React JS Challenge Day 43 | EMI Calculator using React JS

Today’s challenge is to create an EMI Calculator using React JS.

EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMI is used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.

Using React JS, we can create a user-friendly and dynamic EMI calculator that allows users to input their loan amount, interest rate, and loan duration to calculate their EMI.

Here’s a simple example of how you can create an EMI calculator using React JS:

“`html

class EMIForm extends React.Component {
constructor(props) {
super(props);
this.state = {
loanAmount: 0,
interestRate: 0,
loanDuration: 0,
emi: 0
};
}

handleInput = (e) => {
this.setState({ [e.target.name]: parseFloat(e.target.value) });
}

calculateEMI = () => {
const { loanAmount, interestRate, loanDuration } = this.state;
const r = (interestRate / 100) / 12;
const n = loanDuration * 12;
const emi = (loanAmount * r * Math.pow((1 + r), n)) / (Math.pow((1 + r), n) – 1);
this.setState({ emi });
}

render() {
return (

);
}
}

ReactDOM.render(, document.getElementById(‘root’));

“`

In this example, we have created a simple form with inputs for the loan amount, interest rate, and loan duration. We have also added a button to trigger the calculation of EMI based on the user input.

With React JS, we can easily manage the state of the form inputs and perform the EMI calculation in a dynamic and responsive way.

By incorporating React JS, we can create an interactive and user-friendly EMI calculator that provides an efficient way for users to determine their monthly loan payments.

Try implementing this EMI calculator using React JS and explore the possibilities of creating dynamic and responsive financial tools for your website or application.