Finances
EMI Formula
$$ EMI = \frac{P \times r \times (1 + r)^n}{(1 + r)^n - 1} $$
EMI Calculation for Interest Rate: 7.5
for a principal amount of $500,000 Loan Over 30 Years
$$ r = \frac{7.5}{100 \times 12} = 0.00625 $$
$$ EMI = \frac{500000 \times 0.00625 \times (1 + 0.00625)^{360}}{(1 + 0.00625)^{360} - 1} $$
$ EMI \approx 3,507.24 $
| Interest Rate | EMI (Monthly Payment) |
|---|---|
| 7.5% | $3,507.24 |
| 7% | $3,320.98 |
| 6% | $3,219.64 |
| 5% | $2,684.11 |
| 4% | $2,387.08 |
| 3% | $2,108.02 |
| 2% | $1,849.14 |