How To Calculate Effective Interest Rate?

 


Effective interest rate calculator helps you to calculate how much amount you need to pay after taking personal loans. There are several terms one need to understand while taking loans. The effective interest rate is one of the important one to know what is the actual amount one have to handover to the lender. Let's have a look at the formula which will give an answer to the question like how to calculate effective interest rate on loan? 

r = (1 + i/n)^n - 1

With the help of this formula you can calculate the amount you need to pay for your loan. This will be an effective to manage your expenses as it will tell you how much amount of your installments will be there for your loan process. 


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