Monthly EMI Payment
$0.00
Total Interest Payable
$0.00
Total Payment (P + I)
$0.00
Understanding the EMI Formula
EMI is a fixed payment amount made by a borrower to a lender at a specified date each month. It repays the principal and the interest simultaneously.
The EMI Formula
$$\text{EMI} = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1}$$
Where:
- $\mathbf{P}$ is the **Principal Loan Amount**
- $\mathbf{r}$ is the **Monthly Interest Rate** (Annual rate / 12 / 100)
- $\mathbf{n}$ is the **Total Number of Months** (Loan Term $\times$ 12)