Easily calculate your loan payments and aggregated total interest amount over the course of loan period with this online loan calculator.
Enter the amount of total loan, interest rate and duration of period in years to calculate monthly installments of loan payments, and aggregated interest over this period.
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This loan calculator measures due payments of loan on the basis of equated monthly installment (EMI) method. EMI is a type of loan payments when you return every month fixed amount of borrowed money to a lender.
Following mathematical equation simplifies calculation for this type of loan payments:
Monthly Loan Installment = total borrowed money / [{1-(1 + annual interest rate x 12)total number of months in whole loan period} annual interest rate x 12]
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