How an EMI calculator can save you from loan cheats?

Why is an EMI calculator the best tool? Banks tell you the EMI, but not how it's calculated. EMI (Equated Monthly Installment) includes three variables: Principal, Interest Rate, and Tenure.

The Formula:

EMI = (P * i) (1+ i)^n / ((1+i)^n – 1) Where P is loan amount, i is monthly interest, and n is tenure in months.

Why use an Online Calculator?

Manual calculation is prone to errors. Online tools give you an Amortization Table, showing the breakup of beginning balance, interest, principal, and ending balance. Initially, a large part of your EMI goes toward interest; later, a large portion goes toward the principal.

Conclusion

Don't rely on manual math. Use an automated, free simple interest EMI calculator to overcome the burden of debt happily.