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How Do I Calculate Interest On A Loan?
The rate of interest (R) on your loan is calculated per month. For example, If a person avails a loan of Rs 10,00,000 at an annual interest rate of 7.2% for a tenure of 120 months (10 years), then his EMI will be calculated as under: EMI= Rs 10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 - 1) = Rs 11,714.
How To Calculate Interest On A Loan
How To
How to Calculate Interest on a Loan
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Calculating Interest Rates on a Bank Loan
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