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Using Excel you use the PMT function to calculate EMI calculations. The PMT function takes the following format, where the items enclosed in square brackets are optional:

=PMT(Rate, NumPer, Pv,[Fv],[Type])

Rate is the percentage rate for the loan paid for each period. If you are using an annual rate with monthly payments you need to divide the annual rate by 12.

NumPer is the number of periods of payments for the loan. A one year loan with monthly payments would have 12 periods of payment.

Pv is the present value of the loan.

Fv is the future value of the loan which will be 0 if left out.

Type is 1 or 0 determines whether payments are made at the start of each period or at the end of each period. 1 is for the start of the period and 0 for the end, which is what it will be if you don't put anything in.

As an example, if you had a loan for 1000, paying monthly instalments over a year at an annual rate of 8%, then the formula would be as follows:

=PMT(8%/12,12,1000,0,0)

The result will be -86.99. If you want to show the value as a positive, put a minus sign before the PMT and after the equals sign or put it before the 1000.

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