EMI Calculator
What is an EMI Calculator?
An EMI (Equated Monthly Installment) calculator is a tool that helps you calculate the fixed monthly payment you need to make towards a loan. It considers the loan amount, interest rate, and tenure to give you an accurate estimate of your monthly obligations.
How is EMI Calculated?
EMI is calculated using the following formula:
EMI Formula:
EMI = [P × R × (1 + R)^N] / [(1 + R)^N - 1]- P: Principal Loan Amount
- R: Monthly Interest Rate (Annual Interest Rate / 12 / 100)
- N: Loan Tenure in Months
By using this formula, you can determine how much you need to pay every month towards your loan repayment.