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Estimate monthly payments, total interest, and loan cost
Monthly Payment: Calculated using the EMI formula based on principal amount, annual interest rate, and loan tenure.
Total Payment: Total amount paid over the entire loan duration (principal + interest).
Total Interest: The total interest paid over the life of the loan.
The formula used is:
EMI = P × r × (1 + r)^n / ((1 + r)^n - 1)
where P = loan amount, r = monthly interest rate, n = number of months.