How Credit Card EMI Is Calculated
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/