E =Â P x R x (1+R)^NÂ
      ————————
       [(1+R)^N-1]
P – the principal amount that is borrowed
R – the rate of interest imposed
N – tenure in the number of months
Â
Then the EMI to be paid using the above formula will be:
10 Lakhs x 0.00875 x (1+0.00875)^60Â
 ————————————————  = Rs.21,494
[(1+0.00875)^60-1]Â
Note: The rate of interest (R) is calculated monthly i.e. it is calculated as (Annual Rate of interest/12/100) in this case (10.5/12/100 = 0.00875)
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