Question 1

What formula is used?

Accepted Answer

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r the monthly interest rate and n the number of months.

Question 2

Does this include processing fees?

Accepted Answer

No. Banks may add fees, insurance or taxes. Ask your lender for the full cost.

Question 3

Is this financial advice?

Accepted Answer

No. Results are estimates for planning only. Confirm figures with your lender.

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