Formula for EMI Calculation: Simplified Guide to Understand Loan Repayments Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each month. Understanding the formula for EMI calculation is essential for making informed financial decisions and planning loan repayments effectively. What is EMI? EMI is a combination of both the principal amount and interest on the loan that borrowers repay over a fixed tenure. The amount remains uniform across the tenure, providing consistency and predictability in repayment schedules. The Formula for EMI Calculation The standard mathematical formula for EMI is as follows: E M I = P ⋅ R ⋅ ( 1 + R ) N ( 1 + R ) N − 1 EMI = \frac{P \cdot R \cdot (1 + R)^N}{(1 + R)^N - 1} Where: P = Principal Loan Amount (the amount borrowed) R = Monthly Interest Rate (Annual Interest Rate divided by 12 and converted to decimal) N = Loan Tenure in Months (e.g., 5 years = 60 months) Step-by-Step Explanation Convert...

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