This spreadsheet sample will allow user to understand how the EMI will work out for them. In how much time and what will be the amount deducted in each EMI. User has to fill in Loan Amount,Annual Interest Rate,loan period in years, and the start Date of Loan. It will auto calculate the monthly EMI payment that you have to pay along with total cost of loan that you will be paying that means the amount of debt along with interest. You can even take a print out just in case you need it as hard copy.
Table will show you how after each installment the balance reduces and what is the ending balance remained.
There are actually plenty of excel spreadsheets out there that you can use all of them will give the same result.It does not matter which one you use.
How to create your own ?
If you want to know how these sheets work or where are the hidden formulas you have to just use ctrl+` button to see all the formulas and understand it. It will help you in case you try another software like google docs or on android.
Other sheets are as follows
This one is created by PNB – an Indian bank .
Here is another sheet the only difference is that it is uses $ sign.