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EMI Calculator

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Amount
Interest Rate
Tenure (in months)

Loan EMI

123

Total Interest Payable

1234

Total Amount

12345

An EMI (Equated Monthly Installment) calculator is a tool used to calculate the fixed monthly payment that needs to be made towards a loan, which includes both the principal amount and the interest accrued on the loan. To calculate the EMI, you need to know the loan amount, the interest rate, and the loan tenure (in months).

The formula to calculate the EMI is as follows:

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

Where:
EMI = Equated Monthly Installment
P = Loan principal amount
r = Monthly interest rate
n = Loan tenure in months

Here’s an example of how to calculate the EMI for a loan:

Let’s assume you want to take a loan of $50,000 at an annual interest rate of 8% for a tenure of 24 months.

Step 1: Convert the annual interest rate to a monthly interest rate.
Monthly interest rate = Annual interest rate / 12 / 100
= 8 / 12 / 100
= 0.00667 (approx.)

Step 2: Calculate the number of monthly installments.
Number of monthly installments = Loan tenure in years * 12
= 2 * 12
= 24

Step 3: Plug the values into the EMI formula.
EMI = 50,000 * 0.00667 * (1 + 0.00667)^24 / (1 + 0.00667)^24 – 1.

Using a calculator, you can compute this value, and the result will be the monthly EMI amount that needs to be paid.

Please note that this is a simplified calculation, and in practice, there may be slight variations due to factors like processing fees or prepayment options offered by the lender. It’s always recommended to consult with the lending institution or use their online calculators for precise calculations.

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