# EMI Calculator Using Python

EMI stands for Equated Monthly Installment, the EMI calculator is used to calculating the monthly installment of your loan amount. Normally compound interest is impounded on the monthly installments. The formula to calculate EMI is as follows

```EMI = (P.r.(1+r)n) /((1+r)n-1)
where
P    - Principal amount
r    - The rate of interest
n    - time
```

## EMI Calculator using Python

The source code for calculating EMI using python 3.6 is follows

```#   program to find out EMI using formula
#   EMI  = (p*r(1+r)**t)/((1+r)**t-1)
#   made by     : rakesh kumar

from math import pow

def emi_calculate(p, r, t):
r = r/(12*100)  # rate for one month
t = t*12  # one month time
emi = (p*r*pow(1+r, t))/(pow(1+r, t)-1)
return emi

if __name__ == "__main__":
p = int(input('Enter pricipal amount :'))
r = int(input('Enter rate of interest :'))
t = int(input('Enter time in years :'))
emi = emi_calculate(p, r, t)

print('Monthly Installment :%.2f' % emi)

```

The output is truncated up to two places of decimal using % String formating. The output of the EMI Calculator program

```rakesh@folio MINGW64 /e/python (master)
\$ python -u "e:\python\Loops\tempCodeRunnerFile.py"
Enter pricipal amount :1250000
Enter rate of interest :9
Enter time in years :10
Monthly Installment :15834.47
```