# Loan Emi Calculator Formula?House loan or personal loan

By shopkaro

@shopkaro (284)

India

March 4, 2009 3:36am CST

I searched the internet and came accross the formula of Emi calculator.
i.e. EMI= (P* r* (1+r)^n)/((1+r)^n -1)
Now when i calculated an EMI for:-
P=2000000 20 lakh or 2 million
R=10.53% annually or 10.53/12=0.8775% monthly
n=20 years i.e 240 months
Now with this formula i calulated the EMi which was different when i calulated with my phone EMI calculator.
In fact i cross-checked my phone EMI Result with many other well established Results and it was same.
But, i when i tried it to calculate with the above formula with the help of a calculator it came out different .
what could be the possible reson for that?
Any Help will be appreciated.

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