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Stop taking loans first
by Arun Kumar on May 18, 2007 11:47 AM
Lets take an example
Loan Amount: Rs 1,00,000
Rate of Interest: 7.5% (yes this was in pre-historic times)
Tenure: 20 Years
The EMI for the above is 805.59
Use http://www.cashonomics.com/loan_calculator to verify
Now
Loan Amount: Rs 1,00,000
Rate of Interest: 9.5% (yes I know you don't get it these days)
EMI: 805.59
What is the new tenure? Any guesses???
Get ready for a shock
The new tenure is, hold your breath.....42 Years, 11 months. I don't know what it will be for 11.5%
Don't believe me? Try http://www.cashonomics.com/loan_calculator and choose Calculate Tenure
Stop taking loans first and close any you already have.
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