What percent is represented by the shaded area?
Answer. Answer: 41 percent will be the correct answer.
What percentage is not shaded?
The whole of any object or shape is 100%. (a) If 71% of the square is shaded, 29% must be not shaded. (b) If 60% of the rectangle is shaded, 40% must be not shaded.
How do I calculate the percentage of a loan?
Divide your interest rate by the number of payments you’ll make in the year (interest rates are expressed annually). So, for example, if you’re making monthly payments, divide by 12. 2. Multiply it by the balance of your loan, which for the first payment, will be your whole principal amount.
What is simple interest calculator?
Use this simple interest calculator to find A, the Final Investment Value, using the simple interest formula: A = P(1 + rt) where P is the Principal amount of money to be invested at an Interest Rate R% per period for t Number of Time Periods. Where r is in decimal form; r=R/100; r and t are in the same units of time.
How much interest is over the life of a loan?
If you borrow $20,000 at 5.00% for 5 years, your monthly payment will be $377.42 and you’ll pay a total of $2,645.48 over the term of the loan. Note: In most cases, your monthly loan payments won’t change over time.
What is the formula for EMI calculation?
The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n – 1) where P= Loan amount, r= interest rate, n=tenure in number of months.
What’s the full form of EMI?
Definition: EMI or equated monthly installment, as the name suggests, is one part of the equally divided monthly outgoes to clear off an outstanding loan within a stipulated time frame.
How do I calculate pre EMI in Excel?
EMI / Pre-EMI – The Choice is Yours
- Let’s use an example to understand the basic difference between EMI and Pre-EMI:
- [P X r X (1+r)^n]/[(1+r)^n-1] P = Loan amount or principal r = Interest rate per month n = Number of total installments.
- SCENARIO I Banks Disburses the Entire Loan Amount.
- SCENARIO II.
How do you calculate EMI in Excel?
How to Calculate Your Personal Loan EMI Using Excel
- Highlights.
- Calculate EMIs using the PMT function on Excel.
- Use this formula =PMT(RATE,NPER,PV,FV,TYPE)
- These variables need to be computed & may lead to errors.
- Use the online EMI calculator to avoid manual errors.
How is loan interest and EMI calculated?
Therefore, EMI = principal amount + interest paid on the personal loan. The EMI, usually, remains fixed for the entire tenure of your loan, and it is to be repaid over the tenure of the loan on a monthly basis. N = Number of monthly instalments. The rate of interest (R) on your loan is calculated monthly i.e.
How is reducing interest calculated?
(Original Loan Amount x Number of Years x Interest Rate Per Annum) ÷ Number of Instalments = Interest Payable Per Instalment. The very simple formula to calculate Flat Rate Interest. Now, do note that this is just the interest per instalment, no matter how much you have paid down on your principal loan amount.
Which loan is better fixed or reducing?
Which is better – fixed or reducing balance EMI? A fixed EMI will usually have lower rates of interest and longer repayment tenure but a higher EMI with interest that is fixed throughout the loan tenure and calculated on the entire loan amount.
What is the EMI for 20 lakhs personal loan?
Formula of Calculation of EMI
| Loan amount | Interest Rate | EMI per month |
|---|---|---|
| 5 Lakh | 8.35% | Rs. 6,159 |
| 10 Lakh | 8.50% | Rs. 9,847 |
| 15 Lakh | 8.60% | Rs. 13,112 |
| 20 Lakh | 8.70% | Rs. 17,610 |
Which rate of interest is best flat or reducing?
There are two common methods which are used for calculating interest on loans-flat interest rate method and reducing balance interest rates method….Home Loan Interest Rates Mar 2021.
| SBI | 6.70 – 6.75% |
|---|---|
| PNB Housing | 7.35 – 9.05% |
| Axis Bank | 6.90% – 8.40% |
| Bank of Baroda | 6.85 – 7.85% |
| Canara Bank | 6.90 – 8.90% |
Is SBI home loan fixed or floating?
Currently, SBI does not have a fixed rate home loan product. At present, SBI has a floating rate home loan product linked to its marginal cost of funds-based lending rate. SBI also has a repo-rate linked home loan scheme.
What is diminishing rate of interest?
What does Diminishing Balance Interest Rate mean? In Diminishing Balance Interest Rate method, interest is calculated every month on the outstanding loan balance as reduced by the principal repayment every month. On every EMI payment, outstanding loan amount reduces by the amount of principal repayment.
What is monthly reducing interest rate?
In the monthly reducing cycle, the principal is reduced with every EMI and the interest is calculated on the balance outstanding. Most home, vehicle and personal loans are computed on a monthly reducing basis. There is also a daily reducing method, in which the principal is reduced every day.
What is daily reducing interest rate?
Daily reducing method is also an option but not necessarily a most principal one. Basically it means that EMI is calculated on the outstanding balance each day. Since most people do not make daily payments, it effectively translates into a monthly reducing balance.
What is difference between floating and reducing interest rate?
Floating interest rate varies with the market scenario on interest. Therefore, the interest for the next month is calculated only on the outstanding loan amount. Example. If you take a loan of Rs 1, 00,000 with a reducing rate of interest of 10% p.a. for 5 years, then your EMI amount would reduce with every repayment.
How can I lower my personal loan interest rate?
Simple Ways to Reduce Your Loan EMI
- Opt for a Higher Down Payment.
- Choose a Loan With a Longer Repayment Tenure.
- Go for a Step-Down EMI Plan.
- Consider Taking Loans With Your Existing Bank.
- Negotiate With Bank For Lower Rate.
- Compare Before You Switch Your Lender.
- Full or Part Prepayment Helps Reduce Loan Burden.
Is it cheaper to pay off a loan early?
Depending on the terms of your loan contract, you might pay less interest if you pay off your principal early. Paying off this loan early could save you on some of the $2,645 in interest payments — but it depends on whether you’re paying simple or precomputed interest on the loan.
What is a good interest rate on a personal loan?
The interest rate of a personal loan is the percentage of the loan principal that lenders charge for borrowers to access the loan funds. On average, personal loan interest rates range from 10% to 28%, but this varies based on inflation, the current demand for credit and other economic factors.
How long do you have to wait to refinance a loan?
6 months
Does Refinancing start your loan over?
Refinancing doesn’t reset the repayment term of your loan, but it does replace your current loan with a new loan. You may be able to choose from different offers for your new loan depending on your goals, including a longer or shorter repayment term.
Does refinancing hurt your credit?
Taking on new debt typically causes your credit score to dip, but because refinancing replaces an existing loan with another of roughly the same amount, its impact on your credit score is minimal.
When should you not refinance?
5 Reasons Not to Refinance Your Mortgage
- Reason #1: You’re Not Planning on Staying Put.
- Reason #2: Your Credit Score Is Lacking.
- Reason #3: You Can’t Afford the Closing Costs.
- Reason #4: Long-Term Costs Outweigh Your Savings.
- Reason #5: You Want to Tap Into Your Home’s Equity.