FAQ: How to Use the Loan EMI Calculator?
1. What is an EMI?
EMI (Equated Monthly Installment) is the amount you pay every month to repay a loan (principal + interest) over a fixed tenure.
2. How to use this calculator?
- Enter your loan amount in US dollars.
- Enter the annual interest rate (APR, in percent).
- Enter your tenure (years or months).
- Click Calculate EMI. See your monthly payment instantly!
3. EMI Formula used?
EMI = [P × r × (1+r)^n] / [(1+r)^n - 1]
Where:
P = principal loan amount,
r = monthly interest rate = annual rate / 12 / 100,
n = number of months.
4. Is my data stored?
No, all calculations are done in your browser for privacy.