This program deals with calculation of EMI and the related installment schedule!
This program calculates the EMI to be paid according to the principal amount, rate of interest (yearly) and the number of months for the installments. Then it generates the installment schedule, with details such as
- Principal at beginning of that installment
- Amount to be paid as interest
- Principal repayment being done with that installment
- Outstanding principal amount at the end of that installment
Note: As Java (or any other programming language) is being used, precision of the results may vary, but the effect is not going to be too big.
Also, here for showing the schedule, I have simply used System.out.println and some tab formatting. Next time, I'll be making a GUI or a graphical user interface for the entire process.