How it works?
Car price = Cash in hand + Loan amount
Less loan amount and less EMI if Petrol Car,
Petrol loan amount = (Loan amount - (diesel car price-petrol car price))
Loan interest paid = (EMI * n) - Loan amount
where n is loan term in months
Total Car price = Onroad price + Loan interest paid
Fuel price per year = (monthly average * 12 * price per ltr) / mileage
Total expenses till yth year = Total Car price + Fuel price per year * y
How to calculate EMI
Where:
P = Principal amount(Loan amount),
r = Rate of interest(if interest is 12%, then rate of interest is 12/12/100 = 0.01)
n = Term in months