Home loan payment, May 2 -- I asked ChatGPT why the principal of my Rs.90 lakh home loan hasn't reduced despite paying off Rs.45 lakh over 60 EMIs. Here is what AI said.

I took a home loan of Rs.90 lakh for 25 years at 9% interest. My monthly EMI is Rs.75,528. I have been paying my EMIs for 5 years, i.e., I have paid 60 EMIs, totalling Rs.45 lakh (45,31,680). However, I found that my outstanding principal is Rs.83,94,520. Despite paying about Rs.45 lakh in EMIs, why has the outstanding principal reduced by only about Rs.6 lakh?

I then asked ChatGPT to explain it to me as if I were a first-time borrower.

When you take a loan, you're effectively borrowing Rs.90 lakh, agreeing to pay interest (cost of borrowing), and paying it back throug...