EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]
P = principal loan amount
R = monthly interest rate = annual interest rate ÷ 12 ÷ 100
N = total number of monthly installments
Total payment = EMI × N
Total interest = Total payment – P
Interest for a month = Outstanding principal × monthly interest rate
Principal repaid in a month = EMI – Interest for that month
Outstanding principal after a payment = Previous outstanding principal – Principal repaid in that payment