azaad_shri75
BE FREE
I need a algorithm for EMI calculations used by banks , a detailed one..........................
Algorithm
- Thread starter azaad_shri75
- Start date
I guess for that you need to know the EMI Schemes used by banks.
Each have their own scheme which depends on time period and amount.
Each have their own scheme which depends on time period and amount.
Pratul_09
Journeyman
it would be better if you read about it here
PMT. Banks use PMT to calculate the Equated Monthly Installment.
so if you have 10% int. rate for 1,00,000 loan amt for 5 yrs then the formula is
= PMT((10/100)/12, 5*12, -100000) = 2124.7
OP
azaad_shri75
BE FREE
okay, got some idea............, still some doubts.........