Life was bit busy for me in recent times and that is why I was away from blogging. The biggest motivation for blogging (any blogger would vouch) is the encouragement given by the readers. It not necessarily be praise all the time even brickbats are welcome. I was especially elated to see Gautam Satpathy putting up some comment here. I have been regular reader of his blog and it is sheer pleasure to read him. Hope I continue blogging and try to improve upon it.
EMI calculation using Excel
I mentioned the formula used to calculate an EMI, but putting values in the formula and calculating it is a cumbersome task. So I did some research in Microsoft Excel and found out that it can done quite easily in excel.
EMI calculation in Excel
Step 1: Open the excel sheet and locate the fx button
Step 2: In the pop-up menu, click on Financial Catergory
Step 3: In the Function Name click 'PMT'
Step 4: A box will appear as shown, fill in the values mentioned and voila you get the EMI.
Interest Component of the EMI
- Just choose the IPMT function instead of PMT
Prinicpal Component of EMI
- Just choose the PPMT function instead of PMT
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