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Equated Monthly Installment (EMI) calculator is a fixed payment amount made by a borrower to a lender at a specified date.

EMI =P x APR

N1 - ( 1 + APR

N) ^{(-N x Y)}P = Loan amount

APR = Annual percentage rate

N = Number of payments per year (monthly payment means 12 payments in a year)

Y = Term of the loan (number of years)But if the interest rate is equal to zero:

EMI = Loan amount ÷ Total number of paymentsExample: calculate the monthly payment for a loan of $50,000 at an annual rate of 6% and a 5-year term.

EMI =

=P x APR/ N 1 - (1 + APR/N) ^{(-N x Y)}

=50,000 x 0.06 ÷ 12 1 - (1 + 0.06 ÷ 12) ^{(-12 x 5)}

= 966.64250 0.259 monthly payment = $966.64

total payment number = 12 x 5 = 60 payment

total payment = 60 x 966.64 = $57,998.4

total interest = 57,998.4 - 50,000 = $7,998.4

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