Create an AIDL service that calculates Car Lone EMI. The formula to calculate EMI is
where,
E = The EMI payable on the car loan amount
P = The Car loan Principal Amount
r = The interest rate value computed on a monthly basis
n = The loan tenure in the form of months
The down payment amount has to be deducted from the principal amount paid towards buying the Car. Develop an application that makes use of this AIDL service to calculate the EMI. This application should have four Edit Text to read the Principal Amount, Down Payment, Interest Rate, Loan Term (in months) and a button named as “Calculate Monthly EMI”. On click of this button, the result should be shown in a Text View. Also, calculate the EMI by varying the Loan Term and Interest Rate values.