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Car Loan EMI Calculator

Calculator

Amount
Interest Rate
Tenure (in months)

Loan EMI

123

Total Interest Payable

1234

Total Amount

12345

Sure! I can help you calculate the Equated Monthly Installment (EMI) for a car loan. To calculate the EMI, we need the loan amount, interest rate, and loan tenure.

Let’s assume you have a car loan amount of $30,000, an interest rate of 5% per year, and a loan tenure of 5 years (60 months).

The formula to calculate the EMI is as follows:

EMI = (P x R x (1+R)^N) / ((1+R)^N – 1)

Where:
EMI = Equated Monthly Installment
P = Loan Amount
R = Monthly Interest Rate (Annual Interest Rate/12/100)
N = Loan Tenure in Months

Let’s calculate the EMI using the provided details:

Loan Amount (P) = $30,000
Annual Interest Rate = 5%
Monthly Interest Rate (R) = 5/12/100 = 0.004167
Loan Tenure in Months (N) = 60

Substituting these values into the formula, we get:

EMI = (30,000 x 0.004167 x (1+0.004167)^60) / ((1+0.004167)^60 – 1)

Calculating this expression will give us the EMI for the car loan.

Let me calculate that for you.

EMI = (30000 x 0.004167 x (1+0.004167)^60) / ((1+0.004167)^60 – 1)
EMI ≈ $566.14 (rounded to the nearest cent)

Therefore, the monthly EMI for a car loan of $30,000 with an interest rate of 5% per year and a tenure of 5 years would be approximately $566.14.

Please note that this is a rough calculation, and the actual EMI may vary based on the compounding frequency and any additional charges or fees levied by the lender. It’s always recommended to consult with your lender for precise calculations and terms.

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