logo
Previous Thread
Next Thread
Print Thread
Joined: Feb 2022
Posts: 9
P
Newbie
OP Offline
Newbie
P
Joined: Feb 2022
Posts: 9
How do I calculate the interest amount? I have EMI, loan amount, and tenure.

Sponsored Post Advertisement
Joined: Mar 2022
Posts: 8
K
Newbie
Offline
Newbie
K
Joined: Mar 2022
Posts: 8
"To calculate the interest amount you would require the formula. It is a mathematical formula which takes into account the principal, interest, and the tenure. But first you need to find out whether the lender uses a simple interest method or compound interest method for calculation. Calculation in simple interest is rather easy. To obtain it multiply the principal amount, interest rate and time. using this formula you will find the interest amount on the loan. There are a few institutions which calculate the interest based on amortisation schedule. How to calculate the interest in such a case follow the following steps.

1. divide the interest rate baisa number of payments you will have to make in a year.

2. Multiply the result obtained with remaining loan balance to know how much you will have to pay in the next month.

3. Detect that interest amount from the fixed monthly payment. This will give you the principal amount you need to pay in the first month.

4. From the month onwards repeat the above process with the respective loan balance remaining.

This process can be tiresome to one. You can hence, use any online interest calculator to help yourself.

For more information visit:- https://www.shriramcity.in/


Moderated by  Sandra Investing/HFinance 

Link Copied to Clipboard
Brand New Posts
Christmas is coming!
by Angie - 12/19/24 09:10 AM
Psalm for the day
by Angie - 12/19/24 08:50 AM
Holiday Ornaments to Sew
by Cheryl - Sewing Editor - 12/18/24 01:17 PM
Inspiration Quote
by Angie - 12/15/24 01:36 PM
ADADeng lauches its Presale
by Jamal molla - 12/15/24 02:10 AM
Silhouette Layered NOEL Ornament
by Digital Art and Animation - 12/14/24 05:52 PM
Easy Fleece Gift Ideas
by Cheryl - Sewing Editor - 12/11/24 02:55 PM
Holiday Gift Tags Silhouette Print and Cut
by Digital Art and Animation - 12/09/24 05:45 PM
Lisa Shea
by Angie - 11/30/24 09:06 PM
Holiday Dotted Pattern Paper
by Digital Art and Animation - 11/30/24 07:37 PM
Sponsor
Safety
We take forum safety very seriously here at BellaOnline. Please be sure to read through our Forum Guidelines. Let us know if you have any questions or comments!
Privacy
This forum uses cookies to ensure smooth navigation from page to page of a thread. If you choose to register and provide your email, that email is solely used to get your password to you and updates on any topics you choose to watch. Nothing else. Ask with any questions!


| About BellaOnline | Privacy Policy | Advertising | Become an Editor |
Website copyright © 2022 Minerva WebWorks LLC. All rights reserved.


Powered by UBB.threads™ PHP Forum Software 7.7.5