**Introduction**

Calculating monthly EMIs (Equated Monthly Installments) is crucial when planning loans or mortgages. To simplify this process, we’ll create a user-friendly EMI calculator using HTML and JavaScript. This article will guide you through its usage, the underlying formula, an example, FAQs, and a conclusion.

**How to Use**

To use the Monthly EMI Calculator, enter the principal amount, interest rate, and loan tenure in the provided fields. Click the “Calculate” button to get the monthly EMI instantly.

**Formula**

The EMI calculation follows the formula:

$EMI=P×(+r)n−r×(+r)n$

Where:

- $EMI$ is the Equated Monthly Installment,
- $P$ is the principal amount,
- $r$ is the monthly interest rate (annual rate divided by 12 and converted to decimal),
- $n$ is the number of monthly installments (loan tenure multiplied by 12).

**Example**

Let’s consider a loan amount of $50,000 with an annual interest rate of 5% for 3 years.

$P=50000,r=120.05 ,n=3×12$

Substitute these values into the formula to find the EMI.

**FAQs**

**Q: How accurate is this EMI calculator?**

A: The calculator uses the precise formula for EMI calculation, ensuring accuracy in monthly installment predictions.

**Q: Can I use this calculator for any type of loan?**

A: Yes, this calculator is versatile and can be used for various loans, such as home loans, car loans, or personal loans.

**Q: Is the interest rate input in the calculator monthly or annually?**

A: The interest rate should be entered annually. The calculator will convert it into a monthly rate internally.

**Conclusion**

This Monthly EMI Calculator provides a handy tool for anyone planning loans. By understanding the formula and using this calculator, you can make informed financial decisions.