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Car Loan EMI Calculator

Calculate Monthly EMI





Formula

The formula to calculate the monthly EMI is:

EMI=P×R×(1+R)N(1+R)N1

Where:

What is EMI?

EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay a loan over a specified period. It includes both the principal and interest components of the loan. This calculation is crucial for budgeting and planning your finances when taking out a car loan.

Example Calculation

Let's consider an example:

Using the formula to calculate the monthly EMI:

EMI=20,000×612×100×(1+612×100)60(1+612×100)601386.66 dollars per month

This means that the monthly EMI for this car loan is approximately $386.66 per month.