💰 What is a Loan Calculator?

A Loan Calculator helps you calculate:

• Monthly payment (EMI)
• Total interest
• Total repayment amount

It is commonly used for:

• 🏠 Home loans
• 🚗 Car loans
• 💳 Personal loans

🎯 How to Use a Loan Calculator

1. Enter Loan Amount
   • Example: ₹5,00,000
2. Enter Interest Rate (%)
   • Example: 10% per year
3. Enter Loan Tenure
   • Example: 5 years
4. Click “Calculate”
   • Press the calculate button
5. View Result
   • Monthly EMI
   • Total interest
   • Total payment

📊 Formula Used

👉 EMI = [P × r × (1+r)^n] / [(1+r)^n – 1]

Where:

• P = Loan amount
• r = Monthly interest rate
• n = Number of months

📊 Example

👉 Loan = ₹5,00,000
👉 Interest = 10%
👉 Time = 5 years

➡️ EMI ≈ ₹10,624/month
➡️ Total Payment ≈ ₹6,37,000

⚡ Common Uses

• 🏠 Loan planning
• 📊 EMI comparison
• 💰 Financial management
• 🏦 Budget planning