Emi & Fv!

[via135]

i am getting a loan of Rs10000/- @ 10% pa with monthly rests and th
loan is payable in 18 months (15 months for principal and 3 months fo
interest portion). can i have a formula to find out the EMI for th
loan together with the intt as well as the FV of my loan? hlp pl..??!!

-via13

 

[Fred Smith]

Your terminology is very specific to your home country. Unless you have someone
there who is monitoring this group, you'll have to rephrase your question so we
can understand the terms.

What is "/-"?
What are "monthly rests"?
Why do you pay off the principal first and the interest last? Most payments are
amortized principal and interest.
What is "EMI"?

 

[via135]

yes..mr fred!
you are absolutely correct!
i give below the particulars!
1) "/" nothing but decimal separator "." and "-" means "no decimal"
2) "monthly rests" means interest being applied for monthly products
ie) month end balance.
3) interest is applied on "simple interest basis" and not on
"compounding effect". ie) interest is applied for the month end balance
of principal amount and the interest amount is transferred to another
account for which no interest is applied. that's why the repayment is
being separately fixed for principal & interest.

hope i have detailed the things enough and u have understood?

-via135

 

[via135]

reminding for help!!!

4) EMI means Equated Monthly Instalments..?

-via135