An EMI (Equated Monthly Installment) calculator helps you determine the monthly payment amount for a loan, based on the loan amount, interest rate, and repayment tenure. It uses a standard mathematical formula to divide the total loan amount into equal installments, factoring in the interest rate and duration of the loan.
EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]
Where:
Property tax is an annual tax paid by property owners to the local government or municipal corporation. It is based on the value of the property and funds public services like schools, roads, and parks.
An Amortization Schedule is a detailed table showing the breakdown of loan payments into principal and interest. It helps visualize how your loan balance decreases with each payment and the total interest paid over the loan's term.