Find Loan Amount using parameters ROI and Tenure
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I'm trying to find out Loan Amount taken for my 1-year old purchased bike from the bank.
I know my EMI, ROI (Rate of interest) and Tenure.
EMI = 2924,
Tenure = 24 Months,
ROI = 10.5%
Note: This is Flat Rate not Diminishing interest rate.
Please help me with the formula to find out the Loan amount taken.
Thanks
finance
asked Jan 6 at 8:10
Mudassir HussainMudassir Hussain
101
$endgroup$
add a comment |
$begingroup$
I'm trying to find out Loan Amount taken for my 1-year old purchased bike from the bank.
I know my EMI, ROI (Rate of interest) and Tenure.
EMI = 2924,
Tenure = 24 Months,
ROI = 10.5%
Note: This is Flat Rate not Diminishing interest rate.
Please help me with the formula to find out the Loan amount taken.
Thanks
finance
asked Jan 6 at 8:10
Mudassir HussainMudassir Hussain
101
$endgroup$
$begingroup$
The formula is $2924cdotfrac{(1+frac{0.105}{12})^{24}-1}{frac{0.105}{12}cdot (1+0.105/12)^{12}} =69,998.1approx 70,000$ . Give a reply if something is still unclear.
$endgroup$
– callculus
Jan 6 at 18:05
add a comment |
$begingroup$
I'm trying to find out Loan Amount taken for my 1-year old purchased bike from the bank.
I know my EMI, ROI (Rate of interest) and Tenure.
EMI = 2924,
Tenure = 24 Months,
ROI = 10.5%
Note: This is Flat Rate not Diminishing interest rate.
Please help me with the formula to find out the Loan amount taken.
Thanks
finance
asked Jan 6 at 8:10
Mudassir HussainMudassir Hussain
101
$endgroup$
I'm trying to find out Loan Amount taken for my 1-year old purchased bike from the bank.
I know my EMI, ROI (Rate of interest) and Tenure.
EMI = 2924,
Tenure = 24 Months,
ROI = 10.5%
Note: This is Flat Rate not Diminishing interest rate.
Please help me with the formula to find out the Loan amount taken.
Thanks
finance
finance
asked Jan 6 at 8:10
Mudassir HussainMudassir Hussain
101
asked Jan 6 at 8:10
Mudassir HussainMudassir Hussain
101
asked Jan 6 at 8:10
Mudassir HussainMudassir Hussain
101
asked Jan 6 at 8:10
Mudassir HussainMudassir Hussain
101
asked Jan 6 at 8:10
Mudassir HussainMudassir Hussain
101
101
$begingroup$
The formula is $2924cdotfrac{(1+frac{0.105}{12})^{24}-1}{frac{0.105}{12}cdot (1+0.105/12)^{12}} =69,998.1approx 70,000$ . Give a reply if something is still unclear.
$endgroup$
– callculus
Jan 6 at 18:05
add a comment |
$begingroup$
The formula is $2924cdotfrac{(1+frac{0.105}{12})^{24}-1}{frac{0.105}{12}cdot (1+0.105/12)^{12}} =69,998.1approx 70,000$ . Give a reply if something is still unclear.
$endgroup$
– callculus
Jan 6 at 18:05
$begingroup$
The formula is $2924cdotfrac{(1+frac{0.105}{12})^{24}-1}{frac{0.105}{12}cdot (1+0.105/12)^{12}} =69,998.1approx 70,000$ . Give a reply if something is still unclear.
$endgroup$
– callculus
Jan 6 at 18:05
$begingroup$
The formula is $2924cdotfrac{(1+frac{0.105}{12})^{24}-1}{frac{0.105}{12}cdot (1+0.105/12)^{12}} =69,998.1approx 70,000$ . Give a reply if something is still unclear.
$endgroup$
– callculus
Jan 6 at 18:05
add a comment |
1 Answer
1
active
oldest
votes
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Hint: use the equation $$F = A*dfrac {(1+frac {i}{m})^t - 1}{frac {i}{m}(1+frac {i}{m})^m}$$ where $P = text {total loan amount} \ A = text {EMI (monthly payment)} \ i = text {interest} \ m = text {type of installment (12 = monthly, 1 = annually)} \ t = text {tenure (time)}$
answered Jan 6 at 12:31
bjcolby15bjcolby15
1,1941916
$endgroup$
$begingroup$
You´re completely off the track.
$endgroup$
– callculus
Jan 6 at 18:16
1
$begingroup$
Yup...missed it by a country mile.
$endgroup$
– bjcolby15
Jan 7 at 0:34
$begingroup$
Funny. I appreciate that you´ve corrected it.
$endgroup$
– callculus
Jan 7 at 11:18
$begingroup$
The original equation I used what for simple interest. I used your example to get the correct equation.
$endgroup$
– bjcolby15
Jan 7 at 12:51
add a comment |
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1 Answer
1
active
oldest
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1 Answer
1
active
oldest
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active
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active
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votes
$begingroup$
Hint: use the equation $$F = A*dfrac {(1+frac {i}{m})^t - 1}{frac {i}{m}(1+frac {i}{m})^m}$$ where $P = text {total loan amount} \ A = text {EMI (monthly payment)} \ i = text {interest} \ m = text {type of installment (12 = monthly, 1 = annually)} \ t = text {tenure (time)}$
answered Jan 6 at 12:31
bjcolby15bjcolby15
1,1941916
$endgroup$
$begingroup$
You´re completely off the track.
