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 :
Click here to view and download the source code of this project.
Disclaimer : Please note that this program is meant for academic purposes only. It is a sample EMI Calculator for programmers and is not meant for real world financial transactions.