EMI Calculator

EMI Calculator

EMI: ₹

Total Interest Payable: ₹

Total Amount Payable: ₹

Monthly Breakdown

MonthPrincipal Payment (₹)Interest Payment (₹)Remaining Balance (₹)

Explanation:

  • Principal Loan Amount: The amount of loan.
  • Annual Interest Rate: The yearly interest rate, which is converted to a monthly interest rate.
  • Loan Tenure: The duration of the loan in years, which is converted to months.
  • EMI Calculation: The EMI formula is applied to calculate the monthly installment.

How It Works:

    The formula used for EMI calculation is:

    EMI = P × r × ( 1 + r ) n ( 1 + r ) n − 1 

    where:

    • P  is the principal amount,
    • r  is the monthly interest rate,
    • n  is the total number of monthly payments.

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