# [Free] EMI Calculator extension

### Description

EMI or equated monthly installment, as the name suggests, is one part of the equally divided monthly outgoes to clear off an outstanding loan within a stipulated time frame.
The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n - 1) where P= Loan amount, r= interest rate, n=tenure in number of months. ... The higher the loan amount or interest rate, the higher is the EMI payments and vice versa.

### Picture of all the blocks

com.AK_Tech.EMICalculator.aix (6.0 KB)

7 Likes

It's great that you built an extension, but I don't think everyone knows banking. Most people reading your description of an extension can only conclude that they don't know what is it and what for. Add a few sentences explaining what EMI is, add a block with example data.

2 Likes

Nice math extension @Aarush_Kumar. As being a math geek, I can attest to banking becoming complicated with many formulae, and equations. You made at least one simple.

2 Likes

i need to calculate loan amount using EMI how to do