We are going to learn how to calculate the EMI, with these simple steps. The EMI is Equated Monthly Installment.

Layout the information you already know, without EMI calculation.

Click on the column that is beside the monthly installment, and type in **=pmt(rate,nper,pv,[fv],[type])**

Formula here is** =PMT(E8/E7,E7*E6,-E5)**

Note: The rate is interest divided with payment/year, while the nper was loan terms multiplied by count of payments, and pv was the loan amount with a minus symbol in front. The minus symbol would make right installment that would result in 0 after the time has passed.