Auto Loan EMI (Equated Monthly Installment) Formula - EMI

Formula:

EMI = ( P × r × (1+r)n ) / ((1+r)n − 1)

Where
   EMI = Equated Monthly Installment
   P = Loan Amount - Down payment
   r = Annual Interest rate / 1200
   n = Term (Period or no.of year or months for loan repayment.)

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