# Python Program to Calculate Monthly EMI (Equated Monthly Installment)

#### This Python program calculates an equated monthly installment (EMI).

EMI is calculated using following formula:

EMI = p * r * (1+r)n/((1+r)n-1)

Where:
p = Principal or Loan Amount
r = Interest Rate Per Month
n = Number of monthly installments

If the interest rate per annum is R% then interest rate per month is calculated using:
Monthly Interest Rate (r) = R/(12*100)

## Python Source Code: EMI

``````
# Python program to calculate monthly EMI (Equated Monthly Installment)

# EMI Formula = p * r * (1+r)^n/((1+r)^n-1)

# If the interest rate per annum is R% then
# interest rate per month is calculated using:

# Monthly Interest Rate (r) = R/(12*100)

# Varaible name details:
# p = Principal or Loan Amount
# r = Interest Rate Per Month
# n = Number of monthly installments

p = float(input("Enter principal amount: "))
R = float(input("Enter annual interest rate: "))
n = int(input("Enter number of months: " ))

# Calculating interest rate per month
r = R/(12*100)

# Calculating Equated Monthly Installment (EMI)
emi = p * r * ((1+r)**n)/((1+r)**n - 1)

print("Monthly EMI = ", emi)
``````

Output

```Enter principal amount: 1000000
Enter annual interest rate: 7
Enter number of months: 120
Monthly EMI =  11610.847921862374
```