Hello.
I am trying to build a math formula to calculate monthly loan repayments. Based on the formula below:
If you borrow 10,00,000 from the bank at 10.5% annual interest for a period of 10 years (i.e., 120 months), then
EMI = 10,00,000 * 0.00875 * (1 + 0.00875)^120 / ((1 + 0.00875)^120 - 1) = 13,493.
(https://emicalculator.net/
)
BUT the formula is not working:
$e{ (e://Field/Loanamount * e://Field/Percentage * ((1 + e://Field/Percentage) ^ e://Field/Totalmonths)) / (((1 + e://Field/Percentage) ^ e://Field/Totalmonths) - 1) }
Very grateful if someone can give me a helping hand or advice.
Thank you guys for your help.
Regards,
Gilles
