Q31. Which formula is used to find EMI ( Every Month Installment ) ? =pmt() =ipmt() =ppmt() none of the above
Question
Q31. Which formula is used to find EMI ( Every Month Installment ) ? =pmt() =ipmt() =ppmt() none of the above
Solution
None of the above. The formula used to calculate EMI (Every Month Installment) is:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where: P stands for loan amount or principal, R is the interest rate per month (if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)), N is the number of monthly installments.
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Which of the following formula can be used to calculate the interest amount in EMI*PMTIPMTPPMTInterest
Which of the following formula can be used to calculate the amount in EMI*EMIPMTAnnuityNone of above
The sale of 4-wheelers for Pongal is now open. Customers are eager to know the EMI details. Companies reselling the 4-wheelers will get more profit during the season if they provide them with EMIs. Now help the consultant calculate the EMI for a month with the principal amount, rate, and time period.Input format :The first input is the principal amount of the vehicle.The second input is the rate to be calculated.The third input is the time period to calculate the EMI.Output format :The output displays the EMI details for a month.Sample test cases :Input 1 :25000052Output 1 :EMI: 10967.847433517149Input 2 :450000101Output 2 :EMI: 39562.14925350446Note :The program will be evaluated only after the “Submit Code” is clicked.Extra spaces and new line characters in the program output will result in the failure of the test case.
Which function would you use to find the periodic payment needed to pay off a loan in a specific number of periods? A. RATE B. NPR C. PV D. PMT
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