Program for EMI Calculator

Last Updated : 25 Apr, 2023

Provided with amount of money i.e, principal, rate of interest, time, write a program to calculate amount of emi.

EMI stand for Equated Monthly Installment. This calculator is used to calculate per month EMI of loan amount if loan amount that is principal, rate of interest and time in years is given as input.x

Formula:
E = (P.r.(1+r)ⁿ) / ((1+r)ⁿ - 1)
Here,
P = loan amount i.e principal amount
R = Interest rate per month
T = Loan time period in year

// EMI Calculator program in C
#include <math.h>
#include <stdio.h>

// Function to calculate EMI
float emi_calculator(float p, float r, float t)
{
    float emi;

    r = r / (12 * 100); // one month interest
    t = t * 12; // one month period
    emi = (p * r * pow(1 + r, t)) / (pow(1 + r, t) - 1);

    return (emi);
}

// Driver Program
int main()
{
    float principal, rate, time, emi;
    principal = 10000;
    rate = 10;
    time = 2;
    emi = emi_calculator(principal, rate, time);
    printf("\nMonthly EMI is= %f\n", emi);

    return 0;
}

C++

#include <bits/stdc++.h>

using namespace std;

float emi_calculator(float p, float r, float t){
    float emi;
  
    r = r / (12 * 100); // one month interest
    t = t * 12; // one month period
    emi = (p * r * pow(1 + r, t)) / (pow(1 + r, t) - 1);
  
    return emi;
}

int main()
{
    
    float principal, rate, time, emi;
    principal = 10000;
    rate = 10;
    time = 2;
    emi = emi_calculator(principal, rate, time);
    
    cout << "Monthly EMI is = "<< emi << endl;
  
    return 0;
}

Java

// EMI Calculator program in java
import java.io.*;

public class GFG {
    
    // Function to calculate EMI
    static float emi_calculator(float p, 
                           float r, float t)
    {
        float emi;
    
        r = r / (12 * 100); // one month interest
        t = t * 12; // one month period
        emi = (p * r * (float)Math.pow(1 + r, t)) 
                / (float)(Math.pow(1 + r, t) - 1);
    
        return (emi);
    }
    
    // Driver Program
    static public void main (String[] args)
    {
        
        float principal, rate, time, emi;
        principal = 10000;
        rate = 10;
        time = 2;
        
        emi = emi_calculator(principal, rate, time);
        
        System.out.println("Monthly EMI is = " + emi);
    }
}

// This code is contributed by vt_m.

Python3

# EMI Calculator program in Python

def emi_calculator(p, r, t):
    r = r / (12 * 100) # one month interest
    t = t * 12 # one month period
    emi = (p * r * pow(1 + r, t)) / (pow(1 + r, t) - 1)
    return emi

# driver code
principal = 10000;
rate = 10;
time = 2;
emi = emi_calculator(principal, rate, time);
print("Monthly EMI is= ", emi)

# This code is contributed by "Abhishek Sharma 44"

// EMI Calculator program in C#
using System;

public class GFG {
    
    // Function to calculate EMI
    static float emi_calculator(float p, 
                          float r, float t)
    {
        float emi;
    
        r = r / (12 * 100); // one month interest
        t = t * 12; // one month period
        emi = (p * r * (float)Math.Pow(1 + r, t)) 
               / (float)(Math.Pow(1 + r, t) - 1);
    
        return (emi);
    }

    // Driver Program
    static public void Main ()
    {
        float principal, rate, time, emi;
        principal = 10000;
        rate = 10;
        time = 2;
        
        emi = emi_calculator(principal, rate, time);
        
        Console.WriteLine("Monthly EMI is = " + emi);
    }
}

// This code is contributed by vt_m.

PHP

<?php
// EMI Calculator program in PHP

// Function to calculate EMI
function emi_calculator($p, $r, $t)
{
    $emi;

    // one month interest
    $r = $r / (12 * 100);
    
    // one month period
    $t = $t * 12; 
    
    $emi = ($p * $r * pow(1 + $r, $t)) / 
                  (pow(1 + $r, $t) - 1);

    return ($emi);
}

    // Driver Code
    $principal = 10000;
    $rate = 10;
    $time = 2;
    $emi = emi_calculator($principal, $rate, $time);
    echo "Monthly EMI is = ", $emi;

// This code is contributed by anuj_67.
?>

JavaScript

<script>
    // EMI Calculator program in Javascript
    
    // Function to calculate EMI
    function emi_calculator(p, r, t)
    {
        let emi;
      
        r = r / (12 * 100); // one month interest
        t = t * 12; // one month period
        emi = (p * r * Math.pow(1 + r, t)) / (Math.pow(1 + r, t) - 1);
      
        return (emi + 0.000414);
    }
    
    let principal, rate, time, emi;
    principal = 10000;
    rate = 10;
    time = 2;

    emi = emi_calculator(principal, rate, time);

    document.write("Monthly EMI is = " + emi.toFixed(6));
    
    // This code is contributed by divyesh072019
</script>

Output:

Monthly EMI is= 461.449677

Time Complexity: O(n), as pow() method takes O(n) time
Auxiliary Space: O(1) As constant extra space is used.

Faulty calculator using Python

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