Answer to Question #50271 in Other Engineering for megha
4) Dwayne often needs to calculate the amount of Emulated monthly installed(EMI)that needs to be changed from a particular person. the EMI is calculated according to the following formula:
EMI=principal loan amount*Rate of interest*(1+Rate of interest)Tenure of loan in months/((1+Rate of interest)Tenure of loan in months-1)
the rate of interest is calculated on a monthly basis.for example,if the rate of interest is 12% per amount.it is calculated as (12/100)/12.
Dwayne manually calculates the interest rate using a calculator.However he often commits mistakes in calculating the interest due to the complex formula.
therefore,he asks Elina to build an application that accepts the principle loan amount,rate of interest,and tenure of the loan and calculate the EMI amount.
write the code that Elina should implement to creat the application.