A
I need a algorithm for EMI calculations used by banks , a detailed one..........................
Algorithm
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.
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
A
okay, got some idea............, still some doubts.........
post your doubts