Paying extra principal every month can significantly reduce your total interest and tenure. Even small additional payments add up!
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This chart shows a sample breakdown of an EMI payment into principal and interest components.
EMI Formula:
EMI = [P × R × (1 + R)N] / [(1 + R)N − 1]
Where:
P = Principal amount
R = Monthly interest rate
N = Number of months
Yes, calculations are based on standard financial formulas used by banks and financial institutions.
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