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Reducing Balance EMI Calculator

This document shows the amortization schedule for a $1,000 loan with an interest rate of 14.49% paid back over 12 monthly equal installments (EMIs). Each month, part of the EMI goes toward paying off the principal balance and part goes toward paying the accumulated interest. By the 12th payment, the full $1,000 loan plus $80.21 in total interest is paid off, with the final EMI amount being $90.02.

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Irfan
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141 views1 page

Reducing Balance EMI Calculator

This document shows the amortization schedule for a $1,000 loan with an interest rate of 14.49% paid back over 12 monthly equal installments (EMIs). Each month, part of the EMI goes toward paying off the principal balance and part goes toward paying the accumulated interest. By the 12th payment, the full $1,000 loan plus $80.21 in total interest is paid off, with the final EMI amount being $90.02.

Uploaded by

Irfan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Reducing Balance EMI Calculator

Loan Amount (pv) $ 1,000.00


Interest Rate (rate) 14.49%
Number of EMIs (nper) 12

EMI Amount $90.02


Total Interest $80.21
Total Amount Payable $1,080.21

Starting Starting Payment Total Ending Ending


Month Loan Payable Payment on on Payment Loan Payable
Amount Amount Principal Interest (EMI) Amount Amount

1 $ 1,000.00 $1,080.21 $77.94 $12.08 $90.02 $ 922.06 $990.20


2 $922.06 $990.20 $78.88 $11.13 $90.02 $ 843.17 $900.18
3 $843.17 $900.18 $79.84 $10.18 $90.02 $ 763.34 $810.16
4 $763.34 $810.16 $80.80 $9.22 $90.02 $ 682.54 $720.14
5 $682.54 $720.14 $81.78 $8.24 $90.02 $ 600.76 $630.12
6 $600.76 $630.12 $82.76 $7.25 $90.02 $ 518.00 $540.11
7 $518.00 $540.11 $83.76 $6.25 $90.02 $ 434.23 $450.09
8 $434.23 $450.09 $84.77 $5.24 $90.02 $ 349.46 $360.07
9 $349.46 $360.07 $85.80 $4.22 $90.02 $ 263.66 $270.05
10 $263.66 $270.05 $86.83 $3.18 $90.02 $ 176.83 $180.04
11 $176.83 $180.04 $87.88 $2.14 $90.02 $ 88.94 $90.02
12 $88.94 $90.02 $88.94 $1.07 $90.02 $ - $0.00

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