Credit Card Loan Calculator

EMI (Equated Monthly Installment) is equal to the product of principal loan amount, Interest rate, and addition of rate of interest in the power of the number of monthly installments divided by the rate of interest in the power number of monthly installments minus one respectively.

EMI = P x R x (1+R)^N / [(1+R)^N-1]

P = Principal amount of the loan

R = Rate of interest

N = Number of monthly installments.