EMI refers to the monthly repayment of the loan that a borrower needs to make.    
  This monthly payment is often constant over the period of the loan.       
  EMI's are popular mechanisms of payment particuarly in consumer financing.    
Select required currency
  Loan Amount
Input loan amount
  Interest Rate
Input percentage
  Payment period  
Select compounding mode
  Maturity Period
Input year's value
Input months value
Required Output
  Periodic Interest Rate        
  Total Number Of Payment Periods        
  Total Cost Of Loan        
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  1. Loan Amount            
    The total amout that a borrower borrows.        
  2. Interest Rate/Annual Percentage Rate(APR)        
    The annual interest rate applicable to the loan quoted by the lender of the fund.
    Interest rates may be quoted on annual, semiannual, quarterly and monthly basis.
  3. Maturity              
    The tenure for which the loan is taken. Maturity is often quoted in years and months.
  A man wants to purchase a new car costing $15000. He wants to fund his purchase from a 
  local bank who quotes an interest rate of 9%. Furthermore, the interest has to be paid
  twice every year (semiannual compounding) for a period of 10 years and 6 months.
  The EMI payments for this loan is calculated as follows
  a. Input loan amount (i.e $15000) in the loan amount input cell of the calculator. Change 
  currency from the drop down list.
  b. Input 9 in the interest rate input cell corresponding to the interest rate charged by the 
  bank. Change the compounding method from the drop down list
  c. Input 10 in the years input cell and 6 in the months input cell.
  d. Notice that the equivalent periodic interest rate and number of payment periods are 
  automatically calculated.
  e. The EMI for the loan application is also calculated automatically on the basis of the 
  information generated in (d).
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