Car purchased for 5 lacs Down payment made 1 lacs Remaining amount financed by term loan @ 12% repaid in 36 equal monthly installments (EMI) What is the amount of EMI?
Prepare repayment chart assuming loan taken on 10 June 2016 and first EMI Due on 9 July 2017View Answer
EMI PAID IN ADVANCE
In this case,first instalment is repaid at the time of loan itself Suppose loan is of 300000 and EMI is of 20000 which is repaid in advance In this case,actual value of loan is actually 280000 we have taken Hence EMI will be less in this case
Formula to calculate EMI?
|EMI PAID AT MONTH END||EMI PAID IN ADVANCE|
|=PMT(RATE %,NO OF INSTALMENTS,LOAN TAKEN IN NEGATIVE,0,0)||=PMT(RATE %,NO OF INSTALMENTS,LOAN TAKEN IN NEGATIVE,0,1)|
Prepare repayment chart assuming loan taken on 10 June 2016 and first EMI Due in advance on date of loan