# Down Payment and EMI Calculator

Calculates the down payment and monthly EMI (Equated Monthly Installment) according to amount you enter along with interest rate and term(Years).

**The formula to calculate EMI (Equated Monthly Installment) is:**

$$ EMI = \frac {P × r × (1 + r)n} {((1 + r)n - 1)} $$

where

P= Loan amount,

r= interest rate,

n=tenure in number of months.

The Down Payment is a payment option available at the time of selecting payment mode when person purchase a products or opting loan, using which, person can pay X% of the product price at the time of purchase and convert the balance amount into EMI on your credit card. The person have to pay the Down Payment and the first EMI installment in the next billing cycle of your credit card. equated monthly installment