Year | Principal (A) | Interest (B) | Total Payment (A + B) |
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The formula to calculate EMI on a Car Loan is instrumental for individuals to determine their affordability and budget accordingly
EMI = (P * r * (1 + r)^n) / ((1 + r)^n - 1)Here,
P | denotes the primary loan amount |
r | indicates the monthly interest rate |
n | is the aggregate of monthly instalments |
For example, consider a car loan of INR 6,00,000 with an interest rate of 9% per annum for a tenure of 4 years (48 months). You can insert the values as follows:
EMI = (300000 * 0.0075 * (1 + 0.0075)^48) / ((1 + 0.0075)^48 - 1)
EMI = INR 7465.51
Nevertheless, using the EMI formula can be time-consuming and prone to errors, especially for individuals with limited mathematical proficiency. Leveraging an EMI calculator offers a user-friendly alternative, enabling borrowers to obtain accurate repayment estimates effortlessly and make informed financial decisions.
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