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Worked example
Loan £10,000 at 8% over 3 years: EMI £313.36, total paid £11,280.96, total interest £1,280.96. A shorter term raises the monthly payment but lowers total interest.
Formula
EMI = loan × monthly rate × (1 + monthly rate)months ÷ ((1 + monthly rate)months − 1). Fees are not included — check the lender's total cost.
Results are estimates for information only, not financial advice. Please check with your lender before deciding.