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Do interest rates confuse you? Need help with that car EMI calculation? Here is an article to break down the complex and drastic looking interest and EMI calculator formulas to let you know how to calculate interest rates on a loan and much more.  Interest is simply the proportion of money charged by the lender additional to principal sum. It is also called the cost of the loan.These interest rates depend on the lender, loan tenure, cibil score, etc.  For example - If a lender lends you an amount of 1000 rupees as a loan with 20% interest rate for a year, then, the interest is 20% of 1000 rupees, i.e., 200 rupees.  Principal  The actual amount of money borrowed.   Interest rate  The ratio of interest amount to the principal sum annually.   Time   It refers to the tenure of the loan.   Amount   It is the total repayment amount, i.e., sum of principal and interest of the loan.  How to calculate the interest ...

Medical bills can turn out to be the worst nightmare for many people. Health emergencies can reach an overwhelming 6-figure amount very quickly and end up eating your lifetime of savings. So, here are 5 guaranteed strategies to help pay your medical bills.  Set-up a monthly payment plan If you are struck with a whopping amount of bill, then, first contact the hospital department to set-up a payment plan for you. Mostly, hospital departments don’t charge interest. Most hospitals can work out a payment plan for your bills without charging you an interest rate. In this way, you can get help paying medical bills over an extended period of time affordably without hampering your credit score.This is one of the simplest and most common ways to settle a medical bill costing a huge sum of money. It will break your bill into multiple installments and increase your repayment period. Medical/Personal loans An unsecured loan option such as a medical or personal loan can help paying your medica...