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Principal vs interest
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Growth over time
EMI (Equated Monthly Instalment) is the fixed payment a borrower makes each month to repay a loan. It is calculated using the formula: EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the principal, r is the monthly interest rate, and n is the number of monthly instalments.
Compound interest grows your investment because each period the interest is calculated on both the principal and the accumulated interest. The formula is A = P × (1 + r/n)^(n×t), where P is the initial deposit, r is the annual rate, n is compounding frequency per year, and t is the time in years.