Edu loan EMI calculation

How to calculate Education loan EMI and understanding interest rates?

Use spreadsheet ↗ to quickly calculate.
Hand calculation
EMI=[P∗R∗(1+R)n][(1+R)n−1]EMI = \frac{[P * R  * (1+R)^n]} { [(1+R)^ n-1]}EMI=[(1+R)n−1][P∗R∗(1+R)n]​
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
in US Dollars
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 = [300000∗0.0075∗(1+0.0075)24][(1+0.0075)24−1]\frac{[300000 * 0.0075 * (1 + 0.0075)^{24}]}{[(1+0.0075)^{24} - 1]}[(1+0.0075)24−1][300000∗0.0075∗(1+0.0075)24]​
 = 13,705 INR (approx.)
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 = [300000∗0.0075∗(1+0.0075)24][(1+0.0075)24−1]\frac{[300000 * 0.0075 * (1 + 0.0075)^{24}]}{[(1+0.0075)^{24} - 1]}[(1+0.0075)24−1][300000∗0.0075∗(1+0.0075)24]​
 = 13,705 USD (approx.)
Using spreadsheet
Update Blue cells in the spreadsheet ↗ as shown.
EMI is in the green box.
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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