Are you planning to borrow money? If yes, give my EMI Calculator a look and you'll know a lot about it.
It helps you to know how much EMI you'll be paying, during repayment period how much amount you'll have to pay extra and other things.
I have used PMT function to get the value of EMI. The syntax goes like this:
PMT(rate,nper,pv,fv,type)
Rate is the interest rate for the loan.
Nper is the total of payments for the loan.
Pv is the present value, or the total amount that a series of future payments is worth now; also known as the principal.
Fv is the future value, or a cash balance you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0 (zero), that is, the future value of a loan is 0.
Type is the number 0 (zero) or 1 and indicates when payments are due.
Instead of going into the details of this function, I would suggest you to download the file and make use of it. Click to Download the file from here.
"HAPPY LEARNING"
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