**How is Interest Calculated on Personal Loans?**

- EMI = equated monthly instalments.
- P = the principal amount borrowed.
- R = loan interest rate (monthly basis) = annual interest rate/12.
- N = loan tenure (in months)

## Beside this, how do I calculate interest on a loan in Excel?

**=PMT(17%/12,2*12,5400)**

- The rate argument is the interest rate per period for the loan. For example, in this formula the 17% annual interest rate is divided by 12, the number of months in a year.
- The NPER argument of 2*12 is the total number of payment periods for the loan.
- The PV or present value argument is 5400.

**Calculation**

- Divide your interest rate by the number of payments you’ll make that year. …
- Multiply that number by your remaining loan balance to find out how much you’ll pay in interest that month. …
- Subtract that interest from your fixed monthly payment to see how much in principal you will pay in the first month.

## Additionally, how do I calculate interest?

You figure simple interest on the principal, which is the amount of money borrowed or on deposit using a basic formula: **Principal x Rate x Time (Interest = p x r x t)**.

## How do you calculate principal and interest on a loan?

The formula for calculating Principal amount would be **P = I / (RT)** where Interest is Interest Amount, R is Rate of Interest and T is Time Period.

## How much is a 70000 mortgage per month?

Assuming you have a 20% down payment ($14,000), your total mortgage on a $70,000 home would be **$56,000**. For a 30-year fixed mortgage with a 3.5% interest rate, you would be looking at a $251 monthly payment.

## What credit score do I need for a $70000 loan?

## What is considered excellent credit?

Generally speaking, a credit score is a three-digit number ranging from 300 to 850. … Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and **800 and up** are considered excellent.

## What is interest amount formula?

The interest rate for a given amount on simple interest can be calculated by the following formula, **Interest Rate = (Simple Interest × 100)/(Principal × Time)** The interest rate for a given amount on compound interest can be calculated by the following formula, Compound Interest Rate = P (1+i) ^{t} – P.

## What is the formula to calculate monthly interest?

**Monthly Interest Rate Calculation Example**

- Convert the annual rate from a percent to a decimal by dividing by 100: 10/100 = 0.10.
- Now divide that number by 12 to get the monthly interest rate in decimal form: 0.10/12 = 0.0083.

## What is the interest of 1 lakh in SBI?

SBI Fixed Deposit Interest Calculator

Tenure | Rates | Maturity Amount for ₹ 1 Lakh |
---|---|---|

211 days to 364 days | 4.40% to 4.90% |
₹ 1,02,562 – ₹ 1,04,977 |

2 years to 2 years 364 days | 5.10% to 5.60% | ₹ 1,10,667 – ₹ 1,18,137 |

3 years to 4 years 364 days | 5.30% to 5.80% | ₹ 1,17,111 – ₹ 1,33,344 |

5 years to 10 years | 5.40% to 6.20% | ₹ 1,30,760 – ₹ 1,85,011 |

## What is the interest of 5 lakh in SBI?

State Bank of India Fixed Deposit Returns Based on Investment Amount

Investment Amount | For 3 years with interest of 5.3% | For 5 years with interest of 5.4% |
---|---|---|

₹ 50,000 | ₹65134 | ₹65459 |

₹ 1 lakh | ₹130267 | ₹130917 |

₹ 2 lakh | ₹260534 | ₹261834 |

₹ 5 lakh | ₹651335 | ₹654586 |

## What is the interest on 1 lakh loan?

1 Lakh Personal Loan Interest Rates 2021

Banks | Interest Rates |
---|---|

HDFC Bank | 10.99 – 20.75% |

ICICI Bank |
11.70 – 18.85% |

Bajaj Finserv | 11.99 – 16.00% |

Fullerton India | 14.00 – 33.00% |

## What is the interest on 50000 loan?

Calculated Monthly EMI for 50000 of loan amount for 3 years at various rate of Interest :

Loan Amount | Rate of Interest | Per Month EMI |
---|---|---|

50000 | 14.00% |
Rs. 1,709 |

50000 | 15.00% | Rs. 1,733 |

50000 | 16.00% | Rs. 1,758 |

50000 | 18.00% | Rs. 1,808 |

## Which bank has less interest rate for personal loan?

Compare Best Personal Loan in India

Bank | Interest Rates | Lowest EMI Per Lakh |
---|---|---|

HDFC Bank Personal Loan ⊕ Compare |
10.25% | ₹ 2,137 |

ICICI Bank Personal Loan ⊕ Compare | 10.25% | ₹ 2,137 |

Bajaj Finserv Personal Loan ⊕ Compare | 12.99% | ₹ 2,275 |

IDFC First Bank Personal Loan ⊕ Compare | 10.49% | ₹ 2,149 |