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How Credit Card EMI Is Calculated
Manage episode 364189179 series 3471939
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Credit Card EMI is calculated using the reducing balance method, which takes into account the principal amount, interest rate, and tenure. The monthly installment amount is calculated using a formula that considers these factors. The formula divides the principal amount by the number of monthly installments and adds the calculated interest on the reducing balance. Read More: https://cardinsider.com/blog/how-credit-card-emi-is-calculated/
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