EMI Calculator : Visual C++

By | April 23, 2015

EMI Calculator

The following program is a simple EMI calculator. It can be used to calculate the EMI i.e. Equated Monthly Installment payable on your loan(s). This program has been created using Visual C++ .NET. The IDE used for developing it is Visual Studio 2013 Express. The screenshots below describe its functionality:-  Functionality of EMI Calculator

As you can see in the screenshots above, this program asks you to enter the Loan Amount, the Annual Interest Rate and the Number of Years. As you might already know, if the Number of Years is decreased, you EMI would be reduced. However, you would end up paying more. This happens because of exponentiation. The formula used to calculate EMI is given below :

EMI = P*(r/100)*(1 + (r/100))^n/((1 + r/100)^n – 1)

The above formula can also be stated as :

EMI equals Principal * Interest Rate * (1 + Interest Rate) ^ No. of Years divided by (1 + Interest Rate) ^ No. of Years – 1

The following video shows the EMI Calculator in action :