Hi,Kindly but urgently assist with making 'R'the subject of formula belowEMI=P*(R/1200) / ((1-POWER((1+R/1200),-T)))E**- Equal Monthly InstalmentsP - PrincipalR - Interest RateT - TermThanks in advance
Basically, I have situations where business team comes to me with principal amount, term of a loan and monthly repayment and all they need to know is the interest rate. On a normal day, the above formula is used to calculate monthly repayment hence the reason for my request to have R made subject of the formula with intention of assisting the business on problem stated earlier.Please share your work with us, indicating exactly where you are stuck - so that we may know where to begin to help you.
Thanks for reverting that fast. An exmple is Principal of 500,000 Interest Rate of 21.5% for term of 60 months with the above formula will generate monthly payments. The challenge is arriving at 21.5% when principal of 500000, Term of 60 months and the equal monthly payments is known. Hope this helpsPlease share your work with us, indicating exactly where you are stuck - so that we may know where to begin to help you.