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Frequently Asked Questions (FAQ)

Which formula does this loan EMI calculator use?
It uses the standard Amortization (reducing balance) method. This is exactly how banks calculate mortgages and personal loans.
Why does the interest payment decrease over time?
Your monthly interest is calculated on your remaining principal balance. As you pay off the principal, the interest naturally drops.
Can I use this for a phone or laptop installment plan?
Yes! Enter the device cost, the financing company's annual interest rate, and the term length to get an exact payment schedule.

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