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Car EMI Calculator

Calculator

Amount
Interest Rate
Tenure (in months)

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Total Amount

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Certainly! A car EMI (equated monthly installment) calculator is a tool that helps you estimate the monthly installment you would need to pay for a car loan. It takes into account factors such as the loan amount, interest rate, and loan tenure to provide you with an approximate figure.

Here is a simplified formula to calculate the EMI:

EMI = (P x r x (1+r)^n) / ((1+r)^n – 1)

Where:
EMI = Equated Monthly Installment
P = Principal loan amount (total loan amount)
r = Monthly interest rate (annual interest rate divided by 12 months)
n = Number of monthly installments (loan tenure in months)

Using this formula, you can calculate the EMI. However, to make it more convenient, online EMI calculators are available that require you to input the loan amount, interest rate, and loan tenure. The calculator then computes the EMI for you.

Please note that this formula provides an approximate value, and the actual EMI might differ slightly due to factors like rounding-off methods used by financial institutions. It’s always a good idea to consult with your lender or use an online calculator for an accurate estimation.

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