By Sagar Naskar

Java program to calculate monthly EMI using simple interest. The output is taken to 2 decimal places.

This *Java program* will calculate the amount of EMI one needs to pay each month in order to pay off the total loan amount.

**Input format:** Double amt- loan amount. Int rate- rate of interest. Int time- number of months in which the total loan will be payed off.

**Output format:** Double a- will print the EMI to be payed each month *upto 2 decimal places.*

The total loan will be calculated on the price, *using simple interest*, then it will calculate the EMI. The libraries used are *java.util, java.math.RoundingMode *and* java.text.DecimalFormat*. It will display the EMI upto 2 decimal places. The objects used are: *Scanner* (The scanner is used to take the input data) and *DecimalFormat* (The DecimalFormat is used to print the output upto 2 decimal places).

Submitted by Sagar Naskar (sagarN)

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