It is a C++ project which calculates the EMI(Equated Monthly Installments) on given Principal, Interest, Time.
It is an EMI Calculator which equates to a monthly installment. An EMI is essentially a fixed amount of money that you have to regularly pay your lender in order to repay the loan.
The value of the EMI depends on three main factors.
1. These are the amount borrowed i.e Principal.
2. The rate of interest to be charged on the amount borrowed i.e Rate of Interest.
3. Tenure for which the loan is borrowed i.e Time in Years.
This project calculates the EMI using a well-known formula.