Program to Calculate EMI

Python Program to Calculate EMI

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Estimated Monthly Installment (EMI):

EMI is an abbreviation for Estimated Monthly Installment. It is a set amount of money paid by the customer or borrower to the bank or lender on a set date each month of the year. This amount is deducted from the customer’s or borrower’s account every month for a set number of years until the loan is fully paid off by the customer or borrower to the bank or lender.

Formula :

EMI = (P*R*(1+R)T)/((1+R)T-1)

where P = Principle

T = Time

R = Rate of interest.

Given principle, Rate, Time, and the task are to calculate EMI for the given input values in Python

Examples:

Example1:

Input:

Given Principle = 10000
Given Rate = 8
Given Time = 2

Output:

The EMI for the above given values of P,T,R =  452.2729145618459

Example 2:

Input:

Given Principle = 20000
Given Rate = 15
Given Time = 3

Output:

The EMI for the above given values of P,T,R =  693.3065700838845

Program to Calculate EMI

Below are the ways to Calculate BMI for given values of principle, Rate, Time.

Method #1: Using Mathematical Formula (Static input)

Approach:

  • Give the Principle as static input and store it in a variable.
  • Give the Rate as static input and store it in another variable.
  • Give the Time as static input and store it in another variable.
  • Calculate the given rate using the given rate formula( given rate/(12*100))and store it in the same variable.
  • Calculate the given time using the given time formula (given time *12) and store it in the same variable.
  • Calculate the EMI Value using the above given mathematical formula and store it in another variable.
  • Print the given EMI value for the above-given values of Principle, Rate, Time.
  • The Exit of the program.

Below is the implementation:

# Give the Principle as static input and store it in a variable.
gvn_princpl = 10000
# Give the Rate as static input and store it in another variable.
gvn_rate = 8
# Give the Time as static input and store it in another variable.
gvn_time = 2
# Calculate the given rate using given rate formula( given rate/(12*100))and
# store it in a same variable.
gvn_rate = gvn_rate/(12*100)
# Calculate the given time using given time formula (given time *12) and
# store it in a same variable.
gvn_time = gvn_time*12
# Calculate the EMI Value using the above given mathematical formula and
# store it in another variable.
fnl_Emi = (gvn_princpl*gvn_rate*pow(1+gvn_rate, gvn_time)) / \
    (pow(1+gvn_rate, gvn_time)-1)
# Print the given EMI value for the above given values of Principle,Rate,Time.
print("The EMI for the above given values of P,T,R = ", fnl_Emi)

Output:

The EMI for the above given values of P,T,R =  452.2729145618459

Method #2: Using Mathematical Formula (User input)

Approach:

  • Give the Principle as user input using the float(input()) and store it in a variable.
  • Give the Rate as user input using the float(input()) and store it in another variable.
  • Give the Time as user input using the float(input()) and store it in another variable.
  • Calculate the given rate using the given rate formula( given rate/(12*100))and store it in the same variable.
  • Calculate the given time using the given time formula (given time *12) and store it in the same variable.
  • Calculate the EMI Value using the above given mathematical formula and store it in another variable.
  • Print the given EMI value for the above-given values of Principle, Rate, Time.
  • The Exit of the program.

Below is the implementation:

# Give the Principle as user input using float(input()) and store it in a variable.
gvn_princpl = float(input("Enter some random number = "))
# Give the Rate as user input using float(input()) and store it in another variable.
gvn_rate = float(input("Enter some random number = "))
# Give the Time as user input using float(input()) and store it in another variable.
gvn_time = float(input("Enter some random number = "))
# Calculate the given rate using given rate formula( given rate/(12*100))and
# store it in a same variable.
gvn_rate = gvn_rate/(12*100)
# Calculate the given time using given time formula (given time *12) and
# store it in a same variable.
gvn_time = gvn_time*12
# Calculate the EMI Value using the above given mathematical formula and
# store it in another variable.
fnl_Emi = (gvn_princpl*gvn_rate*pow(1+gvn_rate, gvn_time)) / \
    (pow(1+gvn_rate, gvn_time)-1)
# Print the given EMI value for the above given values of Principle,Rate,Time.
print("The EMI for the above given values of P,T,R = ", fnl_Emi)

Output:

Enter some random number = 20000
Enter some random number = 15
Enter some random number = 2.5
The EMI for the above given values of P,T,R = 803.5708686652767

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