EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]
P = loan principal amount
R = monthly interest rate = annual interest rate ÷ 12 ÷ 100
N = loan tenure in months
Convert the annual interest rate to a monthly rate
Convert the loan tenure in years to months if needed
Substitute P, R, and N into the EMI formula
Calculate the EMI amount
Total payment = EMI × N
Total interest = Total payment – P