Edu loan EMI calculation

How to calculate Education loan EMI and understanding interest rates?

Use spreadsheet ↗ to quickly calculate.

Hand calculation

$$EMI = \frac{[P * R * (1+R)^n]} { [(1+R)^ n-1]}$$

Symbol	Description	Comment
P	Principal loan amount	Amount you have received from the bank
R	Rate of interest	9.0% per annum, generally. 9.0/12 = 0.75% per month.
n	Number of monthly installments	For 2 years, 2 * 12 = 24

in Indian Rupees

P = 3,00,000 INR

R = 9.0% per annum = 0.75% per month = 0.75/100 points = 0.0075

n = 24 (say, 2 years)

EMI = $\frac{[300000 * 0.0075 * (1 + 0.0075)^{24}]}{[(1+0.0075)^{24} - 1]}$ = 13,705 INR (approx.)

in US Dollars

P = 3,00,000 USD

R = 9.0% per annum = 0.75% per month = 0.75/100 points = 0.0075

n = 24 (say, 2 years)

EMI = $\frac{[300000 * 0.0075 * (1 + 0.0075)^{24}]}{[(1+0.0075)^{24} - 1]}$ = 13,705 USD (approx.)

Using spreadsheet

Update Blue cells in the spreadsheet ↗ as shown.

EMI is in the green box.