EMI calculations

May 3 2016 4:06 AM

This is the formula to caluculate:

E = P×r×(1 + r)n/((1 + r)n - 1)

E is EMI

where P is Priniple Loan Amount

r is rate of interest calualted in monthly basis it should be = Rate of Annual interest/12/100

if its 10% annual ,then its 10/12/100=0.00833

n is tenture in number of months

Eg: For 100000 at 10% annual interest for a period of 12 months

it comes to 100000*0.00833*(1 + 0.00833)12/((1 + 0.00833)12 - 1) = 8792


Please send me stored procedure program in sql
 
Thanks and regards
 
Venkatesh D 

Answers (2)