Calculate the total interest you'll pay over a loan's entire tenure.
First, the EMI is worked out using the standard formula. This is multiplied by the number of months to get the total amount paid. The original loan amount is then subtracted from that, to give the total interest.
Total interest: (EMI × months) − Principal
Is this the interest for one year or the whole loan?
This is for the whole loan, not just one year. It is the total interest paid across every EMI, from the start to the very end.