$endgroup$
– callculus
Jan 6 at 18:16
1
$begingroup$
Yup...missed it by a country mile.
$endgroup$
– bjcolby15
Jan 7 at 0:34
$begingroup$
Funny. I appreciate that you´ve corrected it.
$endgroup$
– callculus
Jan 7 at 11:18
$begingroup$
The original equation I used what for simple interest. I used your example to get the correct equation.
$endgroup$
– bjcolby15
Jan 7 at 12:51
add a comment |
$begingroup$
Hint: use the equation $$F = A*dfrac {(1+frac {i}{m})^t - 1}{frac {i}{m}(1+frac {i}{m})^m}$$ where $P = text {total loan amount} \ A = text {EMI (monthly payment)} \ i = text {interest} \ m = text {type of installment (12 = monthly, 1 = annually)} \ t = text {tenure (time)}$
answered Jan 6 at 12:31
bjcolby15bjcolby15
1,1941916
$endgroup$
$begingroup$
You´re completely off the track.
$endgroup$
– callculus
Jan 6 at 18:16
1
$begingroup$
Yup...missed it by a country mile.
$endgroup$
– bjcolby15
Jan 7 at 0:34
$begingroup$
Funny. I appreciate that you´ve corrected it.
$endgroup$
– callculus
Jan 7 at 11:18
$begingroup$
The original equation I used what for simple interest. I used your example to get the correct equation.
$endgroup$
– bjcolby15
Jan 7 at 12:51
add a comment |
$begingroup$
Hint: use the equation $$F = A*dfrac {(1+frac {i}{m})^t - 1}{frac {i}{m}(1+frac {i}{m})^m}$$ where $P = text {total loan amount} \ A = text {EMI (monthly payment)} \ i = text {interest} \ m = text {type of installment (12 = monthly, 1 = annually)} \ t = text {tenure (time)}$
answered Jan 6 at 12:31
bjcolby15bjcolby15
1,1941916
$endgroup$
Hint: use the equation $$F = A*dfrac {(1+frac {i}{m})^t - 1}{frac {i}{m}(1+frac {i}{m})^m}$$ where $P = text {total loan amount} \ A = text {EMI (monthly payment)} \ i = text {interest} \ m = text {type of installment (12 = monthly, 1 = annually)} \ t = text {tenure (time)}$
answered Jan 6 at 12:31
bjcolby15bjcolby15
1,1941916
edited Jan 7 at 2:11
answered Jan 6 at 12:31
bjcolby15bjcolby15
1,1941916
answered Jan 6 at 12:31
bjcolby15bjcolby15
1,1941916
answered Jan 6 at 12:31
bjcolby15bjcolby15
1,1941916
1,1941916
$begingroup$
You´re completely off the track.
$endgroup$
– callculus
Jan 6 at 18:16
1
$begingroup$
Yup...missed it by a country mile.
$endgroup$
– bjcolby15
Jan 7 at 0:34
$begingroup$
Funny. I appreciate that you´ve corrected it.
$endgroup$
– callculus
Jan 7 at 11:18
$begingroup$
The original equation I used what for simple interest. I used your example to get the correct equation.
$endgroup$
– bjcolby15
Jan 7 at 12:51
add a comment |
$begingroup$
You´re completely off the track.
$endgroup$
– callculus
Jan 6 at 18:16
1
$begingroup$
Yup...missed it by a country mile.
$endgroup$
– bjcolby15
Jan 7 at 0:34
$begingroup$
Funny. I appreciate that you´ve corrected it.
$endgroup$
– callculus
Jan 7 at 11:18
$begingroup$
The original equation I used what for simple interest. I used your example to get the correct equation.
$endgroup$
– bjcolby15
Jan 7 at 12:51
$begingroup$
You´re completely off the track.
$endgroup$
– callculus
Jan 6 at 18:16
$begingroup$
You´re completely off the track.
$endgroup$
– callculus
Jan 6 at 18:16
1
1
$begingroup$
Yup...missed it by a country mile.
$endgroup$
– bjcolby15
Jan 7 at 0:34
$begingroup$
Yup...missed it by a country mile.
$endgroup$
– bjcolby15
Jan 7 at 0:34
$begingroup$
Funny. I appreciate that you´ve corrected it.
$endgroup$
– callculus
Jan 7 at 11:18
$begingroup$
Funny. I appreciate that you´ve corrected it.
$endgroup$
– callculus
Jan 7 at 11:18
$begingroup$
The original equation I used what for simple interest. I used your example to get the correct equation.
$endgroup$
– bjcolby15
Jan 7 at 12:51
$begingroup$
The original equation I used what for simple interest. I used your example to get the correct equation.
$endgroup$
– bjcolby15
Jan 7 at 12:51
add a comment |
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$begingroup$
The formula is $2924cdotfrac{(1+frac{0.105}{12})^{24}-1}{frac{0.105}{12}cdot (1+0.105/12)^{12}} =69,998.1approx 70,000$ . Give a reply if something is still unclear.
$endgroup$
– callculus
Jan 6 at 18:05