EMI Calculator
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An EMI (Equated Monthly Installment) calculator works by computing the fixed monthly payment a borrower needs to make to repay a loan over a specified period, considering the principal amount, interest rate, and loan term. Here’s how it works:
- Input Parameters: The user provides the following input:
- Loan Amount: The total amount borrowed or the principal amount.
- Annual Interest Rate: The yearly interest rate charged on the loan amount.
- Loan Term: The duration of the loan in months.
- Conversion: The annual interest rate provided by the user is converted into a monthly interest rate. This is done by dividing the annual interest rate by 12 (the number of months in a year), and then converting it into a decimal.
- EMI Calculation Formula: The EMI is calculated using the following formula:Where:
- �P is the loan amount (principal).
- �r is the monthly interest rate (expressed as a decimal).
- �n is the loan term in months.
- Total Payment Calculation: The total payment is computed by multiplying the monthly EMI by the total number of months in the loan term.
- Total Interest Calculation: The total interest paid over the loan tenure is calculated by subtracting the principal amount from the total payment.
- Display Results: The EMI calculator displays the computed EMI, total payment, and total interest to the user.
By using this process, borrowers can estimate their monthly repayment obligations and understand the total amount they will repay over the loan period, helping them make informed financial decisions.
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