loan is called the Equal Monthly Installment EMI formula. Question 2 Alex wants to buy the latest computer system.
However if the same balance continues for n months then multiply this balance by n rather than writing it n times and then adding.
About EMI Calculator. The scheduled periodic payment made on an installment loan. The Installment Loan Payment Formula. P r V 1 - 1 r -n The formula may look a bit complicated but its easy to compute with a calculator if you have all of the data needed.