EMI Calculator - Front End Coding Exercise
In a country of Coderland, EMI for Home loan is calculated based on interest rate, principal and loan tenure. The EMI calculates based on the below formula,
where E is EMI and P is Principal Loan Amount
For example,
If you borrow ₹10,00,000 from the bank at 10.5% annual interest for a period of 10 years (i.e., 120 months), then EMI = ₹10,00,000 * 0.00875 * (1 + 0.00875)120 / ((1 + 0.00875)120 -1) = ₹13,493. i.e., you will have to pay ₹13,493 for 120 months to repay the entire loan amount. The total amount payable will be ₹13,493 * 120 = ₹16,19,220 that includes ₹6,19,220 as interest toward the loan.
Write a web application that can accept these as a user input,
principal, interest rate, loan tenure
The application should show Loan EMI, Total Interest Payable & Total Payment. The application also should show each year (Including months) payable/paid EMI breakup.
For a reference, you can refer https://emicalculator.net/
Please consider these tasks when you are building this application,
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EMI calculation should be visible on every change
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Do not use any third part component library to build the UI.
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Only for showing chart, you can use a third party library.
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The application should not be identical to https://emicalculator.net/