Understanding Loan EMI Calculations
An Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are applied to both interest and principal each month so that over a specified number of years, the loan is paid off in full.
The EMI Formula:
Our tool uses the standard banking formula: $E = P \times r \times \frac{(1+r)^n}{((1+r)^n - 1)}$. Where P is the principal loan amount, r is the monthly interest rate, and n is the number of months.
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